Depend how you see it! Life insurance is a tool that can help you  preserve your Estate.  Whole Life policies, when subscribed at younger age can provide a subastancial  tax free income on retirement stage.  This is how you build wealth for generations. 

It’s important to find an advisor that will help you to save on taxes and at the same time you can invest your money and not pay tax on growth. Contact me to design an  optimal solution.

Understanding which one is ideal for you depends on many factors including the amount (%) of your downpayment combined with how you much flexibility you wish to provide to your family in case if something happens to you. Who is the beneficiary, the bank or your spouse? 

Whether it’s a life insurance, critical insurance or disability, take advantage of your age or the fact that you have less responsibilities now. The cost of insurance (premium) is very different when you are 21 or 41 years old, among other factors. Now imagine if you wish to have a lifetime insurance and pay it in 20 years. So if you start at 21, it means that you stop paying at 41 and you are covered for lifetime. On the other hand, if you start paying at 41, you stop paying at 61. Which one would be more costly?

A solid financial security spins around your income.  It’s important to have goals: own a house, protect your family, and have an enjoyable retirement. An advisor helps you to protect your investments and assets. Helps you to create a balanced portfolio according to your needs and risk level.

As you are the income earner, your income should be protected because unexpected health events may occur. 

Nowadays many young professional change their jobs several times…so changing jobs means that you will be changing insurances policies. Are many changes good? Or it’s better to have your own? Or a combination of both? An advisor will explain if the coverage benefit offered by your employer is enough or not. 

Same for a macthing RRSP, the advisor role is to explain how much should you contribute on employers RRSP  and how much on separed RRSP account, so that you can maximize your value.

Above all, we should have control over our money earned. 

Both are pools of investments managed by professionals. Mutual funds are sold by Banks and Segregated funds are sold by Insurance Companies. Mutual funds have lower management fees compared Segregated funds, altough there are more advantages with segregated funds: 

1. they offer guarantees that can offer much or even all of your original investment (75% or 100%);

2. you can name a benefeciary, so on event of death, the beneficiary receives either the market value or guaranteed amount which ever higher;

3. press the “reset” button! “Resets” lock your market gains;

4. last but not least, they offer creditor liability protection, in case of  named spouse or child. 

To create wealth, you don’t need a mimnium investment value.  What you need is to be very disciplined with your money. You have to compromise with a certain amount for your savings, you need to understand how much you need in your different life stages (purchasing a car, purchasing a house, pay a post-graduation, save for children education or the life style you wish to have in retirement age). Important is to plan, because many fail to plan. 

The role of the Advisor is to provide a solution with different asset class investments according to your risk level and income.  The decision is yours. 

Majority of us think that have a second house and renting it might be a good investment, which is true, because property value will increase in future. But there are other investment assets that provide very similar “safety and income streams” where you don’t have to make a downpayment. It’s never to late to learn about it and consider as an alterantive option.