The funds earned when you sell a capital property for more than the total of its original cost.
This is the total value of your life policy that could grow over time. Your cash value can grow in different ways, depending on the policy that you select.
The process to access payment or benefits that are covered in your policy. Specific coverage is outlined in your Health, Life, or Disability policy.
The interest that you earned from the original amount of money invested.
This is the total amount that you can contribute to specific accounts each year. Some accounts that have contribution limits include TFSA, RRSP, and FHSA.
This is a type of mutual fund, normally held by a corporation. These give investors the freedom to switch between different funds without causing negative tax results, and instead yielding potential advantages.
This coverage can help Canadians or those living in Canada pay the additional costs associated with life-altering illnesses like cancer, stroke, and heart attack. This versatile solution can address a variety of needs for many people at different stages of life. If you’re diagnosed with a covered illness, a CII policy can help you pay for expenses that your provincial health plan or other insurance does not cover. CII pays a lump-sum payment that can be used however you choose. Helping to eliminate the financial burden from a life-changing illness allows you to fully focus on your recovery.
In exchange for a lump-sum premium, an insurance company guarantees to pay you an income for life or as long as the annuity contract specifies. Your income will be secure from both market and interest rate risks. An annuity product protects you from the risk of outliving your money and helps cover basic expenses in retirement.
The person or people that you select to receive your property or funds when you pass away. These individuals are often listed in your will or insurance policy.
This offers financial protection by replacing a portion of your income. You receive a benefit if you’re ever diagnosed with a covered medical illness, mental health issue, or injury that prevents you from working. Disability insurance is specifically linked to your ability to work. It can help you meet your financial obligations while recovering until you can return to work. There are also different kinds of disability insurance coverage available, depending on the policy you select.
This describes a financial strategy where you make varied investments. Having a diverse range of assets allows you to minimize financial risk and increases the possibility of long-term success.
This encompasses your entire net worth, property, and anything that you have a controlling interest in. Estate planning is the process of dividing your assets among your beneficiaries after you pass away.
This tax-free savings account allows Canadian residents to contribute money that will go toward helping them buy their first home.
Employer-sponsored insurance benefits for employees. These benefits provide additional coverage that standard provincial insurance does not. Each plan is different and can be tailored to meet the needs of your business.
Guaranteed interest products have different features, but all are designed to protect your principal investment and earn a guaranteed rate of return. There are both short and long-term maturity dates, as well as a daily interest investment. Guaranteed interest products are an important component of registered and non-registered savings plans, as well as retirement income plans.
Life-altering health events can happen at any time to anyone. While your provincial health plan may cover some of your healthcare needs, this insurance plan is available to cover the remaining costs. Health insurance is a foundational component in developing your comprehensive financial strategy. Help protect yourself and your loved ones from the financial strain of unexpected medical bills with health insurance.
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This insurance policy helps Canadians pay for the increased health care and personal assistance care typically needed later in life. This type of insurance is for people who can no longer care for themselves independently and require additional care over a long period of time. LTCI can assist in paying for nursing care, personal care, and homemaking.
A registered account designed to hold and invest pension assets you and your former employers contributed to. Investment income within the LIRA is tax-deferred, so you won’t have to pay income tax until you withdraw funds. Unlike an RRSP [Pop-up Definition from Glossary], assets within a LIRA are “locked in,” which means you generally can’t make any withdrawals until you reach a specific age.
A mutual fund is a pool of money and investments (e.g., stocks, bonds, and other types of investments) managed by a professional fund manager. When you purchase units in a mutual fund, a professional manager will buy and sell stocks and bonds on your behalf. Fund managers offer extensive experience and carefully select investments to help diversify [Pop-up Definition from Glossary] your portfolio.
This insurance policy offers your family or beneficiaries [Pop-up Definition from Glossary] a set amount of money upon your death. In such a case, with an active life insurance policy [Pop-up Definition from Glossary], your beneficiaries [Pop-up Definition from Glossary] would receive a tax-free death benefit that can be used for any purpose.
This is a contract that offers three important features: lifetime insurance, cash-value growth, and a chance to earn policy dividends. This policy [Pop-up Definition from Glossary] is ideal for individuals with families and business owners.
This is a simple solution to turn some of your savings into scheduled payments. Some payout annuities can be utilized as a convenient form of income through retirement.
This retirement savings plan is often employer-sponsored. It allows employees and employers to contribute pre-tax money for tax-deferred growth for retirement. There are a variety of pension plans, each with different specifications.
This policy provides you with lifelong coverage to protect your loved ones. This coverage never expires, no matter your age or if your health changes. Additionally, over time, your policy will increase in value. Your loved ones are also guaranteed a tax-free death benefit when you pass away. This differs from Whole Life Insurance in subtle ways - contact our team to learn which policy might be right for you.
This is a contract between you and your insurance company. There are many types of policies, each offering different coverage options.
These are the payments you make to an insurance company to ensure that your insurance policy remains active.
This legal process affirms the validity of a will. It also assigns an executor to carry out the deceased's wishes and manage their estate [Pop-up Definition from Glossary].
This savings plan is geared to help individuals who have been previously approved to receive the disability tax credit to save for their long-term financial security.
This tax-deferred account can help you save for a child’s post-secondary education. At any time, anyone can open or contribute to an RESP. An RESP can be used to contribute to a variety of education programs, such as certifications at trade schools or programs at colleges and universities.
This popular savings plan allows you to comfortably save for retirement while receiving a tax break. Actively contributing to an RRSP provides two significant tax advantages: immediate tax savings by reducing taxable income, and future tax savings when withdrawing funds at a lower tax rate.
Segregated funds are large pools of money invested in stocks, bonds, or other securities. This popular investment option is exclusively available from life insurance companies.
This account is designed to help Canadians achieve short-term savings goals while also holding qualified investments. Uniquely, a TFSA can contain a variety of different investments such as mutual funds [Pop-up Definition from Glossary], segregated funds, insurance GICs, and more. This flexible savings account offers the freedom to save money for any reason, with tax-free growth and withdrawals.
This affordable policy provides financial protection for a set period. You have the freedom to choose how long the policy [Pop-up Definition from Glossary] is active; it can range from 5 to 40 years. If you die while the policy [Pop-up Definition from Glossary] is still active, then your beneficiaries receive a tax-free death benefit that can be used for any purpose.
Travel Insurance offers a variety of conveniences that include emergency medical care, trip interruption coverage, and even help with flight delays. The stress and financial strain caused by unexpected emergencies can be especially heightened while traveling. Government health care plans offer limited coverage; however, travel insurance can protect you from unexpected expenses.
This policy [Pop-up Definition from Glossary]offers key financial planning features such as lifelong protection that never expires and opportunities for tax-preferred savings growth. This type of life insurance is a great way to help protect your family from financial hardship after you die.
A type of permanent life insurance that gives your beneficiaries a tax-free payment after you pass away. A cash value component is sometimes included in whole life insurance policies. Your policy’s[Pop-up Definition from Glossary] cash value [Pop-up Definition from Glossary] allows access to additional funds throughout your lifetime. This type of insurance provides you with lifelong coverage, fixed premiums [Pop-up Definition from Glossary], and a guaranteed tax-free death benefit. This policy allows you the peace of mind of knowing that your coverage will remain active and your loved ones will be protected.
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Phone: (519) 969-1133
Email:theworksfinancial@sunlife.com
Address: 2557 Dougall Avenue, Suite 2, Windsor, ON, N8X 1T5, Canada
Office hours: Monday: 8:30 a.m. – 4:30 p.m. Tuesday: 8:30 a.m. – 4:30 p.m. Wednesday: 8:30 a.m. – 4:30 p.m. Thursday: 8:30 a.m. – 4:30 p.m. Friday: 8:30 a.m. – 4:30 p.m;
Our advisory team meets with Clients outside of these hours on an appointment basis.