March 3, 2022

I also cover this in a YouTube video. Click here to watch!

WHAT IF you could plan for today so that if you or somebody you love needs around-the-clock health care, you would have the necessary funds already set aside to allow them to get in-home care? 

Well, by the end of this short blog, I’ll have given you a couple of ideas to consider so that you can avoid ending up in a long-term care home.

Now let me ask you a question: if you had a choice, with Covid-19 all around us, would you let your loved ones end up in a nursing or long-term care facility? 

Really be honest. This is a difficult topic to discuss at the family dinner table – kind of like people who don’t want to put their wills in place because they believe that once they are, they might die. But I’ve got news for you; we haven’t yet figured out how to avoid death.

DID YOU KNOW that by early January last year (2021), according to the National Institute on Aging at Ryerson University, retirement/nursing homes in Canada accounted for over 70% of the people who died from Covid-19?

Would you ever put someone you love into a nursing or retirement home if you didn’t have to?

Wouldn’t it be better to build value in a strategy, so that you could pay for care at home?

What if I could show you how to use the living benefits of a Cash Value Life Insurance Policy to pay for all of your long-term or nursing home needs? 

EVEN BETTER, by design, it is guaranteed to you in writing that you will never lose any money, ever again.

And what if I ALSO told you that you could have access to the cash when you need it, with little or no income tax liability?

Wouldn’t it be wonderful if we could build up $300,000, $400,000, or even $500,000 of cash value in this strategy so you could be in control of situations like this?

And the absolute best part of all of this is that if you don’t ever need long-term care, then you haven’t wasted any money on the coverage! And when you retire, we can supplement your retirement paycheque with tax-free income for the rest of your life; when you die, we will send whatever is left to your family, or charity of your choice, 100% tax-free.

In a recent video from my YouTube channel, I mentioned that Canada is one of the global leaders in debt per capita. That dramatically growing debt will increase the difficulty in providing the promised retiree benefits for Canadians.

That said, do you think taxes will be going up or down in the future?

Given the amount of “free money” that our Federal Government was handing out over the past year, how do you think they will get all that money back?

There is nothing free in this world other than the old adage: death and taxes.

So would you prefer to pay your taxes when they are on sale now, or do you want to wait until you have to pay full price in the future?

Demographics and longevity – meaning we are living longer and illiquidity of the assets owned by Canadians – will put more and more stress on Canadian retirees. That’s why it’s my job, as a Financial Planner, to develop written, comprehensive financial and retirement plans for my clients that help reduce or eliminate Revenue Canada from your estate.

I see a lot of people who are Asset Rich and Cash Poor. What I mean by that is that they have a home (their real estate anchor), but they haven’t planned for liquidity as they enter into retirement… and you just can’t count on the government to fund your retirement.

We must build liquidity by using Tax-Free Savings Accounts and Cash Value Life Insurance so Canadians can have the retirement they deserve… and not end up in a long-term care facility in the process.

However, action must be taken soon before it is too late! I cannot give you back the factor of “lost time”.

If you’d like to learn more about how you can implement a number of the strategies highlighted here, contact me at the coordinates below to apply to become my client. Thanks for reading and always remember: when we design financial plans for our clients, we make sure that your money outlives you in retirement.

For the best life insurance advice and information, subscribe to my YouTube Channel and hit the notifications bell to be notified when we post new videos.  The channel allows me to share my passion for personal financial planning and I produce content that I would want to watch – and because of that, I promise to give you 110% effort in every video that I make.

By John Moakler, BMath, CFP, CLU

President and Senior Executive Financial Planner

Moakler Wealth Management

1 416 840 8544