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ESTATE ASSET TRANSFERS---Insufficient & Ineffective Planning Prolongs the Process
GUARANTEED INCOME NEEDED? Is a GIC your only option?
Strategic Planning
Donations and Volunteering
Online Insurance Purchases--Convenient, But Not Always as Expected

Categories

Community Building
Critical Illness Insurance--The RRSP Protector
Guaranteed Income Needed?--Consider a GIC Alternative
Insurance for Children
Insurance-Who Needs It?
Life Insurance As a Necessity
Strategic Financial Planning
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My Blog

ESTATE ASSET TRANSFERS---Insufficient & Ineffective Planning Prolongs the Process

It has started to happen more often.  Folks are passing away and increasingly their loved ones are frustrated with the process of taking care of the financial assets left behind. 
The deceased expected and thought one thing, but in reality the survivors are going through a stressful, drawn out process to get things finalized.

Could the process have been made easier? Yes, in most cases. 
Why didn't they plan for this? They may have but not as efficiently as they expected.
Why does the family have this headache compounded with losing a loved one?

GUARANTEED INCOME NEEDED? Is a GIC your only option?

I met with a prospective client recently who had some cash but wanted a guaranteed income stream for the next few years with no market risk.  She was considering a 5 year GIC as it seemed the best option she had seen for her situation.

As a 64 year old, she did not want to risk any dips so she had ruled out investing in the markets. She had specific income needs and the 1.5% rate her bank quoted her for her $100000 was lower than she was expecting.  That would be $125/month in interest payments which is well below the $300/month she had hoped to get.

Strategic Planning

During a progress check meeting in January, a client revealed to me how appreciative he and his wife was of my service.  It was very heartwarming to me and confirmed that I am doing the proper job of planning strategically.

On a previous meeting they had revealed that one of their biggest concerns was paying down their mortgage.  I asked some questions around that and discovered that it was more important to be in control as opposed to just paying down that particular debt.  

I introduced them to the Manulife One product and showed them the flexibility that it presented, while allowing them the opportunity at any time to deposit as much as they would like (no up to 25% cap) in order to achieve that goal.

Donations and Volunteering

We would like to say a very grateful thank you to all our clients.  Your patronage is greatly appreciated.  As a result of your business, we were able to make small donations to a few charities. We did Plan Canada which will provided a few different gifts for those in need. We were able to donate toward a goat for milking, baby chickens for raising, breakfast for hungry kids going to school, school essentials, a quinoa project which gets seeds, helps communities with growing, harvesting and making useful, nutritious meals as well as endless harvest.

Online Insurance Purchases--Convenient, But Not Always as Expected

As more things are done online, the convenience is undeniable.  If you don't have to schedule an appointment to make a purchase, take time out, drive to a location and sit (sometimes uncomfortably) with a stranger, why bother?  If you're an early riser or a night owl, why try to fit your needs within certain work hours?

I had a client ask me a couple of months back to quote her some permanent insurance for her and her spouse.  They were just looking for funeral coverage.  I did my research and got back to her with some quotes.

PROTECTING YOUR FAMILY IN THESE ROUGH TIMES

Ithas been an interesting year.  Low oil prices, huge volatility in the markets, massive layoffs etc.  It's not all bad news though.  The sun still comes out and we have another opportunity to forge ahead.
With all the doom and gloom we hear about the economy, our responsibilities still haven't changed much.  Protect our families and provide for them.  There are so many tools out there and so many different opinions on how we should do this. A few times each month i'm asked, RRSP or TFSA?

Uncertainty....What now?

It has been up and down here in our neck of the woods in Alberta.  Low oil prices have had a chain reaction and led to a slowdown.  Projects have been put on hold, or less emphasis to get done soon. This has shown up as loss of bonuses, reduced work and loss of jobs.  Things were humming along so nicely and someone put the brakes on.


Is it time to panic?  I don't think so, but it should be time to reassess.  For those who have felt the sting of layoffs, no or much lower bonuses, there are adjustments that need to be made and some of them are time sensitive.

INSURING YOUR CHILDREN--Why or Why Not?

I've been asked by another Dad I met my thoughts on insuring your children.  He mentioned his advisor told him not to do so as they earned no income.  True, but is that all the reason there is.
I shared my view that if you could, then you should and the reasons why I thought so which I will share a little later.

I've heard the argument from a family member that it is just wrong to "profit" from your child's death.  I had an issue with child insurance being viewed that way and shared my thoughts.

CRITICAL ILLNESS INSURANCE--THE RRSP PROTECTOR

               CRITICAL ILLNESS--THE RRSP PROTECTOR
 
I have been very vocal of late on Critical Illness Insurance.  The statistics are staggering.  It is said that 1 in 3 Canadians will suffer a critical illness in their lifetime.  Look at the people in your home or place of work.  Which one of you out of every 3 persons could it happen to?
 
It doesn't just affect the life of the person who's ill; it affects their loved ones as well.

INSURANCE--Who Needs It?

In my time serving the insurance industry, i've heard a variety of reasons why folks don't purchase insurance or enough of it.
First, let me say that i believe in the products, which is why I purchase such products for myself and my family.
 
I've heard several over the years and my favourite is "I don't believe in life insurance".  I submit that I have not heard of beneficiaries refusing to collect the proceeds to support that claim.  There should be more insurance benefits refused if the statement matches the reality.
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