JAMAICANS seeking to build intergenerational wealth can do so with the help of life insurance, according to Matthew Fisher, financial advisor at Sagicor Life Insurance Company.

“Having some insurance is always better than having none,” Fisher outlined as he shared a desire for Jamaicans to be more aware of how life insurance can be one way to help provide a sense of financial security for their family while helping to build inter-generational wealth.

Generational wealth is essentially monies or assets passed down from one generation to the next. It can be crucial for the security of any family’s financial future. Wealth can be passed down through a family business, stocks, real estate, and even life insurance.

“It is one of the easiest methods to build [inter]generational wealth because you can start a policy today at a coverage of $50 million. [If] you pass away tomorrow, whoever is that beneficiary gets that $50 million dollars… and that money is tax free, so the government can’t touch it,” Fisher asserted in an interview with the Jamaica Observer.

https://www.jamaicaobserver.com/business/life-insurance-a-tool-for-intergenerational-wealth/