Category: Blog

Demystifying Whole life insurance for physicians

Posted on October 20, 2023 by - Blog

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. The purpose of this article is to help demystify whole life insurance as a savings, retirement and estate planning tool. What is Participating Whole Life Insurance? A participating whole life insurance policy is permanent life insurance where the cash value and death benefit grow over time and can be utilized for retirement and estate planning…

OMA Insurance changes – Questions?

Posted on September 15, 2023 by - Blog

Recently Physicians received a communique about changes to OMA Insurance. We have had many calls from physicians asking about these changes. A few things you should know. According to the OMA, the OMA group disability insurance is now with Manulife. The OMA group term 75 life insurance is underwritten by New York Life and administered by Manulife. How have OMA Insurance rates changed? Over the past 10 years the cost for OMA insurance has increased. With OMA Group disability insurance, there…

Disability Insurance for Doctors

Posted on August 16, 2023 by - Blog

  Being Disabled means you are unable to work due to sickness or injury.  Whether it is a cardiac issue, nervous disorder, complication of pregnancy, a broken bone or pulled disc; anything can cause a disability. For physicians, a disability can be devastating by taking a toll your ability to earn income and this affects you and your family. What is Disability Insurance? Disability can be temporary or permanent. The most common causes of disability include accidents, cardiovascular mishaps, pregnancies,…

Your Will and Probate

Posted on May 18, 2023 by - Blog

When you pass away, your Will dictates how your estate is to be distributed. Upon your death, your will is likely going to be probated. Probate is the word that describes the process of having a Court accept a will as a valid Last Will and Testament and appoint an individual as executor of the estate to administer the estate. Administering an Estate: The individual appointed as executor in your will must apply to the Court for a “Certificate of…

Pickleball injury – now what?

Posted on March 19, 2023 by - Blog

I was playing pickleball on the weekend with a physician friend who slipped and broke his ankle. He said to me “good thing I have disability insurance right?” Disability insurance is designed to protect your most important asset, your ability to earn income. Being disabled means you are unable to work due to sickness or injury and your income determines how much disability coverage you should have. In my friends case, we review his insurance every year or two so he…

Sun Life INCREASES its whole life dividend scale interest rate

Posted on January 25, 2023 by - Blog

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!

Posted on January 18, 2023 by - Blog

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

Posted on December 13, 2022 by - Blog

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?

Posted on November 24, 2022 by - Blog

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…

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