What Type Of Life Insurance The Experts Own: Léony deGraaf


Léony deGraaf
Independent Financial Advisor, deGraaf Financial Strategies

1. What type of life insurance do you own?
I own Term 10, Term 20, and Whole Life Insurance, as well as Critical Illness Insurance on myself. I also own Guaranteed Issue Life Insurance on my husband, and we took over my mother-in-law’s life insurance policy when she was going to cancel it. We are currently using the cash value of a life insurance policy that was put in place for my son’s education 20 years ago to pay for his tuition.

2. What factors did you consider when determining the coverage amount?
My debts and my long-term obligations, as well as what I would want for my kids if I were not here to provide for them.

3. Do you believe in life insurance for children?
Yes, since it secures their premium and their insurability while they are young and healthy. In the event of a tragic loss, mom and dad can also take a year off to grieve.

4. What is the biggest life insurance mistake people make?
Not buying enough (or any) permanent insurance while they are young and buying life insurance that doesn’t cover a long enough term to fit their needs.

5. Outside of life insurance, what other types of individual insurance are often overlooked?
Critical Illness coverage is often overlooked, but we are more likely to be diagnosed with a critical illness than we are likely to die from it. The impact this living benefit coverage can have on one’s recovery and quality of life is significant.

Léony deGraaf Hastings has grown up in the financial industry. Her father has been a distinguished financial advisor for more than 40 years now. Léony began her own financial career in the family firm 15 years ago and has since built a successful practice as a licensed independent insurance and financial advisor in Burlington, Ontario.

Appreciating the time Léony spent with her grandparents as a child, and losing her mom to breast cancer in 2000, Léony found herself gravitating towards helping seniors and assisting families with complete retirement and estate planning. Recognizing this passion, she took extensive, specialized courses to earn her Elder Planning Counsellor and Certified Financial Planner designations.

For the past five years, Léony has been voted Burlington’s ‘Favourite Financial Advisor’ in The Burlington Post’s Reader’s Choice Awards. She has been interviewed as an industry expert by CARP, MacLean’s magazine, Advocis, and Reuters, to name a few. Léony focuses on the goals and concerns of her clients and believes a holistic approach to financial planning is essential for success.

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  • Sanjay Mathur
    February 23, 2014 at 10:12 am

    Well I guess we shall get the answer, if we approach the question in a different way – Why Should a College Student ( who may not have income to protect ) buy Life Insurance ? Also what are the top 5 Products which offer unique benefits to students ?

    • LSM Insurance
      February 23, 2014 at 11:41 am

      The advantages of Life Insurance for Students – are a lot of the same arguments as life insurance for children. They locking in at a lower rate and guaranteeing their current health. In case of Whole life plans they also build a cash value and can be paid up in a limited number of years.

      Many students also have debt – so life insurance ensures their debt will paid off if they die.

  • sanjay mathur
    February 21, 2014 at 11:00 pm

    Financial planning and related investments is a habit for few while most do it out of compulsion. There is a need to introduce products which can attract the college students. This will help more people start financial planning at early age and get into the habit of doing it.

    • LSM Insurance
      February 22, 2014 at 2:08 pm

      Sanjay you make a good point.

      What type of products / incentives do you think will help. Some disability insurance carriers offer incentives for students. It is also a good way for the insurance company and broker to get in the door early and grow with the clients needs.