KELVIN NG INSURANCE
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Disability Insurance for Magicians

5/15/2019

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As many may know,  I am a professional magician for 19 years to this date and I spend a good chunk of my time entertaining audiences of all ages.  

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RESP - Childrens education

5/14/2019

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Do you have a Will?

5/9/2019

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So here’s a crazy stat: 51% of Canadians don't have a Will. You guys, that really alarms me. 

I understand that making a plan for what happens when you die isn’t as much fun as other plans you make in life—like what you’re going to eat at your wedding or do in retirement—but it’s just as important, if not more. 

If you pass away without a will, guess who gets to make the decisions about what you leave behind? Spoiler alert: It’s the government! Do you really think they should decide who gets your kids, your car, or your memories filled with treasures from sixth grade?  

Try to look at a will as the last gift you’ll give your family and loved ones. It makes the management of the things that are important to you simple and straightforward for everyone involved. And it’s the only guarantee that your wishes will be followed. 

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Whole Life Participating quick summary

5/8/2019

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There are lots of topics on this subject, and there are many versions of this policy that make this product good and bad. For my clients who recently got married, starting a family, or bought their first home should think of Whole life par for these reasons.   Here are the benefits of Whole Life Par 20-pay 

Pay in 20 years - policy is paid off.   with setting aside 100/month, 1200 annually, 24,000 in 20 years, you will be guaranteed a payout double or triple times that by the age of 65 if you start at a young age.   Take care of it today and rest assured your legacy will be taken care of. 

Access cash when you need it.   When you get older, more health problems come up and you can have access to the money without the stress of paying it back.   Take a loan when your 65, and then the death benefit pays it off. 

It's not comparable to your retirement savings.  Retirement savings are for things like vacation and maintaining your lifestyle.   Life insurance money is to help build an emergency money aside so that you don't need to take your savings out in times of need. 

100% tax free.  Almost everything grows or that makes money for you is taxed.  Life insurance is one of those only things that grow 100% tax free.  

With Whole Life insurance, you are covered from Day 1 against catastrophic events, yet, it provides a return and an upside that's high enough.  

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Top 10 reasons to get Critical Illness insurance

5/7/2019

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Today I'd like to share the top 10 reasons to get Critical illness insurance.  Coverage like this unlike car or home insurance has upside benefits should you not need to make a claim.  Here they are. ​

1.  Now is the time to lock in premiums. The cost of critical illness insurance plans is on the rise and will only get more expensive as the insurance companies are realizing that customer claims are greater than they expected.

2.  Canada is the only country on the planet where you are given the possibility to get all of your money back if you never make a claim.

3. Applying for critical illness coverage while you are healthy is extremely important because if you are diagnosed with a critical illness before purchasing critical illness insurance you will most likely not be eligible to receive coverage.

4.  Instead of having to work full time while you are ill, you will have the option to work part time, or perhaps you may choose early retirement because you will be able to afford it thanks to premiums from critical illness insurance.

5.  Critical Illness can be used to cover your mortgage or other expenses, such as medical treatment not covered by your provincial health plan while you are critically ill.

6.  There is a 90% chance that you will survive your 1st heart attack, but without critical illness insurance your finances will most likely suffer more than you.

7.  Critical Illness Insurance was not created by the insurance industry, it was invented by doctor Marius Barnard, the first sergeant to perform a successful person-to-person heart transplant. Dr. Barnard invented Critical Illness Insurance to offer patients financial support in case they become critically ill.

8.  Critical illnesses that are covered by critical illness insurance, such as cancer, heart disease and stroke are on the rise, so you are more likely to experience one of these illnesses than ever before.

9.  I will choose the best available critical illness insurance plan for your specific situation, which means that you will pay the least possible amount for your coverage, while being eligible to receive the best possible returns in case you become critically ill.

10.  In most cases an employee benefit plan does not offer critical illness insurance, and in the rare cases where it does, it most likely does not offer sufficient coverage.

article source:
http://www.financialplannercanada.ca/10-reasons-to-get-critical-illness-insurance.html

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My first Life insurance claim

5/6/2019

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Today is a sad day as I make my first claim as an advisor.  Just over two years in the business and with much sadness I am helping my client with a life insurance claim as their 2- year old daughter passed away on Thursday May 2nd, 2019 after falling asleep at daycare and not waking up.  It just goes to show that anything can happen and while I am happy that I am able to help contribute to taking care of their affairs, the loss comes with great sadness and I will miss seeing the young child.  

Do you have Life insurance for your kids?  The likelyhood is so rare but anything can happen.   On the flip side, the child life insurance policy has the greatest long-term cash value. 

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The five main reasons you should NEVER by Mortgage Insurance from the bank

5/5/2019

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Lots of times, mortgage insurance is sold as a quick add-on after you sign the mortgage contract on your new home.   Just like your home and mortgage, Life insurance is a decision that needs to be well thought out.  Most home buyers purchase mortgage insurance through the bank or through their mortgage broker and don’t realize what they are truly buying.

I will share with you 5 reasons why you should NEVER purchase mortgage insurance from the bank. 
  1.  Benefits don’t always pay – about 40% of claims are denied upon claim because there is a lengthy questionnaire that is asked when it comes time to claim.  During a difficult family situation, the last thing you want to focus on is qualifying for a payout.   Personal Life insurance is underwritten upfront.  Once the policy is approved, the insurance company is on the hook to payout upon death. 
  2. Decreasing balance – does it make sense to pay 50.00 for 300,000.00 of coverage and pay that same 50.00 for 150,000.00 years later?  As you live longer, the coverage is less because your mortgage is less.  All makes sense because you want to pay off your mortgage, however you shouldn’t be paying the same amount of premium.   Life Insurance will cover you for the entire duration of the term. 
  3. The bank owns the policy not you.  This is a big one because come at renewal time for your mortgage if you choose a different bank to get a better mortgage rate, you lose the mortgage insurance that you originally had.   Life insurance follows you around wherever you go.
  4. Cheaper – because mortgage insurance is so popular and banks have sold so many of them, the price originally was intended to be lower than life insurance.  Over time, the banks keep increasing their profits and raising the price till the point that Life insurance is now much cheaper than the bank. 
  5. The bank gets paid not your loved ones – You want the benefits to go to your beneficiaries not the bank.  If the policy does payout from the bank, the mortgage is covered, however you will family need to fund your children through school, pay bills as a single income earner, or maybe moving expenses as many families relocate this difficult time.  Life insurance pays the beneficiaries, and then they get to decide on how to best utilize the funds.
 
This is an important article as families continue to go to the bank or purchase through their mortgage broker.  As we live in the digital age,  more and more people are getting educated and can research on their own, however most still purchase through the bank.
Here is a video article done by CBC on further information on this topic.

https://www.cbc.ca/player/play/1552939807/
Finally, I want to thank my customers for choosing me as your advisor and allowing me to service you.   If there are friends in family in your network that you know that have purchased mortgage insurance and can use Life insurance as the better option, I’m offering a 100.00 gift card to a company as a referral fee. 

​Kelvin Ng
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What's your PDQ?

5/4/2019

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Everyone should know their chances of not being able to earn an income. That's what your Personal Disability Quotient (PDQ) calculates—your own chance of being injured or becoming ill that could force you to miss work for an extended period of time. Why is this number so important? Think about it. Your ability to earn an income is your most valuable resource. It's what enables you to fund almost everything else that's important to you . . . your home, your family's lifestyle, your children's education, your retirement. Calculate your own PDQ now—and learn what's really at stake. Then let us offer you some tips on what you can do to prevent disability from taking a financial toll on your family.

​http://www.whatsmypdq.org/

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My First Post...

5/2/2019

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Greetings!  Thank you for stopping by my blog.   I'd like to start off my first post to share with everyone why I do what I do so my clients can understand what drives me.  Growing up my parents always taught me to "spend your money wisely" .  I had no idea exactly that meant or what it would look like however having that ingrained in my head taught me that understanding how money works and planning ahead can really make the difference.  

I also jumped into the Life insurance industry after being in an account manager for 8 years at my former work at SAP.  I was tired of changing clients after every year and each quarter my quota starts at zero.   As the real estate industry in the greater vancouver area is highly saturated along with being a mortgage broker, I learned quickly that the average insurance agent as of year 2016 is 58, so the opportunity to help young families line up their life insurance and living benefits showed up.  In my first year,  my earliest clients were my parents and while my dad was in the process of getting an insurance policy,  he had suffered a mild heart attack while we were on vacation which meant his application got denied.  At this point in time in 2019, he is happy and healthy now and fully recovered after a coronary bypass surgery from one of Vancouver General Hospitals finest surgeons, however he was forced to retire early and medications were expensive.  He was forced to take a chunk of money out of retirement and while he is still retired, a 75,000.00 paycheck would have been nice. 
Statistics show that now almost 1 out of 2 people will get diagnosed with Cancer before the age of 65.  If you include heart disease that number increases.  Critical Ilness is very real and it's equally important as Life Insurance in todays world.   
Thanks for the read! 
​Kelvin Ng

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    Kelvin Ng

    Learning everyday about how to maximize my own financial plan and to share it with others

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