How I can help you..

Many people ask me what I do. Financial Advisor just doesn't seem to paint the picture. So I will tell you a few stories of people I have helped. (names have been changed due to privacy)

Client 1. Bob and Sue are new home buyers.
They are expecting their second child any day and they have an 18 month little girl named Rosie.
Bob is 41 and Sue is 37.
Bob is a self-employed General Contractor and Sue is a Grade 3 teacher.
Bob's income is $100k - Sue's income is $70k
Mortgage - 750k
car loan - 15k
line of credit - 11k
Sue has a group benefit plan that includes basic life insurance of 70k, extended medical and a disability plan. She also pays into a pension. Bob, on the other hand does not have any coverage. He decided to start his own business 2 yrs ago and has been thinking about some sort of disability plan since he left his employer.
He contributes $100/mnth into an RRSP with a balance of 130k. Some of his RRSP contributions are locked-in from his previous employers matching program.
They opened up TFSA at their bank 1 yr ago but have not contributed anything into them.
They contribute $100/mnth into Rosie's RESP
Bob and Sue initially approached me to discuss life insurance to protect their mortgage. Our first meeting involved a discussion around their needs and I gathered the above information. I also asked them if they would need any extra support above the mortgage if either of them passed away ie education savings, child care, income support etc We scheduled another meeting for the next week. I asked their budget and explained I would have my recommendations at the next meeting.
My recommendations included 1.5 million 20 yr term life insurance for Bob
800k term life insurance for Sue
Disability plan for Bob
review retirement/investment plan in 3 mnths Bob and Sue were happy with my recommendations.
We began the application process on the insurance and made a note to connect in 3 months to review their retirement savings plan.

Client 2. Jim and Linda are 64 yrs old
They are both recently retired. They are consolidating their insurance and their investments. They want to streamline their accounts. They have received their first CPP payments, employer pension and their OAS payments will begin shortly. They want to make sure their investments are growing steadily until they need to RRIF their accounts. I met with them to gather the detailed account information, their assets and their liabililities. We set another meeting to discuss my recommendations for the following week
My recommendations included
- rolling over the extended medical plan from their employer
- A permanent life insurance policy for basic final expenses and a small amount included for their grandkids each for 75k
- an investment strategy that will guarantee growth with low risk.
Jim and Linda were very happy with my recommendations. We began the process of putting the plans in place. They were very pleased on how easy it was to consolidate their investments. - Linda mentioned that she has been very stressed helping her elderly mother. She has Alzheimers and will need full time care soon. I discussed how Long Term Care insurance may be a good plan to consider. Later that month we put a small Long Term Care insurance plan on Linda to help protect against the potential increased health care need in the future.

Client 3. Joanna and Michael are existing clients 31 yrs old
We met 2 yrs ago to do simple life insurance. I met them when Michael's Mom passed away from cancer and a friend referred them to me. They recently got married and would like to buy a condo in the next 5 yrs. I called them to do a review and it turns out there have been some changes in their life so we decided to meet.
- We reviewed their existing coverage.
Decided to leave as- is for the present time. Will reconsider when they buy their condo/have kids
- put a savings plan to build their down payment
- applied for critical illness insurance. Seeing the impact that cancer had on Michael's family was enough reason for Michael and Joanna to see the need. This will also make sure that IF either of them is faced with an illness, their savings can remain intact.

These are three very different types of clients. Each client I meet with will have different needs and priorities and therefore my recommendations are indvidually suited.
The scenarios above are just examples of how I work with my clients and how I can help you!
Thanks! Karen
 karen.divenanzo@sunlife.com 604-683-6905 ext 205