Getting Started
Tailoring financial solutions to fit your life
Step 1. Laying the Foundation for Your Legacy
Your journey with Lifestyle Legacy begins with a comprehensive consultation. Our goal at this stage is to determine whether Whole Life Insurance is the right fit for you.
Check out this chart to get a sense of what we typically look for.
Whole Life Insurance is a perfect fit for those who:
- seek a low-risk, diversified investment with stable growth
- save money consistently and can commit to a long-term savings plan
- have minimal debt, prioritize diverse investments
- already maximized their TFSA and RRSP contributions
Whole Life Insurance might not be a good fit for those who:
- have significant debt
- lack good savings habits/ have a poor history of committing to a budget
- prefer to go all-in on a small number of investments and dislike diversifying their portfolios
- expect high returns immediately
Everybody’s financial landscape is unique. During this meeting, our experts will map out your current financial landscape, probing into your assets, liabilities, and investment vehicles (e.g., TFSAs, RRSPs, RESPS, etc.). This helps us ensure you are a great candidate for Whole Life Insurance, identify key areas for enhancement, and lay the foundation for your personalized financial plan.
Whole Life Insurance can be the perfect investment vehicle for those who have carved off or are planning to carve off a portion of their investment portfolio to a safe low-risk option.
Step 2. Evaluating Risks and Building Safeguards
Next, we take you through the ins-and-outs of your policy, assessing expected returns and growth potential. Any (responsible) financial advisor will tell you that diversification is crucial to your financial portfolio, with a mix of high-risk buckets for potential gains and low-risk buckets for stable, steady growth.
Whole Life Insurance is one of the best low-risk options available, offering better returns than comparable products. Many of our clients initially fill their low-risk bucket with real estate investments, overlooking the heavy tax burdens that often accompany profits. However, when they add Whole Life Insurance to their low-risk bucket, it can not only pay off these taxes, but stands as a robust investment on its own.
How?
As a product untied to the market, Whole Life Insurance delivers guaranteed returns. With features like a guaranteed death benefit, cash value accumulation, and consistent dividend payments, Whole Life Insurance stands as a powerful addition to the low-risk portion of any investment portfolio.
Plus, it’s flexible and highly customizable. Depending on your risk tolerance, your policy could offer higher returns with higher risk or steady growth with lower risk. No surprises here — you have the ultimate say in how your payments are allocated. We’ll make adjustments together and implement safeguards as needed.
So, what’s in your low-risk investment bucket?
Step 3. Designing Your Personalized Blueprint
After laying the groundwork with our in-depth assessment, we’ll craft a customized Whole Life Insurance policy that fits within your budget, strengthens your legacy’s foundation, and provides excellent coverage.
You can choose how to allocate your premium towards the guaranteed component (typically 2-4%) and discretionary payments. No matter how you slice it, your policy will reliably generate growth. Whole Life Insurance policies also generate dividends that provide you with even more consistent growth (in fact, Canadian insurance companies haven’t missed a dividend payment in over a century!
With this solid structure, your financial future will become unshakable against life’s unpredictable storms.