Leave a Legacy
After a long life well lived, people want to make sure that their money is dispersed on their terms. Insurance company savings and investment contracts act like inter-vivos trusts, without all the large trust fees.
Unlike a will, these contracts are private and they will be paid out to your named beneficiaries. They will not form a part of your estate or become public knowledge. Because they bypass the estate, there are no provincial probate fees on your death. They add a component of liquidity for your beneficiaries as they can be paid out in a matter of days or weeks as opposed to the months it may take to wind up an estate.