Kevin Cahill | Founder of Canadian Legacy Builder

Posted on March 23, 2015 and updated April 13, 2015 in Critical Illness Insurance - What The Experts Own, Life Insurance Canada News 4 min read
Cahill Profile 2012
Kevin Cahill
Canadian Legacy Builder

Kevin Cahill, B.Sc.(Hons), CFP, CHS, CLU, EPC

Founder, Canadian Legacy Builder

1.What type of Critical Illness insurance do you own?

I own $250,000 face amount of coverage to age 75.

2.What factors did you consider when determining the coverage amount?

In November 2001, my soon to be father-in-law’s mother passed away. She was in her 70’s when she was diagnosed with a brain tumour. Three months later my father-in-law, who was a business owner, purchased a $500,000 Critical Illness Policy. He was a 52 year old smoker and his premiums were $1200 a month. Two very short years later, a week after my wedding, he was diagnosed with cancer and passed away three months later. In the final three months of his life, I witnessed the power of the policy he had purchased, as the family did not have to worry about money.  His family were able to use the proceeds of the policy he purchased to bring comfort and enjoy the short time that was left. I purchased my policy 24 days after he passed away and I bought an amount that would replace my annual salary.

3. Do you think people underestimate the importance of Critical Illness insurance and if so why?

People buy what they understand. When the product was invented in 1985 by Dr. Marius Barnard, it was simple. When it was introduced in Europe it was simple. When it came to North America in the mid 90’s our arrogant culture decided that it needed to be made complicated with more bells and whistles similar to how Home Depot caries a variety of nails. If Cancer doesn’t get you, heart disease will, the numbers and stats do not lie. People spend vast amount of money and line up for blocks to wear designer clothing, take part in a run in the freezing cold, but I am still waiting to use the velvet rope at my office to keep the people wanting to buy the most amazing product invented in last 30 years. When the doctor says “You have Cancer” the newest iPhone is not going to help your family.

4. What are some limitations or exclusions should people watch out for?

I talk about the sleep test in many areas and this is one. You need to be able to put your head on the pillow at night knowing that you did the best possible thing for your family. Search out a reputable company and a reputable insurance agent, because when you make a claim you need someone in your corner helping you with the unknown.

5. If you had to choose between Critical Illness and Life Insurance which one would you choose and why?

I would figure out a way to do both within the budget. Something is better than nothing.

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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