Family Financial Planning - Gneiss Financial

Family Planning Financial Services

With our family financial planning services we help you build plan that is best suited for your families growing needs. As all parents know, your child and family is dependent on you, and it is your responsibility to take care of him/her even if you are not around. That is why it is paramount for the proper management of your financial affairs. Family financial planning is a multi-step process of assessing your current financial and personal circumstances against what you desire for the future. From there we help you to develop new strategies that help meet your personal goals, needs and priorities in a way that aims to optimize your financial position.

You already know how having your first child is the joy of all joys. Right from the early days of nurturing to good quality education to shape up their future, there are several key milestones in a child’s life that even parents go through in moulding their child into a responsible adult. To achieve such milestones without any hassles, it is imperative that financial planning is done at an early age. Typically family financial planning can include services such as: Life Insurance, Critical Illness Insurance, Disability Insurance, as well as investment strategies such as RESP's and TFSA's

Insurance Options

Life Insurance. A very valuable insurance to protect families in the unfortunate event of death. The sum of money is determined by various personal factors and is also tax-free. Two Types:

Term Life Insurance: provides insurance for a fixed period of time (i.e. 20 years), can also be an affordable way protect yourself. If during this period you pass away, your beneficiaries will be given an amount of money to help pay debts and living costs. Often, you can convert your coverage to permanent insurance despite lifestyle changes.
Permanent Life Insurance: Provides you with lifetime protection while building cash values.

Life Insurance. A very valuable insurance to protect families in the unfortunate event of death. The sum of money is determined by various personal factors and is also tax-free. Two Types:

Term Life Insurance: provides insurance for a fixed period of time (i.e. 20 years), can also be an affordable way protect yourself. If during this period you pass away, your beneficiaries will be given an amount of money to help pay debts and living costs. Often, you can convert your coverage to permanent insurance despite lifestyle changes.
Permanent Life Insurance: Provides you with lifetime protection while building cash values.

Critical Illness Insurance. In the event of a critical illness this insurance may provide income replacement, funds for medical expenses. Some of these illnesses include strokes, heart attacks, and life threatening cancer.

Critical Illness Insurance for children provides you with a lump sum if your child is diagnosed with one of the illnesses covered by your policy. Children are also covered for five childhood illnesses such as type 1 diabetes mellitus and cystic fibrosis up to age 24. After they turn 24, they will continue to have coverage for a long list of illnesses that can strike at any age.

Some plans may also provide a portion of income replacement for a family member that has to take time to car for a critical illness patient.

Disability Insurance. This insurance provides financial support in the unfortunate event that you become disabled. Disability includes serious illnesses, injuries or mental health issues that last short or long term. In addition to government plans such as Workplace Safety & Insurance Board (WSIB), Canadian Pension Plan (CPP), and Employment Insurance (EI), it is important to get extra coverage. You may also have group coverage from work.

Types of Investments

Registered Education Savings Plan (RESP). An RESP is an educational savings plan. It allows you to build up savings to put toward your child’s post-secondary education. To encourage education savings, the Government of Canada and provincial governments provide annual grants based on how much you contribute to your child’s RESP. Combined with your regular contributions, any government assistance deposited in your RESP helps to give a significant boost to your savings. Depending on your family income, you could be eligible for an additional grant. All your investments, grants and interest grow tax-free until they are withdrawn.

RESP's are transferrable, you can designate it to another child in the family, withdraw your original contributions tax free, or transfer your accumulated investment income to your RRSP under certain conditions.

Child Education Savings Plan. As children grow, they are often asked what they want to be when they grow up. Doctors, Engineers, Lawyer, Teachers are some of the popular replies. However, the spiralling cost of education can maim their long-standing ambitions. To meet the educational expenses in a convenient way, we help parents put together a Children’s Education Savings Plan to start at an early age to make sure there is enough funds when they are ready to start fulfilling their educational goals.

Child Plans are special insurance plans that offer maturity benefits along with insurance coverage. These plans provide economic support to meet your child’s expenses at key milestones in their life. Children’s insurance and savings plan are an integral part of financial panning for their life.

Life can be unpredictable; no one can foretell any unfortunate events, that's why setting a target date as well as starting investing early for child plans, and savings plans is crucial to reaching your goals.

Achieve your financial goals.