FAQ's

Welcome to Advantage Wealth & Insurance

Frequently asked questions about Protecting Your Wealth

What services do you provide as a financial advisor?

I offer a wide range of financial services, including life insurance, critical illness insurance, disability insurance, personal health benefits, group benefits, and travel insurance. Additionally, I manage wealth by selling segregated funds, GICs, annuities, and savings plans. I help clients with various investment and savings options, including RRSPs, RESPs, RDSPs, and FHSA.

Insurance Services FAQs:

What is the importance of life insurance?

Life insurance is crucial for providing financial security to your loved ones in the event of your passing. It can help cover expenses like mortgage payments, education, and daily living costs, ensuring your family’s well-being.

What's the difference between term life and whole life insurance?

Term life insurance offers coverage for a specific term (e.g., 10, 20, or 30 years) and is generally more affordable. Whole life insurance provides coverage for your entire life and includes a cash value component that can grow over time.

How much does life insurance cost?

Many factors contribute to the cost of insurance. Age, smoking status, face amount, length of term, and medical risks are all taken into account. Our experts at Advantage Wealth & Insurance will compare options with more than a dozen life insurance companies to find the best solution for you at no cost.

How much life insurance do I need?

Depending on your circumstances there are multiple ways to calculate how much insurance you may require. It could be a combination of eliminating debts, providing final expenses or replacing income. Whatever the methodology, it comes down to what gives you peace of mind. Working with our experts we will provide guidance, however ultimately you will make the decision that puts your mind at ease.

When is the best time to buy life insurance?

Every situation is unique. Today you may be insurable and tomorrow you may not. Furthermore, with added pressure on interest rates, insurance companies are starting to increase premiums. If you have a need for life insurance, it is always best to get insurance as soon as possible.

How does critical illness insurance work?

Critical illness insurance pays out a lump sum if you are diagnosed with a covered critical illness. This can help cover medical expenses and other financial obligations while you focus on recovery.

What is disability insurance, and why do I need it?

Disability insurance provides income replacement if you’re unable to work due to a disability. It ensures you have a source of income during such challenging times and helps maintain your financial stability.

Investment and Savings Products FAQs:

What are segregated funds, and how do they differ from mutual funds?

Segregated funds are similar to mutual funds but offer certain benefits like principal protection and estate planning advantages. They are managed by insurance companies and come with some unique features as 75% & 100% guarantee death benefit AND they offer beneficiaries to bypass probate.

What is a GIC (Guaranteed Investment Certificate)?

A GIC is a low-risk investment product that offers a guaranteed rate of return over a specific term. It’s an excellent choice for those seeking capital preservation and a predictable return on their investment.

What are annuities, and how can they benefit my retirement?

Annuities are financial products that provide regular payments, often for life. They can offer a reliable stream of income in retirement, helping to ensure you have financial security during your golden years.

Savings and Retirement Plans FAQs:

What is an RRSP (Registered Retirement Savings Plan)?

An RRSP is a tax-advantaged savings plan designed to help you save for retirement. Contributions are tax-deductible, and your investments grow tax-free until withdrawal.

How does an RESP (Registered Education Savings Plan) work, and who can benefit from it?

RESPs are designed to save for a child’s post-secondary education. The government provides grants and incentives, making it an effective way to save for educational expenses, and it can benefit the child or beneficiary.

What is an RDSP (Registered Disability Savings Plan)?

An RDSP is a long-term savings plan designed to help individuals with disabilities and their families save for the future. It offers government grants from up to $3 for every $1 you contribute to assist with long-term financial planning.

Financial Planning FAQs:

How can a financial plan benefit my financial well-being?

A comprehensive financial plan helps you set and achieve financial goals, manage debt, and ensure a secure financial future. It provides clarity and a structured approach to your financial matters.

How can financial planning benefit me and my family?

Financial planning provides a roadmap to achieve your financial goals. It helps you budget, save, invest, and protect your assets. With a personalized financial plan, you can secure your financial future and enjoy peace of mind.

What is the first step in creating a financial plan?

The initial step is to assess your current financial situation and identify your goals and priorities. We will work together to create a personalized plan that aligns with your objectives.

What is the benefit of working with a financial advisor?

Working with a financial advisor offers several advantages. I provide a holistic approach to financial planning, which means I consider your entire financial situation and long-term goals. I can help you make informed decisions about investments, insurance, and retirement planning, ultimately leading to financial security and peace of mind.

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