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
What Canadian Business Owners Are Telling Us Right Now — And What To Do About It
Every week, our advisors sit down with incorporated business owners and professionals across Canada. And while every client's situation is unique, the conversations we're having...
Retire Tax-Free in Canada Using the Insured Retirement Plan
What if your RRSP isn't enough to retire comfortably? And what if there was a way to access tax-free cash flow in retirement—without market volatility,...
How Canadian Real Estate Investors Are Using Whole Life Insurance
What if you could unlock hundreds of thousands in capital—without selling a single property or applying for another mortgage? In this article, we'll explore How...
Use Corporate-Owned Life Insurance to Transfer Wealth Tax-Free
What if your estate faced a $500,000 tax bill after you pass away—on capital gains alone? What if there was a way to fund that...
CDA: How to Pay Yourself Tax-Free from Your Corporation
Imagine extracting hundreds of thousands in corporate profits—tax-free—without triggering personal tax liability. That's exactly what the Capital Dividend Account (CDA) allows incorporated professionals to do...
How to use Life Insurance as Capital Gains Relief
What if your biggest tax bill hits after you're gone? In this article, we'll explore how to use Life Insurance as Capital Gains Relief and...
OpCo to Legacy: The Estate Tax Trap
If your business owner client passed away tomorrow, what would happen—from a tax perspective—and what have you done as their advisor to plan for it?...
How Critical Illness Insurance works in Canada
What would happen if you were diagnosed with cancer tomorrow? How would you cover your mortgage, your bills, or your business expenses while you focused...
How Disability Insurance Works in Canada
What would happen if you suddenly couldn't work—due to an accident or serious illness? Understanding How Disability Insurance Works in Canada can help you prepare...
Critical Steps to Safeguard Your Legacy With Estate Planning
What happens to everything you've worked so hard to build—your business, your investments, your family home—after you're gone? It's important to understand the critical steps...
How to Be Like Jim Pattison
What if you could borrow the exact wealth-building strategy used by one of Canada's richest entrepreneurs—without being a billionaire? If you've ever wondered how to...
How to Invest in your Holding Company In Canada
Are you a Canadian business owner with retained earnings building up inside your corporation? If those funds aren't being put to work through a holding...
