Good question, long story short, Nifa is a person's name, it is my name :) . Somewhat one of my creative customers coined this acronym and I am glad that this name has become very catchy in the market and reflecting as perfect brand value proposition.
I totally understand that you are young and do not have family responsibilities. However, life happens and no one can tell how and when we will die. If you pass away, the student debt will have to be paid by the parents. Also life is unpredictable in terms of health. Any health condition can hinder you from getting a good price and a more comprehensive plan. You can protect your insurability by getting insurance early.
A life insurance policy pays a tax-free death benefit to designated beneficiaries at the primary insured’s passing.
Generally speaking, you should start saving for retirement as soon as possible because even small sums can turn into respectable savings with sufficient time because of the power of compound interest. Furthermore, you should start with a higher ratio of stocks to bonds because you want to build up your savings while you still have the time. However, as you begin approaching your retirement age, you should start switching to a higher ratio of bonds to stocks because you want to make sure that your savings will be there when you need them instead of being lost to an economic bust of some sort. Check out this calculator which shows the cost of waiting to invest. https://www.financialcalculators.net/ppi/cost-waiting/
Yes, I do understand that you can make big money in real estate, however, if the widow has no money to maintain the properties or if she decides to sell to augment her income and the time is not right for selling, the proceeds from life insurance will help her manage the expenses and provide income. If you are planning to transition wealth to your children and grandchildren, upon death, a person is deemed to dispose of all their assets at fair market value which can result in tax (excludes your principle residence). Assets that pass through the estate are subject to probate fees. Life Insurance proceeds will help the beneficiary to settle the probate fees and other costs associated with the disposition of the assets.
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Workers’ compensation plan usually covers disability which arises from a work-related accident or illness. Your employer’s insurance may not be enough . What if the accident or illness arises outside work? Your ability to earn an income is your biggest asset. If you were to become disabled, how long could you survive without a paycheck? I can help you with the right protection for your income in case of disability. Call me for a no-obligation discussion https://nifaalphonso.thelinkbetween.ca/insurance/insuring-your-most-valuable-asset
Sure, Segregated funds life insurance products sold by insurance companies. The fundamental difference between segregated funds and mutual funds is that segregated funds generally offer a degree of protection against investment losses
Diversification means you don’t have all your eggs in one investing basket, which may help protect you if any part of your portfolio falters. If you invest in just one company whose stock goes bust, then your portfolio will go bust.
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