Life insurance is often seen as a safety net for unexpected events, such as death or illness. However, it can also be utilized as a tool for long-term wealth building. By understanding the different types of life insurance policies and how they work,...
Life insurance is often seen as a safety net for unexpected events, such as death or illness. However, it can also be utilized as a tool for long-term wealth building. By understanding the different types of life insurance policies and how they work, you can leverage them to create a financial strategy that can benefit your loved ones and your own financial future.
In this episode we will explore the various ways in which life insurance can be used to build wealth over time, and why it may be a valuable addition to your overall financial plan.
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What you will learn from this episode:
Armed with professional expertise and a passion for financial independence, Nicole Simons has forged a reputation as a knowledgeable and empowering financial educator.
As a Wealth Management Advisor and part owner of CPN Financial Services Ltd, Nicole assists her clients with a range of financial needs. From life insurance and investments to retirement planning and educational savings plans, Nicole helps individuals and families navigate integrated wealth management solutions to achieve their goals.
Nicole holds a Communications degree from York University, and a Marketing diploma from George Brown College. She was inspired to enter the world of financial entrepreneurism by her father, a successful insurance broker in his own right. Seeing the power of financial independence firsthand, Nicole was motivated to offer the same guidance to others. With her innate ability to create genuine connections and her precise professional efficiency, Nicole takes a holistic and personal approach to financial planning and wealth building that resonates with her clients. If you want to learn how to better make your money work for you, or you need help achieving your financial goals, Nicole Simons is here for you.
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03:00 - Nicole as she describes herself
05:16 - Life insurance in relation to wealth building
07:55 - Seeing interest in younger people giving a go at life insurance
09:27 - Figure out firsthand your goal for getting life insurance
10:12 - Two types of insurance and the coverage they provide
12:14 -How to grow your policy in value leading up to the death
14:44 - Generational mentality affecting life insurance decisions
15:29 - Why life insurance is not a guaranteed option, who it's truly meant for, and why it's essential to have even with no dependents
19:21 - Life insurance for children is also available and has its advantages
21:32 - Living benefits not just death aspect of life insurance and the trends coming up after COVID
26:35 - Nicole’s financial literacy initiatives that are impacting society
27:30 - Nicole's inspirational parting words
"It [Life insurance]can definitely leave wealth behind; it's not just about final expenses." - Nicole Simons
"The generational mentality that has come before you has a lot to do with how you see life insurance." - Nicole Simons
"No one cares to look into life insurance until something happens." - Nicole Simons
"Life insurance is just having something in place ahead of time; we all know our birth date. We do not know when we're leaving this earth." - Nicole Simons
"There's a lot more questions involved in how to use life insurance not only as just the death benefit aspect, but as a living benefit." - Nicole Simons
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