Insurance Planning Review Timely Now

Now an opportune time for people to review insurance planning initiatives, says The Harbour Group, RBC Wealth Management Dominion Securities. In the article ‘Federal Budget Impacts Financial Plans’ at Private Wealth Canada, it says proposed changes in the federal budget may result in a reduction of the savings component that is permitted to grow on a tax-sheltered basis with an exempt policy. This would not eliminate the value that the savings component provides, but does limit the attractiveness of the feature. For those with term policies in place, now would be a crucial time to review the policy to check if it is convertible to permanent coverage.