- How much life insurance do I need?If your family is dependent on your income, you need life insurance. We can help you evaluate your family’s financial needs and ensure your dependents can maintain their current lifestyle, when you die.
- Do I have too much life insurance?To ensure you’re getting the best overall price, find out how your policy is priced and how your rates will change over time. It is common for healthy people to feel they have too much life insurance. But, in the unfortunate event that a family losses a loved one, they will most certainly never feel like they were left with too much, while too little life insurance can be disastrous to your family.
- Am I “insurance poor”?Avoid not having enough insurance and being unprotected by assessing real needs and choosing products that are affordable.
- What is Critical Illness insurance?If a life-threatening illness occurs Critical Illness insurance helps protect the insured’s quality of life where the gaps not covered by traditional health, disability, life and accident insurance exist. Protect yourself from the potentially devastating financial effects of a Critical Illness.
- What happens to my income if I become disabled?With accident and sickness insurance, you will protect your income. If you do not have coverage, you will rely solely on your Canada (or Quebec) pension plan, if it is approved. This will represent approximately 40% of your income.
- Should I name my estate as my beneficiary?Life insurance is often purchased to cover outstanding debts and taxes that arise after death. Proceeds to the designated beneficiary usually pass tax-free, but if you name your estate as beneficiary, the proceeds will become part of the estate’s value and be subject to probate. (This cost can be significant depending on which province you live in.) By naming an individual as opposed to the estate, the proceeds pass outside the estate and are not subject to probate. You should consider whether your executor might need access to those funds to carry out your final wishes, before designating a beneficiary. (An insurance trust also allows funds to be distributed according to the deceased’s will and avoids probate fees.)
- What do I do with my RRSPs when I retire?Your Registered Retirement Savings Plan (RRSP) can provide you with a retirement income that suits your lifestyle.
- How much money should I have at retirement?There is no easy answer. Why? Because we need to consider factors that are within your control as well as those out of your control. Such as:
- How long are you going to live?
- At what age do you plan to retire?
- How many years will you spend in retirement?
- How much will you spend?
- Do you want to travel?
- Will you buy a new home or a vacation place?
- How much income will you receive from sources other than investments?
- Additional expenses such as special circumstances you may confront (e.g. health care expenses, nursing home care, paying for a child’s college education or investing in a small business)
It is important to remember that the state of government pension funds, life expectancy, and inflation are also factors that affect how much you’ll need to save for a comfortable retirement.