Argh. I keep forgetting that DH and I both have Universal Life Insurance policies. We opened these a couple of years before the GoC came out with TFSAs. (At the time my RRSP was maxed, and we were advice that a UL policy was the only other tax exempt way to grow $$).
So DH and I each have about $12,000 in our policies (through Industrial Alliance). We haven't put much in since 2009. The policy is close to the point where it is self sustaining (interest covers fees). However, I have the feeling in the event of a tragedy, this money would be easy to access if in was in a TFSA vs. dealing with an insurance company. WWYD? How would I go about getting the money out? What sort of fees would be associated?
And yes I realize I could read through the 100 page book that came with my policy but I would prefer someone to explain it to me in English;)