Insurance & investments go hand-in-hand. One creates wealth and one keeps it around (and makes sure it’s there if you happen to leave the earth, earlier than you expected) …
It’s unfortunate however, that almost one-third of Canadians do not have any life insurance. Many families will be left financially vulnerable, should their loved ones (and income-earner) pass away.
There are a wide range of reasons why you may not have life insurance. Maybe you think the work policy you have is adequate? Maybe you think you’re too young and therefore, don’t need it? Or maybe you think it’s too expensive?
The fact of the matter is, if anybody is counting on your income or, if you have anyone that you want to leave in a better financial position, you need life insurance.
Tax Free, Generational Wealth
Life insurance remains the best, most tax efficient way to create (or transfer) wealth. It’s a great way to pass down money and create generational wealth.
The majority of wealthy people were the beneficiary of a life insurance policy1 (source). Someone died and left them a lump sum of money. This lump sum of cash money catapulted them into a more favourable financial position.
Did I mention that the Death Benefit is paid TAX FREE?! (yea, I did…)
The Power Of Planning
By providing the proceeds of a life insurance policy, you are setting your loved ones up to build wealth for generations.
GoFundMe is not insurance. It shouldn’t be used to take care of your funeral expenses. Nor should your family have start over, from scratch, once you’ve passed.
Remember rapper Master P?! In the 1990’s, he was a famous southern hip-hop artist.
His grandfather was tragically killed in a work accident. That left Master P with a $10,000 insurance cheque… (can you see where I’m going?) He put that $10,000 to work, real work, and ultimately built a business empire worth $250,000,000.
What a way to have your name live on forever.
Make ‘Em Say Ugh!
Leaving money to our loved ones can allow them the opportunity to pursue their dreams – to pay for education, open a business, whatever they want.
Many of us are not in the position to do something great during our lifetime… purchasing an insurance policy is one way to make lasting difference for your family. And create a powerful legacy.
No one knows exactly when they’ll die. But we know death is inevitable.
So, the question is, “if we all know we are going to die someday, why aren’t we doing all we can while we’re alive to create a family legacy?”
Be a benefit to the next generation. For the cost of your daily coffee, you can change the trajectory of generations to come.