Do you know of someone dealing with the devastation of critical illness?
There is much we can do from a tax efficiency point of view to help and guide families.
For example, did you know premiums paid for private disability or critical illness insurance are not tax deductible, but benefits received are not taxable, either?
This coverage can provide welcome financial relief and respite to emotionally exhausted families caring for critically ill loved ones.
They are often paid within a month after the critical illness diagnosis and the money can generally be used for any purpose.
In addition, if your life insurance provides for it,
a lump sum payment may be available as an advance on the death benefit if you are diagnosed with less than one (or sometimes two) years to live.
This is also a good way to receive a tax-free benefit to help pay for the costs of end-of-life care.
Speak to a Distinguished Financial Advisor – Tax Services Specialist and a Master Financial Advisor –
Investment and Retirement Income Specialist to plan strategically for this eventuality.