Did you know that November is Financial Literacy Month? This year’s goal is to encourage Canadians to have meaningful conversations about financial moments that affect their confidence and well-being.

Financial Literacy is about more than saving and investing. It’s about knowing how to protect the people you love and ensuring the plans you have worked hard to build are followed through.

Here are some ways that life insurance can help pave the way for your legacy.

Easing common financial strains.

Plan ahead and minimize financial stress that may occur to your loved ones upon your passing.

Life insurance can help with:

  • Your funeral and burial costs, which average around $10,000.
  • Any end-of-life expenses like estate taxes, probate fees and executor fees.
  • Any unresolved debts that you may have.

Minimizing the financial impact of passing down assets.

Leaving assets to loved ones may create a tax obligation for your estate if those assets have increased in value. When planning what you leave for your loved ones, there are some key things to keep in mind:

Consider the following:

  • Your estate could owe taxes on the increase in value of what you pass down.
  • Capital gains taxes apply even if the asset wasn’t sold.
  • Life insurance can help cover the tax on those gains.

Continuing your legacy.

You can pave the way for your legacy by using life insurance as a tool to do more such as:

  • Helping a grandchild go to college.
  • Transferring assets to people you care about.
  • Covering financial obligations.
  • Donating to a cause you believe in.

Whatever your age or health, CAA Licensed Life Insurance Advisors can provide flexible and affordable options. Book an appointment using our quick and easy booking tool.

CAA is CARP’s recommended provider for Life Insurance.1

Take the first step by talking to a Licensed Life Insurance Advisor at CAA today.

Call 1-833-234-3390 or book an appointment online at carp.ca/caa-life

1 Please visit carp.ca/caa to see a list of underwriters covering various CAA insurance products.
CAA Club Group Advisory Services is the registered business name of 2760704 Ontario Inc. 60 Commerce Valley Drive East, Thornhill, Ontario L3T 7P9 (FSRA license no. 37824M). In Alberta, AMA Insurance sells life and health policies underwritten by nine different insurer.