Financeaholic

08/28/2022

Love what you do and you'll never work another day in your life!🙏

07/12/2019

Industry disrupters always get negative comments, especially when they are feared by the competition!!!

07/12/2019

Save more money in retirement by reducing unnecessary expenses. From clothing, property taxes, and insurance to entertainment, licenses, and cultural experiences, learn how to save without feeling like you're sacrificing anything — including with discounts on everything from movies to classes at a...

06/05/2019

Hello and Welcome to Financeaholic!
This is the fourth of a 5-part series on why life insurance is important to have.
My mission is to educate and inform you on life insurance, why it is important, who it is for and who it benefits. I will do my best to keep this series light and informative even though it is a hard subject to do that.
So, let’s go!

There are 5 scenarios:
1 - Single, no insurance
2 - Married, no insurance and have children
3 - Group Insurance
4 - Cash Value Insurance
5 - Term Insurance

Part 4 Scenario 4 – Cash Value Insurance
This type of insurance is very easy to understand.
1) It’s very expensive
2) Insurance Premium
3) Cash Component

First Part: Here’s how it works:
You have the Premium (insurance) and the Cash component.
Premium:
1) The amount will be different per individual, definitely get a quote and shop around.
Cash Component:
1) First 3 to 5 years the insurance company keeps the cash. This means that any cash and interest your money would make, stays with the company.
2) Once your cash starts to show up and grow, you can loan it out with interest.
3) If the policy holder unexpectedly dies, the beneficiary gets the premium (insurance) NOT the cash.
4) If the policy holder took out some of their money as a loan and unexpectedly passes away, the beneficiary gets the premium (insurance) MINUS the loan amount AND the interest.

Second Part: Ask yourself:
Premium:
1) Does the premium cover what you need based on the financial needs analysis the representative took? Did they even do a financial needs analysis? Did they ask what your Assets, Liabilities, Emergency Fund, Kids Education plan, Disability (self and/or person diagnosed with a disability), Retirement Savings plan, goals and dreams?
Cash Component:
1) First 3 to 5 years the insurance company keeps the cash. This means that any cash and interest your money would make, stays with the company. Does this make sense?
2) Once your cash starts to show up and grow, you can loan it out with interest. This is your money you are borrowing and have to pay back with interest, AND you have to pay it back. Does this make sense?
3) If the policy holder unexpectedly dies, the beneficiary gets the premium (insurance) NOT the cash. Does this make sense?
4) If the policy holder took out some of their money as a loan and unexpectedly passes away, the beneficiary gets the premium (insurance) MINUS the loan amount AND MINUS the interest. Does this make sense?

Third Part: Other names:
Whole Life, Universal Life, Variable Life

Fourth Part: Do you know what type of Life Insurance you have and is it the right type?

I hope that I got you thinking and taking action to make sure you have the right type of Insurance and that you are “properly” protected. If you have any question’s feel free to reach out as I am more that happy to help out!

Namaste

05/30/2019

Hello and Welcome to Financeaholic!
This is the third of a 5-part series on why life insurance is important to have.
My mission is to educate and inform you on life insurance, why it is important, who it is for and who it benefits. I will do my best to keep this series light and informative even though it is a hard subject to do that.
So let’s go!

There are 5 scenarios:
1 - Single, no insurance
2 - Married, no insurance and have children
3 - Group Insurance
4 - Cash Value Insurance
5 - Term Insurance

Part 3 Scenario 3 – Group Insurance
If you are fortunate and have group insurance with work that is great. Take it! Free is good, as long as it is free. Most companies these days are no longer offering benefits. Either they remove them all together or hire on a contract/consultant basis and don’t have to offer benefits. If you do have benefits you should know what are you covered for? Very important information to know and have in case you need it. Last thing you want to be looking for when you are injured or not feeling well is what you’re covered for.

First part: If you do have insurance through work make sure you know: 1) Who the insurance company is, 2) Your policy number 3) Are you contributing and is the company contributing, 4) What does the insurance cover and 5) Is it enough?

Second part: Is the coverage enough? Most company benefits only cover 2 times to 3 times your salary. Is that enough for your family to survive? Will it pay the mortgage, debt, funeral costs, kids education if they are young? There are things to take into consideration to decide how much insurance is required.

Third part: Are you on the active payroll? You most likely have to work there to be covered and the coverage may not be transferable to another company. Ask yourself if you plan on being at the company until you retire, could you possibly get another job, have to relocate to another city for a family situation, be downsized, rightsized or whatever they call it now – AKA Lose your job. Group insurance will not go with you and are you younger or older? Cost of insurance increases as you get older so get it when you are younger.

Fourth part: Does the benefits still cover you if you have to go on Long Term Disability?

Fifth part: Does the benefits have a Living Benefit Clause? Does the company give you 40% of your coverage up to $250,000.00 if you are diagnosed with a terminal illness and given 6 months to live?

This is part 3 of 5 and my mission for this part is to educate people who have group insurance to make sure you know what your group insurance is offering, what it covers in case you need it and is it enough?

If you have any question’s feel free to reach out as I am more that happy to help out!

Namaste

05/17/2019

Hello and Welcome to Financeaholic!
This is the second of a 5-part series on why life insurance is important to have.
My mission is to educate and inform you on life insurance, why it is important, who it is for and who it benefits. I will do my best to keep this series light and informative even though it is a hard subject to do that.
So let’s go!

There are 5 scenarios:
1 - Single, no insurance
2 - Married, no insurance and have children
3 - Group Insurance
4 - Cash Value Insurance
5 - Term Insurance

Part 2 Scenario 2 - Married, no insurance and have kids
My first question would be to the husband and wife is if they have life insurance. If they do, I would ask who is it with and what is their coverage and is it enough? At this point they realize they don’t have the answers to a few of these questions. At best, they know who it is with however, no other details. At this point they usually get their policy and we together go through their policy and understand what they do have. If they don’t have insurance, I ask their permission to talk with them about what insurance is, who it benefits and the process to obtain insurance.

First part: If they don’t have insurance there is usually 3 reasons: 1) Know they should have it, they just haven’t gotten around to it; 2) The cost of insurance; and 3) They don’t care or understand why they need it.

Second part: If they are 1) Know they should have it they just haven’t gotten around to it. The first conversation we have is about the importance of having life insurance especially if they are married and have children. Some of the questions I would ask is; Will your spouse be able to maintain the lifestyle they have? Be able to afford to stay in the home or would they have to move? Would they have to change the school the children are at? Where would they move, where could they afford to live, and would it be around friends and family whose support they would need at that time. I know, scary questions but they need to be addressed so they take responsibility and care for your loved ones.

Third part: I ask if they have a Will. If they don’t, I would ask; If there is anyone in their family they would or wouldn’t want their children to go to? I would then inform them that the courts would decide who their children would go to and wouldn’t they want to make that decision.

Fourth part: If they are 2) The cost of insurance. The cost of insurance is based on age, lifestyle and health. We offer a complimentary, confidential Financial Needs Analysis (FNA). Once we take the family information, we provide a detailed FNA which will provide the information they need to determine the cost.

Fifth part: If they are 3) They don’t care or understand why they need it. Hopefully by the time I go through parts 1 and 2 – they care, and this is not an issue.

This is part 2 of 5 and my mission for this part is to educate people who are married with children to think about their insurance situation and if they don’t have insurance or do and have any question’s feel free to reach out as I am more that happy to answer any questions you have.

Namaste

05/15/2019

Hello and Welcome to Financeaholic!
This is the first of a 5-part series on why life insurance is important to have.
My mission is to educate and inform you on life insurance, why it is important, who it is for and who it benefits. I will do my best to keep this series light and informative even though it is a hard subject to do that.
So let’s go!

There are 5 scenarios:
1 - Single, no insurance
2 - Married, no insurance and have kids
3 - Group Insurance
4 - Cash Value Insurance
5 - Term Insurance

Part 1 Scenario 1 - Single with no insurance
If you are single, have you ever thought about insurance then thought to yourself you don’t need insurance. You’re single and have no dependents.
A few questions to ask yourself if you are single with no insurance: Who pays for your funeral? Who pays for your debt? Who pays for your end of life taxes?

First part:
The cost of life insurance is based on two things. What do you think they are? Take a guess before reading further.
The first is your age. Will you ever be younger in the future than you are today? Of course not. So, you’re guaranteed to be getting older, wouldn’t it make sense to get life insurance when you are younger, and it could be cheaper?
The second is your health. Have you ever heard of people who get healthier as they get older? Of course not. So, if in the future we know we aren’t getting healthier wouldn’t it make sense to get life insurance while it’s cheaper than wait and it could be more expensive?
Did you guess the two scenarios?

Second part: Living Benefit
We all think the worst thing that could happen to us is if we pass away prematurely. However, possibly worse than that is if we were to become very sick. There would be skyrocketing medical expenses, bills that keep coming in regardless of your health situation and if you do recover chances are you aren’t going back to work right away, so the bills keep coming in and your dept is climbing. Not a good situation to be in.
How would you feel if you were able to have a benefit that gives you access to up to $250,000 if God forbid you were diagnosed with a terminal illness and you could use the money to seek alternative medical treatment, pay off your dept or take a vacation with your family and friends? That would help wouldn’t it, of course it would.

Third part: Protect your loved ones
Is there anyone in your life you care about deeply that struggles financially right now? If God forbid something were to happen to you and 2 to 3 weeks later a cheque was delivered to your beneficiary and it paid off their mortgage, allowed them to retire and sent their kids to school debt free. How would they feel about you? Incredible right, of course? Change their life, of course? They would feel forever indebted to you and grateful, wouldn’t they?

This is part 1 of 5 and my mission for this part is to get single people to think about their insurance situation and if they don’t have insurance or do and have any question’s feel free to reach out as I am more that happy to answer any questions you have.

Namaste

04/13/2019

Building a business in Primerica!!

04/03/2019

They say that the best time to plant a tree was 20 years ago and the next best time is now. Are you investing in your future and do you have enough saved?

One quarter of Canadians did not manage to put any money into their savings in 2018. However, 15 per cent succeeded to save more than $10,000, according to the