Using life insurance to leave your kids an inheritance
Like a reverse mortgage, you would borrow against the policy’s cash value. When you pass away, the loan is paid off with the tax-free life insurance death benefit and the remaining insurance is paid out to your children tax-free. Here’s how it can work.
Original Article Source Credits: MoneySense , https://www.moneysense.ca/
Article Written By : SPECIAL TO MONEYSENSE
Original Article Posted on : MARCH 11, 2020
Link to Original Article: https://www.moneysense.ca/columns/ask-moneysense/using-life-insurance-to-leave-your-kids-an-inheritance/