Contracted with
  • Manulife Industrial Alliance
    Desjardins Canada Life
    RBC Insurance Equatible Life
    CPP The Edge Benefits
    Foresters BMO Insurance
    Ivari Sun Life
    Assumption Life SSQ Financial
    TuGo Travelance
    Allianz Global Assistance
  • Welcome to the world of Insurance & Investments

    Plan for your future. Making the best decisions today will help ensure the security of your family and your business assets well beyond retirement. Let me help you.

    Over the past 16 years, I have earned a reputation for helping individuals, families and business owners in the Lower Mainland (British Columbia ,Canada) plan a lifetime of prosperity.

    I specialize in Key Person Insurance , Life Insurance, Mortgage Insurance, Critical Illness Insurance, Disability Insurance, Long Term Care Insurance, Group Life Insurance, Health and Dental Insurance, and Travel Insurance. In addition, Education Savings, Retirement Savings and other tax favored Investments are other important aspects of a sound financial plan which we can help you with so that you have money available at those key moments in life. I can also assist you with all aspects of your risk, retirement, and estate planning.

    I aim to provide top-notch service and to understand each of my clients so that I can help recommending strategies or products that will help you reach your financial goals.

    I serve the areas of Surrey, Delta, Burnaby, Vancouver, Langley, Richmond, New Westminster, Abbotsford, Mission, Maple Ridge , Coquitlam, and Chilliwack.

    Looking for a financial planner you can trust? Personal Attention is closer than you think. Call me today.

  • Testimonial

    "Thank you very much and one very important thing: Your service is wonderful and we are really happy with the whole deal!" - Meenakshi T
    More Testimonials

    Life Insurance

    Life Insurance means putting a monetary value to your life so that in case you were to pass away, those dependent on you could still live on with dignity without having to look for outside financial help. Emotional jolt of death is enough to cope up with and some can't get out of depression throughout their life after losing a loved one. On top, if the deceased was the bread winner of the family, the young spouse has no where to go and no way to support the growing kids. No friend or relative could come forward to pledge to take care of the affected family throughout their life even if he wants too. This is because everyone has their own responsibilities, bills and mortgage to take care of. Life insurance is indispensible and provides you peace of mind. It is an essential aspect of Risk Planning.

    How much do I need?

    To put a value on human life is a very tough. Financial Tools such as Needs Analysis helps to give you an idea what it would take financially for your family to survive with dignity in case you were to pass away today? Your age, liabilities, income, savings and many other important aspects are kept in mind before you get an answer to this important question. Some prefer to do rough needs analysis in their own mind and choose an appropriate figure matching it with how much premium they can afford to pay. The key here is to understand the need for life insurance and be covered. The cost of various types of insurance coverage offered by companies is based to Mortality tables which are uniform for all. Therefore the difference in pricing is not substantial and a quick comparison helps you understand that. Your choice should be based primarily on features. There are many kinds of Life Insurance available today including:

    Term Insurance

    You could select a Term between 10 and 40 years to take care of some temporary needs. This could cover you till your kids grow up or till some liability is paid off. Most commonly used is Term 10/20 or 30 depending upon your need and budget. Term is an excellent product to start with since it is low in cost and usually convertible into a permanent product without an evidence of insurability whenever you are financially comfortable to afford it. It is just like renting a home till you are able to buy one.

    Permanent Insurance

    This kind of insurance is there with you till you are alive. It guarantees to pay a Death benefit whatever age death of an insured occurs. It protects your spouse throughout the journey of life and is a wonderful Estate Planning Tool too. Its amazing how much tax free cash you can leave for the next generation by paying very little today. The usual kinds of permanent insurance are-
    Term Life:
    This is pay as you go term as the name suggests. Many companies are offering limited 20 year payments on this product and also guaranteed cash surrender values.
    Universal Life insurance:
    This type of insurance allows you to choose investments within the policy and is a very good tool for tax-sheltered growth of funds. You can choose Limited 10/ 15 or 20 year payments / payments to age 65 or life pay. You could save for your future while remaining covered at the same time.
    Whole Life Insurance:
    This type of insurance can either be participating or Non- participating. A participating policy pays dividends or credits based on performance of the company. Again there is a choice between Limited and Whole life payments. Both Universal Life and Whole Life policy can give you opportunity for savings that would grow over the long term thus becoming a component of your Retirement Planning too! Many times a combination of Permanent insurance with Term riders added is used to create a perfect product for you.

    Mortgage Insurance

    In case you were faced with death or critical illness what would you rather lose.. your home or your mortgage? Buying a home is the biggest investment which most individuals make in their lifetime. Most of your savings are put as down payment for the home. On top there is a huge monthly mortgage payment. In case of untimely death of the home owner, it is practically impossible for the spouse to take care of growing kids alone and manage all expenses and huge mortgage payments single handedly. This leads to the possibility of a foreclosure by the lender which most of the times leads to depletion of one's own equity since the right price buyer is hard to get in distress sales. This financial jolt of home loss can be taken care by purchasing mortgage insurance. For mortgage insurance, you buy a term insurance equal to or greater than the mortgage amount. The insurance company pays the sum insured to your beneficiary upon your death so that they could pay off the mortgage. The interesting thing in buying personal mortgage insurance is that the balance of your insurance does not keep on reducing as your mortgage gets paid off but remains fixed unlike bank mortgage insurance. Also you own your insurance yourself and name your beneficiary in the policy unlike bank mortgage insurance. This insurance is yours for the entire term and you don't have to buy a new insurance each time you go to a new lender while renewing your mortgage. I have seen people who are stuck with the same lender at high rates because they have grown older and sick now and could not qualify for a new insurance if they changed lenders. If they had their own insurance from an insurance company, they would be free to shop for best mortgage rates upon mortgage renewal since their policy is good wherever they go. Also, a part or whole of the insurance is upgradable into a life term policy if and when you desire usually till age 65. The most advantageous aspect of buying personal mortgage insurance is that you could buy a double coverage, covering both yourself and your spouse each individually for the mortgage amount. The cost is similar to a Joint-first to die policy but the benefit is that if both spouses pass away together, not only the home is free but there is money to take care of the kids too. This is huge and gives you added peace of mind. I also recommend buying a disability insurance to cover your mortgage payments in case of long term illness or injury if you do not have sufficient coverage from work. A critical illness policy is another option that helps to pay off a part/ whole of your mortgage in case you were to get critically ill. Insurance companies also offer bundled products combining life, critical and disability in one product specially to cover your mortgage protection needs. The traditional diminishing insurance balance that reduces as your mortgage reduces is also available with few companies but I recommend level term insurance meaning where insurance balance stays constant throughout the term. This is because in Canada people buy new home after a few years and mortgage balance might still remain high after few years. If you purchased a level term insurance of little more than your mortgage amount, you don't have to buy a new insurance if you were to buy a bigger home few years later. I work with you to determine amount and term that would suit you according to your needs, age and budget. Flexibility is the key here. You get value for your dollar.

    Key Person Insurance

    If you are the Key Person in a business, you are the most important asset that the business owns. The entire business is dependent on your skills and energy. Your loss from the business could be financially crippling and lead to business shutdown. It is advisable to place life insurance on yourself through the business. The intent here is to provide immediate working capital in the company while the business reorganizes to address the loss of key person. The creditors, employees, customers could all be taken care of till your spouse is ready to handle and hire an expert manager so that the show could go on. There could also be provisions for payouts of insurance proceeds tax free to the family through an account called 'capital dividend account'. Key Person Insurance helps you achieve your dreams regarding the growth of your business and its perpetual existence for the benefit of next generations even if you were to pass away / faced with a health condition that renders you physically or mentally incapable of handling the business.

    Critical Illness

    Ever growing stress in our lives coupled with rich diet and lack of exercise is resulting in increased chances of being trapped in a critical illness even if our family history is good. The technological advancement in the world has made the chances of survival from a life altering illness very high. Survival does not mean recovering in a day and getting back to work with no impact on our finances. The road to recovery is long and most of the times requires not only the one affected by the illness but also the spouse to quit / reduce work. We need money to come in at that time to support the climbing medicine bills and on going expenses. Without any financial help at that time , there might be increased stress of going back to work which might lead to worsening of the illness rather than recovery. A critical illness policy pays a lump sum on the diagnosis of a named illness such as Heart Attack, Cancer, Stroke, Kidney Failure, Coronary Artery Bypass surgery, Benign Brain Tumor , Deafness, Blindness, Paralysis, Loss of Limbs, Major Organ Transplant , Major Organ Failure ( on waiting list) Alzheimer's Disease, Parkinson's Disease, Multiple Sclerosis , Loss of Speech ,Coma and Severe Burns. The money is paid if a person survives 30 days after the diagnosis. If not, life insurance policy claim kicks in if you have one and most critical illness policies refund premium paid. There might be one or two extra conditions covered in the product of one company as compared to another but the definitions of each illness are standardized throughout the industry. Similar to life insurance, this policy also had wide choices ranging from Term 10, 20 , Term to 75 or Permanent. We could also add premium refund options. There is a choice of pay to 100 or 15 pay in permanent products offered by many companies. The key here is to have a policy, even if you have taken a Term 10 today, it is upgradable into a permanent product later on. The younger you buy it the better it is since the insurance requires you to be medically very fit at the time of issue. It is hard to get this insurance if you have already got some health issues. There are certain guaranteed issue products also but they come with exclusions which are not a part of a standard critical illness policy. Some companies are also offering critical illness and life insurance policy bundled in one which leads to saving of few dollars due to one policy fee being charged for both products combined in one.

    Disability Insurance

    Disability Insurance as the name suggests is one that brings you cash when you are unable to work because of becoming temporarily or permanently disabled. There are two parts to disability - Injury and Illness. There are some policies which cover both Injury and Illness at the same time while others give you a choice of adding illness to basic injury coverage if you desire. This is only to make it cheaper but the cost is bypassing the illness part of disability. The cost of the disability policy depends mainly on:
    • The definition of disability such as any occupation, regular occupation or own occupation.
    • The coverage itself which could be 24 hours or Non-occupational.
    • The waiting period before the policy starts to pay when disability kicks in ranging from 0 day going up to 120 days or even up to 2 years in some cases.
    • The benefit period which could be 2 years / 5 years or long term until age 65or 70. Some companies extend a part of the insurance till age 90.
    • Your occupation - whether office job or field duties and risk involved.
    • The age and health in case illness is being covered.
    • Whether there is a return of premium included or not?
    The chances of getting disabled are much higher that chances of death and if you multiply your current annual income by number of years you will get how much you would earn over your working period. Say a 35 year old person making $50,000 per annum would earn $ 1,500,000 till age 65 assuming no growth in income over the years. Isn't this earning capacity worth insuring? Disability Insurance is a vital part of any financial plan but it is all the more crucial if you are self employed because there is no coverage from work. There are products that look at your income while issuing the policy and not at the time of claim but there are others that do want to see your income at the time of claim. The pricing and issue classes are different for these. Some companies also offer minimum coverage for people who are not working and for students.

    Combination Insurance

    Some companies are offering ‘bundled’ products now which include life, critical and disability insurance in one policy. This is a very good product for younger families as it provides financial security to the family in case of death, critical illness or long term disability of the person insured. It is an ideal product to cover one’s mortgage as well. The probability of a 35 years old person to die or get disabled or to be diagnosed with a critical illness before the age of 65 is 50%. Any one of the three situations can be very devastating for families with dependent kids. This product comes out to be cheaper than all three insurances purchased separately. There are certain downturns such as less flexibility in choice of disability waiting periods and absence of return of premium riders and after reviewing your situation and preferences, it can be determined if this is the best product for you..

    Long Term Care

    Long Term Care Insurance is one that helps cover a substantial part of the financial consequences associated with failing health that often occurs as we age. The possibility of needing constant care or supervision because of failing health can cause tremendous worry. No one wants to be a burden on his family but certain uncontrollable circumstances that could arise due to age or a prolonged illness or severe accident could force one to do so. This insurance pays a monthly benefit after some waiting period has expired if you are unable to perform usually two or more activities of daily living. These activities normally include bathing, dressing, toileting, eating, transferring and maintaining continence. This insurance offers protection for your quality of life allowing you to maintain independence as long as possible. It allows you to live with dignity and independence even if you get functionally dependent. There could be different amounts of benefit payable if at home nursing care is possible versus if you are required to be admitted into a facility. The cost depends on the benefit amount and elimination period selected.

    Extended Healthcare

    As the name suggests this is an extension to the Healthcare benefits covered by the government. Another name for this kind of insurance is Health and Dental Plans. Some people have these benefits covered from their job. If you don't have this cover from your work or if you are self employed you are always worried about day to day medical expenditure that you have spend from your pocket. Examples of such expenditure are prescription drugs, eye glasses, dental care, physiotherapist, massage therapist, chiropractor, orthotics, psychologist, etc. You could buy a plan for yourself and your family which takes care of these expenses. These plans come with a cost which gets incorporated in your monthly budget and evenly spread throughout the year. Some things such as dental care including regular check-ups and cleaning minimize the chances of things going too bad. If you do not have a plan that covers this, you usually postpone meeting a dentist till a tiny cavity has reached the stage of a root canal. Some companies offer plans that are pre-packaged and others offer plans that could be tailor made according to you needs. The cost of the plan depends upon the benefits and the deductibles that you choose. Usually personal extended-healthcare plans do not cover pre-existing medical conditions which are covered by Group plans.

    Group Insurance

    If you are a business owner, providing extended healthcare plan to your employees gives an added advantage to their job. It is an attraction when hiring good talent and also helps in controlling high turnover of staff to some extend. Your share of premiums is tax deductible as a business expense. You can pick and choose what you want to give to your employees in regards with the benefits and the deductible. The benefits chosen would be Prescription Drugs Eye care, Dental Care, Physiotherapist, Massage Therapist, etc. You also have to decide the maximum limits on various benefits. Most group plans have some minimum Life Insurance and Long- Term disability Insurance mandatory. The deductibles could be as much as you choose, $0 Deductible being most expensive. Co-insurance (for example 80% or 90% or 100% covered) plays a major role in cost of the plan. The insurance companies give you a quote based on average age of your work force and the risk profile of their job. When covering a medium or large group, usually there are no medical questions asked and pre-existing medications are covered too. Moreover even if you design the plan so that some percentage is borne by the employees, they still prefer having it rather than having no plan or buying an individual plan. Larger groups usually get a better price than an individual plan as is. The premium of the plan is reviewed every year and could increase if the claims experience of the insurance company is very unfavorable. Having a good Group insurance plan in place makes your company look better than your competition. It helps in retention of employees as well !

    Travel Insurance

    This is an essential part of a planned vacation. You don't want to find yourself loaded with high medical bills in a foreign country in case you or your family member gets sick or meets with an accident. Emergency medical coverage takes care of your medical bills in case such a thing happens. Some policies exclude pre-existing medical conditions in case you are not stable for the past six months with the condition. As is, it is not advisable to travel in such a condition. A very large sector that buys multi-trip travel insurance is long-haul truck drivers. If you are a truck driver who crosses border often, this insurance is a must. The cost of medical assistance including ambulance services could be very high. This coverage covers you throughout the year at a very low cost. Another form of this insurance is called Visitors to Canada Insurance when covering Non Residents travelling to Canada. It helps to take care of their emergency medical expenditure. It also helps those new immigrants who just landed since the government health plans usually have a waiting period before they cover you. This is usually up to three months in BC. It protects you from draining your funds in your new country in case you are faced with a medical emergency.

    Supervisa Insurance

    Medical insurance for Supervisa is a part of visitors medical insurance with certain mandatory limits set up by the authorities. The medical policy requirements are as follows An applicant must provide satisfactory evidence of private medical insurance from a Canadian insurance company, valid for a minimum period of one year from the date of entry which:
    • covers the applicant for health care, hospitalization and repatriation;
    • provides a minimum of $100,000 coverage; and
    • is valid for each entry to Canada and available for review by the examining officer upon request
    The policy wording should be carefully read for exclusions and covered conditions. I deal with various distributors for Supervisa Insurance including Platinum Plan from TuGo and Premier Plan from Travelance..

    Investments

    Money is needed at various stages of our life most important being down payment for a home, education of your kids and retirement. Unforeseen circumstances resulting from an accident or illness have already been taken care under the insurance sector. Besides, there should always be 3 months expense worth of funds lying in easily accessible investments or cash to take care of sudden unforeseen needs. Retirement is becoming a major concern in our minds today with the near extinction of guaranteed benefit pension plans from work. By the time the young generation today retires, the pressure of huge gray population on fewer young tax payers might lead to a slash down of Old Age Security Pension too. The bottom line is that you need to save. There are many investment options available in the market place but best are the ones which allow you to take advantage of growth in the market while protecting your principal from getting lost. If a 25 year old person saves five dollars every day and invests in an option that bears 5% in the long run he will have approximately $300,000 at age 65 to take care of his old age. This could provide him with an income stream of more than $1500 per month till age 90 invested at the same rate. Insurance companies offer Segregated Funds which have certain guarantees built in upon maturity / death of the investor. There is a wide range from which to choose. I help you choose the funds depending upon your risk profile, investment goals and stage in life. These funds could be purchased as Non-Registered investments or for your RRSP. You could name a beneficiary in these funds. These funds provide best results in medium to long term. If you are nearing retirement and have amassed wealth, you want that money to last throughout your life to take care of your expenses in old age. You could buy an Annuity that ensures that you won't outlive your savings. It helps you cover your essential expenses in retirement and the money flows in on a tax favored basis. Life Annuities provide peace of mind and take away market exposure element from your hard saved money. When it comes to retirement income, most investors prefer and income stream that is guaranteed and annuities give you just that. Some insurance companies also offer Guaranteed Investments for an income stream in which they guarantee a minimum return on your investment or and you can get more if the market returns are higher. Your money keeps growing and you could opt for an income supplement as early as age 55. This investment provides potentially increased income stream to pace up with inflation. It provides tax efficiency if held in a Non- Registered account. There is potential creditor protection too. This tool can provide amazing results if started early in life. This is a guaranteed benefit pension which you create for your own self. Not only there is a need to invest according to your stage in life but there is also a need to review your investments from time to time to monitor the working of your financial plan. Certain types of investments allow the funds to be changed within the investment. Also, needs change time to time and reviews take care that you are addressing your needs according to the changes to make sure that the end goals are attained in a timely fashion.

    Contact

    Do you have questions regarding any of the services I offer? Please feel free to give me a call. Cell: 604-518-4180 Fax: 604-648-9673 Email: info@sonikasaggi.com Office 8885 Mitchell Way Delta, BC V4C 7G7