Author Topic: Whole life participating pkan  (Read 561 times)

guelphinvestor

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Whole life participating pkan
« on: September 25, 2018, 06:30:40 PM »
I live in Canada. I have quite a bit of money in non registered accounts, so I want to pay less tax.

I had a conversation with Planswell Canada.

They recommended a whole life strategy where I put in $50,000 for 10 years and then could collect $50,000 per year tax free for life at 60.

Is anyone on here familiar with this strategy ?

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AccidentalMiser

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Re: Whole life participating pkan
« Reply #1 on: September 26, 2018, 09:23:27 PM »
How old are you?

If you're 50, go for it! 

If you're 20, no freakin' way.

Whole life policies exist to enrich insurance companies, in my experience.

guelphinvestor

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Re: Whole life participating pkan
« Reply #2 on: September 26, 2018, 09:28:43 PM »
49

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smallstache

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Re: Whole life participating pkan
« Reply #3 on: September 28, 2018, 12:04:02 PM »
"could collect"

Unlike most everyone on here, I am okay with whole life insurance is certain circumstances. But what the hell does this mean???

guelphinvestor

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Re: Whole life participating pkan
« Reply #4 on: September 28, 2018, 12:21:16 PM »
They said I would collect $50,000 for life on the phone call.  He was going to send details by email.


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smallstache

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Re: Whole life participating pkan
« Reply #5 on: September 28, 2018, 02:55:46 PM »
So you send $500,000 and the insurance company bets that you die by age 70.

TheAnonOne

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Re: Whole life participating pkan
« Reply #6 on: October 01, 2018, 12:50:48 PM »
So you send $500,000 and the insurance company bets that you die by age 70.

Insert mafia references** I hope you don't have an "accident"


To be fair though, they invest this money and have a bit longer than 70 because of this.



hodedofome

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Re: Whole life participating pkan
« Reply #7 on: October 03, 2018, 12:03:49 PM »
A friend of mine was selling these for NY Life. The fees were crazy. I was only going to get maybe 2-3% return after fees were considered. And if NY Life ever went belly up, all my money was gone. No thanks.

It makes sense for rich people looking for tax shelters, but Iím not there yet.