Term Life insurance + investing VS Whole Life insurance

  This is probably the biggest question of all times. We’ve been sold on an idea for decades coming from the sole beneficiary of this financial plan… The life insurance company itself! Many think that because you own a whole life policy, you can put money into your life insurance policy and that the money grows without paying income taxes, that it covers all the benefits. Wrong! For most people, having a life insurance protection is the single most important financial transaction they will make. Mainly, it covers all the financial responsibilities you still have but are no longer on earth to make

Employer-Paid Life Insurance… Do We Need More?

  Many people have the fortunate experience to work with a company that takes charge of many little details to make their life better, easier to manage and at a lesser cost. It could be medical insurance, dental insurance or life insurance. When we take a look at the first 2, there is not much that we can do to improve the group-paid plan of an employer. It usually has the advantage to be at a lower cost because it gathers a lot of people in the same policy so the insurer is willing to charge  far less. Sometimes, you

Life Insurance For Investors

  When looking to invest your money, you need to use financial intelligence in order to maximise your outcome. And some distinctions have to be made regarding life insurance in an investment strategy: yes, you can use it, but not at all cost! Protect your investment The sole use of any kind of insurance is to protect an asset in case of something bad happens (like a car insurance) OR protect a liability (like a mortgage). When dealing with life insurance, the same logic applies. This means that when making an investment, you should always look at your financial context

Not Knowing How Life Insurance Works Can Hurt Your Future!

When opening the life insurance subject, sometimes people get a negative reaction. Maybe that comes from the fact that it is not a subject that we like to talk about in the first place. I’d like to share a story that is important to me because the client became a great friend of mine and I’ve met him and his wife on a soccer field, coaching his son how to play soccer. I was telling him, Cedric, that I would like to sit down with them talking about the different strategies to build a financial plan. They were open to see

How To Become Financially Independent With Life Insurance… Being Middle-Class?

Hey! Who wants money? Who wants to accumulate great riches throughout their life? So much that they can say: I am financially free for the rest of my life? Just  about anybody, right? This time, I would like to make some points clear because I heard so many things regarding this topic: How can I use life insurance to be financially free? Please, take a moment and try to answer this one by yourself. Okay, your moment is up. What have you discovered between life insurance and financially free? Have you made some links whatsoever? What makes the people in

When Reality Strikes, Losing A Business Partner

We never plan for something really bad to happen, but when it happens, we must be prepared. When it comes to running a business, everybody who works closely to this particular business is an important part of it. But being the general manager creates bigger challenges when passing away. That is what happened a year and a half ago. One of my clients, Sebastien, who became one of my best friends along the way, was the production manager for a roofing company. After a couple of pretty rough years of declining sales, the company was gaining back momentum again. My

Life Insurance For Business Partners

  Most people don’t realize that being in business with partners requires a special kind of attention. Basically, you, as a business partner, have selected a partner based on his/her strengths, your complementarities, his/her knowledge, business network, skills, name it! But the main point is that if you are in business and have a bright future with success is because you are together! So what would happen if one of you dies suddenly? What would be the effects on your sales, technical knowledge, your network and your bottom line if the person in charge of it passes away? There is

Types Of Life Insurance

Here is probably the most controversial subject in life insurance. Because there is a big conflict of interest coming from the people selling those products. It is really important to understand the difference between the 3 major life insurance category, in order to better use them, to get properly protected and to pay the lower premium possible. First, I’m going to describe them to you, then how to use them. Whole Life This type of insurance has been around since the beginning of earth. It is the most commonly seen life insurance type in the market, even though the trend

Once Upon A Time… In A Household Near You

Today, I wanted to talk to you about 2 couples I met with recently. Those are actual numbers, premiums, savings, etc. Try it by yourself, you should get the same results! First couple is made of Andre and Sandra. They are 45 years old and living in a beautiful house with 3 kids running all over the place. When we started talking about their numbers, they were wondering how in the world would they start taking control over their debt payments because they are making around 55,000$ between the two of them. Also, they were conscious that their retirement wouldn’t

How To Calculate Your Life Insurance Needs

How easy would it be for a life insurance agent to say that your needs in case you die is about 750,000$? What would you say then? “Are you sure? Isn’t this coverage a little bit too high for my family, for my budget?” “Absolutely not, you don’t want your family to be in financial trouble if you die, do you?” Hmmm this is the kind of situation you don’t want to live. Having the right life insurance protection is important and of course you want to leave a pretty big amount of money to your spouse and kids if

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