The first of two parts of this series looks at life insurance vs RRSP and whether the decision is best for you.
Life insurance is a better investment because it provides you with security in case you need to move.
RRS are better for retirement because you are able to make a withdrawal of a certain amount from the fund every year and have an interest rate on the money that grows.RRSPs are better if you want to use your money to purchase a car or other equipment.
However, life insurance has many drawbacks and you will need to make the best choice for you and your circumstances.
For example, you may need to sell your house if it gets damaged, so if you use a RRSP you may not have to sell the house or make a down payment.
In addition, if you are not an asset manager you may have to make more difficult decisions.
For example, if your RRSP has been downgraded to an asset management fund and you need the funds to be available to pay your mortgage, the money may not be available when you need it.
The difference between life insurance and RRSP is that life insurance pays off at a higher rate than a RRS.
If you are on the low end of the income scale, you might be better off using an RRSP.
But if you have a very high income, the extra money you would have to pay into an RRIF might be too much.
You might be able to get away with using a regular savings account if you hold it for less than two years, but if you keep it for longer than that you could end up paying interest on it.
Another difference between the two types of life insurance is that you might not be able use your savings as much as you would with an RRPS, because you would pay less interest.
You might not have as much money as you think you do.
In any case, it is important to be careful when making your decision because life insurance may be too expensive for some people.
If it makes you more comfortable to have your savings in an RRPP than an RRAS, then you will want to consider an RRSS.
You will also want to be aware of any terms and conditions you might need to follow if you buy a life insurance policy.
For more on what life insurance can offer you, including tips on choosing a life policy, check out the BBC Money section.