By: Daniel Enayatzadeh

I’ve definitely heard that question before! ‘’I mean really though, if I wanted to buy $250,000 of life insurance, how much would it cost me?’’.

Let me answer that question with another question: If I wanted to purchase a car, how much would it cost? Do you get my drift? As a matter of fact, it’s actually a little more complex than buying a car. I know, I recently just bought a car!

First things first: your insurance needs will determine how much life insurance you require along with what product line is best suited to you. Depending on the type of life insurance product you require, the cost can vary quite substantially: See this article for more on insurance needs. 

However, for the purposes of this article, I will try to simplify things. There is an old saying in the insurance business that goes something like this ‘’life insurance costs as little as a daily cup of coffee’’. If we average out a no frills cup of coffee at $2/day with an average month being 30 days, it brings us to $60/month.

One of the most popular life insurance products on the market is term life insurance. Term insurance covers you for a set period of time, with 20 years being commonly purchased. If the insurance company knows that you are likely be alive in 20 years, they can offer a substantial amount of life insurance for a reduced cost. The insurance company takes less risk and the client is able to obtain life insurance at a very reasonable price. Everyone wins.

So, back to how much term life insurance costs. Let’s say for example you’re a 40 year old male, who is a non-smoker and wishes to purchase a 20 year term life insurance policy with a face amount of $250,000. You would pay on average $30/month. That seems like the price of half a cup of coffee per day!

Most people are quite surprised by how affordable life insurance actually is. Think about this for a moment; you can protect your family with $250,000 of life insurance for a mere $30/month. In my opinion, it almost seems too good to be true!

As mentioned earlier, the insurance policy you choose to purchase should always be determined after you’ve undergone an evaluation of your insurance needs with a qualified financial advisor. You may sometimes find that life insurance is not the appropriate solution for you.

Daniel Enayatzadeh is a Financial Security Advisor specializing in investment and insurance planning. He can be reached at 514-996-9400 or at [email protected]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

By: Daniel Enayatzadeh

What should I do if I only have a few thousand dollars to invest? Where should I start? This is a common question and a very important one.

​Every multi-million dollar investment account begun with someone saving only a few hundred or a few thousand dollars. There is no minimum amount required to invest your money and if you’ve been thinking about it, then there’s no time like the present to start exploring your options!

Before you begin, ask yourself this:  What is your goal, do you want to invest this money and forget it about it; or are you planning on using the money in the short term?
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Depending on your objectives, this should help you determine how much risk you should take. If you don’t really have a goal, that’s okay too. Not having a goal usually means you may need the money in the short to medium term so keeping things less risky is probably a good idea. Less risky or "safer" investment options are generally referred to in the investment industry, as ‘’conservative’’.

Let’s assume that you will need the money in the short term. This usually means you don’t want to take on too much risk because you don’t have time on your side to make your money back in the event of a large loss.

A licensed financial advisor can guide you on the conservative investment options available to you.

These options may include but are not limited to:
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• G.I.C’s (Guaranteed investment contracts) & other guaranteed investment products
• High interest savings accounts
• A wide variety of conservative mutual funds and segregated funds

The above options requires a conversation with your financial advisor to determine the inner workings of each product and if they fit your particular needs.

I leave you with the encouragement to begin exploring your investment options, no matter how little you start with!

Daniel Enayatzadeh is a Financial Security Advisor specializing in investment and insurance planning. He can be reached at 514-996-9400 or at [email protected] ​

By: Daniel Enayatzadeh

Financial fraud can present itself in many different ways. This article will focus on protecting yourself when dealing with a financial advisor. Before deciding to work with a financial advisor, it’s important to ensure that they are licenced to practice by the AMF (Autorité des Marchés Financiers). You can easily check yourself by searching their name on the AMF website here: http://www.lautorite.qc.ca/

Once you’ve decided to work with someone, do not be ashamed to ask as many questions as you’d like until you gain a strong understanding of the topic. Try and refrain from signing up to anything on the first appointment.

That being said, keep the following red flags in mind because they may indicate suspicious behaviour:
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• You're being asked to write a cheque to the advisor's name or to their company name instead of writing it to a recognized financial institution.
• You’ve been told that this particular investment has been recommended or approved by the AMF or another government regulator. The AMF or others don’t endorse investment products.
• You’ve been promised a guaranteed rate of return which is unusually high.
• You’re being told that there is a deadline to invest into a particular product, that it’s a ‘’now or never’’ type of situation.
• Your advisor becomes impatient or avoids answering important questions you have regarding the product you’re interested in.

If you’re suspicious and something does not feel right, call the AMF and discuss your concerns with them. Their mandate is to protect the public; you can reach them at 514-395-0337.

If you have questions, or would like to share an experience you’ve had, please include them in the comments below. 

Daniel Enayatzadeh is a Financial Security Advisor specializing in investment and insurance planning. He can be reached at 514-996-9400 or at [email protected] ​

By: Daniel Enayatzadeh

Now that December has arrived, many of us are thinking of going on vacation! It’s important to remember that without travel insurance you may end up paying a large medical bill for even the smallest of medical emergencies. 

The following is a list of tips I’ve put together:
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• Check your credit cards or your group insurance at work to see if travel insurance is already included.

• If your current insurance policy includes travel insurance, call your insurer to determine the maximum number of travel days included as part of your coverage.
• Discuss the main coverage, limits and exclusions with your advisor. Particularly if you have a health condition.
• If you have a current medical condition, inquire if your policy will cover your pre-existing condition.
• Make sure to speak with your advisor if you have consulted a physician in the past 6 months, if your health is unstable or if your medication has been adjustment or changed.
• If you are travelling as a family, inquire about family plans which are generally more affordable than buying individual plans.
• Ask your advisor if adjusting the deductible will lower your cost.​
• Be honest. Complete the application as honestly and as accurately as possible.

If you have other suggestions or questions, please include them in the comments below!

Daniel Enayatzadeh is a Financial Security Advisor specializing in investment and insurance planning. He can be reached at 514-996-9400 or at [email protected] ​

By: Daniel Enayatzadeh

Life insurance needs are typically divided into two segments: short term needs and long term needs. An example of a short term need is coverage to protect any debt you’re currently carrying, like a mortgage for example. People often insure themselves for the value of their mortgage so in the event of their death, their loved ones are not burdened with the responsibility of paying off the mortgage. Another example of a short term need is money for your partner. Whether it be a romantic relationship or a business one, the death of either partners can have a significant impact on the survivor’s ability to maintain their lifestyle or to maintain the business. Having money assigned through a life insurance policy provides a much needed parachute during what is usually one of the most challenging moments in someone’s life.

A long term insurance need can be a legacy gift you’d like to provide to an organization that is dear to you.

There isn’t a quick answer to how much life insurance someone requires or what type of life insurance product is appropriate. Whether it’s for long term or short term needs, your insurance needs are established after we’ve undergone a detailed assessment of your personal and financial situation.
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Daniel Enayatzadeh is a Financial Security Advisor specializing in investment and insurance planning. He can be reached at 514-996-9400 or at [email protected] ​

By: Daniel Enayatzadeh

​Most of us would like to save money at the end of the month. The following is a list of tips I’ve put together.
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• Before buying something new, ask yourself: Is this a need or a want? If you don’t need it, wait a few days and reevaluate. 
• When you’re out, carry portable snacks, like vegetables or granola bars to avoid buying food impulsively.
• Do your grocery shopping with a list, and stick to it.
• Use cash more often than plastic. Studies show we spend less when we use cash.
• Track your expenses for a few weeks, try to identify wasteful spending trends.
• Evaluate any subscriptions or memberships you don’t really need.
• Look out for sales and buy in bulk.
• Explore generic brands.
• Incorporate more vegan meals into your diet.
• Create a plan to eliminate any credit card debt.
• Review your insurance policies.
• Have something lying around that you don't need? Sell it!
• Don’t be afraid to ask a friend for advice on how they save money.​

​How do YOU save money? Include your tips in the comments! 

Daniel Enayatzadeh is a Financial Security Advisor specializing in investment and insurance planning. He can be reached at 514-996-9400 or at [email protected] ​

By: Daniel Enayatzadeh

Most people fail to realize that the tax deduction you receive from contributing to your RRSP can be carried forward to later in life, even when you’re no longer eligible to contribute. Age 71 is the final year in which you can contribute to an RRSP and receive a deduction. Therefore, this final year can be utilized to lower your income later in retirement and by consequence reducing the potential clawback of government benefits, like Old Age Security.  

If you are approaching age 71 and will be shutting down your RRSP for good, it's advisable to consult with your financial and tax professionals to inquire if this strategy is right for you.

Your final RRSP contribution must be made by December 31st of the year you turn 71. 

Daniel Enayatzadeh is a Financial Security Advisor specializing in investment and insurance planning. He can be reached at 514-996-9400 or at [email protected] ​

By: Daniel Enayatzadeh

According to a survey by the Financial Consumer Agency of Canada, 8/10 young Canadians said they are not confident in their knowledge of financial literacy.

That being said, it’s almost never too early to teach your kids about budgeting, debt and saving. You can start by talking about your own finances, this will help put money into perspective. Talking about how you organize your budget, what you’re currently saving for, even how you pay bills, will help make the whole topic clearer.

Daniel Enayatzadeh is a Financial Security Advisor specializing in investment and insurance planning. He can be reached at 514-996-9400 or at [email protected] ​