@Joseph Wing Ok, thanks. Good to know. But is there some way for a parent to take advantage of a capital gains exemption on selling their primary residence so that the next generation doesn't have to pay capital gains tax on the sale after the parent dies?
Hey good question, really depends on your discipline of investing diff. Also depends on your projected insurance needs. For myself i for sure know i want a large chunk of insurance going to my wife / kids no matter how much other asset we have... so for me a permanent solution makes more sense
As someone that works in insurance (not life insurance nor do I sell), insurance is one of those things that people don't understand/value until there's a claim, since there's no way/reason to use it until you make a claim. It's one of those things you hope to never have to use.
@@JackyKuk Not sure if I missed it, but the only thing I would suggest is a disclaimer at the start that you're not advising people on insurance but rather a general overview. The various governing boards can be a bit overzealous. Then again, it is insurance and the industry as a whole is a bit of a dinosaur...
I love your channel Jacky! As a new Canadian, there is a lot of things that are new for me, and insurance is one of them. New subscriber here. Thank you for the awesome content.
This is a good video, but would be better if you used industry standard terms in addition to terms which you just make up (Rent / Lease / Buy). If I talk to anyone else about insurance using your terms, they may not know what I'm talking about.
Hey Jacky, great video! However, you didn't dive into the details on tax benefits for purchasing life insurance in Canada. From my brief research online, it looks like we cannot claim life insurance premium as tax deductible in Canada. Am I missing anything?
You can’t deduct the premium. It can grow tax free and pay out tax free though. As for corporate policies, you can use pre-tax dollars to pay for it while it pays out via CDA credits
You might did not hear about WFG. Insurance Ind. Is not at all regulated in Canada. There are huge number of uneducated and inexperienced WFG insurance agents in Canada selling insurances like bread.
@@JackyKuk i still am very scared of getting life insurance. Its making someone else invest my money instead of me. And ive learnt its easier to cut back monthly expensesives than it is to make more money. My financial goal is to escape the rat race where i can eventually bring more money in a month from investments than i spend going out.
I am new to the insurance industry and bought a large book. I have a lot of clients that bought policies in the 80’s and the policies are starting to experience Econo shortfall. Are you familiar with this ?
@@JackyKuk there are sometimes 3 parts to the policy. Basic amount enhanced or Econo term and pua. Because of the low interest rates the enhanced or economic term should be gone after say 30yrs with the pua growth but with the low interest rates the Econo portion is still very high and when the client is sat in their eighties the Econo term is so expensive it eats away at the death benefit.
Great explanation. In my 20s I bought a type of insurance called "20 pay life" and in my 30s I couldn't afford to pay for it and actually forgot that I had it and apparently it was paying it's premiums from the money it made. I went to cancel it and the insurance agent told me I was nuts, loco for doing this but did not explain the benefits of it. only that I was "crazy" for cancelling it, claiming it was the "Cadillac" of insurance. I wound up cancelling it :( perhaps I should not have.
My family member live really long healthy lives, but if I passed and had no insurance, I would be looked at like the worst mom ever! I have two kinds and they make sense for me.
Wow I had no idea! I’m definitely at a point in my life where I was looking into buying life insurance - do you recommend going with an insurance broker to find the best insurance for you as long-term investment?
Great video! In the future, can you please do a video about estate tax in Canada, and how to minimize it? Thanks!
@Joseph Wing Ok, thanks. Good to know. But is there some way for a parent to take advantage of a capital gains exemption on selling their primary residence so that the next generation doesn't have to pay capital gains tax on the sale after the parent dies?
Good Insurance informative Jacky
I want to buy #3 insurance “buying” but what are these types of life insurances called?
Usually overfunded UL or a whole life
@Jacky Kuk What are your thoughts about “buy term insurance and invest the difference”? And in what scenarios would it make sense to do this?
Hey good question, really depends on your discipline of investing diff. Also depends on your projected insurance needs. For myself i for sure know i want a large chunk of insurance going to my wife / kids no matter how much other asset we have... so for me a permanent solution makes more sense
As someone that works in insurance (not life insurance nor do I sell), insurance is one of those things that people don't understand/value until there's a claim, since there's no way/reason to use it until you make a claim.
It's one of those things you hope to never have to use.
True, as i always say, you buy with your good health, pay with your premium
@@JackyKuk Not sure if I missed it, but the only thing I would suggest is a disclaimer at the start that you're not advising people on insurance but rather a general overview.
The various governing boards can be a bit overzealous. Then again, it is insurance and the industry as a whole is a bit of a dinosaur...
Very helpful
I love your channel Jacky! As a new Canadian, there is a lot of things that are new for me, and insurance is one of them. New subscriber here. Thank you for the awesome content.
This is a good video, but would be better if you used industry standard terms in addition to terms which you just make up (Rent / Lease / Buy). If I talk to anyone else about insurance using your terms, they may not know what I'm talking about.
our clients just find it easier to grasp the concept when we start with this analogy
Hey Jacky, great video! However, you didn't dive into the details on tax benefits for purchasing life insurance in Canada. From my brief research online, it looks like we cannot claim life insurance premium as tax deductible in Canada. Am I missing anything?
You can’t deduct the premium. It can grow tax free and pay out tax free though.
As for corporate policies, you can use pre-tax dollars to pay for it while it pays out via CDA credits
You might did not hear about WFG. Insurance Ind. Is not at all regulated in Canada. There are huge number of uneducated and inexperienced WFG insurance agents in Canada selling insurances like bread.
Wonderful video. You provide very valuable content!
I have a 9 month old child. Is it worth to buy life insurance for them early?
Yes worth exploring options!
@@JackyKuk i still am very scared of getting life insurance. Its making someone else invest my money instead of me. And ive learnt its easier to cut back monthly expensesives than it is to make more money.
My financial goal is to escape the rat race where i can eventually bring more money in a month from investments than i spend going out.
Take it one step at a time!
I am new to the insurance industry and bought a large book. I have a lot of clients that bought policies in the 80’s and the policies are starting to experience Econo shortfall. Are you familiar with this ?
Im not sure what that means, is it cash value no long enough?
@@JackyKuk there are sometimes 3 parts to the policy. Basic amount enhanced or Econo term and pua. Because of the low interest rates the enhanced or economic term should be gone after say 30yrs with the pua growth but with the low interest rates the Econo portion is still very high and when the client is sat in their eighties the Econo term is so expensive it eats away at the death benefit.
Your videos are excellent. Thank you!
Great explanation. In my 20s I bought a type of insurance called "20 pay life" and in my 30s I couldn't afford to pay for it and actually forgot that I had it and apparently it was paying it's premiums from the money it made. I went to cancel it and the insurance agent told me I was nuts, loco for doing this but did not explain the benefits of it. only that I was "crazy" for cancelling it, claiming it was the "Cadillac" of insurance. I wound up cancelling it :( perhaps I should not have.
i think the agent shoulda taken more time to explain the cost and benefit of cancelling / keeping!!
My family member live really long healthy lives, but if I passed and had no insurance, I would be looked at like the worst mom ever! I have two kinds and they make sense for me.
Growth? What percentage? Possible to make 10 % easily in stock market....
wow! good for you!
What video editing tool are you using, Jacky?
Final cut pro
Thanks for the great video Jacky!
both
Wow I had no idea! I’m definitely at a point in my life where I was looking into buying life insurance - do you recommend going with an insurance broker to find the best insurance for you as long-term investment?
Yea definitely find someone thats willing to listen to your needs and come up withs solid plan together