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Sommet Protection · Wealth

Pass on with intention. Prepare with care.

Insurance can play a role in your legacy plan. Explore how it fits into your wealth with a partner advisor, working alongside your tax and legal professionals.

  • Legacy planning
  • Coordination with your professionals
  • Confidential analysis, no fee
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Sommet Protection · Wealth

Another way to think about insurance

For an established estate, life insurance is no longer protection against shortfall: it is a transfer tool. It converts taxable assets into tax-free capital, funds the deferred tax that hits the estate and equalizes the inheritance among children without selling the cottage or the business.

Each concept here relies on an established product — universal life, participating life, permanent life — and on current Canadian tax rules. The partner advisor works with your accountant and notary so the whole holds together.

Bright living room of a high-end residence

It's time to look into it if…

Any one of these signals justifies an analysis. Two or more, and inaction is probably already costing you something every year.

Check my situation
  • You already max out your RRSP and TFSA and the surplus accumulates in a taxable account.
  • You own a cottage, a rental property or company shares that have appreciated substantially.
  • A holding company keeps cash you don't need to withdraw.
  • You want to leave equal amounts to your children, but your main asset can't be split.
  • You support a cause or a foundation and already give every year.
  • You're over 45 and your life insurance is term-only or non-existent.
  • Your last estate review is more than three years old — or was never done.

The concepts

Eight proven strategies, explained without jargon, each with a costed typical case, a comparison and the mistakes to avoid.

Taxable investment or permanent insurance? Often both.

For money you don't expect to spend in your lifetime, here is what actually changes from one vehicle to the other.

Growth
Investment in a taxable accountTaxed every year (interest, dividends) or on sale (capital gain).
Permanent life insurance (participating or universal)Tax-sheltered inside the policy, within the limits set by law.
At death
Investment in a taxable accountDeemed disposition: latent tax is triggered and reduces what's left.
Permanent life insurance (participating or universal)Death benefit paid tax-free to named beneficiaries.
Estate
Investment in a taxable accountGoes through the estate: delays, fees, public record, creditors.
Permanent life insurance (participating or universal)Paid directly to the beneficiary, outside the estate, often within weeks.
Liquidity while alive
Investment in a taxable accountAccessible at any time.
Permanent life insurance (participating or universal)Accessible through surrender or policy loan, with possible tax consequences — to be planned.
Return
Investment in a taxable accountVariable, exposed to markets.
Permanent life insurance (participating or universal)High implicit return at death in early years; stable but generally modest over the very long term.
Fees and commitment
Investment in a taxable accountManagement fees; no commitment.
Permanent life insurance (participating or universal)Built-in cost of insurance; premium commitment over several years.

Insurance doesn't replace your portfolio: it takes over the "transfer" portion and makes it more efficient. The right mix is calculated with your advisor and your tax professional.

What we often hear — and what's true

  • Common belief

    "Life insurance is for young families."

    What's true

    Term insurance, yes. Permanent insurance matters mostly after 45: it's a transfer and tax tool, not only income replacement.

  • Common belief

    "I'm too wealthy to need insurance."

    What's true

    The larger the estate, the larger the tax bill at death. Insurance doesn't fill a gap; it pays the tax at the lowest possible cost.

  • Common belief

    "My stock market return will always beat a policy."

    What's true

    Compare after tax and at the time of death, not before. On that basis, a well-structured policy is often competitive for the portion of capital that will never be spent.

  • Common belief

    "Once I sign, I'm stuck."

    What's true

    Modern policies are flexible: adjustable premiums, premium holidays, reduced coverage, policy loans. What matters is structuring it correctly from day one.

  • Common belief

    "My holding company can just keep the money."

    What's true

    It can, but passive income is heavily taxed there and, at death, everything is taxed a second time in your hands through the shares. Corporate-owned insurance is designed for exactly this situation.

The partner advisor's approach

  1. 1

    Analysis first

    Review of your assets, deferred tax at death and transfer intentions before any proposal.

  2. 2

    Insurer comparison

    Partner advisors work as brokers: several participating funds, several pricings, a reasoned recommendation.

  3. 3

    Coordination

    Accountant, notary, tax specialist: the advisor joins your team rather than replacing it.

  4. 4

    Discretion

    Your information serves only your file and goes to a single advisor. See how we use it in our privacy policy.

What life insurance brings to an estate

Legacy
objectives to clarify based on your beneficiaries and circumstances
Liquidity
a need to assess for the estate’s obligations
Coordination
a strategy to review with your advisor, notary and tax professional

How it works

A four-step approach, no pressure, at your pace. You can stop at any step.

  1. 1Step 1 · Week 1

    Diagnosis

    A 20-minute call with an advisor who practises in wealth planning: your situation, your transfer goals, what's already in place.

  2. 2Step 2 · Weeks 2-3

    Projection

    Estimate of tax at death and liquidity needs, then two or three quantified scenarios (with and without insurance), presented transparently.

  3. 3Step 3 · Weeks 3-4

    Structure

    Choice of concept (estate bond, equalization, planned giving, holding company…), policy type and owner, coordinated with your accountant or notary if you wish.

  4. 4Step 4 · 1 to 3 months, then yearly

    Implementation and review

    Application with the best-positioned insurers, then periodic review: a wealth policy is maintained like a portfolio.

The partner advisor's commitments

  • An independent advisor who compares several insurers — not a single catalogue.
  • Written projections, with assumptions, that you can show your accountant.
  • The advantages and limits of each option, in black and white.
  • No decision to make over the phone: you set the pace.

What the partner advisor won't do

  • Sell you a policy before understanding your situation.
  • Give tax or legal advice: they work with your professionals, not instead of them.
  • Promise a return: illustrations rely on assumptions, and they show you the unfavourable scenarios too.

A perspective across insurers

Partner advisors work as brokers: they are not limited to a single insurer. They compare products, prices and eligibility criteria to recommend the coverage that fits you.

  • Assomption Vie
  • Beneva
  • BMO Assurance
  • Canada Vie
  • Croix Bleue du Québec
  • Empire Vie
  • Équitable
  • Foresters Financial
  • Humania Assurance
  • iA Groupe financier
  • ivari
  • Manuvie
  • RBC Assurances
  • Sun Life
  • UV Assurance

Trademarks of their respective owners. Sommet Protection is not affiliated with any insurer and does not distribute any product. Insurers distributed by partner advisors, according to their firm's contracts. How it works

Guide · 12-minute read

Transfer more, pay less: the guide to wealth life insurance in Quebec

What owners of companies, real estate and substantial portfolios should know before their next estate review.

Read the guide
  1. 7 chapters
  2. 1. The bill nobody plans for
  3. 2. Four ways to pay — only one at a discount
  4. 3. The estate bond: turning an investment into an inheritance
  5. 4. Holding company: the most rewarding case
  6. 5. Equalization, planned giving and trusts: the lesser-known uses
  7. 6. Choosing between participating and universal
  8. 7. The mistakes that cost the most

Frequently asked questions

Does the service cost anything?

No. The advisor is compensated by the insurer if a policy is issued. The analysis and projections are free and without obligation.

From what level of wealth do these strategies become relevant?

There is no official threshold. In practice, as soon as there is a significant latent tax at death (real estate, business, non-registered investments) or lasting cash in a holding company, the analysis is worthwhile.

What is a "participating" policy?

Permanent life insurance whose premiums are invested in the insurer's participating account; dividends may be paid every year and increase coverage and cash value. They aren't guaranteed, but their track record is long and stable at major Canadian insurers.

And a "universal" policy?

Permanent insurance that separates the cost of insurance from the savings portion: you choose investments and deposit levels, within tax limits. More flexible, but it requires monitoring.

Do I need to be in perfect health?

No, but health affects cost. Preferred rates can sometimes be obtained; conversely, some conditions raise the premium or point toward a joint policy. The advisor factors this in from the projection stage.

Can you work with my accountant and notary?

It's actually recommended. The advisor shares projections and coordinates the structure (owner, beneficiaries, clauses) with your professionals.

Is my file confidential?

Yes. Your information is shared only with the advisor assisting you, in accordance with Quebec's Law 25. You may request access to or deletion of your data at any time.

Let's talk about your estate

A partner wealth planning advisor calls you back for a first confidential analysis. No fee, no obligation.

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Privacy policy

The concepts presented are for information only. They rely on current Canadian and Quebec tax legislation, which may change. Sommet Protection gives no financial, tax or legal advice: the analysis is done by a partner financial security advisor, together with your professionals.