Actually whole life is a type of endowment. An endowment policy is a policy designed with the cash value equaling the face amount at a given age or after a set number of years. A whole life policy is an Endowment at age 100. Other examples are endowment at 65, 20 year endowment, etc.
In Canada, if the cash value of a policy exceeds that of an endowment at age 85, then the policy is non-exempt and is subject to accrual taxation. Consequently, endowments are not usually available.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
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In Canada, if the cash value of a policy exceeds that of an endowment at age 85, then the policy is non-exempt and is subject to accrual taxation. Consequently, endowments are not usually available.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.