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Tilted Cat Head
Administrator
Location: Manhattan, NY
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Quote:
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Originally Posted by Baraka_Guru
See, this is where we get disparities. I'm Canadian, so we have other options that are better: Registered Education Savings Plans (RESPs) and the new $5,000 per year tax-free savings account announced in the latest federal budget. The first is tax deferred, the second it tax-free.
This makes whole life as a vehicle for saving for education not so attractive.
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But that's the thing, it doesn't have to be for education. Jazz can use 529s which I think is equal to RESPs. But my point is that once you've maxed out on all the things you can use, and this option is left. It is hard to shed all the negative ideas and press about not using whole life insurance as any kind of investment vehicle.
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