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 & More Info

If you want more details about a Leveraged Life Insurance strategy given your situation, fill out this contact form below, and we will get back to you in 24hrs on business days to set up a free meeting.