{"id":4791,"date":"2019-05-13T15:40:18","date_gmt":"2019-05-13T19:40:18","guid":{"rendered":"http:\/\/caissealliance.absoludev.ca\/?p=4791"},"modified":"2019-05-13T15:40:18","modified_gmt":"2019-05-13T19:40:18","slug":"the-importance-of-life-insurance","status":"publish","type":"post","link":"https:\/\/www.caissealliance.com\/en\/personal\/retirement-and-estate\/the-importance-of-life-insurance\/","title":{"rendered":"The importance of life insurance"},"content":{"rendered":"<p>Life insurance is an essential estate planning tool.<\/p>\n<h2>Cover estate taxes upon your death<\/h2>\n<p>Paying taxes is inevitable upon death so life insurance can be useful to pay them without requiring the liquidation of assets. Buy a life insurance policy where the proceeds are payable to the estate to cover the taxes on the deemed disposition of your assets. Important fact: any life insurance product paid to a beneficiary is not taxable.<\/p>\n<h2>Donate your policy to a charitable organization<\/h2>\n<p>You can also donate your life insurance policy to a charitable organization. As the donor, you are entitled to an annual tax credit in the amount of the premiums paid on any policy whose beneficiary is a charitable organization. The benefit itself carries no tax consequences. If, on the other hand, you elect to donate your policy to a charitable organization so that the benefit is payable upon your death, the amount of the benefit paid to the organization is tax-deductible. The tax credit can be declared on the income tax return of the preceding year, if need be.<\/p>\n<p><strong>Find out more \u2013<\/strong> See our page on\u00a0<a href=\"https:\/\/www.caissealliance.com\/en\/personal\/retirement-and-estate\/donations-and-bequests\/\">donations and bequests.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Life insurance is an essential estate planning tool. Paying taxes is inevitable upon death so life insurance can be useful to pay them without requiring the liquidation of assets. Buy a life insurance policy where the proceeds are payable to the estate to cover the taxes on the deemed disposition of your assets. Important fact: [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[117],"tags":[],"class_list":["post-4791","post","type-post","status-publish","format-standard","hentry","category-retirement-and-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The importance of life insurance | Caisse Alliance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.caissealliance.com\/en\/personal\/retirement-and-estate\/the-importance-of-life-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The importance of life insurance | Caisse Alliance\" \/>\n<meta property=\"og:description\" content=\"Life insurance is an essential estate planning tool. Paying taxes is inevitable upon death so life insurance can be useful to pay them without requiring the liquidation of assets. Buy a life insurance policy where the proceeds are payable to the estate to cover the taxes on the deemed disposition of your assets. 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