Benefits while you're living
Contrary to popular opinion, life insurance is not only about providing a lump sum to beneficiaries after you die.
MD Life Plan provides a number of living benefits you should be aware of:
- Health care fund - If you suffer a disability, you may be eligible for tax-free access to your policy's investments. This can be a lifeline for those who don't have enough savings to pay for disability-related costs, or who don't want to deplete their savings but need to supplement their disability income.
- Charitable donation tax credit - If you establish an MD Life Plan policy with a favourite charity as owner and beneficiary, your yearly premium payments can be considered charitable donations. You can then claim these donations on your income tax return and reduce your annual tax burden.
- Education savings supplement - You can establish a policy with your child (or grandchild) as the insured and invest within it on a tax-advantaged basis. When your child turns 18 you can transfer policy ownership (tax-free) to the child and he or she can withdraw money from the policy to pay for school expenses. A tax effective way to provide money for education plus an established life insurance policy for your loved one!
- Other benefits - MD Life Plan can help you grow your assets tax efficiently, can be a source of emergency money, and more!
MD Life Plan takes managing your wealth to the next level by introducing a solution that is tax-smart and full of benefits that you need now and will be thankful for in the future. Your MD consultant can help you integrate MD Life Plan into your wealth management plan.
