The value of naming a beneficiary

How some financial products can keep more money in the family.

Settling an estate can be a time-consuming and costly exercise. And after working hard your whole life, you want to ensure your legacy is passed to your heirs in the most efficient and cost-effective way possible. This is where segregated funds and guaranteed interest contracts (GICs), financial products sold by an insurance company, can come in handy. By letting you name a beneficiary, these products help keep more of your money in your family, among other things.

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© 2020 Manulife. The persons and situations depicted are fictional and their resemblance to anyone living or dead is purely coincidental. This media is for information purposes only and is not intended to provide specific financial, tax, legal, accounting or other advice and should not be relied upon in that regard. Many of the issues discussed will vary by province. Individuals should seek the advice of professionals to ensure that any action taken with respect to this information is appropriate to their specific situation. E & O E. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Any amount that is allocated to a segregated fund is invested at the risk of the contract holder and may increase or decrease in value.