Resources

FAQs

General

What can Craig Stein*, Sun Life do for me?

We provide an easy to access local touch point for insurance and investment products. Instead of a TFSA at a bank, RRSPs through a work plan, then life or critical health insurance with another group, we offer holistic life planning to get everything connected through an internationally recognized organization, Sun Life.

We figure out where you are, where you want to go, and lay out the roadmap on how to get there.

Do I have to pay just to meet with you?

Not at all, let our first meeting be about hearing your story and to figure out if we're the right fit for you.

Insurance

What kind of life insurance do you offer?

Both term and permanent life insurance is offered through Sun Life. Term is generally seen as the right fit for income protection while working. Permanent insurance often makes more sense for estate planning.

How much life insurance do I need?

It depends on your situation. For most people, the starting point is replacing your income for your family if you're gone. Covering debts like a mortgage and making sure the kids are taken care of are also seen as high priority.

A business owner, however, may have to consider protecting a business partner by getting a buy-sell agreement in place, or using insurance as part of an estate or tax strategy.

What is critical illness insurance?

Critical illness insurance pays a lump sum of money if you're diagnosed with a serious condition like cancer, a heart attack or stroke. It’s your choice how to use the money. Recover from treatment, keep the bills paid or adjust to a different work/life balance as required. It’s an option for parents to cover their children as well, in the event they need to take time off work to care for a sick child.

How is that different from disability insurance?

Disability insurance replaces a portion of your income if you can't work due to illness or injury. Many group plan through a workplace may offer some coverage, but it’s potentially not enough.

Wealth

What’s the difference between an RRSP and a TFSA?

Both are great savings tools, but they work differently. With an RRSP, you get a tax deduction when you put money in and pay tax when you take it out. It's generally best for people in a higher tax bracket now who expect to be in a lower one in retirement.

A TFSA doesn't give you a deduction upfront, but the growth and withdrawals are completely tax free. Prioritizing one over the other depends on your income, your goals, and your overall vision for the future.

What is a RESP?

An RESP is a savings account for your kid's education. The government will add a grant of up to 20% on your contributions each year through the Canada Education Savings Grant, up to $500 annually.

What is an FHSA?

A First Home Savings Account is one of the newest investment vehicles offered to Canadians. Needing to be used for a First Home Purchase, it combines the best parts of the TFSA and RRSP. Up to $40,000* may be saved with the benefit of Tax Reduction, but withdrawal of the savings and its investment growth can all be done without having to pay tax. (* Annual Limits do apply to how much can be saved annually)

How do you determine what my money is invested in?

Through our discovery process of getting to know you, we will incorporate an Investor Questionnaire into our conversation to properly assess your Investment Knowledge, Time Horizon, and your Risk Tolerance.