In this episode, we had the pleasure of speaking with Kelso Beggs, a financial planning and relationship management specialist at PPI, to explore how life insurance can serve as more than just a protective tool but also as a powerful asset class for building wealth. Our conversation dove into the different types of life insurance, including participating and universal life policies, explaining their roles, benefits, and how they can be strategically used for wealth accumulation and estate planning. We also addressed common misconceptions around insurance and highlighted its applications for both high-net-worth business owners and everyday clients with surplus income.

Our chat with Kelso shed light on how life insurance can help with tax efficiency, asset diversification, and legacy planning, making it a crucial component of a well-rounded financial strategy. Whether you're a business owner with surplus cash flow or a retiree looking for tax-efficient ways to transfer wealth, life insurance offers solutions worth considering. We broke down complex concepts and real-life examples to show how insurance goes beyond simple protection and becomes an impactful financial tool. Stay tuned as we take you through strategies that could change how you view and utilize insurance in your financial planning journey.

Connect with our Hosts:Adrian’s LinkedIn:https://ca.linkedin.com/in/adrianblake1Trevor’s LinkedIn:https://ca.linkedin.com/in/millerwealthmanagementConnect with Cherry Hill Private Wealth, a trade name of Harbourfront Wealth Management Inc.https://www.cherryhillprivatewealth.ca/https://www.harbourfrontwealth.comConnect with our Guest:https://www.linkedin.com/in/kelsobeggs/

Timestamps:00:00 - Introduction to the episode and today's guest, Kelso Beggs.

02:01 - Kelso introduces himself, his role at PPI, and his background.

04:01 - Discussion on common misconceptions about life insurance.

09:01 - Exploring the differences between term life and cash value life insurance.

12:31 - How life insurance can be leveraged as an investment tool.

17:31 - Real-life examples of clients using life insurance for tax efficiency and retirement planning.

22:01 - Explanation of participating life insurance policies and cash value growth.

27:01 - Universal life insurance policies and differences from participating policies.

31:01 - Insurance strategies for older clients and estate planning benefits.

36:01 - Life insurance as part of a diversified investment portfolio.

40:01 - Recap of key takeaways and closing remarks.

Let’s schedule a call to meet each other and see if we can help you achieve a financial roadmap that helps you create a financial plan that focuses on what, and whom, means the most to you. Book a consultation call here.