“When you talk about insurance or financial security planning, the important thing is to understand what role the insurance product needs to play. But there’s an overall understanding of insurance that everyone should have. There is a perspective that everyone should hold when it comes to life insurance and financial security planning, and that is the fact that if you walk out the door unexpectedly, dollars have to walk in the door. Now, it really doesn’t matter at what stage you are in life, there still is that fundamental principle of principle breadwinner or winners not there, dollars have to be there.
When you start to talk about the financial security planning tools as wealth creators, it can be obvious, and it can be not so obvious, and to my point of always knowing that the insurance is in place means that you can move forward with a great deal of confidence, means that in the event that something happens, you’re going to have dollars there to replace that confidence that unfortunately leaves when you leave.
The other aspect of life insurance as a wealth creator is that it is an enormously powerful financial tool to transfer wealth from one generation to the next. We call that inter generational wealth transfer. It is a highly tax effective tool, as a matter of fact, it is the most tax effective tool to transfer generational wealth, Dad to children, Mom to children.
Inter spousal is one level, but we can get into that kind of a sophisticated discussion when we’re talking to our clients. But there is a huge world out there that doesn’t understand how simple the use of a life insurance policy can be to create massive wealth for the current and next generation.”
Victor Levee recently filmed this video with Make It Montreal, a storytelling platform geared towards Montreal’s business community and produced by local content strategy house Cat Around Films. The full set of clips can be found on Make It Montreal’s YouTube channel.