Completing Your Estate Plan

An estate plan should include four elements - life insurance, disability insurance, critical illness insurance and retirement planning.

Life insurance

Life insurance is an effective way to:

->	Provide for your spouse and children
->	Pay capital gains and other taxes owing at death
->	Facilitate the transfer of ownership of a business at your death
->	Provide for a dependant with disabilities
->	Leave a final gift to a favourite charity

During your lifetime, the cash accumulated within a cash value life insurance policy may also provide a substantial supplement to your retirement income or allow you to take advantage of business opportunities.

Disability insurance

A serious illness or injury could drastically affect your plans during your lifetime. It could also hamper the effectiveness of your estate plan. Disability insurance can protect your standard of living if you become sick or injured and are unable to work. If you are under age 65, you are seven times more likely to be disabled than you are to die.

Critical illness insurance

Surviving a critical illness or condition can turn your life upside down. It can affect you physically, emotionally and financially. Critical illness insurance complements disability and life insurance protection, providing a one-time, lump-sup benefit to help cover additional expenses associated with a critical condition.

Retirement planning

Planning for your retirement takes time and effort. It means thinking about your priorities, considering your future income needs and making lifestyle choices. Now more than ever, you need a plan.

There are several potential sources of income at retirement, including government benefits, CPP's, employer-sponsored pension plans, RRSP's and non-registered personal savings.

At retirement, there are a number of options for managing your income, including RRIF's, annuities, and life income funds. There is no single right solution. The most effective approach will depend on your needs and preferences.