Protect Your Most Valuable Asset With Critical Illness Insurance In Canada

When people think about assets and valuable assets, they're thinking, oh, gold and silver and permanent participating, dividend paying whole life insurance. They're thinking real estate and passive income and stocks and cryptos. We're not talking about any of that. How do we acquire all of those things? Rarely do people understand their group benefits. Rarely are their group benefits actually sufficient for their needs. And most of the time people grossly underestimate their actual.

If you are investing money, if you're implementing the process of becoming your own banker, if you are creating wealth and you do not have a critical illness policy as a part of your family's plan, you're making a huge mistake and leaving your family vulnerable. Stick around to the end of the video and Roman and I are going to expand exactly on what you can do to protect the plans that you're putting in place if the worst case scenario shows up. Let's just share a little bit of context here. We're talking about a critical illness policy. Critical illness, what does that mean? Now you may have heard of critical illness, you may have some critical illness, but what is it? The proper type of policy has approximately, depends on which company. And all this, we're not going to get into all that. Has approximately 25 covered illnesses. But there's a big four, isn't there Roman? Where about 85% of claims heart attack, stroke, stroke, cancer, and at least in Alberta, I believe, multiple sclerosis. So Ms. Those are four terrible, horrific diseases that can show up. But Roman, what are we doing with our money? We're spending money. Do we have jobs?

We make income and our income pays bills. And imagine if something happens to our health. So we are very, very dependent on our health in essence. So critical illness is a health insurance basically, which helps you to receive a lump sum of money. If you're diagnosed with one of those diseases that Vern just mentioned.

There is what's called a survival period. So God forbid I die. I'm diagnosed with life threatening cancer. I survived 31 days and there is going to be an immediate influx of tax free dollars that is going to show up so that my family can focus on what's most important, my health and getting better. I'm not struggling and thinking about, oh, what about my job and how am I going to pay my mortgage and what about my banking system? How am I going to make sure that I protect my banking system and I can continue to make deposits? You're here to learn how to implement the process of becoming your own banker. That's all well and Good. But if you're going to implement the process of becoming your own banker and you're going to take action and implement plans in your life, why on earth would you not take precautions to protect said plan? Roman, I'm going to ask you a question. It's going to test you. Are you ready? Sure.

Yep.

First question is, are you presently dependent on your income?

Of course.

Of course. Okay, great. Now you, you're watching this video. I'm willing to go out on a limb to assume that you're dependent on your income today. Now, Roman, here's the most important question. What is your most valuable asset?

I think it is my health and my ability to make income.

Oh, Roman, you nailed it. You're exactly right. Rarely do people think about the process of banking and the importance in their life. Right. As it relates to their needs. And probably even more rarely, when people think about assets and valuable assets, they're thinking, oh, gold and silver and permanent participating, dividend paying whole life insurance. They're thinking real estate and passive income and stocks and cryptos. We're not talking about any of that. How do we acquire all of those things? It is this and it is this and it's this. It's our. Our ability, our most valuable asset, particularly for people who are dependent on. Upon their income, which is about 99.9% of people walking around today. Your most valuable asset is your ability to actually earn an income. So, Roman, what are most people doing to protect their ability to earn an income?

I know people that they, you know, relying on their, at least group benefits, which most employers offer group benefits, but some employers offer. And in group benefits, people actually think they have insurance and they have health insurance in place and travel insurance in place, disability insurance in place, and critical illness. But in fact, they don't actually read the policy that they have from the employer, which may actually not have this in place or may have only, for example.

Four diseases covered, not 25 diseases covered. And then so people may, you know, maybe thinking they are protected, but when something happens, it is too late to actually fix this because once you're diagnosed, you cannot fix it. You have to actually think about it upfront. You have to think about it in advance. When you're. When you don't have this condition.

Yeah, when you have a sound mind. That's what we do, Roman. We help people solve problems that they didn't even know that they had. We help people solve problems that haven't showed up yet. You're exactly right. Rarely do people understand their group benefits. Rarely Are their group benefits actually sufficient for their needs? And most of the time, people grossly underestimate their actual need for capital. They actually grossly underestimate their need for insurance. So I'll give you an example.

Currently, I have $300,000 of critical illness insurance in force on my life. My wife has $250,000 of critical illness in force on her life. And each of my kids have $150,000 of critical illness on their lives. These are not fancy bells and whistle policies like our permanent participating whole life policies that we use to implement the process of becoming your own banker that build cash every day. And I can access money and do all these fancy things while I'm alive with my life insurance. The critical illness policies are there in place simply to make sure that if something happens to my wife or either of my kids. Roman, how much energy and time do you think I want to focus on running my business and doing anything other than being right beside my wife and kids? Zero.

I don't think that you will be looking at your business at that time. You will probably take some time off and you will be by her. And this money will be very, you know, helpful to either focus on the treatment.

You're hitting the nail on the head, and I'm actually getting a little bit. I'm getting a little bit choked up as we're having this conversation. Because it matters to me. That's why I put it in place. I don't care about the money. I don't care about the cost. I can't afford not to do it, Roman. And the other thing is, yeah, you know what people think, okay, the cost is legitimate. Okay, well, guess what? I've built my program. Each of my policies, let's assume we live long, healthy lives. Each and every one of my policies give me the ability to actually get what's called a return of premium, either on cancellation. If I feel like, hey, I built my banking system up to the point now where I've self insured myself. I don't need critical illness and coverage anymore because I've got $3 million sitting in a whole life policy. Awesome. I can access that if I get sick, God forbid, if I decide that I want to cancel the policy, or if I reach age 75 and I don't claim, then my policy expires or age 100. There's many different types of policies, so don't take that like, oh, it has to be age 75. But my point is, mine goes to age 75. I don't contract A critical illness, then I'm going to get 100% of my premium back. Now, Roman, you and I both know we're talking about the process of becoming your own banker to people day in and day out. We're talking about the importance of growing a pool of ever increasing financial value. I keep putting the same premium in, but the policy is kicking out more cash. That's good. I have increased purchasing power. I know that that same rule doesn't apply by me getting my premium back out of my policy. I'm going to put $186,000 into this policy between now and age 75. And, and if I don't claim, I'll get $186,000 back, which is going to be worth less then than it is today. But I don't care.

Same exact policy. I just applied for it. It is not approved yet, but I don't see why it would not be approved. But this is exactly my goal to do a return of premium as well. Because I don't care if this money loses its purchasing value. I still get this lump sum of money if I don't claim. So it's a great option to have.

Roman, this is so good because you and I had a conversation just the other day and you said I kicked myself. I thought, oh, I don't have enough of this stuff. I got to go get some of this stuff. And then I showed you my policy and congratulations, Roman, because you immediately took action and you applied. That's really good. Now the other thing is that I'll share. I have to pay for home and auto insurance. I pay for critical illness insurance. And I'm going to in the next little while here because so here's some accountability. I'm going to apply for, for something called disability insurance. We'll make, maybe we'll make another video at some point for disability because again, critical illness is a one time lump sum benefit that will show up and tax free and you can do what you need to do. Disability will protect my income. So it'll be a monthly tax free income that will come in for a certain period of time, generally up to age 65 if I'm permanently disabled. A different conversation. So I will take action and get that applied for. But the point that I'm making is home and auto insurance, critical illness, disability. Yeah, we can get return of premium, but they're not building cash. It's a pure cost to me. That's worth it for me to protect my family and protect my income. Well, is there anything stopping me from accessing a policy loan from my system to pay those insurance premiums. As long as Roman I'm a responsible banker, I'm going to pay the annual premium for those insurance policies and I'm going to save on premium dollars for paying annually. But then I'm going to set up a monthly premium payment that is a policy loan repayment. The monthly premium I would have paid for the critical illness or the disability or the home and auto insurance. I'm going to send that right back to my policy system and still control banking function so that money's coming back to me and my family and it's growing every single day. So this is how we blend the plan together to create indestructible wealth.

You are paying most likely if you haven't. If you have a house, you're paying home insurance. You're also paying car insurance. And think about it, how much of that money can you actually get back as a premium return of premium in 20, 30, 40 years? I'm getting my premium back from critical illness insurance. But are you receiving your money back or is it gone forever when you pay home or car or boat insurance? Most people will probably say no because there is no such a thing as is return a premium on home insurance. At least I didn't hear of any. Maybe there's something that exists but I never heard of that.

Everything that we have to pay for is a permanent transfer of money away from us and home and auto insurance is no different. To your point, at least I'm able to recapture those payments and send that financial energy back to my policy system and back to a company that I co own so that they can put it to work to grow more profit. So it makes absolute sense for me instead of using my own hard earned money and permanently transferring it away just to pay for my home and auto insurance that I may or may not ever claim on or whatever. Regardless, the premium is gone, I'm never going to get it back. So at least I can still put that money to work and have it grow uninterrupted and be ready to pay next year's premium and actually have a surplus of capital building so I can take advantage of other opportunities.

The main point of this video is that we are all protecting our assets with insurance. And life insurance is great, it's protecting your life. But our health is maybe even far more important than life because we need to also make sure we protect this, this absolutely priceless asset that we have of, you know, ability to make income and ability to bring, bring Money, home and you know, pay bills and everyone who has insurance or who don't have insurance, I believe 100% everyone has to have critical illness in place at least. And disability insurance if you are self employed, Absolutely. Disability insurance is something you should also consider because it replaces your income for a certain period of time and critical illness protects you in case of, you know, something very bad can be diagnosed. You can be diagnosed with, I'm going.

To give a couple of, or maybe three tips, but people can take away from this. Okay, the first, you're self employed person or a business owner, the likelihood is obviously you probably don't have any sort of coverage. Okay. If you have an employer who you have coverage through, get in touch with your HR person, get a hold of your group benefits plan, ask some questions, better understand what do I have for disability? Do I have critical illness? What kind of life insurance do I have on my group plan? Okay, now something for you to think about. If you have group benefits. I speak to a lot of people and they say, oh, I got group benefits. Vern, I don't even include group benefits in the conversation. Not because there's no value, but because they could change the plan. God forbid, you could lose your job, you could change your job. I'm self employed, so it's not permanent insurance. You don't own it. The critical illness that I have, the life insurance that I have, I own those contracts. They go with me. So you can top up those plans, right Roman? So find out what your group benefits plan looks like. Start to think for yourself. Well, how much income do I earn? So that would be starting to determine how much disability insurance you might need. But a high level, this is not a recommendation. I'm just giving you a high level thing to think about. I always, if you can set your plan up for critical illness so that you have at least two times your, your annual income. So at least two times your annual income. I'm still, I have $300,000 in my opinion. I'm grossly underinsured so I'm going to probably have to expand and apply for more. So group benefits, take a look at your income, look at what you need. Get in touch with somebody who actually knows what they're talking about. We are infinite banking practitioners through the Nelson Nash Institute. Our primary focus is life insurance and implementing the process of becoming your own banker. But we are life license advisors. People on our team can advise you around how do I set up my critical illness? What type should I have? Should it be owned by my corporation? Or my personal or both disability. We offer all of those different services to our clients to make sure that they build an indestructible plan. So those are three tips that you can use. And Roman and I are very confident that this video blew your socks off. And we know that if you consume the content in this playlist beside us, you're going to get even more value from that. And make sure that you click the link in the post description below to get in touch with our team so we can help answer some of your questions and determine next steps.