Based on your Financial Needs Analysis, we may find that your family and/or personal income needs protection, otherwise known as insurance. Insurance strategies will ensure that your household is protected against life's unexpected events.

Some of the products that you might use in your strategy include:

Term life insurance

This financial tool allows you to ensure your family member's life for a specified period (10/20/30 years) at a lower cost. While the advantage lies in its affordability, the downside is that if you never make a claim, you won't recover the amount you've invested—a bit like renting instead of owning. It's a temporary safeguard for a defined period, offering protection without building equity (the ownership interest or residual value in an asset) over time.

Whole life insurance

This type of insurance covers a family member for their whole life. The advantage is that once you've fully paid for it (similar to paying off a house), you own it for good. However, it tends to be pricier. The unique feature is that this insurance can accumulate "cash value" over time, which you can use while you're still alive. In this way, with time, you can become your own bank by lending yourself money to fund your wealth goals.

Term to 100

This option falls between the two mentioned before. It provides coverage for a person's entire life, with premiums lower than whole life insurance. However, unlike whole life insurance, there is no cash value component attached to this plan.

What is "cash value" in an insurance policy?

The cash value component in insurance is a savings feature that grows over time. Found in policies like whole life, it allows you to access funds for loans or withdrawals, adding a savings dimension to the insurance coverage.