Myth: Life insurance is expensive. Reality: It is, if you have the wrong coverage.

Do you think all doctors, lawyers, dentists, accountants, mechanics etc. are equal from an experience, education, knowledge and skillset perspective? Neither are financial advisors which is why you should receive a second opinion. Your family’s future depend on decisions you make now.

Given the massive financial repercussions of not receiving the best advice it is imperative you work with the best advisors, ones who focus purely on insurance and who can advise you which products are not only the best in the industry but fit your needs. There are common mistakes which I regularly see, these include:

– Tunnel vision focusing on only one aspect such as investment returns vs. the “big picture” as it relates to solving a client’s many other financial problems,
– The wrong products which essentially paint a client into the proverbial corner. This leads to either the coverage exploding in cost or the discontinuation of coverage when it is needed the most,
– Poor carrier selection as insurance companies are adept at making inferior and more profitable products appear similar to competitors,
– A lack of understanding of the product design and the resulting future consequences for the client, and;
– The need for the creation of safe capital on either a family’s or businesses balance sheet.

The best products:

– Do not cost you money, they make you money which you can spend,
– You own them and they are permanent, just like your financial problems,
– Do not expose your capital to market volatility as well as Canada Revenue Agency review, and;
– Allow you to sleep at night knowing these products have stood the test-of-time and are not a new creation which will let you down when you need them the most.

As a former Investment Banker, having worked for ten years at two Wall Street firms in London, England and Toronto, I know what works and what doesn’t.