Interview with Billy-Joe McInnis from Manulife Bank
We had the pleasure of interviewing Billy-Joe McInnis the National Leader of Business and Insurance Lending Sales at Manulife Bank of Canada.
Mr. McInnis specializes in lending on Life Insurance, and we were excited to chat with him about how young professionals can utilize these Leveraged Life Insurance strategies.
We discussed everything from how these strategies hold up in uncertain economic times, to his best advise for young professionals interested in this type of strategy.
Here are some of the topics we cover in the interview:
How can young professionals utilize Leveraged Life Insurance?
- Emphasis is placed on the importance of securing coverage early, and the advantages of being able to re-invest the money you put into your policy.
Manulife’s Experience with Leveraged Life Insurance and how it works?
- Mr. McInnis shares how Manulife sets up Life Insurance in a convenient wat to not conflict with business owners ability to borrow around their business.
Why do people turn to strategies like Leveraged Life Insurance in tumultuous economic times?
- We discuss how business owners with a need for Life Insurance are using it as a long term investment strategy that allows them to get the protection they need while still being able to access their capital.
How does the Bank view a Leveraged Life Insurance strategy?
- He shares that Banks view Leveraged Life Insurance like real cash sitting inside an insurance contract due to it’s security.
How does Lending on Life Insurance change over time?
- Analogy is given between Life Insurance and a chassis in a car, where the lending components are bolted on as you need them.
Is there anything a client should worry about with Leveraged Life Insurance strategies?
- We examine how the qualification process for these strategies protects the client from fluctuating interest rates so that they don’t have to worry about ever defaulting.
How are people using Leveraged Life Insurance?
- Mr. McInnis shares an example of a couple who are both school teachers that utilize this strategy to help them with important purchases.
What people shouldn’t participate in Leveraged Life Insurance strategies?
- He emphasizes how people who need a loan to afford the premium, should not be trying to utilize this strategy.
How does lending on Leveraged Life Insurance effect someone’s credit?
- We discuss how insurance lenders do not have to report to the credit bureau.
How many bankers actually know about Leveraged Life Insurance Strategies?
- Mr. McInnis explains how most bankers you encounter will not know about or understand this strategy, due to Leveraged Life Insurance not being a core piece of business for banks.
Contact Us
At Safe Pacific Financial, we specialize in helping Canadian business owners, incorporated professionals, and investors structure life insurance for maximum wealth protection, tax savings, and business growth.
If you would like to discuss whole life insurance or investments, we’re happy to chat and see if we can be a good fit to work with you. Fill out our contact form and we will get back to you within 24 hours on business days.
Related Insights
Wealth and Legacy: A Deep Dive with Vince Cardella
In this episode of The Wealth Multiplier Podcast, host Laurent Munier of Safe Pacific Financial sits down with Vince Cardella, Principal of Strategic Wealth Planning...
RRSPs for Canadian Business Owners, should you invest?
You have two main options: keep the funds inside the corporation or withdraw and invest personally. Today we’re going to go through these 2 scenarios...
Leveraging Your Whole Life Insurance Policy as Collateral for Loans in Canada
When it comes to building financial security and achieving your goals, creativity and strategy are essential. Today, we’re exploring a powerful tool that can open...
The 6 Essential Principles of the Infinite Banking Concept Explained
Here’s what you aren’t understanding about Infinite Banking. Building anything of lasting value begins with a solid foundation—the basics. While Infinite Banking may seem like...
The Capital Dividend Account: A Comprehensive Guide for Business Owners
Why does it exist, and how does it work? Let’s break down the essentials of this game-changing tax provision called the CDA We at Safe...
Merry Christmas – Safe Pacific 2024 Highlights
We’ve been advising Canadians about life insurance and their personal finances for over a decade, almost 15 years now. But today’s video is a little...
Christmas Party 2024 Photo Gallery
Thanks to all who came out to celebrate the season at our annual Christmas Party. We hope you all enjoyed the festivities at The Vancouver...
Interview with the Head of Individual Insurance Business at Equitable Life: Martin Reeves
Equitable Life has long been a trusted name in the Canadian insurance landscape. Recently, we had the privilege of sitting down with Martin Reeves, Head...
The Infinite Banking Strategy for Canadian Business Owners: How It Works and Why It’s Effective
Growth has rocketed especially since the federal government has been increasing taxes on everything – especially you and me, the greedy business owners who make...
Top 5 Ways Infinite Banking Benefits Canadians
Now, this isn’t just some financial theory for us. I've been using this strategy personally and we’ve been setting it up for our clients for...
Are TFSAs good for small business owners?
One of the main tax advantaged accounts you can use in Canada is the TFSA – Tax Free Savings Account. This is one of our...
Family Office vs. Multi-Family Office: Key Differences, Benefits, and Which is Right for You
Now obviously, every family office is going to be different from family to family, however there is an important distinction between a single-family office and...
