Director of New Business Development, LSM Insurance
I own two 20 Pay and one 10 Pay Whole Life policies and a Term policy. I was lucky enough to take out the Limited Pay Whole Life policies when I was quite young. Since that time premiums on these type of plans have significantly risen it cost. Plus I’m a lot older now 🙂 My Father also took out a small Participating Whole Life policy with Manulife which I have maintained.
I purchased my first life insurance policy before I had any dependents. I did so because I wanted to lock in at a favourable rate. For subsequent purchases I did a needs analysis factoring in how much coverage my family would need if I died.
I do – with the caveat that your other financial obligations are being covered. As mentioned my father bought my brothers and I each a small Whole Life Policy with Manulife. We have all maintained these policies and had a nice little bonus when Manulife demutualized.
Not buying enough life insurance or not buying any at all. Life Insurance is the most unselfish purchase someone can make because its not for you. This combined with the fact that most people don’t won’t to think about their own death leave a lot of people grossly under insured.
The chances of becoming disabled are much higher than dying over a 20 or 30 year window. Another variable is a lot of life insurance agents don’t properly understand disability insurance.
Lorne was born in Toronto, Ontario. He started in the life insurance industry in 1993, with Metropolitan Life after completing his MBA at the University of Windsor and has been helping families and business owners meet their insurance needs for over 20 years. He has won numerous sales and services awards and has appeared in the Toronto Star, The Globe and Mail, The National Post, The Toronto Sun, The Investment Executive and Money Sense Magazine.
He is also a fitness enthusiast and has recently launch his own fitness blog, Lorne Marr Fit After 45.
