In this interview, Darcy Densmore recounts how his wife’s 2023 breast cancer diagnosis became the catalyst for a radical career and financial shift. While working in the oil field for 35 years, Darcy began researching "infinite banking" as a way to protect his family’s future. After initial skepticism about the concept’s relevance to Canada, he connected with Ascena Financial, secured his first whole‑life policy, and navigated underwriting hurdles caused by a biopsy and pending cancer tests. He then expanded coverage to his children, grandchildren, and in‑laws, illustrating a multi‑generational approach to using infinite banking for wealth protection and tax efficiency. Throughout, Darcy emphasizes the belief that hardships can lead to purpose, and he now leverages his personal experience to advise clients on insurability, policy structuring, and the broader benefits of the infinite banking system in Canada.
Chapters
My wife got diagnosed with breast cancer. It was a big turning point for us. Didn't know what we were going to do.
We've got Darcy Densmore with us today. He's one of our newer advisors, and we're going to unpack what actually happens when you step into this world.
I was trying to find what to do after finding breast cancer, right? I was just scouring the internet, and then I found the rabbit hole of infinite banking. At that point there, I decided I'm not going back again. Just never went back, and I jumped right in. I started doing my training with Ascena Financial, and yeah, now I'm here and helping other people out.
So before you stepped into this world, what were you doing?
Well, it was far from a straight line, that's for sure. I mean, just a quick brief, I mean, I'm from Sudbury, Ontario, like yourself. I'm from Northern Ontario, from Nickel Belt. And my parents died really young when I was 14. So I went to live with my brother in BC for a couple of years of high school. I didn't even know him because he's 20 years older than I was. I didn't even know him growing up. In grade 11, moved out on my own with a couple of buddies. We finished off high school, grade 11 and 12, in Campbell's. I took forestry program. I was doing forestry in Kamloops with intent being the forest industry. And then all of a sudden, '88, when I graduated, the industry just dropped right out and there's no work at all. So I toured all over Vancouver Island where I was trying to find work and there wasn't much to be had. So I ended up in Fort St. John and I ended up looking in the oil field. And then I wound up in Red Deer, Red Deer, Alberta. I've been in Red Deer, Alberta ever since. That was back in 1988. And in the oil field, I spent 35 years in the oil field until, yeah, just, yeah, it's a long time. It was interesting because Yeah, my wife— we just bought an acreage in 19— in 2020, and my wife got diagnosed with breast cancer. Oh no. So anyways, uh, it was a big turning point for us. Didn't know what we're gonna do. And then, uh, we fought through the cancer about a year and a half, and then she finally figured she's clear, sounded like. And then, uh, I was up north working in Fort Mac, and I came back from a 3-week hitch. I just got home from days off about 7 o'clock at night, had supper with her, went to bed at 10, 11 o'clock woke up and she had a seizure. And then we just figured out that, uh, brother, the hospital, he had a tumor in the brain at that point. Yeah. So anyways, uh, we, uh, got in for surgery right away. Lucky it was operable. They found it was a metastasis from breast cancer to her brain and lymph nodes. But that was November 2nd, uh, 2023. Wow. Last day I seen the old patch. At that point there, I decided I'm not going back again. I discovered infinite banking about 3 years before that, and I always knew I wanted to, uh, do something bigger, you know, rather than drilling the holes in the ground and making money for the oil company. It was great, provided a great living for me, but, uh, it wasn't fulfilling. And, uh, once I discovered this, I knew that this is a path that I wanted to go on. But I kept saying, maybe next breakup, maybe next breakup, right? And then that was a catalyst. And then November 2nd, uh, just never went back, and I jumped right in. I started doing my training with Ascena Financial. And, uh, yeah, now I'm here and I help other people out. So my wife is, uh, my wife's progressing, you know. She's gone through a couple of surgeries, went through another surgery, second surgery again here in, uh, Last September, the tumor came back, so they operated again. But they operated the second time and they found out it wasn't actually cancerous. It was just more of a scar tissue from the radiation before. So that was good news. So anyway, she's on recovery there now. So slow recovery. But yeah, it hasn't been a straight line for sure. But I'm happy to be here.
Yeah, we're happy to have you as a teammate. And, you know, there's— everything begins and ends with family, right? There's nothing, nothing more important than that. And yeah, so, you know, obviously very relieved to hear that, you know, she's holding up as well as she can be and that you're obviously right there with her as you should be. And I'm curious, I know Richard is too, like when you first heard about the infinite banking concept, so if you go back 3 years, were you excited, skeptical, confused, like all the above?
Oh, yeah. Well, all the above. Because yeah, like I said, we just moved into the house. It all kind of happened. That's how I discovered it because I was trying to find what to do after finding breast cancer, right? I kind of, I just scouring the internet and, and, uh, we had a bunch of rental properties and stuff we've been investing over the years, but you know, you can't eat, eat rental properties or pay mortgage rental properties. So I had to find something else. And then I, I found the rabbit hole of, uh, infinite banking and it was all US stuff. So I, I at first didn't think it was real at all. Of course, then I, I just watched enough and I figured, okay, this has got some legitimacy to it, but it can't be right in Canada. And then, then, then I finally found a couple companies in Canada. I did it including Ascena Financial and I talked to 3 different companies and I got by far the best feeling of genuine care of the clients with Ascena Financial by far. So after a few months of doing more research, I finally got my first policy with Ascena Financial as a client. And yeah, and then that's where it all started off. I mean, I wanted to get another policy like 6 months later once I kind of got my feet wet, but by that time they got a biopsy on my chest. They found a little scar on my chest. Couldn't get a policy because I had a biopsy. The fear is cancerous. Like, oh no, I'm a one and done.
Look, We all think that we should be paying only your fair share in taxes. Just so happens, I think your fair share is lower than probably what you're paying now. Well, we talk a little bit about that in our book, Keep Taxes Away from Your Wealth. You can get a copy and access to the bonuses by going to keeptaxesaway.com. That's keeptaxesaway.com. Head on over there and pick up a copy today.
So I thought, okay, you know what? I've read in the book, you can do it in other people. So I got policies with my kids while I was waiting. Just in case. I got 3 policies on all my kids, and then, uh, few months later, biopsy came back negative. So thankfully they came back negative, so I got a much larger policy that was more meaningful to my objectives at that time. But, uh, yeah, it was, uh, but yeah, my, my first feeling was, is it, is it, is it true? Is real? Can we do it here in Canada? And once I figured out it was, I was like, I'm all in. Why isn't doing this?
What's also like really important about your story, Darcy, is, you know, you have a combination of personal examples around, you know, health challenges. And, you know, like Jason said, I mean, we're grateful to know that your wife has been going through recovery and getting on the other side of this, which is amazing. But, you know, now that gives you a very unique perspective and conversations that you can have with people as you meet them. Because, you know, you can share from a personal experience what happens when you are insurable and then when you aren't. And even from your own perspective, there was a period of time just because of a test that was pending and unknown results. You know, it sounds like that was a few months. And, you know, for some people, they're in the queue waiting to get testing, and that testing, depending on which medical system they're in, that could be a year out. And so they could be in this limbo of unknown if they're insurable or not for a pretty extended period of time. And that happens when we go into underwriting with some people. So you never know what your, what your kind of best before date is in regards to your insurability. And you've, you've gone through that experience, but it didn't stop you. So there's a couple key elements I hear is number one, that you, you wanted to progress, you recognize what you wanted to do and how you wanted to do it, and you weren't going to be stopped in the process. You, you were going to be committed to what you wanted. So you got other people insured, you used your kids. Hey, that's Great. Now, now they're covered. Boom, you found out you were able to get insured, and you say, you know what, I don't want to go through that again. Let's make this thing a little bit bigger so we can meet some of the long-term objectives. Like, I really think there's a lot of powerful lessons in your own personal story there to share, and I'm sure those probably come up in some way or another from time to time when you're having meetings with, with people exploring this concept.
100%. 100%. You know, uh, my wife and I talk about this lots, you know, and when, uh, life kind of drags you along and pushes you along to certain things and And I think that things happen for a reason. She said to herself, you know, things happen for a reason. You know, it's horrible she got the breast cancer, but she's pulling through. But had that not happened, we would not have wound up in this here position now to help other people. So we think that it was, you know, things do happen for a reason. So it was good. I mean, I talk about it all the time with my clients too, because we don't, you know, we might be sure about today, but we don't know what tomorrow brings. And my son, I was saying I got policies for all my kids at that time. And now my son got a policy himself a year and a half ago. He's 25. I got a 23-year-old or 24-year-old daughter just yesterday. I got a 25-year-old son and a 30-year-old daughter. My, uh, they all got— I get policy on all of them. My son got his own policy, and then he had a baby here a year and a half ago, married and had a baby. So I put policy— they weren't in position to get policy themselves, so I put policy on his wife and his son, which is my grandson, as well, like, uh, like last September. So even my daughter-in-law's got a policy now that I own on my grandson. But now He's in position now. I talked to him, I says, uh, he said, Dad, I want to get policies on these kids now too, and my family too. Can I still do that? I said, absolutely. So we got, uh, just got through application. I said, well, let's do one step further. Said, let's get a policy on your wife for sure, because she's looking after the farm. They got a small farm while you're gone for a few weeks up in the diamond mines as a mechanic. You go weeks at a time, so she looks after everything. It's a toddler. And on your son too, because he's asking me his banking system later on. I said, let's go one step further. Your mom's not insurable. Unfortunately, I got some term insurance from years ago, so convert that— it's another story— but, uh, for a new policy. But I mean, uh, and, and her— and his wife's dad is not insurable, but his— I said, I am still insurable today, and his wife's mother is still insurable today. So why don't we go and see if we can get policies on, on me and his wife as, uh, mother-in-law instead too? So now we just dispatched applications, got them all approved like 3 days ago. So now he's got a policy on his wife his son, policy on me, and the mother-in-law.
Wow.
The whole family's covered now. I'm— I feel so, uh, so relieved.
We have a ton more amazing conversations and great clips just like this if you go right here. Or if you want to watch the rest of this conversation, the full episode, click right here.
