Category: Blog

Sun Life INCREASES its whole life dividend scale interest rate

It delights us to announce that Sun Life is increasing the Sun Life dividend scale interest rate to 6.25% (from 6.00%) on April 1, 2023. This is a result of rising interest rates, and strong real estate and equity performance. The Sun Life whole life portfolio is focused on long term performance and policy stability. In light of the market volatility, whole life insurance is a conservative asset with guaranteed growth of the cash value and permanent life insurance.  What…

What we hear in times like this is thank you!

By Mallory Hendry From the Wealth Professional Jan 18, 2023 Wealth advisor explains how core fund achieved a 7.5% return in 2022   It’s difficult to replicate the way our firm accesses alternatives’ Nicola Wealth was established in 1994 in Vancouver, with 8 employees and $80 million AUM. When Ron Haik joined in early 2019, he came aboard the Toronto team managing about $5.3 billion. Today, the firm employees 430 people, has $13.1 billion AUM, and exhibits no signs of…

Getting separated/divorced? – Don’t forget your life insurance

No one likes to think about a marriage breaking down but it happens.  When a couple is separated or divorced the assets are split as part of your separation/divorce agreement. Life insurance is a valuable asset that needs to be considered during this process First we look at the beneficiary designation on your life insurance. There are two types of beneficiaries, revocable and irrevocable. A revocable beneficiary can be changed by the policy owner. An irrevocable beneficiary cannot be changed…

Interest rates and inflation – how is your portfolio doing?

In a market faced with the highest inflation in 40 years, a potential recession looming in 2023-2024, how is your portfolio doing? Our wealth planning partners, Nicola Wealth are up 6.14% year to date to October 2022 in their core portfolio. This fund combines a wide array of asset classes to combine income cash flow with an aim towards long term capital appreciation and growth. Want to learn more? Elliott Levine, MBA, CFP Levine Financial Group in Toronto We Save…

The markets are falling – again. Now what ?

  We are in a bear market. The Dow Jones has lost 23% since November 19, 2021, the S&P 500 is down 16% since January and the Nasdaq off 27% since November. Inflation is at 6.7% – the highest level in 30 years while wages have remained stagnant. Companies are reporting declining profits due to inflation and slowing consumer demand. Consumers are spending more for basic living expenses (food and gas) and less on discretionary items (televisions, cars etc.). And…

Demystifying Whole Life Insurance for Physicians

Most physicians are incorporated and save money inside their professional corporations. You may choose to invest in stocks, bonds, mutual funds, or whole life insurance depending on your appetite for risk, anticipated rate of return, liquidity, and appetite for paying tax (yes we did just say that). The purpose of this article is to help demystify whole life insurance as a savings, retirement and estate planning tool. What is Whole Life Insurance? Whole life is classified by the Canada Revenue…

Sun Life DROPS OMA disability insurance

In December, Sun Life announced they will no longer be the insurance company dealing with OMA disability insurance. According to the Sun Life announcement, OMA Insurance will be serviced by Canadian Premier Life Insurance Company with the transaction expected to close in early 2023. Who is Canadian Premium Life Insurance Company? According to their website, Canadian Premium Insurance Company insurers over 2,000,000 Canadians, is an A rated insurance company and is an independent subsidiary of Securian Financial Group. Who is…

Its a new year – take a few minutes to update your will.

As a Physician, you have spent the better part of your life building up assets and providing for your family. All too often people don’t think about what happens when they pass away and how to plan. There are two parts of estate planning. First, you need a Will. Second, you need to understand what happens to your assets when you pass away and how can you plan to reduce tax. This article discusses the importance of having a will…

OMA INSURANCE RATE INCREASE

Recently you received a notification from the OMA about a significant rate increase on OMA Disability Insurance. In fact this is the most significant rate increase in over 10 years on OMA Insurance.

Protecting your legacy

Estate Planning: What You Need to Know Courtesy of Nicola Wealth Management – April 2021 Estate planning is a comprehensive process undertaken during one’s life to ensure your assets are transferred to your chosen beneficiaries in the event of your passing. Most typically, estate planning focuses on ensuring that the surviving loved ones are provided for after the death of an individual and that the transfer of assets to intended beneficiaries takes place according to the deceased’s wishes. Estate planning…