We assist our clients with confronting these three fundamental questions from a financial standpoint:
1. What if I die too soon?
2. What if I get sick/become disabled?
3. What if I live too long (outlive my money)?
Personal Services:
Risk Management and Financial Planning
Life & Health Insurance Solutions in Port Moody, BC & Greater Vancouver
Life Insurance
The primary purpose of life insurance is to protect against an economic loss as a result of someone’s death – it is one of the most selfless purchases someone can ever make. In addition to protecting your loved ones, life insurance plays a vital role in other areas such as tax planning, retirement planning, and estate planning.
More information on life insurance can be found HERE.
Income Replacement
Officially known as disability insurance, this replaces your income in the event you are unable to work due to injury or illness. A 35-year-old earning $75k/year has an earning potential of well over $2 million in their working years – shouldn’t that be insured, much like their car or home? An ability to earn an income is your greatest asset and should be protected accordingly.
Critical Illness Insurance
Critical Illness Insurance is a form of health insurance that pays a lump-sum benefit if you are diagnosed with one of the 26+ covered conditions, such as heart attack, cancer, or stroke, and survive for a period of 30 days. Getting sick is expensive; Critical Illness Insurance allows you to focus on your recovery, not your finances. The benefit is received tax-free and can be used however you see fit.
More information on CI insurance can be found HERE.
Long-Term Care Insurance
Long-Term Care Insurance provides a monthly benefit if you are no longer able to live independently (based on the Activities of Daily Living). It allows you to remain in control of your situation and not forced to move into a facility solely based on affordability or availability. The monthly benefit is tax-free and can be put towards a retirement facility, in-home nursing, home adjustments, or any other way you choose.
NOTE: Effective June 2021, LTC Insurance is solely available as conversion from an existing disability insurance policy or critical illness insurance policy with select insurers.
Financial Planning and Consulting Services in Port Moody, BC & Greater Vancouver
Investment Services
Asset Management is a vital component of financial planning and should be handled by a professional. With so many different options out there, access to investments has never been easier for the average Canadian. Our job is to help make sense of it all and steer our clients in the proper direction. We offer ongoing review and service, and are never more than a phone call away. Can’t decide whether to open a TFSA or RRSP? Unsure about how the tax works? We specialize in that, too.
Retirement Planning
Is your retirement nest egg enough? What life expectancy was used in your retirement projections? Gone are the days of only needing to plan until age 80 or even age 85 – lifespans are steadily increasing for seniors. We focus on ways to combat longevity risk (outliving one’s money) and offering the peace of mind needed for an enjoyable retirement. We illustrate various scenarios and find the ideal balance between financial security and lifestyle.
Estate Planning
Estate planning is not simply for someone on their death bed or nearing their latter years – it is about having tax-efficient arrangements in place for your assets in the event something were to happen. Assets on death can go to three different places: Canada Revenue Agency, loved ones, and/or a charity. Our job is to ensure our client’s wishes are met while saving the maximum amount possible on taxes. Estate planning can be viewed as legacy planning – an opportunity to leave an impact for generations to come.
Our Process
Life & Health Insurance
We are fully licensed life & health insurance brokers with access to over 20 different insurers. We are able to find a product that fits the needs of the client in almost every scenario, regardless of financial situation or medical history.
All of our insurance recommendations are based on a thorough Needs Analysis. We clearly explain the various available options, pros & cons, and why we feel the specific recommendation is best for our client.
Investments
Our investment recommendations are holistic and designed to align with the other aspects of our client’s financial situation. This is accomplished through a comprehensive Investor Profile Questionnaire and other pertinent fact-finding documents.
We provide our clients with access to a variety of investment options and outline the pros and cons of each.
Our Fees
Life & Health Insurance
We are compensated in the form of a sales commission directly from the insurance company for which we place our client’s business with. There is no exchange of funds between the client and First Oak Financial as it pertains to the sale of a life or health insurance policy. The commission we receive does not impact our insurance recommendations whatsoever – we have a fiduciary duty to act in the client’s best interest and we strictly adhere to that.
Investments
We are compensated for our investment services in one of two ways:
- A sales commission from the investment company for which we invest our client’s money; or
- A fee-for-service arrangement, negotiated based upon the level of involvement the client would like from us and other relevant factors.
Retirement & Estate Planning
The cost of a retirement plan or estate plan is based on the complexity of the client’s financial situation and will be discussed with full transparency prior to commencing any work.