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Musl people think of insurance as essential protection for their loved ones and the things they own, like their home â€" and it is. But it may be time for you to look beyond the basic role of insurance and see it in a new light: As a powerful estateâ€"planning tool that will compleâ€" ment your overall financial picture and enhance your legacy. Let‘s see how that might work for you. The basics of insurance and more Term insurance Term insurance is basic protection â€" the economical life insurance most people choose when they are starting out. But the coverage and the premium rate are fixed only for a specific "term" â€"five, 10 or 20 years. Once the term expires, renewing the policy usually costs substantially more. There are no cash values and cover age typically ends at age 75. Permanent insurance Permanent insurance can be a good option if your needs have evolved and your income has grown. Coverage remains in effect for your entire lifetime, so long as you continue to pay the premiums. o ee onnte elys Permanent life insurance also adds these unique benefits: * Taxâ€"deferred growth, much like the growth within a RSP, but without the deduction. * A growing cash value you can access at any time for any reason. * Supplementing your estate â€" your beneficiaries receive 100 per cent of 438 Highiand Rd. W. Kitchener 519â€"749â€"8473 8th ANNIVERSARY SALE OAL1® 0(1///()(/ c 8LOrrnmtery TLecirehe 4 STOCK UP AND SAVE on until August 25th 519â€"342â€"1682 450 Columbia S1. TK at our the insurance proceeds taxâ€"free. These are the two most popular types of permanent insurance: _ * Universal Life is a blend of life insurance protection and taxâ€"advanâ€" taged investment. Part of your premium pays for insurance and the rest is invested where it grows taxâ€"deferred (subject to certain limits). You play a role in choosing your investments selected to match your talerance for risk. 480 Hespeler Rd. Cambridge 519â€"624â€"6879 You can usually adjust the frequen cy and level of premium payments as your financial circumstances change. The growing cash value can be used to pay part or all of the cost of insurâ€" ance or left to accumulate and increase the death benefit. * Participating Whole Life (also called "par" insurance) is life insurance that pays dividends and includes a nonâ€"volatile taxâ€"advantaged investâ€" ment component. You do not have any say in the day toâ€"day management of the investâ€" ments, an investment expert chooses them. Basic cash values and basic death benefits are guaranteed. One or more of these permanent insurance options may be a useful financial planning tool for you. If you wish to leave an estate to your beneficiaries, the essentials of your overall financial picture have already been taken care of. Your professional advisor can take you beyond the insurance basics to uncover the right estateâ€"enhancing opportunities for your situation. This column, written and published by Investors Group Financial Services Inc., presents general information only and is not a solicitation to buy or sell any investments. For more information on this topic please contact Russ McEachnie at 519â€" 886â€"2360, ext. 257 or email him at rusâ€" sell. mceachnie@investorsgroup.com. in the Waterloo Chronicle! DEAL a great 1 smell WATERLOO CHRONICLE + Wednesday, August 15, 2007 + 19