From Sun Life to Co-operators: Paul Lue Pann's Insurance & Wealth Journey

In this episode of the Wisdom Lifestyle Money Show, host Scott Dillingham sits down with Paul Lue Pann, a financial planner and owner at PLP Financial Services Inc. with The Co-operators in Windsor, Ontario. Paul shares his unique background as a Chinese Jamaican who grew up in Toronto and spent 18 years climbing the corporate ladder at Sun Life, moving between cities before settling in Windsor. After taking a year and a half off to focus on family and home projects following a severance package, he joined The Co-operators, drawn to its multifaceted offerings. He highlights the strong team culture and client-focused approach, emphasizing service over sales, with a handpicked team dedicated to putting clients in better financial positions regardless of portfolio size.

Paul dives into how The Co-operators supports real estate investors through unlimited property coverage for home and auto insurance, unlike some providers that cap the number of properties. He explains the value of bundling policies for discounts and the added security of a $5 million umbrella liability policy on top of the standard $2 million per property, providing up to $7 million in protection against lawsuits or accidents. For commercial insurance, the company handles a wide range, including multifamily, office spaces, contractors, and non-profits, with site visits available if needed and privileges for existing clients to streamline approvals and renewals. Paul notes their expanding appetite for various risks, ensuring sustainable pricing without sharp increases.

Transitioning to life insurance and investments, Paul contrasts creditor protection (which decreases with mortgage balance) with fixed-benefit life policies that offer full payouts for reinvestment or family needs. He stresses the importance of acting promptly on protection plans to avoid regrets from life events. On the wealth side, The Co-operators provides tailored investment solutions, focusing on risk tolerance, time horizons, business continuity, intergenerational wealth transfer, and tax mitigation strategies like corporate investments. This episode delivers practical insights for investors seeking comprehensive insurance and financial planning in one place, blending personal stories with expert advice.