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Our response:

We are not able to provide financial or legal advice, but we always try to provide some general information to help you determine the next step. It is possible to use certain types of life insurance as a source of retirement income. The amount you receive depends on the type of insurance policy selected. For a general overview about how this works, learn more about leveraging cash value for retirement. A licensed insurance agent can help you decide on the type of policy that would be best for your financial plan. You can check if they are licensed on the Financial Services Commission of Ontario’s website.

Before you consider an insurance policy as a way to save for your goals, consider other options and speak to a registered financial advisor – someone who is able to provide advice and help you reach your financial goals. For example, with registered plans, such as a Registered Education Savings Plan (RESP), you may be eligible to receive additional government grants or bonds to help you reach your goals to save for your son’s education.

Financial advisors who sell you investments may not be qualified to sell you insurance products and vice versa. Before you buy any investments, check to make sure that the person or business you’re dealing with is registered using the Canadian Securities Administrator’s National Registration Search.