Protection today. Wealth for tomorrow
The TruCover IRP Plan is an insured-retirement strategy designed to help Canadian parents combine permanent life insurance protection with long-term, tax-efficient wealth accumulation.
The strategy uses a Universal Life Insurance foundation, allowing eligible policy values to grow on a tax-deferred basis within the limits that apply to exempt life insurance policies. Later, policy values may support retirement income strategies, including collateral lending where available.
One plan designed across life stages
IRP planning connects protection during your working years with long-term policy value accumulation and potential retirement-income strategies later in life.
Build Early: Protect your family and begin long-term accumulation.
Grow Over Time: Allow more time for policy values and compounding potential.
Plan for Retirement: Explore suitable ways to access policy value later in life.
Key benefits of the TruCover IRP Plan
The plan is designed to bring protection, accumulation and future access to capital into one coordinated strategy.
Lifelong Insurance Protection
Permanent life insurance can provide a tax-free death benefit to help protect your family and meet financial obligations.
Tax-Deferred Wealth Accumulation
Eligible policy values may grow on a tax-deferred basis within the limits that apply to the policy.
Access to Cash Value
Built-up policy values may provide access to funds for emergencies, opportunities, education, down payments or business needs.
Retirement Income Potential
Policy values may support a future retirement-income strategy, including collateral borrowing where lender and policy conditions are met.
Three core features working together
Life Insurance Benefits
Permanent coverage, a tax-free death benefit, cash value accumulation and long-term protection for your family.
Tax-Deferred Savings Growth
Policy values can grow on a tax-deferred basis when the policy remains exempt and stays within applicable tax rules.
Collateral Loan Access
In retirement or when capital is needed, some policyholders may use the policy as collateral for a bank loan, subject to lender approval.
Why starting early matters
More time can mean more opportunity for compounding and policy value accumulation, while your family also benefits from life insurance protection from the start.
One strategy, multiple financial goals
Goal | How the IRP Plan May Help |
|---|---|
Family protection | Permanent life insurance death benefit |
Long-term wealth | Tax-deferred policy value accumulation |
Major expenses | Potential access to policy cash value |
Retirement planning | Potential collateral lending or other policy-value access strategies |
Legacy planning | Insurance proceeds can support beneficiaries and estate objectives |
How the retirement strategy can work
The strength of the IRP Plan comes from starting early, allowing more time for compounding and policy value growth.
1
Protect
Permanent life insurance protection begins once the policy is issued and in force
2
Accumulate
Contributions above insurance costs may build policy cash value over time.
3
Grow
Policy values may compound on a tax-deferred basis within applicable exempt-policy limits.
4
Access
Later in life, policy values may support withdrawals, policy loans or collateral loans depending on the strategy used.
How we build your IRP Plan strategy
A focused process helps make the strategy understandable and aligned with your long-term goals.
1
Discover
Review your goals, family responsibilities, budget and retirement objectives.
2
Design
Build a suitable permanent insurance structure and funding approach.
3
Implement
Complete underwriting and put the policy in force once approved.
4
Review
Monitor the policy and revisit the strategy as your financial situation changes.
Why choose TruCover for your IRP Plan?
We coordinate the insurance structure with your broader financial picture, rather than treating the policy as a stand-alone product.
1
Personalized Planning
Structure the strategy around your financial goals, budget, family needs and retirement timeline.
2
Transparent Guidance
Understand how policy charges, cash values, insurance protection and future access strategies work.
3
Long-Term Support
Review the strategy over time as your income, family responsibilities and retirement goals evolve.
Frequently asked questions
Clear answers to common questions about insured-retirement planning.
Yes. The strategy is built around permanent life insurance, with the potential for policy cash value accumulation over time.
Depending on the policy and strategy, access may be available through withdrawals, policy loans or collateral borrowing. Each method can have different tax, interest and policy consequences.
No. Tax treatment depends on how policy values are accessed and on applicable tax rules. Collateral loans are subject to lender approval and may have interest costs and other conditions.
It may be suitable for individuals seeking permanent insurance and long-term wealth accumulation who have sufficient cash flow to fund the strategy over time. Suitability should be reviewed individually.
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