Kevin Cahill | Founder of Canadian Legacy Builder

Posted on September 2, 2014 and updated January 23, 2019 in Life Insurance - What The Experts Own, Life Insurance Canada News 6 min read

Kevin Cahill, B.Sc.(Hons), CFP, CHS, CLU, EPC
Founder, Canadian Legacy Builder

1. What type of life insurance do you own?
I own a combination of Permanent Cash Value Whole Life and Term Insurance. I am worth significantly more dead than I am alive, but I know that my debts and obligations will never outlive me. I do plan, as time evolves, to convert it all to a permanent plan, as the only effective life insurance is the one that is in force the day you die.

Every person who has ever been loved by someone leaves a legacy of some kind, but most don’t know where to start or what to do. This is where Life Insurance comes in. Most of us take many basic things for granted: warm clothing, food on the table, a roof over our heads. Unfortunately, these basic necessities are not available to everyone. Yet, with insurance, I can guarantee my son will be okay financially long after I am gone.

2. What factors did you consider when determining the coverage amount?
The key to understanding your insurance needs is to determine what protection you need today and tomorrow. How much coverage you need, combined with your cash flow, and the length of time you need the coverage, are all used to determine the type of life insurance and how much life insurance you should buy.

Term Insurance is temporary and should be used to cover short-term needs, like business loans, a mortgage, and income replacement. If there is someone who depends on you for support, such as a spouse or a child, life insurance plays a fundamental role in their continued financial well-being. As Ralph Waldo Emerson once said, “To know even one life has breathed easier because you have lived, this is to have succeeded.” When you put it like that, who wouldn’t want to be a success? I want to be a success. I know we all do.

3. Do you believe in life insurance for children?
YES! My father bought a cash-value life insurance policy on my son when he was born to not only teach him the fundamental basic principles of good financial stewardship and social responsibility, but also to encourage in him a spirit of philanthropy. That policy is a gift of love and affection from him and it may very well be the only thing that he did for my son that my son can keep for all of his life. It is important to understand the type of light we all will cast over future generations. Life Insurance on a child is a powerful potential light.

Life insurance provides a powerful foundation for building a child’s future financial security. Insurance can work as a flexible asset that grows while also potentially including a special provision called a guaranteed insurance option, which guarantees the child can purchase additional life insurance throughout the years of his life without medical evidence.

4. What is the biggest life insurance mistake people make?
Not having any. Money cannot buy happiness, but lack of money brings unhappiness. It can bring panic. It breaks my heart when I read “A Trust Fund Has Been Established” in an obituary. Why? It means that someone has passed away and left the survivors with nothing: no safety net or emergency fund.

You need more life insurance than you think. If you haven’t figured out what it would take to be okay if someone in your family died, do it! Be able to go on with the plans that you have made together as you dream of the future. I am well aware that it is not easy to talk about because in order to really understand the financial implications of death, one has to face the reality of it happening some day, and that is very uncomfortable. So complete the application, take the physical exam, receive the policy, file it away, and go on with your life.

5. Outside of Life Insurance what other types of individual insurance are often overlooked?
If you are not familiar with critical illness insurance, you owe it to yourselves to do a little research to know and understand where it might fit into your comprehensive financial plan. Basically, a critical illness policy provides you, not your doctor or a hospital, cash to use for personal expenses when you are stricken with any of a long list of covered illnesses, such as cancer or a heart attack.

Critical illness insurance is an evolving product, changing to meet needs. But the benefits of owning it are the same: survive any one of the covered illnesses, for a period specified in the contract, and you get paid to live!

Critical Illness is a freedom-to-choose plan. The freedom to choose how one would like to live after a heart attack, stroke, or cancer has just hit hard. Does one choose to climb the wall of financial worry after a life-altering illness or does one prepare to survive and thrive?

Kevin Cahill was born in Ottawa and graduated with a specialized honors biomedical science degree from the University of Guelph in 2001. After three years with a medical supply company based in Germany, Kevin entered the financial services industry in 2004 with Freedom 55 Financial – London Life – and then incorporated his practice and self-branded under Cahill Financial Services in 2005. Canadian Legacy Builder was founded in 2011 with the purpose of helping individuals start the conversation towards how to be a great ancestor. In addition to being a speaker and an author, Kevin is in the top one per cent of Financial Planners around the world because he has always qualified for “The Million Dollar Roundtable” since his first year in the business.

Kevin is passionate about his local and global community having had many leadership roles and now spends the majority of his free-time with his seven-year-old son Calvin.

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I’m on the fence about getting life insurance for my 15 year old. I’ve heard mix opinions from people. My son is in good health so I’m not worried about any health issues with him. I also have a strict budget so I don’t want to be spending money that I don’t necessarily have to. What should I do?

LSM Insurance
LSM Insurance

Thanks Olivia. It is more important that the parent be covered than the child because the child is dependent on your income and not vice versa. Having said that if you are adequately covered having insurance on a child has some nice benefits. It is matter of seeing how it fits in to your overall financial plan.