Whole life insurance proceeds can be used to

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Whole life insurance is designed to provide coverage for the entirety of an individual's life, with the added benefit of accumulating cash value over time. This cash value can be utilized to help fund the policyholder's retirement. It is not typically used to renew a mortgage or fund an RRSP plan, although it could potentially be used to buy past service on a pension. However, using the cash value for retirement is generally considered the best choice, as it aligns with the original purpose of the policy.

Whole Life Insurance Proceeds Can Be Used to