Insurance is for life
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Whoever said that a life insurance policy is only good when the client is dead was never told that it can be enjoyed while still very much alive and well!
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Everyone can enjoy the benefits of insurance protection in its various forms. Each with specific purpose and intent, designed and built in such a way as to provide for the single need of an individual, the joint needs of a couple or the more complex policies used for business owners and their business partners. Insurance policies are tax-efficient and are the vehicle of choice for transferring wealth from one generation to the next, a loved one to another, a business partner to the other. Insurance policies can also be used to borrow against when funds are needed for an unexpected life emergency, down payment for a large purchase, project or business expansion. All of this can be achieved without a tax implication. 1,2,3
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When we talk about life insurance, we need to be specific because different types of insurance policies address different needs. Permanent insurance is the most important of all simply because it follows the insured permanently, until death occurs, whether the client dies prematurely or lives a very long and healthy life. Participating permanent policies allow the client ( the insured ) to participate in the insurance company's profits simply by paying the specified monthly premium and in return receives a pre-determined dividend which is then re-invested into the policy. Over time this re-investing of dividends ( insurer's profits) accumulates to become a nice sum of money which the client can draw on and use, or just let the accumulation continue thereby creating a sizeable estate to be transferred to the beneficiary, tax-free. The handicap in participating permanent policies is that they tend to be more expensive than non-participating policies ( T-100 ) or traditional temporary policies which end after the chosen duration ( 10 years, 20 years, 30 years etc ). There also exists another type of life insurance product, but it's not for everyone. It is called a Universal Life policy ( UL ) made up of, a part insurance (temporary) and another part market-linked investment, this type of policy is great for clients who understand and are comfortable with market behaviour and volatility. A properly built UL policy can grow very large over the course of the contact ( the longer the time-frame, the more the investment growth ), as with the participating permanent policy, money can be drawn from the accumulation portion in a UL, slightly different criteria/calculation, but basically the same principle. However, there is greater risk in only having a UL versus only having a PAR policy because the investment part of the UL is market-linked so when markets are down so is the investment portion, and if the policy is at an early stage, the client (owner of the policy ) must increase the premiums whether monthly or annually, if not done, the policy can potentially lapse-end! This is not the case with PAR policies, the dividend continues to be paid ( re-invested ) to the insured, this dividend is re-calculated and averaged out every year by the insurance company, the worst-case scenario here is that the dividend continues to shrink over time.
 
Critical Illness and Disability Insurance are other types of insurance policies that can very much be enjoyed while the client is alive and well.
These products are specific in nature and less versatile than the life insurance policies described. 
  
Insurance companies calculate the cost of insurance (monthly or annual premiums) based on the client's age so the earlier the client starts, the lower and more affordable the premiums.