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What Makes Humania Assurance Inc Different – Q&A with Michael Suska

October 24th, 2017
Michael-Suska

Michael Suska
National Sales Director at Humania Assurance

 

Can you tell me a little bit about your background? How did you get started in the insurance industry?

I started in the life insurance industry in January 1998 with Great West Life as a disability insurance specialist. I joined Humania Assurance Inc seven and a half years ago and I am currently the National Director of Sales for Individual Insurance.

What are some of the things you find most enjoyable about working with Humania?

Humania is a company that definitely sees the future and acts upon it. We have been able to create the most intelligent and user-friendly insurance application in Canada, HuGO.

What are three things a lot of consumers and brokers may not know about Humania?

  1. As mentioned above, we have the most advanced life insurance technology in Canada.
  2. We have been selling life insurance in Canada since 1874.
  3. We are a mutual insurance company. Therefore, if the company ever demutualized (there are currently no plans to do so), all of our policyholders would potentially get a stake in the potential demutualization proceeds.

What is unique about the Hugo application process?

The HuGO application is really the first of its kind. It's an intelligent application vs the more common electronic application. The intelligent application is basically like having a built-in junior underwriter in your software. The results of 60% of our applications showed being approved on the spot, less medical tests, and the need for fewer attending physician statements (APS). An interesting stat appeared when developing HuGO - 97% of the medical tests we ordered didn't lead to any new information and just resulted in bogging down the application process. So we decided to eliminate the concept of automatic medical requirements.  We only order when absolutely necessary.

Can you give us a rundown of Humania's no medical, critical illness, and disability plans?

We have a unique eligibility process with only six eligibility questions. This means we can help people who would not normally qualify for insurance (life, critical, and disability coverage). Our no medical simplified issue policies provide up to $300,000 of life insurance, $100,000 of critical illness insurance, and $2,500 a month of disability insurance.

 

 

What The Financial Experts Own – Chad Larmond

October 20th, 2017
 
 
Bio

Chad created Larmond Risk Management in 2011 to help business owners, professionals & executives in securing the future of their families and businesses. Chad prides himself on treating his clients with the utmost professionalism. His consultative approach to insurance planning allows his clients to feel confident in their coverage as they preserve and grow their wealth. His patience and keen attention to detail ensure that his client’s best interests are consistently a top priority.  

Chad is committed to building long-term relationships with all of his clients. His goal is to be your financial planning partner for life.

Chad has been involved with several charitable organizations, most prominently with Cystic Fibrosis as Co-Chair for their annual Durham Region golf tournament.

Chad is a proud husband & father. He resides in the GTA with his beautiful wife, Dana, and their three awesome children. He values the time he spends with his family, friends, and clients. His passions include hockey, golf and downhill skiing.

 

What Type of Life Insurance do you own?

I own Term Life Insurance as a means to replace my income for my wife and 3 children.  I also own Permanent Cash Value Life Insurance so as to provide additional tax-exempt investments as part of my overall portfolio.  I also believe that owning Permanent Life Insurance is your license to spend your money during retirement.  No matter how much money we accumulate, there is always the worry of outliving our assets.  

 

What factors did you consider when determining the coverage amount?

I considered my full financial situation including current & future earnings, debt and savings.  I also considered what a reasonable (more guaranteed) investment rate of return would be when investing life insurance proceeds so as to produce an annual income for my family.
 

Do you believe in Life Insurance for Children? 

Yes, if the parents are properly insured first or if grandparents are buying a policy as a gift.  Personally, I also have my 3 children covered with a lump sum Critical Illness Insurance policy that returns 75% of my premiums when they reach age 25 (assuming no claims).  After age 25, the coverage continues for life whereby 100% of premiums will be returned anytime after their age 40 (upon surrender of the policy and assuming no claims at that time).
 

What is The Biggest Life Insurance mistake people make?

The biggest mistake would be not insuring your full human value.  We would never buy insurance for our home that would only replace half of the house, but many people are severely underinsured in comparison to their future potential earnings.
 

Outside of Life Insurance what other types of individual insurance are often overlooked?

The most overlooked category of insurance is what the industry refers to as Living Benefits (LB).  So many people rely too heavily upon their group plans.  These group/association plans leave them unnecessarily exposed due to standard gaps and caveats that exist.  One of the most important purchases you can make as a professional is a properly designed income protection plan (disability insurance) complemented with lump sum critical illness insurance.
 

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What The Financial Experts Own – Mike Aziz

September 13th, 2017
  
Mike Aziz Insurance Agent

Mike Aziz

Senior Vice President of Sales, Canada Protection Plan 

Michael’s career spans over 20 years in the financial services industry including investments, life insurance and living benefits.

Prior to joining Canada Protection Plan, Michael spent 15 years at a large Canadian insurance company working in various roles, including Regional Vice President, Wealth Management and Insurance where he lead national teams of Regional Sales Directors who consistently exceeded their objectives under his leadership and guidance.

As Senior Vice President of Distribution at Canada Protection Plan, Michael is responsible for the company’s growth and to further enhance relationships with the strategic partners.

Michael has provided his industry insight to major publications, including The Insurance & Investment Journal, Investment Executive and the National Post.

1. What Type of Life Insurance do you own?

I own Whole life, CI and some term coverage on top of what I get from work.

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

Kids education, charitable giving, maintaining the lifestyle if something were to happen and cover capital gains of my estate.

3. Do you believe in Life Insurance for Children?

Absolutely, get it young while it is extremely cheap.

4. What is The Biggest Life Insurance mistake people make?

Thinking they don’t need insurance because nothing will happen to them.

5. Outside of Life Insurance what other types of individual insurance are often over looked?

Disability and Critical illness.

Michael Aziz holds an MBA from the University of Windsor. He is a CFA charter holder and Certified Financial Planner. He lives in Toronto with his wife and two children and spends his free time snowboarding, cycling and working with the youth in his community.

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What The Financial Experts Own – Janet Gray

July 10th, 2017
  
Janet Gray money coach

Janet Gray

Money Coach, Money Coaches Canada 

Before joining Money Coaches Canada in 2014, Janet was a Certified Financial Planner offering full service with investments, insurance and mortgages for a major Canadian institution for 13 years.

Even though she no longer sells insurance/investments products, Janet still maintains her designation as a Certified Health Insurance Specialist (CHS), because she believes it informs her work as a Money Coach and Certified Financial Planner.

Her specialized knowledge in both business and retirement issues has made her a go-to-expert for media outlets such as CBC, CTV, Global, The Globe and Mail, and MoneySense magazine. She can be seen regularly on CTV Ottawa Morning Live and is currently a MoneySense Approved Financial Advisor.

In 2009 she founded the Ottawa chapter of the Canadian Association of Retired Persons (CARP) which is now 10,000 members strong. Her work as Chapter Chair for seven years (she is currently on the board as Past Chair) brought her in front of senate and commons committees and into conversation with many sector and community leaders. She is a Certified Professional Consultant on Aging (CPCA), an Elder Planning Counsellor (EPC) and a sought after speaker on financial planning and challenges in retirement.

Seeing the powerful shift that money mastery makes in people’s lives and businesses is what brings Janet the greatest satisfaction in her work.

“I strongly encourage clients to stay connected to their money and their financial goals. Life is always transitioning; a business owner always has to adapt to change; retired people will have different needs in early retirement than they will have in later years; families transition through many stages starting with childcare through to higher education costs (and much in between).

With a well-planned ‘financial operating system’, you can adapt to these sorts of change with ease. An important role I serve is regularly checking in with clients, reviewing progress against their goals and being proactive and anticipating any transitions ahead.”

1. What Type of Life Insurance do you own?

As a married couple in our 50’s with no children, we had term insurance while the mortgage debt was still high. With little debt now, we find that minimal term life insurance works for us, especially after funeral costs are pre-paid and much of our estate is on its way to being tax efficient. We will further re-evaluate our needs at the next term renewal.

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

We considered the standard things like outstanding debts and also loss of income for the survivor.

3. Do you believe in Life Insurance for Children?

The main reason I would recommend life insurance for a child is if it is permanent insurance and you are ‘locking’ in the lifetime premium. Or you are buying a child rider or their own policy to then convert ownership to the child at a later date without needing health questionnaires. But the decision needs lots of discussion and understanding to determine if this is the best use of financial resources at the time of purchase.

4. What is The Biggest Life Insurance mistake people make?

Most people do not understand the types of insurance and their needs so they often tend to either not purchase enough coverage or they purchase an unsuitable product. It’s not that often that I see people have too much coverage- but they often have too little. Or they have a complicated insurance product when they need a simple solution. I also observe that once people purchase their policy, they do not review the benefits on a regular basis to confirm if the policy is still as suitable for them now as it was when they first got it.

5. Outside of Life Insurance what other types of individual insurance are often over looked?

Many people are not aware of the Living benefits insurance such as Critical Illness and Long Term Care Insurance – especially when I am speaking with those who are in their 50s and 60s. They usually didn’t have it within their group insurance package so are not aware of the product and its benefits. They are often surprised to hear about it.

Janet is equally passionate about serving the needs of small business owners and entrepreneurs. Janet has been a member of the Orleans Chamber of Commerce since 2001, winning the distinction of Financial Services Person of the Year twice. She has participated in many business development events, including “Dragon’s Den” style pitch opportunities for entrepreneurs to receive input on their concepts and business plans and regularly acts as a mentor to new entrepreneurs.

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What The Financial Experts Own – Aman Kapur

March 29th, 2017
  
Aman Kapur life insurance expert

Aman Kapur

Insurance Consultant, Your Insurance Guy 

Aman Kapur is the founder of Clarifynancials Inc., of YourInsuranceGuy.ca and also a senior consultant with LSM Insurance. He is a MBA and became a life and health insurance broker in 2003 after many years of experience working across four continents.

He has been providing customized solutions to people from different walks of life in their insurance and wealth preservation needs. He has earned several production and performance awards.

Aman is a public speaker and part of Toastmasters International winning several speech competitions at Toastmasters and has also been a guest speaker in the Insurance Industry.

An avid runner and a fitness enthusiast, Aman has run several prestigious races like The Around The Bay and Scotia Waterfront Half Marathon. He promotes running and fitness through his blogs like Perpire2Inspire.

 

1. What Type of Life Insurance do you own?

I am most fortunate to be part of the Life and Health Insurance Industry that enables me to understand the value of the different types of plans that exist.

I have a combination of several solutions like a Universal Life 20Pay which is permanent life insurance for which I only pay for 20 years but I will have coverage for life.

There are some valuable tax deferred investment options in the policy that would provide an added tax free death benefit. I also have a Whole Life 15 pay with paid up options in 15 years. Here I have a strong return of premium advantage at death. Along with these two permanent policies, I have a few Term policies that would take care of my temporary needs and those terms range from 20 to 30 years. Then I also have a Critical Illness and Disability insurance policies.

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

I analyse my short term and my long term needs when determining the amount of insurance. So for determining my term insurance needs, I looked at my debts like mortgage, my kids' education needs and certain other temporary needs and responsibilities that need to be taken care of if something was to happen to me in the event of death.

In case of Permanent Life Insurance, I looked at needs like final expenses, estate protection and any income protection needs for those left behind.

3. Do you believe in Life Insurance for Children?

Well, one part of me that looks at things emotionally does not find it comfortable thinking about life insurance for children as it takes you, as a parent, to a terrible thought! However, life insurance is also an investment and a saving tool with several tax related advantages. It is wise to have Universal or Participating Whole Life plans for children that will help them in their future.

4. What is The Biggest Life Insurance mistake people make?

Very often it is noticed that people make the following mistakes in life insurance planning. They often overlook a few needs and thus have a smaller amount of life insurance. Often they purchase insurance for short term needs in the form of term policies and almost ignore and avoid appropriate amounts of Permanent Insurance.

5. Outside of Life Insurance what other types of individual insurance are often over looked?

People generally overlook critical illness insurance and that it can be taken together with life insurance as it can be underwritten together with life insurance.

Aman seeks to build lasting relationships with his clients and use his skills to help his clients achieve the best value for their money. Originally from New Delhi, India where he acquired a BA (honours) in Economics, he moved to the United Kingdom to do his Masters in Business Administration from the Heriot Watt University. He has tremendous experience of working over four continents and has performed various roles in Marketing and Finance. Apart from fluency in English, he speaks Hindi, Urdu, Punjabi and Russian. In his free time, Aman is fond of various performing arts, living healthy and is avid world traveler.

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What The Financial Experts Own – Andrew McKeown

March 24th, 2017
  
Andrew McKeown life insurance expert

Andrew McKeown

Insurance Consultant, Great-West Life 

My name is Andrew and I want to help Financial Advisors help their client's buy insurance!

For two reasons: People hate insurance, but they need it.

Selling insurance doesn't work anymore; we need to help clients buy. People are paying too much in taxes and buying insurance can help save millions but very few people understand how.

I have the ability and knowledge to help Advisors help their clients buy insurance and in turn, I can impact millions of Canadians.

I work for the business owner who thinks insurance is a "scam" but stubbornly buys the disability policy that ends up saving him for financial ruin and giving him an income for 30 years.

Or I work for the Doctor who puts in late hours working with her patients, helping them cope through disease and illness, while implementing solutions that will refund millions that the government would have taken; simply by buying a life insurance policy. This is why I do what I do.

 

1. What Type of Life Insurance do you own?

I own term insurance.

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

I did a needs analysis and figured out how much I would need. I went with a $2MM Term-10 Policy. This might be a bit more than I needed now, but I will need it in the future. Permanent Insurance might be something to look at in the future, but not for now.

3. Do you believe in Life Insurance for Children?

Yes, I think it makes sense in many cases. It might not be applicable in each case, but as a general statement, it works well for many children. Usually I see policies purchased by grandparents for their grandchildren – a legacy gift in that case. On the tax side, this is also an extremely tax-efficient asset transfer to the next generation – either their children or grandchildren. There are some rules surrounding it, but it still works nicely to build up the next generation, while maintain control of the assets in the meantime.

4. What is The Biggest Life Insurance mistake people make?

For the right person, it is focusing on the cost. Like any product people buy, looking at cost alone is sure to be a losing strategy. That isn’t to say blindly purchase the most expensive option, but it is to weigh the benefits of the alternative. Also, another huge mistake people make is not doing a needs analysis. Also, when doing that assessment, people often under value the future value of their income; they want to cover their mortgage, but oftentimes don’t want to cover the income the family won’t receive should they pass away. A big mistake in my opinion.

5. Outside of Life Insurance what other types of individual insurance are often over looked?

#1 is Disability Insurance – sometimes they have coverage at work, so they think they are covered. Usually it doesn’t cover them to the degree that they wish. Critical Illness Insurance is a close second, with most people not paying as much attention that they would to life or disability insurance. This is starting to change as is there is more awareness to that product. There are some interesting transactions around using Critical Illness Insurance in a corporation, so we are starting to see it used more and more for corporate planning.

Everyday Andrew sees a different story: a single mom, a married contractor, a retired couple, the list goes on. His job is to make sure: There is insurance if it's needed (Life, Disability and Critical Illness Insurance) and reduce the taxes that theses amazing Canadian will have to pay over their lifetime.  He helps his Financial Advisors help their clients buy insurance when it's needed!

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What The Financial Experts Own – Ken Doll

February 22nd, 2017
  
ken doll life insurance expert

Kenneth Doll, BA, B.Comm., MA, CFP, CLU, TEP

Certified Financial Planner, Wealth Architects Inc. 

Ken is a leader in providing Financial Planning and Insurance Advisory solutions to Albertans. He has over two decades of experience in helping clients protect their assets, secure their lifestyle, insure their income and save for retirement as well as reducing their taxes both now and in the future.

Along with earning his Certified Financial Planning (CFP), Chartered Life Underwriting (CLU) and Trust and Estate Practitioner (TEP) designations, he holds three degrees from the University of Alberta.

Ken is highly respected by his peers and is often sought out for his expertise by other advisors working on complex and challenging cases. He is also currently the elected Chair of the Life Insurance Council of Alberta, which licences, regulates and enforces the Insurance Act of Alberta to over 29,000 licenced Life Advisors in Alberta.

He is also Chair of the Alberta Insurance Council, which regulates all insurance activity in Alberta. Ken serves as an expert witness in court on life insurance matters and is the presenter of choice for the University of Alberta and Augustana University on Estate Planning and Charitable Giving.

Ken has a passion for people and specializes in assisting clients with unique financial and estate planning solutions that help them build and protect their wealth and he looks forward to the opportunity to meet with you and discuss how he can be of service to you and your financial future.

 

1. What Type of Life Insurance do you own?

I own several types of life insurance, each one to cover off a different need. I purchased a whole life policy when I was 18 and it continues to pay dividends and will be there for me my entire life. I also have a Universal Life insurance policy, that allows me tax shelter growth while also providing life long coverage.

This policy not only benefits me while I am alive, but it will also provide funds upon my death to cover my capital gains tax liability and other final expenses. Finally, I own three term insurance policies. Each of these policies has a staggered term that will coincide with my more immediate needs as well as longer term needs into retirement. 

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

The first factor is what are my current needs. I have enough to life insurance to pay off any debts I may have including my mortgage. I then do a projection of my future needs where I consider how I can increase my savings and take advantage of any preferential borrowing or savings rates, all with the goal of maximizing my income and tax savings with the life insurance to cover off the leveraging this strategy entails. 

3. Do you believe in Life Insurance for Children?

Yes, I believe I life insurance for children. The cost of life insurance is based on your age. The younger you are, the cheaper it is. So, by purchasing life insurance on a child, you get the best rate they will have in their life. The second reason I am in favour of life insurance for kids is that we don't know what the future holds for a child's health, especially infants. You need to be healthy to obtain life insurance, so I encourage parents to obtain it for their children as soon as possible so the child has coverage no matter what the future holds for them health wise.

This leads to another reason for life insurance on kids and that is by adding a future insurability rider, they can purchase additional life insurance in the future regardless of if they are healthy or not. This is a great feature and I wouldn't do a child's life policy without it. Lastly, should the unspeakable happen and a child was to pass away, it provides money for the parents to deal with their loss and properly grieve without having to worry about money or rushing back to work before they are ready to do so. 

4. What is The Biggest Life Insurance mistake people make?

The biggest mistake people make when it comes to life insurance is focusing too much on the premium and not enough on the benefit. No doubt it needs to be affordable, but most people are underinsured. They try and get away with as little coverage as possible, however upon passing they leave their family in a financial bind or even hardship because they didn't purchase enough life insurance for their family's need. The consequences of not having enough life insurance are heartbreaking to witness. 

5. Outside of Life Insurance what other types of individual insurance are often over looked?

‎I look at insurance as insuring your income. While it is important to insure your income for your family upon your death, it is equally or even more important to insure your income against accident, injury or illness. People have a 35% chance of suffering a critical illness, such as cancer, stroke or heart attack, before age 65. This is a significant risk that will have a dramatic impact on one's income and their ability to earn an income going forward.

Therefore, critical illness insurance is very important for self-employed people, main breadwinners and single people. Finally, and since we have no idea what the future holds for us, we need disability insurance, which is the final safety net to catch us and protect our income no matter what happens to our health or physical ability. People who have disability insurance through their employer have a good benefit, but often do not realize that their employer's disability coverage has limitations and that they need to top up the employer's coverage with additional disability insurance coverage of their own.

This particularly applies to executives, those who are paid on commission or have a significant portion of their compensation provided through bonuses. And it goes without saying that if a self-employed person has lost their ability to earn an income through accident, injury or illness, they will not have any income. This needs to be protected. Too many businesses have died because something happened to the owner and they couldn't work to maintain the business. 

Ken is a leader in providing Financial Planning and Insurance Advisory solutions to Albertans. He has over two decades of experience in helping clients protect their assets, secure their lifestyle, insure their income and save for retirement as well as reducing their taxes both now and in the future. Along with earning his Certified Financial Planning (CFP), Chartered Life Underwriting (CLU) and Trust and Estate Practitioner (TEP) designations, he holds three degrees from the University of Alberta. Ken is highly respected by his peers and is often sought out for his expertise by other advisors working on complex and challenging cases.

He is also currently the elected Chair of the Life Insurance Council of Alberta, which licences, regulates and enforces the Insurance Act of Alberta to over 29,000 licenced Life Advisors in Alberta. He is also Chair of the Alberta Insurance Council, which regulates all insurance activity in Alberta. Ken serves as an expert witness in court on life insurance matters and is the presenter of choice for the University of Alberta and Augustana University on Estate Planning and Charitable Giving. Ken has a passion for people and specializes in assisting clients with unique financial and estate planning solutions that help them build and protect their wealth and he looks forward to the opportunity to meet with you and discuss how he can be of service to you and your financial future.

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What The Financial Experts Own – Cory Budovitch

January 16th, 2017
  
budovitch life insurance experts 3

Cory Budovitch

President, Budovitch Legacy Planning Inc. 

For over twenty years, Cory has helped entrepreneurs and professionals in almost every sector extract funds from their businesses while reducing payable taxes. His hands-on approach and creativity allow him to help clients meet both their short-term financial goals and long-term estate planning objectives.

Cory uses his specialized expertise to help create innovative solutions designed to meet his clients’ changing needs.

He is a Million Dollar Roundtable Top of The Table qualifier, an international association of less than 1% of life insurance and financial services professionals who demonstrate exceptional knowledge, strict ethical conduct and remarkable client service.

Beyond his professional accomplishment, Cory is an active philanthropist. He is a supporter of breast cancer research and regularly runs golf tournaments to help raise funds for charitable organizations such as Toronto’s Hospital for Sick Children.

 

1. What Type of Life Insurance do you own?

Corporate Owned participating Whole life insurance. Term Insurance which allows me to continuously convert into Corporate Owned Whole Life Insurance without a medical, as my Corporation(s) earnings continue to grow. I also believe in owning some term insurance personally as well. ‎This should be inexpensive as you're paying with personal dollars; should also be for a temporary need (i.e., to get Kids through school, or a loan, mortgage, etc).

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

The stability of the tax free Investment - 170+ track record positive investment returns- with one of the largest insurers, the liquidity and flexibility it provides, I like owning assets and for me it's another investment vehicle, an extremely tax efficient one. This strategy also allows me the ability to have another tax efficient income stream later in life and create a CDA (tax credit) for my kids to allow other assets to pass on tax free.

I used a few factors in determining the amount. I took my current human value (i.e., what am I worth alive to my wife and children, my income over the rest of my life, my net worth, and tax liabilities). I also considered, what kind of Legacy do I want to leave? I always get the maximum amount of Insurance I can, fortunately my net worth and earnings continue to grow. We will all die one day, so what do I want to be remembered for? How could I give back so my Legacy lives on, long after I'm gone- what would make my children, and their children's children proud?

3. Do you believe in Life Insurance for Children?

Yes, very much so, they to will have families one day, and want to leave the legacy I started - I have the ability to impact many generations and it's also a great investment vehicle for them as well.

4. What is The Biggest Life Insurance mistake people make?

They do not account for tax and erosion of assets - everywhere- in there investments, in there assets at death, ‎when calculations are done, rarely is tax a consideration, or time value of money. Basic economics like Opportunity cost is rarely considered. We often here financial advisors say "Buy Term and invest the difference". What they do not account for is, when your buying investments, there is tax on the growth of that investments most often, as well as fees, and MERS.

In addition Estate tax which then needs to be paid with cash - what if ones assets are tied up in Real Estate? Many people try to solve permanent problems with temporary solutions. Term Insurance certainly has its place, however It will always be a temporary solution. People also under-insure themselves trying to save money which costs them tenfold on the back end. Always insure the most the Insurance company will allow you to, even if it's in Term Insurance.

5. Outside of Life Insurance what other types of individual insurance are often over looked?

‎Buy Sell Insurance - I rarely see massive corporations owners, directors with sufficient or any funding for buy sell agreements, when in reality a death could literally bankrupt the company, especially if cash is tight or has already been deployed - reinvested etc.

Cory is a Million Dollar Round Table Top of The Table qualifier. He is a CALU and Advocis Member. Cory is one of Canada's largest producers working with a variety of high net worth clients. He is very involved in his community and several charitable organizations. Cory is often referred by top Tax Lawyers, Chartered Accountants and Financial Advisors who seek his expertise.

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What The Financial Experts Own – Miles Rubinoff

January 10th, 2017
 

 
Life Insurance Expert Miles Rubinoff
Life Insurance Expert Miles Rubinoff

Miles Rubinoff

President, Brash Financial Inc. 

Over 20 years experience in the Financial Services industry, providing sales development and education to advisors, clients and distribution channels. I have held Senior Executive Sales Management and Leadership roles representing Insurance companies, Financial Management Companies and Brokerages working across the Country in Insurance, Investments and Insurance and Investments field.

I now focus and specialize, under my company Brash Financial Inc. Providing professional advice and strategies on Wealth Creation, Wealth Preservation and Wealth Transfer to businesses, business owners, families, and clients of all ages, in the most tax efficient ways. Protecting and saving in the best ways possible to achieve my clients goals and dreams.

 

 

 

1. What Type of Life Insurance do you own?

I own a combination of Whole Life Participating, as well as a bunch of Term 20 and some Term 10 for my short and long term family needs.

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

I wanted to look at what coverage I needed now and in the future, the various options available to consider, what I had to pay for how long, and what I would get for my money spent.

Did the plan chosen offer flexibility if my situation changed permanently or temporarily? If I couldn't make payments for a short period of time, would I lose coverage paid for all previous years?

What else did the plan chosen, that I pay for, lend me besides coverage for my loved ones when I am gone?

Whole Life I felt was the best suited option for me:

  • as I don't have to pay forever.
  • it gave me access to 90% of my cash value.
  • my cash value was 80%+ starting in the first year.
  • as my insurance increased in value, keeping up with inflation equal to what I was paying in the event of my death. My loved ones got the plan I purchased death benefit and the increased death benefit amount was equal to or greater than the money spent in increased death benefit.
  • as I could, at any time, spend the dividends earned to pay premiums, pay me or reduce my coverage and premium commitment and have a fully reduced paid up policy!

Lots of options and choices available now and down the road to me.

3. Do you believe in Life Insurance for Children?

Yes, I do. I own policies on both my kids. Its a way for my wife and I to tax shelter money for them besides an RESP and give them access to tax free cash when they need for: Graduate school, to start a business, buy their 1st home, renovate their home, even buy a vacation home, etc.

The money can't be lost or reduced and dividends declared aren't guaranteed but have been paid for over 100 years and declared dividends aren't effected by future returns.

4. What is The Biggest Life Insurance mistake people make?

Not buying the insurance they will need in the future and focusing on buying the cheapest coverage amount now not thinking about down the road. We are the youngest we will be today so buy what we will need today, for tomorrow, as it may be too expensive or not available due to health concerns.

Your first mortgage is not usual your last and your first child may not be your only child; having the protection you need for the future life style to be maintained, kids schooling, and retirement should all be considered. Life Insurance won't heal the loss of someone, but it will provide the money for life to go on and be maintained!

5. Outside of Life Insurance what other types of individual insurance are often over looked?

Disability- the coverage to protect your earning income if you can't go to work partially, full-time temporarily or the rest of your working life. What source of income can provide you to pay your bills and lifestyle as well as retirement?

Also, Critical Illness in the event one is diagnosed with a serious illness such as cancer, heart attack, stroke and 23 other critical illnesses. Early interventions, the ability to seek the best treatment, and taking the time to heal, in often times is hard to do when you do not have the money to do so. We insure our car and home with the best, ergo we should insure ourselves with the best too as we aren't replaceable like a car and a house.

With over 20 years experience in the Financial Services industry providing sales development and education to advisors, clients and distribution channels. I have held Senior Executive Sales Management and Leadership roles representing Insurance companies, Financial Management Companies and Brokerages working across the Country in Insurance, Investments and Insurance and Investments field. I now focus and specialize, under my company Brash Financial Inc. Providing professional advice and strategies on Wealth Creation, Wealth Preservation and Wealth Transfer to businesses, business owners, families, and clients of all ages, in the most tax efficient ways. Protecting and saving in the best ways possible to achieve my clients goals and dreams.

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What The Financial Experts Own – Lorne Marr

July 14th, 2016

 
Lorne Marr Director of New Business Development at LSM Insurance
Life Insurance Expert Lorne Marr

Lorne Marr

Director of New Business Development, LSM Insurance 

1. What Type of Life Insurance do you own?

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.

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

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.

3. Do you believe in Life Insurance for Children?

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.

4. What is The Biggest Life Insurance mistake people make?

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.

5. Outside of Life Insurance what other types of individual insurance are often over looked?

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.

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