Banks or Insurance Companies?

Both Banks and Insurance Companies are financial institutions, however, banks are governed by the Bank Act while insurance companies are governed by Insurance Companies Act. Both are very different, especially when it comes to paying taxes.

Banks promote “traditional” strategies that most people are accustomed to and it is generally known that any returns gained with banks are highly taxable. On the other hand, Insurance Companies offer great tax-sheltered insurance plans.

Most people DO NOT think of Insurance Companies when it comes to:

  • Saving Money
  • Saving Taxes
  • Passing of Wealth to Next Generation
  • Alternatives to Family Trusts
  • Avoidance of Probate Fees and Lost Time

Why are Most People Not Aware of these Benefits?

The majority of insurance agents sell life insurance policies with focus on after death benefits. However, throughout your life and especially during your retirement there are many other financial benefits included with special kind of life insurance policies.

Life insurance policies can be setup to help you create wealth by significantly minimizing your taxes and save you money. The growth of your funds can be sheltered within a special life insurance policy.

The key advantage that Insurance Companies hold over Banks is achieved by overfunding life insurance policy premiums, which is a method of putting money into a life insurance policy. Some of the benefits included are:

  • Long-Term Tax Minimization
  • Guarantees on Overfunded Amounts
  • Creditor Protection
  • Pre-approved Loans
  • And Much More…
Gold Standard Group and its associates specialize in setting up insurance-based tax-shelter accounts to help you get More after-tax Money in Your Pocket, create wealth for you, your family, your business, and future generations.



  1. Income Tax Act (Tax-sheltered status of insurance plans):
  2. Insurance Companies Act
  3. Bank Act


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Gold Standard Group
9251 Yonge Street, Suite 8-251 Richmond Hill Ontario L4C 9T3
+1 866 878 0088