Jayson Lowe explains that in Canada, whole life insurance policies can start as early as 16 days old and go up to age 85. You can own policies on other people as long as you have an insurable interest, and some families build banking systems with dozens of policies.
Am I too young? Is my family member too young? Is somebody too old? Could I start this? So can you talk about both ends of the spectrum in terms of who this could be put in place for?
In Canada, we can ensure the life of a juvenile as early as 16 days old. And so what our clients do is that when kids come along, or grandkids or great grandkids, literally at 16 days old, they're initiating, putting a policy in place and getting that pinned down. And for people who maybe think, hey, you know, am I too old for this? Think about the last time that you deposited money at a commercial bank. The teller didn't ask you how old you are. They just wanted to know how much you want to deposit. And so in Canada, the carriers will issue the participating dividend paying whole life contracts to a maximum starting age of age 85. And so you don't have to be the life that is insured. So if you think that you're too old, you can own a policy on someone that you have an insurable interest in, whether it's a spouse, business partner, child, grandchild. Think of my own situation. I own policies on all my nephews and nieces. And so including our own kids, et cetera, we have 57, soon to be 59 policies in our family banking system and growing. And so we really, truly are creating the family banking system. So you're not too young, you're not too old. Where there's a will, there's a way. And that's why it's super important. Like Liz said, create a time, speak to one of our authorized practitioners. You'll be glad you did.
