Currently Chief Distribution Officer/Co-President, Canada Protection Plan, a Foresters Financial™ Company, Michael first joined the organization in 2015 as Senior Vice President, Sales. With more than 20 years’ experience in financial services, including investments, life insurance and living benefits, capital markets, client services and operations, he has held progressively responsible positions with CIBC, Cranson Capital and Desjardins Financial Security.
Michael began his career as a Senior Financial Advisor and currently leads and inspires a team of sales, marketing and advisor contracting/licensing professionals.
At Canada Protection Plan, he has overseen exponential year-over-year sales growth and guided major product launches, including the revolutionary, new Critical Illness product introduced in spring 2020. A Chartered Financial Analyst (CFA) and a Certified Financial Planner (CFP), Michael holds a Bachelor of Administrative Studies (Hons.) from York University and a Master of Business Administration from the University of Windsor.
Inflation – a word that is engrained in every news story, dinner table conversation and on the minds of Canadians every day. Many are beginning to feel the direct impact of it, and experience budget strains as the prices of housing, groceries, gas, and energy continue to rise at rates that have not been seen for over a decade. With this, most Canadians – particularly those who sit in the low to middle income brackets – are having to make tough decisions when determining which elements in their lives are a necessity and which are solely desired.
As Canadians plan their budgets for 2023, many will be focused on immediate expenses as opposed to thinking about their future, leading them to label auto and house or tenant insurance as ‘must-have necessities’ while life insurance gets pushed aside to the ‘maybe later’ list. However, what these individuals don’t realize is that their most valuable assets in life are themselves and their loved ones.
Undoubtedly, life insurance and critical illness insurance are not easy topics to talk about, particularly with everything that is going on in the world today. It can be difficult to even think about what life for your loved ones will be like after you’re gone. But it is truly one of the most important conversations you can have – and it’s imperative that we work to shift this negative stigma around life insurance to a discussion around the living benefits and how life insurance supports financial security.
Helping Build financial prosperity
With rising costs of living, many Canadians are finding themselves dipping into savings and concerned how they will continue to save money in the current economy. While often overlooked, life insurance can be a key part of your financial plan, including during inflationary periods.
One of the ways to potentially build financial prosperity through life insurance, especially in today’s market, is through a whole life policy, which, while not guaranteed, can offer tax-deferred growth on your money.
Furthermore, a common misconception about life insurance is that its only useful after death. In fact, there are some insurers like Foresters Financial and Canada Protection Plan, that offer various member benefits that can enhance your everyday life, including potential rewards for staying active, competitive scholarships, community engagement grants and online resources to create customizable wills, powers of attorney and healthcare directives, and more.
Benefits for business owners
For many entrepreneurs and small to medium business owners, investing through life insurance can provide access to institutional-level investment management that is typically exclusive to the ultra-wealthy or high-end benefit jobs. In the event of bankruptcy, this cash portion of the insurance policy is generally safeguarded from creditors to help ensure financial security for you, your employees and your business.
Entrepreneurs can also access additional benefits for their business through life insurance, such as potential tax benefits, including funding transition plans, reducing tax on passive assets, and diversifying their portfolio.
Higher inflation can also change the amount of an individual’s financial obligations, which could increase the amount of insurance needed. In these changing economic times, it’s crucial for Canadians to reevaluate their existing policies to ensure the amount of insurance in place aligns with their realities and future financial aspirations.
Creating an understanding
Life insurance can feel like it’s difficult to understand and overwhelming to navigate at first. Because of this, many Canadians put off conversations around life insurance or exploring policy options. But it is so important that these individuals understand that preparing for the future really doesn’t have to cost a lot – and you don’t need to jump through hoops to apply for a life insurance or critical illness insurance policy. You just need to start the conversation.
Working with a financial advisor will be the best strategy for choosing a type of life insurance that suits the needs of you and your family.
It’s time to move life insurance to the ‘necessities list’.