On life and its insurance w Lorne Marr

Lorne Marr (founder of https://www.lsminsurance.ca) is a life insurance expert with nearly 30 years of experience and earning a number of sales and service awards along the way, including one from the prestigious MoneySense Magazine. He founded LSM Insurance in 1998 and quickly grew it into one of Canada’s leading life insurance brokerages. He is also a Certified Financial Planner. Ratehub's director of insurance, Matt Hands, and I spoke with him about his entrepreneurial journey, life insurance myths and misconceptions, practicing gratitude, and MUD coffee.

For more information about life insurance visit https://www.ratehub.ca/insurance/life

[0:00 - 1:17] Intro

[1:17 - 1:18] Money Mistake or Makeup - Lawncare, Tesla, and delegation

[5:54 - 10:06] Why did you get into the life insurance industry?

[10:07 - 14:15] What was it like launching LSM insurance?

[14:16 - 16:20] Would you recommend becoming a life insurance broker as a career?

[16:21 - 17:50] Did you have a lot of doubters when you were starting out saying you shouldn't be doing this?

[17:51 - 19:36] What is Mud Coffee?

[19:37 - 22:44] Lorne's morning routine

[22:45 - 24:45] Life Insurance Myths and Misconceptions

[24:50 - 25:50] Is term life more popular than whole life insurance?

[25:51 - 27:29] How much life insurance do you need?

[27:30 - 29:20] When do you need life insurance?

[29:21 - 30:41] Is life insurance income or asset protection?

[30:42 - 32:16] Are Canadians underinsured with disability and critical illness insurance?

[32:17 - 33:30] Should you use life insurance as an investment vehicle?

[33:31 - 34:40] Should you max out TFSA and RRSP before using life insurance as a tax shelter?

[34:41 - 37:00] CASE STUDY: a young couple, two kids, mortgage, average income - what kind of life insurance policy do they need?

[37:01 - 38:20] Using life insurance stacking to ensure the best protection

[38:21 - 41:10] Do life insurance brokers make money with permanent life insurance policies?

[41:11 - 43:52] Do life insurance brokers still have a place in the tech-fuelled insurance era?

[43:53 - 46:31] Why did you decide to sell LSM to HUB financial?

[46:32 - 1:00:00] RAPID FIRE QUESTIONS

[1:00:01 - 1:00:56] OUTRO