limall wrote: ↑Sorry I do have a question as I don't trust my financial advisor since I feel that he has alot to gain and I have alot to lose. I am incorporated and have been advised to invest in UL policy through my corporation in order for me to defer corporate tax and allow my corporate investments to grow tax free. He wants me to sign up for a 5 million dollar policy . So I am wondering if it is the right thing to do given the fact that theres the 2% premium tax on each deposit. In addition, he did not even mention if I would be charged an annual MER fee for the policy. So therefore with a 5mil policy I would be doing yearly payments of $258,168 through my corporation which then apparently allows my family or heirs to receive the money tax free when I do die. Please note that my family really doesn't need any of my money and I am 30, single, and a non-smoker. What do people think about this?
Thank you for you question. Without knowing your personal and financial circumstances, as well as your company, it is hard to tell whether this product is appropriate for you. Where are you located?