An article by Kevin Wark, LLB, CLU, TEP, senior vice-president, business development, at PPI Financial Group.
For high-net worth clients and business owners, the decision to go with term insurance rather than permanent insurance isn’t always based on affordability. Instead, the client may decide not to proceed with permanent insurance because he or she believes the need for insurance is short-term.
Yet, a complete review of the client’s situation and anticipated future circumstances may reveal that, while the original purpose for the insurance will indeed cease sooner than later, another equally important reason may arise for continuing the insurance coverage.
Consider these scenarios:
