at 207-7001 Mumford Road, Halifax Shopping Center, Halifax, B3L 4N9 Canada
Supported by a team of qualified experts, I am committed to understanding your needs and providing you with in-depth analysis and personalized solutions to help you achieve your investment and retirement goals. You will always be well positioned to handle anything life throws your way. I provide advice in the following areas: INVESTMENTS • Mutual Funds • Guaranteed Investment Funds • Managed Asset Program • Tax Advantage Funds • RRSPs, RRIFs • RESPs • Tax-Free Savings Account • GICs • Annuities • Brokerage Services through Investors Group Securities Inc. INSURANCE • Life • Disability • Critical Illness • Long Term Care • Personal/Group Health Care • Funding Buy Sell Agreements LENDING • Mortgages • Loans • Lines of Credit BANKING • Chequing • Savings • Credit Cards Group Plans • Health Plans • RRSP • TFSA • Individual Pension Plans
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Does a Stay at Home Mom Need Life Insurance? by tim.wilhoit - August 3, 2014 Posted in: Educational I came across this article and it reminded me of a conversation I had with a Husband who did not see the value to insure his wife… As an experienced national life insurance broker, I see the same questions quite often. One I see repeatedly is with young families shopping for life insurance. Do we need to cover my wife? Why does a stay at home mom need life insurance? Or in gender fairness, why does a stay at home dad need life insurance? Isn’t life insurance just to cover the wage earner? The answer is “yes” and “no”. I’ll tell you why a stay at home mom needs life insurance, she is very expensive to replace. See most consumers feel if the primary bread winner of the family has life insurance coverage everything is good financially as if no one else could ever die. The stay at home mom or dad as the case maybe, may not being earning income, but they are saving a fortune for the family. Most of us bread winners have a tendency to take our domesticated engineered spouse for granted. I have seen the job first hand with my wife of a quarter century raising three children and I never wanted the job. It is one of the most rewarding but toughest jobs on the market. Think about life without your spouse. Who cares for the children while you work? Who cleans the house? Who cooks the meals? Who runs all of those errands? Let’s look at replacing a stay at home spouse. Here are some average costs (based on national averages) for help to replace some of the things a stay at home parent does: Cost for a live in nanny $32,500 per year or Day Care up to $11,000 per child per year Housekeeping Service weekly $9,350 per year Errand Service 4 hours per week $5,400 per week So conservatively, the average household will spend around $40,000 per year with the loss of a stay at home parent to keep the household running. Now using the same rule of thumb that we use to purchase life insurance on the primary wage earner which is ten times income, the average family will need $400,000 in life insurance to cover these expenses in case of an untimely death. The concept is to invest the lump sum benefit and draw $40,000 per year to recover the new costs to the family. Depending on the age of the children, I would recommend a $400,000 term life for either 20-25-30 years to cover this financial deficit. For example, a healthy 29 year old stay at home mom of two children ages 3 and 5 years old can purchase $400,000 of 20 year term life insurance for approximately $16.00 per month. This equates to a nice lunch out alone once per month. It is just too affordable not to cover this risk for about $.50 cents per day. We recommend using an experienced independent life insurance broker to shop the market for the best product at the best price for your unique situation. Image by Boians Cho Joo Young at www.freedigitalphotos.net Tim Wilhoit is owner/principal of Your Friend 4 Life Insurance Agency in Nashville, TN. He is a family man, father of 3, entrepreneur, insurance agent, life insurance broker, salesman, sales trainer, recruiter, public speaker, blogger and team leader with over 27 years of experience in sales and marketing in the insurance and beverage industries. If you are looking for local Canadain advice here in Nova Scotia contact me, Bob Cipolla @ firstname.lastname@example.org
Withdraw RESP contributions after your student starts school. Early withdrawal will trigger a CESG repayment. #getadvice
TSX almost to 2008 high… So if you made absolutely no changes or withdrawals to your investments based on the TSX at 1:18 June 17th 2014 Atlantic 15062.19 (TSX 2008 June 6th high of 15154.77) you are almost back to where you where before the 2008 Crisis began. For many that was a rough ride! So what are you going to do now…did you learn anything from that journey? No matter what you have done or did not do since 2008 I would suggest meeting with your advisor and discussing where you are now. Do a reassessment of your risk tolerance and review your written plan to see if you are back on track, ahead of the game and make informed adjustments accordingly. One word of caution no matter where you are in the expected progress in your Plan do not back off in your commitment to yourself. Keep it going you may now be in a position to address some of the gaps you were previously unable to address and hopefully you learned how to prosper in market like these. If you would like a second opinion on your specific situation feel free to contact me. email@example.com
Volatility question? Are you comfortable with volatility in your portfolio? How would you fair if recent market events lead to another 2002 or 2008?
Jim Flaherty passes. http://www.benefitscanada.com/news/flaherty-passes-away-51497?utm_source=EmailMarketing&utm_medium=email&utm_campaign=Breaking_News
An IDEA It’s about having Options Bear in mind that there are some non-guaranteed, yet very conservative, numbers involved here, but would you like to learn about an investment/insurance strategy that would provide the following: Sample: • Joint - Male age 55 NS & Female age 56 NS • Or single - Male age 45 NS The plan details: • Contribution is $7,725 per year for 20 years. Total contribution = $154,500 • From year 1-20: A contractual promise to pay anywhere from $250,000 - $413,294* tax-free in the event of death (last death if joint) • From year 21-40: An income could be provided averaging $8,137* per year after-tax, using 50% tax rate. (Total after-tax income @ 50% = $162,745.) • From year 21-40: If full income amounts are withdrawn, a contractual promise to pay anywhere from $402,000* - $250,000 tax-free in the event of death (last death if joint) • If no income were drawn: A contractual promise from year 21-60 to pay $430,310* - $1,270,258* tax-free in the event of death (last death if joint). Some notes: • This strategy can effectively be scaled up, or down • The younger your client the better it works • This strategy assumes your client wants or needs the insurance coverage anyway (* denotes that the figure includes some non-guaranteed growth, but is projected using current, not historical, rate performance.) As business gurus, I am certain that many of you will want to compare contributing $7,725 a year for 20 years into a traditional non-registered portfolio. Please do so and compare approaches. If you are fair and use a comparably conservative investment and rate of return, account for taxes, and take net estate values into account at death, then when compared to otherwise investing traditionally, I’m sure you’ll find that the inclusion of this investment/insurance strategy inside of your overall asset portfolio will: 1 - Lead to lower total net asset values in the short-term 2 -Result in similar or higher total net values in the long-term 3 – And result in higher net estate values in the event of death – both in the short-term and long-term. Want to meet to learn more? Let me know. CHEERS!
Make RESP contributions by December 31 for children turning 15 this year If a client’s child was born in 1998 and thus has turned or will turn 15 during 2013, then act before December 31, 2013, to ensure that RESP contributions on behalf of that child will continue to be eligible to receive CESG in 2014 and 2015. A child will only receive CESG on contributions made during the year the child turns 16 or 17 if, prior to the end of the year in which the child turned 15, at least one of the following was true: • a minimum of $2,000 of contributions has been made to, and not withdrawn from, RESPs in respect of the beneficiary; or • a minimum of $100 of annual contributions has been made to, and not withdrawn from, RESPs in respect of the beneficiary in at least any four years. Speak to your advisor for advice based on your specific circumstances.