Why is life insurance so important: Expert perspectives LIFE INSURANCE

A number of industry experts and thought leaders are pondering why life insurance is so important. Click on the thought leader’s picture below to explore his perspective.

“Financial instrument that creates such a strong leverage …”

Neil Paton Partner, President and Chief Executive Officer at The Edge Benefits

As someone who has spent most of my career in the income protection business, I have seen both the phenomenal power of how tax-free life insurance proceeds provide excellent financial security and how the lack of life insurance creates significant financial hardship.

I know of no other financial instrument that creates such a high leverage that it converts such a negligible monthly premium into a significant tax-free lump sum that literally changes life.

There is no shortcut to providing real security to customers knowing that they, their families, and their businesses are financially secure, as their income is protected from unexpected injury, illness, or premature death.

If you really love your spouse and family, prove it by making sure your income and financial security are adequately protected.

“When it gets this close to your home, you really understand the value …”

Terri Botosan, CEO of HUB Financial Inc.

You know, this is a question that I thought I understood clearly for many years. I joined the industry in 1986 and as I learned more about the product we Canadians have, I found it all the more important. I’ve always been proud to be part of this industry, but I have to admit that in those early years when I was 20, I didn’t understand the implications at all. I had heard the stories of families being affected by a loved one’s life insurance, and sometimes the stories of the shortage of life insurance. I realized how valuable this product is.

That changed for me about 10 years ago when a very close friend in his early 40s was diagnosed with a brain tumor. The impact of life insurance on his wife and special needs child has been profound. Without her her life would never have been the same. When it gets this close to your home, you really understand the value.

We talk about it a lot at Hub … We pride ourselves on the role we play in this industry and we will do everything we can to support the consultants who provide this remarkable protection to businesses and families.

Doug Paul, Vice President, National Sales, SSQ Insurance

“Life insurance is the ultimate selfless purchase …”

They say life insurance is the ultimate selfless purchase because you are surely buying something that some would say will not benefit you directly. It is right that you take out life insurance so that your spouse / partner and / or family and / or business partner have the financial security and resources to continue to live and work financially. This is a huge gift that you give to those you love and respect.

I also believe that buying life insurance has a selfishness benefit that goes beyond the old benefit of being remembered as someone who cares for you and loves you! There is the immediate benefit of knowing and living with the knowledge that you have taken care of those you respect and love. Knowing that your selflessness makes other people’s lives better makes you feel proud, and leads to self-peace and confidence that can only increase self-esteem.

So be sure to insure yourself for others, but also insure yourself for yourself and be proud of your decision. If that’s not enough reason for you, just do it so you can beat the helmsman once in your life!

“Life insurance is stability in a world of volatility …”

Mike Aziz – Chief Distribution Officer – Canada Protection Plan

Working on the Canadian Protection Plan has given me a new perspective on the answer to that question. Life insurance is the foundation of a good financial plan. This is an affordable and guaranteed way for us to ensure that our family, loved ones or business partners do not experience unnecessary financial difficulties in the event of death and that we can offer additional benefits that we can enjoy during our lifetime.

But with the Canada Protection Plan, I saw the importance of having life insurance for people with general health conditions like cancer, diabetes, or heart disease. They make as much as anyone else to keep their loved ones safe, but it is difficult or even impossible to get coverage from traditional companies. The same applies to the many people, young and old, who now take part in sports that used to be considered “high risk sports”.

Life insurance is important because it helps us protect those who matter to us from the unexpected. Today we live in a world of the constant, rapid, unexpected; when an entire generation has delayed major life events such as buying a house or having children while another is looking after young children and older parents at the same time; where the COVID-19 pandemic has led to global health and economic upheaval. Ultimately, life insurance is stability in a world of volatility.

“Think logically about insurance and buy it responsibly …”

Tony Bosch Executive Vice President, Broker Development – Hub Financial

We have a habit of thinking logically about insurance and buying it out of responsibility. We know that it is our responsibility to insure this debt when we buy a home and that the only advisable thing for us to do is to protect it by insuring our lives when we have a child. We are reluctant to pay the premium because it is the responsible thing.

The real value of owning insurance lies in the night we drive on a snow-covered, icy freeway, wondering if we can make it home or if we get an unexpected diagnosis from a doctor – when an event suddenly shakes our world and ours The thoughts shift from the daily routine of life to “What would happen if …?” At times like these, we reach for security and ask ourselves, “What’s the worst case scenario?” Our thoughts and feelings go to those who are most important in our lives and who know that our family will be financially supported if we cannot make it home. We reflect on past decisions and the prudent decision to financially protect those we love. In times of financial turmoil, life insurance can be the greatest asset we have.

I hope you don’t have to face a life experience that highlights the real value of life insurance. But when you experience any of these life events, your mind will focus on how much I have and whether it is paying off. Working with a good insurance advisor ensures a positive answer to both questions.

“Nothing else can do what life insurance can do …”

Jim Ruta BA RHU EPC President, Advisorcraft

Nothing else can do what life insurance can do. No investment. No share. No savings plan. No binding. No mutual fund. Not an ETF. Nothing.

Nothing else can deliver the exact amount of tax-free cash at just the right time to cancel a mortgage and all debt, provide a surviving family with a guaranteed lifetime income to keep them together, get the kids through college, and future their future improve, pay income taxes and expenses and relieve that burden on the death of a prudent and responsible breadwinner. It keeps businesses alive and employees busy when owners die. It preserves the company’s welding capital. It provides the money that wills work with and keeps dreams alive after dreamers are gone. It’s your own private, pre-paid GoFundMe page for your family’s financial security. It can even spell a little immortality for grandmas and grandpas if used properly.

You can also be the recipient of your own life insurance while you are still alive. There is no other product that can guarantee an exact amount in cash at an exact time, many decades into the future – like life insurance can. This amount remains unaffected by the volatility in the stock markets, can only increase in value, is guaranteed by the strongest and most heavily regulated world-class institutions and offers financial security in the event of pandemic lockouts. It can provide tax-free cash to: increase retirement income, deal with job losses, provide cash for special needs, and minimize the need for long-term care or home care.

Life insurance is so important because nothing else can do what it can to protect families, businesses and futures. It is more important than financial planning as it guarantees financial planning in advance. It is the ultimate character product.

“It takes a plan and adequate life insurance to fund this plan …”

Lawrence Ian Geller LI Geller Insurance Agencies Ltd.

When I first started in insurance, I was young thinking that all deaths would be either young people with accidents or old people. Then my friends died, generally from cancer, but not always. These were people with young families who had most of their lives ahead of them. After her death, her spouse and children were still there. The mortgages were still there, as were other debts. The family had to eat and dress. The children still had their schooling ahead of them and, like many, would benefit from outside activities and camps. Homes needed heating and maintenance, and a car is almost indispensable for most. All of this costs money that the remaining spouse would not have had without life insurance for the deceased spouse. Often one income is insufficient and the spouse with the higher income often dies. All of my friends’ families would have been in dire straits without the funds from the insurance policies arriving at just the right time.

I have cried at many funerals for the past 40+ years, and many family members have come to see me after the funeral to thank me for making sure they had the money to keep going. Sometimes I get approached by the spouse of a deceased client and every time they see me (often at a different funeral) they keep thanking me. Mortgage insurance and creditors insurance alone would not have made that difference. Also would group life insurance. It requires a plan and adequate life insurance to fund that plan. The great thing about what we can do as insurance agents is that we can make a difference and that can lead to a very fulfilling professional life.

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