Frequently Asked Questions
Welcome to our FAQ page! Here you'll find answers to some of the most common questions we receive about our insurance and financial services. Our goal is to provide you with the information you need to make informed decisions about your financial future. If you have a question that isn't answered here, please don't hesitate to contact us – our friendly and knowledgeable broker is always here to help. Thank you for choosing us for your insurance and financial needs.
What's the difference between whole life insurance and term life insurance?
Whole life insurance is a type of permanent life insurance that offers a fixed premium and a cash value component, while term life insurance provides coverage for a specific period of time and typically has lower premiums.
What is a TFSA?
A TFSA is a Tax-Free Savings Account that allows individuals to save and invest their money without having to pay taxes on the investment earnings.
What is a RESP?
A RESP is a Registered Education Savings Plan that allows parents to save for their children's post-secondary education in a tax-efficient way.
What is critical illness insurance?
Critical illness insurance is a type of insurance that provides financial support if you're diagnosed with a covered illness, such as cancer, heart attack, or stroke.
What are Segregated Funds?
Segregated funds are investment products offered by insurance companies that combine the growth potential of a mutual fund with the security of an insurance contract.
What is a T100 insurance policy?
A T100 insurance policy is a type of term life insurance that provides coverage for the entirety of the policyholder's life, typically until age 100.
What is a RRSP?
A RRSP is a Registered Retirement Savings Plan that allows individuals to save for their retirement in a tax-efficient way.
What is Disability Insurance?
Disability insurance is a type of insurance that provides financial support if you're unable to work due to a covered disability.
What is the difference between a TFSA and an RRSP?
A TFSA is a Tax-Free Savings Account that allows tax-free investment growth and withdrawals, while a RRSP is a Registered Retirement Savings Plan that allows for tax-deferred investment growth and contributions are tax-deductible.
What is Permanent Insurance?
Permanent life insurance is a type of life insurance that offers coverage for the entirety of the policyholder's life, typically with a cash value component that grows over time.
How much life insurance coverage do I need?
The amount of life insurance coverage you need depends on your individual circumstances, such as your income, debts, and financial goals. A financial advisor can help you determine the appropriate amount of coverage for your needs.
How do I choose between a TFSA and an RRSP?
The decision between a TFSA and an RRSP depends on your individual financial situation, goals, and tax situation. A financial advisor can help you understand the benefits and limitations of each type of account and determine which one is best suited for your needs.
What's the difference between term life insurance & permanent life insurance?
Term life insurance provides coverage for a specific period of time, typically 10, 20, or 30 years, while permanent life insurance provides coverage for the entirety of the policyholder's life. Permanent life insurance also typically includes a cash value component that grows over time.
How do I know if I need disability insurance?
Disability insurance can be a good option for individuals who rely on their income to support themselves or their family. If you're concerned about the financial impact of a disability that would prevent you from working, disability insurance may be a good choice for you. A financial advisor can help you understand the benefits and limitations of disability insurance and determine whether it's appropriate for your needs.
What's the difference between a mutual fund and a segregated fund?
While both mutual funds and segregated funds invest in a mix of stocks, bonds, and other securities, segregated funds offer additional benefits such as principal protection guarantees and death benefits. Segregated funds are typically offered by insurance companies, while mutual funds are offered by investment companies. A financial advisor can help you understand the differences between these types of funds and determine which one is best suited for your investment goals.