The best type of insurance depends on your situation.
If someone is financially dependent upon you, then you should ensure that you have adequate life insurance to take care of their needs in the event that you are not able to. Even if you do not have any dependents now, it is possible that you may have children or other dependents in the future. It may be advisable to consider obtaining a life insurance policy now, in the event you become uninsurable later. The best time to purchase a life insurance policy is when you are young and healthy. For those without dependents who are doing well financially, life insurance can also provide certain tax advantages and the accumulated cash values in the policy may be accessed in a tax advantaged way to help supplement your retirement income.
Talk to one of our associates and find out what type of insurance best meets your needs.
Everyone who is over 18 years and has the legal and mental capacity should have a will. In Canada, wills are governed by the province in which you live.
If you are concerned about protecting your property and your family see a lawyer and have a proper will drawn up. Have it reviewed periodically, especially if there is a change in the family status, such as a birth of a child, a divorce or the death of a family member. The will speaks for you when you can’t speak for yourself. Don’t put those decisions in the hands of others.
Wealth Management is for anyone who is concerned about their future and their family’s future. A lack of planning can destroy family harmony as they deal with unnecessary hardships caused by unforeseen events such as a disability, a life threatening illness or pre-mature deaths. Most people need guidance in setting up a wealth plan as there are a number of key components that must be addressed.
For financial security planning and tax-reduction strategies it is important to have a plan in place for your family. Your #1 priority is caring for your family’s future and this requires a comprehensive wealth plan.
Whether you are renewing your mortgage, refinancing your home, or consolidating debt, you may end up with a higher interest rate than necessary if you don’t get good advice.
Lenders generally distribute mortgage renewal notices offering existing clients their posted interest rates – these are usually not the best rates available. Ask your mortgage broker for current rates being offered. They will help ensure that you will get the product and interest rate to best suit your unique circumstance.
The easiest way to do this is to decrease your interest obligation by:
Change Payment Frequency - From standard monthly to accelerated bi-weekly or weekly
Making Lump Sum Payments When Available
Increase Your Payment Amount When Available
Shortening the Amortization period
Your credit score is a snapshot of the state of your financial health at a specific point of time. It indicates the risk you represent for lenders compared with other consumers.
A credit score is calculated from many different factors i.e. your payment history, credit card balances and any other form of credit including balances on personal loans, mortgage loans. Each credit bureau report has their own standard and formulas in order to calculate a consumer’s credit score. Every time you apply to a new credit facility, the loan officer will check your credit history first. Your credit score in most cases will affect the amount you can borrow and also your interest rate.
There is no one right answer to this question. It really depends on your personal and family situation. Canadians pay income tax on a graduated tax system, the higher your income, the more advantageous it becomes to put your money in a RRSP. Then you can use your tax rebate from the government to pay down your mortgage. For example, if you are in a 40% tax bracket, for every $100.00 you put into a RRSP, the government is potentially giving you back $40.00 that you can use to pay down your mortgage. So the right answer could be both.
If you currently have mortgage insurance with a lending institution you should call us now to find out if a personally owned life insurance policy is right for you.
There is a big difference between the mortgage insurance offered by many lending institutions compared to personally owned life insurance policies offered by life insurance companies.
Generally speaking, the insurance offered by many lending institutions is known as Creditor Insurance:
The lender owns the policy
The policy proceeds are paid directly to the lender
There are no customization options – basically one size fits all
Your mortgage life insurance can’t be moved to another institution. If you find a better mortgage rate at another lending institution, you may have to re-qualify medically for the life insurance protection. With a personally owned life insurance policy:
You own the policy
You have full control over the policy once it is issued
Your designated beneficiary receives the death benefit
Flexible coverage and premium options are available
Since you own the policy, you have the freedom to switch your mortgage to another lending institution without jeopardizing your life insurance coverage.