FAQ

How much will a financial plan cost?
Should I name my estate as my beneficiary?
What can I do to keep my skilled and trained employees loyal in such a completive time?
What is the best way to insure my mortgage?
Am I able to create an Estate instantly?
How can I reduce my mortgage quickly?
Do you sell Travel Insurance?
Should I accept my pension payout as is, or should I commute?
Does it cost me money to move my investments?
Who does the paperwork to apply for insurance?
I have medical conditions, how do I know if I qualify for insurance?
How can you offer lower insurance premiums than other offices?
Can I insure my children?

How much will a financial plan cost?

Our focus is on the planning process, because without it we are just taking shots in the dark. For that reason, we work with you to first understand your situation, identify your goals both short-term and long-term, and then to design and develop an approach that makes sense for YOU - not some off the shelf solution. Part of that solution will entail us recommending specific products to ensure you meet your goals and objectives, and we are paid by the companies with whom we place your business. For that reason we do not charge you an additional fee. In fact, once you are onboard as a client we guarantee that you will not be charged any additional fees, and that is in your Client Service Agreement that we both sign off on.

Should I name my estate as my beneficiary?

For years, standard advice has been to name your spouse as beneficiary of your registered plans. If you die first, your plan can then be rolled to his or hers on a tax-sheltered basis. Otherwise, it will be fully taxed on your final return. Additionally, by naming your spouse as beneficiary you are able to qualify for creditor proofing status – protecting your capital and enhancing your guarantees.

What can I do to keep my skilled and trained employees loyal in such a completive time?

One effective tool is a well thought out and creative Employee Benefits program. It can not only be very tax efficient, but is a great tool to attract and retain key employees. Rather than compete on a dollar basis with other employers who may have deeper pockets, why not offer your employees something totally different that they perceive as valuable and appreciate?

What is the best way to insure my mortgage?

You may be offered the “convenience” of mortgage life insurance from your bank or other lending institution, it may be best for you to explore the potential benefits of term life or permanent life insurance first. Term life offers a number of advantages over mortgage life insurance:

• The noted beneficiaries can choose how to use the policy proceeds. Lenders’ mortgage insurance, however, pays the death benefit directly to the lender to discharge the loan.
• Mortgage life insurance from your lender - the amount of coverage declines as the debt is reduced. With level term insurance, you can maintain the coverage.
• Mortgage life insurance generally covers only the current mortgage term. You may face higher premiums at renewal, particularly if you develop health problems.

Additionally bank insurance uses an approach called “post claim underwriting” which means the insurer reserves the right to accept or deny your claim, after you die – based on your medical history. The sad result is that many times claims are denied and it’s too late then to realize you were in the wrong product. By purchasing individual coverage you can minimize this risk.

Am I able to create an Estate instantly?

One of the unique advantages of Life insurance is that literally, with the stroke of a pen you can create an estate that is much larger than would be possible by any other means. And all for a “standby” charge of only pennies on the dollar!

How can I reduce my mortgage quickly?

There are many strategies that we can show you to accomplish this goal. One that we recommend involves utilizing the MOST COST EFFECTIVE mortgage in Canada – knocking years off your mortgage and saving you thousands of dollars in process, and we’d be pleased to show you how this works and discuss if it’s a good fit for you.
Manulife Bank offers a unique account that may be of interest to you…Manulife One. Call us for a referral. www.manulife.ca/canada/mbank.nsf/Public/home For a full discussion on debt management and how it integrates into your financial plan give us a call at (519) 337-2001.

Do you sell Travel Insurance?

Yes, we offer several versions of Travel Insurance from Manulife Financial. A direct web link is coming soon. In the meantime call us for further information.

Should I accept my pension payout as is, or should I commute?

In many cases it makes much more sense because you control the cash and can pass it on; whereas if you accept the pension you are forfeiting the cash and only “renting” the income for a short period of time. Today we have products that enable you to commute and still have a guaranteed income similar to a pension plan, but still leaving you in control of, and owning the cash. This is a decision that is as a personalized as the car you drive. We work with you to help you make that decision weighing in all the factors. Making a wrong decision can cost you literally hundreds of thousands of dollars!

Does it cost me money to move my investments?

In some cases yes, depending on how they are structured. On the other hand, if your current investments are off track or under-performing what is the cost of not doing anything to rectify? It may be significantly greater. We help you work through that decision.

Who does the paperwork to apply for insurance?

This is where our expertise comes into play. Often advisors end off with results that are less favourable for their clients. Most often we are able to significantly improve rates for clients. We understand the system and work with you to obtain the best possible rate based on your own unique circumstances.

I have medical conditions, how do I know if I qualify for insurance?

You don’t know. That is where you can leverage our expertise to your advantage. We know the marketplace and not all carriers treat the same conditions in the exact same way. Let us help you determine whether or not you would qualify.

How can you offer lower insurance premiums than other offices?

We are the most efficient delivery system for an insurer. We don’t cost them a dime until we put one of their products in place, as opposed to an agency system that has built in costs out of the gate. So, we are able to pass those cost savings on to you, and as a broker we shop the markets to find the best rates for you because many companies are simply not competitive.

Can I insure my children?

Absolutely. And in many cases that makes sense because you can tax shelter money for them while providing a solid financial base that they can take into adulthood. Be sure to talk to us about this concept.