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Pay now, save now

Pay now, save now

For some people, saving money is always a priority even with other expenses like a mortgage or post-secondary education for the kids.  If this sounds like you, then a layered approach to insurance may be exactly what you need.




As your life story unfolds your need for insurance coverage may decrease and, along with it, your monthly cost of insurance may decrease, too.  Your financial advisor can show you how you can use a layered approach to increase your savings if your need for insurance protection, and the cost of that protection, decreases.


 How it works


How it works

As your life story unfolds your need for insurance coverage may decrease, and, along with it, your monthly cost for insurance may also decrease. Your financial advisor can show you how you can use a layered insurance solution to increase your savings as your cost for insurance decreases.

A layered solution

When your advisor first puts together a layered insurance solution for you, you will have the protection you need for a lifetime. This protection includes a combination of permanent and temporary insurance. As each solution is customized to your need, you may have a portion of your insurance that is permanent insurance with added temporary protection for 30 years, a little more protection for the first 20 years and even more for the first 10 years, when your need for protection is the greatest.

After 10 years, your line of credit may be paid off. After 20 years the kids will most likely be done with school and after 30 years your mortgage will be paid, and now you will be left with the protection you need for the remainder of your life only. As your insurance amount decreases, however, you can choose to continue paying what you’ve always paid for your insurance. If you choose to do this, the difference between the cost of your insurance and what you are continuing to pay can then be invested in many different investment options within your universal life contract. Within the contract, these funds have the opportunity for tax-deferred growth and increased flexibility for you .


 How much insurance do you need?


How much insurance do you need?

This used to be a tricky question that required a lot of charts and graphs and endless questions but not anymore. Now there’s LifeScripter® from Transamerica. Whether you are focused on saving for your future or paying down your debt…or both, LifeScripter can find the right solution for you.  

Have you tried LifeScripter?

The online LifeScripter tool from Transamerica lets you quickly and easily find out exactly how much coverage you need – now and for the future. On your own, or with the help of your advisor, simply answer a few questions and LifeScripter will analyze your needs and create a solution just for you. This solution can be used as the basis for discussions with your advisor about the right mix of products to best meet your needs. 

So…do you still need the help of a financial advisor?

In a word, yes. Like doctors, lawyers and other professionals, a financial advisor is a highly skilled and well-trained licensed professional. You can expect a financial advisor to make your individual financial interests a top priority, from helping you to understand how much insurance you need to finding the right products to meet those needs. Prior to your initial meeting, your financial advisor may recommend that you use an online tool like LifeScripter which will provide a starting point for your discussions.  

® LifeScripter is a registered trademark of Transamerica Life Canada.

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