As discussed in lots of thread before,it seems that whole life is a "fraud" for 98-99% of the time.
I am 30 single,earning $250,000 per year in my own corporation with me as a single employee. I live at home for now and expenses are low and only draws $40000 per yr out as dividends,$ 20000 out as salary(leaving 190,000 inside the corporaation). I intend to max out my RRSP and TFSA.
My accountant suggest I buy Whole life insurance (eg $20000x15 to 20 yrs) and he knows some contacts.
My question is whether it is good for me or is it good for the accountant(commissions?) ?
thanks
I am 30 single,earning $250,000 per year in my own corporation with me as a single employee. I live at home for now and expenses are low and only draws $40000 per yr out as dividends,$ 20000 out as salary(leaving 190,000 inside the corporaation). I intend to max out my RRSP and TFSA.
My accountant suggest I buy Whole life insurance (eg $20000x15 to 20 yrs) and he knows some contacts.
My question is whether it is good for me or is it good for the accountant(commissions?) ?
thanks