In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award-winning financial planner, university lecturer, and writer, interviews Brian Laundry, Planning & Insurance Expert for Advisors and Accountants, and Founder of BrianLaundry.ca. Brian Laundry is a well-known insurance expert in Canada who discusses business owners and disability planning, and what they can do to protect themselves in case of disability.
Episode Highlights:
● 00:57: – Brian Laundry describes the kind of work he does.
● 02:44 – What does disability insurance do?
● 06:14 – You almost position insurance as a hedge fund on their net-worth development.
● 07:00 – How does critical loss insurance work?
● 12:18 – What is the ‘option preference model?’
● 16:13 – Brian and Jason dig deeper in a discussion on disability insurance.
● 22:14 – What is the difference between own occupation insurance and regular occupation insurance?
● 31:49 – Acknowledge that any one of us can become disabled and out of work.
● 35:00 – What are some of the numbers related to critical illness insurance?
● 36:08 – We need coverage to protect our families.
● 37:42 – What are the odds of experiencing a critical illness event?
3 Key Points
1. About 1 out of 3 Canadians will see a period of disability during their lives, even in white collar jobs it is 1 out of 4.
2. Critical illness insurance pays a lump sum, similar to life insurance. You pick a term, a duration of cost, an amount of coverage, and an amount is paid to the owner tax-free for whatever purpose they submit.
3. The biggest conditions for critical illness insurance are cancer, heart attack, and stroke.
Tweetable Quotes:
● “For the past 7 years I’ve owned my own business and where I focus as an insurance-only expert. I work with accounting firms, other investment advisors, financial advisors, and I essentially stay in my lane. I focus on more strategic planning..” – Brian Laundry
● “Long-term disability insurance essentially protects your ability to earn an income .” – Brian Laundry
● “When you look at the group benefits booklets. What we’ve got to find out is if the employer is paying the premiums or not. Because when the employer is paying it, it is often taxable.” – Brian Laundry
Resources Mentioned:
● Facebook – Jason Pereira’s Facebook
● LinkedIn – Jason Pereira’s LinkedIn
● FintechImpact.co – Website for Fintech Impact
● jasonpereira.ca – Website
● Linkedin – Brian Laundry
● brianlaundry.ca – Website for Brian Laundry Insurance Solutions
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