tag:cindybowden.com,2005:/blogs/triple-play-planning?p=2Triple Play Planning2023-10-02T10:04:38-04:00Cindy Bowden Insurance and Benefitsfalsetag:cindybowden.com,2005:Post/72359812023-07-02T14:12:04-04:002023-07-02T14:12:05-04:00Little mistake. Big problem?<p style="text-align:center;"><o:p></o:p></p><p><span lang="EN-US"><img src="//d10j3mvrs1suex.cloudfront.net/s:bzglfiles/u/311111/b6f5a81055a0d4ded53d2cc6928e857ddc788505/original/image.png/!!/meta%3AeyJzcmNCdWNrZXQiOiJiemdsZmlsZXMifQ%3D%3D.png" class="size_l justify_right border_" />After being approved for a U.S. visa, a friend of mine got her passport back from the consulate, turned the page, and gasped, ‘That’s not my photo!’ (True story!)</span><o:p></o:p></p><p><span lang="EN-US">You’d never think that an error like that could happen, especially in such a tightly controlled environment, but the fact is, mistakes do happen.</span></p><p><span lang="EN-US">If there are people involved, there’s the chance of human error – and if there are computers involved, well, there’s the chance of computer error! It’s understandable though… we live in a time when there’s more pressure on everyone to get more done in less time. Even computers get overwhelmed!</span><o:p></o:p></p><p><span lang="EN-US">Passport photos can be swapped out, but errors can also happen in the insurance industry, and unless you’re always following up on things, mistakes like this can have really disastrous impact. </span><o:p></o:p></p><p><span lang="EN-US"><strong>Who does this?</strong></span></p><p><span lang="EN-US">When I was just starting out in the insurance business, ‘something’ happened that resulted in a client’s policy being cancelled. Neither we nor the client were notified. We got it fixed.</span></p><p><span lang="EN-US">Ever since that happened, we started maintaining a Policy Summary Chart for each individual client. It lists not only the expiry dates of all the different policies that the client holds, but also the details such as important clauses, coverages, riders, and more.</span><o:p></o:p></p><p><span lang="EN-US">It may be possible to keep track of these things if the agent only ever deals with one insurance company – and even then, things can slip through -- but I go out of my way to mix and match policies to the best advantage of my clients. It’s a big part of the human-centered, personal service that we take pride in.</span><o:p></o:p></p><p><span lang="EN-US">Using this system, we’ve been able to reinstate a client’s policy that had been canceled by the insurance company because they didn’t process the payment properly. I’ve caught gaps in coverage that would have been near impossible to spot otherwise. And I’ve been able to negotiate special rates and benefits with insurance companies because of information we have at our finger tips. </span><o:p></o:p></p><p><span lang="EN-US">As in my last letter, I have to ask, ‘who does things like that if they don’t actually ‘have to’’? I do… because real, human-centered, personal service is the right thing to do. </span><o:p></o:p></p><p><span lang="EN-US">So enjoy the wonderful weather we’re having, and relax. I got you!</span></p><p><span lang="EN-US">Sincerely,</span></p><p><span lang="EN-US">Cindy Bowden, CLU, CH.F.C.</span><o:p></o:p></p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/71276332022-12-23T13:39:24-05:002022-12-23T13:39:24-05:00Who does this anymore????<p><img src="//d10j3mvrs1suex.cloudfront.net/u/311111/a28550ce27f45f588d2553897898901ccb598a14/original/pexels-sam-lion-6001390.jpg/!!/meta:eyJzcmNCdWNrZXQiOiJiemdsZmlsZXMifQ==/b:W1sic2l6ZSIsIm1lZGl1bSJdXQ==.jpg" class="size_m justify_left border_medium" alt="" />It’s that time of the year… the time I reach out to all the people in my network and say ‘thank you’ by sending you your very own pocket planner -- yes, that old fashioned relic of an analog booklet that you actually write in by hand! Who does that anymore? Well, I do! </p>
<p>In today’s day and age where everything is digital, some people might say that pocket planners are obsolete and relics of the past. </p>
<p>True, you probably have a calendar on your phone and/or computer for alerts and notifications. But every year I send out the pocket planner, people -- both young and, uhm, more mature -- tell me about all the ways that they’re using them… like a gardening log, and keeping track of food intake or fitness workouts, and trip or mileage notes. </p>
<p>Personally, I think the pocket planner is my way of bucking the ‘everything digital’ trend… because you know what else nobody seems to be doing anymore? </p>
<p>Real, human-centered, personal service </p>
<p>You can’t get that kind of service from an online form, but you know who still does that? I do, that’s who. </p>
<p>That’s how I’ve conducted my business for over 35 years… because it’s just the right thing to do, especially in insurance where there is no line between personal life and professional life. </p>
<p>And that’s why I’ve done things like an annual detailed analysis of company reconciliations by administrators and helped avoid the company being red-flagged by the CRA. I’ve pushed the insurance company to investigate the application of a small print clause in a death claim. I have also helped the spouse of another client write the cover letter for a claim when she was too confused to write it herself. </p>
<p>Who does things like that for others if they don’t actually ‘have to’? I do… because real, human-centered, personal service is the right thing to do, no matter how digital the world becomes. So please put your pocket planner to good use. And feel free to call so we can chat about real-life things over a cup of coffee! </p>
<p>I wish you the happiest of holidays!</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/68502222021-12-23T14:47:12-05:002021-12-23T14:48:18-05:00What do shipping and supply chains have to do with insurance and Christmas? <p>Did you know that the whole idea for insurance started out with the Phoenicians? They depended heavily on trade. Because shipping was expensive, and there was always the risk of losing ships and their cargo, they needed a way to mitigate those risks. Voila insurance! (Smart people, those Phoenicians!) </p>
<p>The ancient Romans were the first to take the concept of marine insurance and apply it to individuals. They created “burial clubs” to help cover the cost of members' funeral expenses and assisted survivors financially. </p>
<p>See, the Romans were smart too! They knew, like all smart people know, that ‘things’ happen. </p>
<p><img src="//d10j3mvrs1suex.cloudfront.net/u/311111/85f2391e6aabe6a1a43e2f1c27c89ac00e61d199/original/2007-pocket-planner-letter-nov-14-07.png/!!/meta:eyJzcmNCdWNrZXQiOiJiemdsZmlsZXMifQ==/b:W1sic2l6ZSIsImxhcmdlIl1d.png" class="size_xl justify_none border_medium" alt="" />Who would have expected disruptions in the supply chains that so many companies are grappling with now – which is the reason why I’m not including the pocket planner with this letter as I usually do. (But don’t worry… I now expect to get them in January!) </p>
<p>I was thinking about this as I was doing a needs analysis for a young family expecting their first child. As soon as I looked at their existing coverage, I could see there were major gaps in the policies they had through their group plan at work. Who cares when you have no obligations? But with a baby on the way, those gaps were a little more troubling. Now with the new policies I put in place, the child can grow up more carefree… </p>
<p>Then there was the case of the woman who I started working with 25 years ago to help her grow $200k in savings into $500k in a conservative manner to help create her retirement income. </p>
<p>You see, insurance has become so much more all-encompassing since the days of the Romans or the Phoenicians. But it still is the smart way to handle the unexpected. You don’t get that with group plans alone. Nor do you get it from the ‘one-size-fits-all’ policies available online. </p>
<p>It takes smart thinking like I was trained to offer you as part of my training as a Chartered Life Underwriter. Because, despite the lingering effects of COVID, the supply chain issues, the icy sidewalks, and everything else that can happen… I want to help you have as carefree a holiday as you can! </p>
<p>And I promise to get your Pocket Planner to you as soon as they get shipped to me! You can count on me for that just like everything else I do for you! I wish you the happiest of holidays!</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/67021972021-07-30T08:45:31-04:002021-09-18T12:28:02-04:00At what age were you ‘ready’ to hear professional financial planning advice?<p><img src="//d10j3mvrs1suex.cloudfront.net/u/311111/7bb8945fa31c76abe57e6db0b298f81419dc8a5a/original/youngplanner.png/!!/meta:eyJzcmNCdWNrZXQiOiJiemdsZmlsZXMifQ==/b:W1sic2l6ZSIsImxhcmdlIl1d.png" class="size_l justify_right border_none" alt="" />A few months ago, a client asked me to chat with their 20-something nephew about financial planning. He understood that he did not truly understand the complex financial situation that young people face today. In some ways, it’s no different than it would have been 30 years ago, but in other important ways it’s very different. I have two children around that age, so I know! </p>
<p>My client knew that my experience as a CLU -- Chartered Life Underwriter -- with expertise in tax planning, investment strategy, insurance and group benefits would provide the right holistic overview that was needed. And just as importantly, my decades of experience through 7 economic downturns gave me the right kind of perspective to create a strong financial foundation for long-term. </p>
<p>I have worked with young people at the start of their professional career many times and each time it has been as rewarding for me as for them. </p>
<p>I was immediately impressed with this young professional. He had already managed to squirrel away some savings and was serious about balancing short-term impulses with long-term goals. </p>
<p>We reviewed his current group benefits plans. The fine print would make most people’s eyes glaze over, but I was able to pick out the advantages and the shortcomings pretty quickly. He was eager to learn about when and how to take advantage of tax-free assets like TFSA’s and RRSP’s. And, I was able to get him into a life and disability insurance plan at super low premiums while still enabling him to get additional coverage later on without medical evidence. (One of his friends had hurt his back on the ski hill, so he totally understood the value of that!) </p>
<p>We then had a conversation about marriage, family, buying a home, and possibly starting his own business – things he admitted he would never be able to talk about as openly with his own parents. </p>
<p>That’s when I thanked him for trusting me to work with him. I thanked him because it made me feel good to know that my experience, expertise, and perspective was so helpful. </p>
<p>And afterward, my long-standing client thanked me too, because they felt they had also made a positive difference in this young person’s life by introducing us. </p>
<p>Do you know a young person who’s ‘ready’? Because, you know, I’m here to help. </p>
<p>Sincerely, </p>
<p>Cindy Bowden, CLU, CH.F.C. </p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/65102962020-12-30T13:25:22-05:002021-10-01T12:15:04-04:00Mann Tracht, Un Gott Lacht<p><strong>“Mann Tracht, Un Gott Lacht”</strong> is an old Yiddish proverb that means, “Man Plans, and God Laughs.” The paradox of planning has never been more stark than in the past year. With unexpected lockdowns, travel cancellations, and all this other craziness from a year with COVID, you might be tempted to throw up your hands in defeat. </p>
<p>That’s certainly what was going through my mind when I put in my annual order for Pocket Planners to send to you. But there’s still a good reason to plan… and it can be summed up in one word: ‘HOPE’. </p>
<p><img src="//d10j3mvrs1suex.cloudfront.net/u/311111/433fa7396d3f0a7eca481a031f5f581fd29096ea/original/butterfly.png/!!/undefined/b:W1sic2l6ZSIsIm1lZGl1bSJdXQ==.png" class="size_m justify_left border_" />Now, if you thought I was going to talk about returns, insurance, and safety nets, well, let me say that all of that would be true, but nothing is more important than staying hopeful. </p>
<p>Planning lets us imagine a future for ourselves and hope for the best, while safeguarding against the worst. </p>
<p>Without hope, there is no need to plan. Without planning, there is no hope. </p>
<p>We will get through this, and I want to help you take advantage of as much as you can, as soon as we can. </p>
<p>My wish for you this holiday season is for you to stay hopeful for an amazing year in 2021. Yes, you can open up your pocket planner right now, turn to a date, and write the first thing that brings a smile to your face… </p>
<p>Happy Holidays to you and your family, from me and mine. </p>
<p>Sincerely, </p>
<p>Cindy Bowden, CLU, CH.F.C. </p>
<p>P.S. If you’re having trouble thinking of something to put in your pocket planner, or if you want to share what you wrote with me, feel free to give me a call at (905) 477-8029 x239. That’s what I’m here for!</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/64455482020-09-29T17:46:20-04:002022-05-18T10:26:45-04:00It's going to be OK!<p>In all my years as an accredited Chartered Life Underwriter*, I’ve been through seven recessions. And while this one is very, very different in some respects, it’s already showing many similarities to all seven I’ve had the good fortune to live through. </p>
<p><img src="//d10j3mvrs1suex.cloudfront.net/u/311111/0b53f80f37d89797b857421959b5297016bf76f5/original/pexels-victor-freitas-1765714.jpg/!!/undefined/b:W1sic2l6ZSIsInNtYWxsIl1d.jpg" class="size_s justify_right border_" />Look, this COVID thing is anything but fun, and if you or someone close to you has been personally affected, then it’s downright terrible. But I say ‘good fortune’ because each recession has taught me a very valuable life lesson, and each one has helped me make at least one positive change in my life. </p>
<p>What’s more, I’ve often been able to help my clients take advantage of the kind of financial opportunity that always seems to show up just when things are most chaotic and uncertain. In fact, it’s times like that that prove the need and validity for insurance and my approach for serving clients like you. </p>
<p>But that’s not what this letter today is about... Today, I’d like to focus on the life lessons I’ve learned and the positive changes I’ve made. Maybe you’ve made similar changes? </p>
<p>Already, my family is closer than we’ve ever been. We talk more at the dinner table, (instead of watching television), we walk more and have discovered new things in our own neighbourhood, and we are prouder than ever to live in a country where we actually care about each other and have the support systems to show it, (unlike you know who). </p>
<p>I truly believe we will get through this. We will come out the other side, possibly stronger and smarter than ever. And, perhaps most importantly, we reinforce our relationships with the people who matter most to us – and find out how we can help, sometimes in ways that go well beyond the typical client advisor relationship. </p>
<p>Like the time I helped a client move… or the time I helped a client sell her house… or the time I facilitated a difficult family discussion… THAT is what this letter is really about. </p>
<p>Over the next few months I am going to do my best to call each and every client. It make take a while, so it would make me even happier if you call me first. Here’s my number: (905) 477-8029 x239 </p>
<p>Sincerely, </p>
<p>Cindy Bowden, CLU, CH.F.C.</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/60081742019-12-13T10:25:13-05:002021-08-19T12:46:02-04:00Does Santa flies randomly from house to house? <p>Santa has a lot of houses to visit — and only one night to do it all. The only way he gets it all done is with a plan. Sure, the elves help him make the toys, but it’s his wife, Mrs Claus, who does all the strategic planning and mapping of routes. (I am always amazed to learn that most people don’t know this!) </p>
<p>People have a similar challenge: we have so many things to do as we head toward retirement — and only one life to get it all done. That’s why each and every one of us would benefit from a plan. </p>
<p>Basic retirement calculators that the banks all have on their websites only work with one dimension — investments. But life is more complex than that! That’s why my experience as a CLU can help you uncover a lot more opportunities and paths to help you get where you want to go…. by the time you want to get there! </p>
<p>But really, my value to my clients comes from my experience in working with literally thousands of people in different circumstances and with different goals, priorities and desires. The truth is, I know what questions to ask based on who you are as a person, not a number! </p>
<p>I have seen clients dramatically and subtly change their approach to life and business, often unconsciously, to move toward goals we helped establish and clarify. </p>
<p>Come to think of it, recently as part of an analysis, I created a list of things that people in business need to think about as they transition out of their business and/or occupation. Two clients told me they changed the agenda for their quarterly business meeting to focus only on my list. They found it incredibly helpful, and resolved to take specific actions to create continuity and secure the future of their clients. </p>
<p>Look, I know it’s easy to get distracted by what you have to get done TODAY, and that makes it hard for you to give planning for tomorrow the focus it needs. Many people get stressed out when they think of planning, but the truth is NOT having a plan is way more stressful! That’s why it just may be the best gift you give yourself! That’s why the best way to get it done is simply to book a planning session with me. (You can call me Mrs. Claus!) </p>
<p>You wouldn’t want Santa to fly randomly from house to house, and I’m sure you don’t want to stumble into retirement, only to realize a few simple things you can do now could have made such a big, positive difference! </p>
<p>Enjoy your pocket planner as a small token of my appreciation for the trust you place in me as your advisor… and friend. I wish you the very best and happiest of holidays. </p>
<p>Sincerely, </p>
<p>Cindy Bowden, CLU, CH.F.C.</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/59063452019-09-26T13:15:14-04:002021-09-21T16:48:44-04:00Help keep roller coasters in amusement parks… <p>…and by that I mean out of your retirement strategy!!! </p>
<p><img src="//d10j3mvrs1suex.cloudfront.net/u/311111/65f295d529840d24e25b3e2487095fad70819057/original/2019-09-04-v5-final-cindy-bowden-fallletter-photo.jpg/!!/undefined/b:W1sic2l6ZSIsIm1lZGl1bSJdXQ==.jpg" class="size_m justify_right border_" />Look, we all know just about everything ebbs and flows, or swings in cycles – the seasons, economic activity, political leanings, interest rates… everything! And if you take a look around, you’ll notice that those swings have become more intense, turning everything into a wild roller coaster ride. </p>
<p>It’s undeniable that weather events are getting more intense, politics are getting more polarized, and who knows what will happen with climate change, personal health, job security, global competition, Brexit, Hong Kong demonstrations, and Russia’s not so secret ambitions to carve out a piece of Canada’s north!? (And that’s just the short list!) </p>
<p>You can’t control world events, but you can take one simple step to control your retirement income. How? Easy – with a guaranteed lifetime income annuity that matches your fixed expenses so you know that no matter what happens, you’re going to be ok. </p>
<p>If that’s not reason enough to consider a lifetime guaranteed annuity, here are three more: </p>
<ol> <li>It can be indexed to make sure you keep pace with inflation; </li> <li>Neither you nor your spouse will outlive it, so you will never have to worry about running out of money, regardless of ‘who goes first’; </li> <li>It offers tax advantages over traditional estate transfer options (if you structure it correctly). </li>
</ol>
<p>Oh, and one more reason… if you’re the type who actually likes roller coaster rides, you can get a guaranteed lifetime annuity for fixed expenses and still leave funds in your RRIF in case you want to access capital or play the market or help your kids with the purchase or a home or buy a boat or, well, whatever you want! </p>
<p>The key is to set it up right, and that’s where my designation as a Chartered Life Underwriter and my experience are so valuable to clients. </p>
<p>Call me at (905) 477-8029 x239 to see if and how a guaranteed life annuity can help you flatten out some of the wild swings in life, because let’s face it, roller coasters can be fun… but not in your retirement strategy! </p>
<p>Sincerely, </p>
<p>Cindy Bowden, CLU, CH.F.C.</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/59062892019-09-26T12:41:40-04:002019-09-26T13:15:25-04:00Nobody likes to be backed into a corner… <p>Being backed into a corner always puts you in the worst possible position. That’s true in the boxing ring; it’s true when you’re painting your house; and, it’s true in retirement planning. </p>
<p>And in a few years, that’s exactly the position you’ll be in… unless you do a bit of planning today. </p>
<p>Here are three example of what I mean: </p>
<p>By law you have to do something with your RRSP assets by the end of your 71st year. They have to be converted from an accumulation account with ongoing contributions to some form of taxable income. Wait until the government forces your hand and you’ll be scrambling, but maximizing your nest egg so you have more to convert may be as simple as matching your investment and insurance maturities with the number of years before you turn 71. <br>Do you have renewable term life insurance? These contracts usually have a non-medical conversion clause that expires at age 65 or age 70. Wait for the deadline and then you have nothing... but you can convert some or all of your life insurance to a product that doesn’t terminate before you do! It just takes a little paper work to make the switch. <br>10-year policies that renew when you are in your late 50’s and 60’s have huge premium increases. If you wait for the notice like many people, you’ll probably just allow your coverage to lapse because it’ll be too expensive to maintain. But we might be able to convert your insurance now into a policy that’s both affordable and permanent. </p>
<p>All of these examples show that by waiting until you are forced to act, you end up getting backed into a corner. To avoid that, all it takes is a little planning – and I really mean ‘a little planning’. This doesn’t require long and involved strategizing, as long as you work with someone who knows what they’re doing and can quickly analyze all the things that go into planning for these types of events and more. </p>
<p>You see, my CLU professional designation means that I have broader knowledge about financial planning and insurance than most brokers, but what I believe has been so beneficial is the deep understanding I have of what people actually need – whether you are just starting out in your career, in your peak earning years, or in retirement. I really see the big picture! </p>
<p>Sincerely, </p>
<p>Cindy Bowden, CLU, CH.F.C.</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/57926502019-06-15T09:34:33-04:002019-06-15T09:34:33-04:00How to know if an advisor is right for you… <p>I was recently in a workshop in which the participants were asked, ‘what is the most valuable thing you do that your clients don’t even see?’ </p>
<p>The responses were incredible – it made me realize how much we all do that most people never see, let alone appreciate. I bet that in your life and business, there are more than a few things that you do that no one notices – and yet you do them anyway because it’s part of who you are and what you feel is important to provide truly superior service. It’s just the right thing to do. </p>
<p>And that got me thinking about four key questions you can use to evaluate anyone in an advisory role, not just financial services, to see if they’d be a good fit for you. Here they are: </p>
<ol> <li>
<strong>Do they have time for you?</strong> Time truly is our most precious commodity – and for good reason. If we don’t have time for our clients, we can’t truly get to know them. And if we don’t really know them, we can’t give them good advice. That’s why I prioritize time with existing clients over time spent on business development. </li> <li>
<strong>Do they have the life experience</strong> to have the long view? Someone with experience of only the last upturn or downturn can’t possibly have accumulated the kind of wisdom that only comes with years (and years) of experience. Not only do I have several decades in the business, I also work with people at every stage of life and business – from just out of school to just into retirement. Yes, you can say that’s given me a unique perspective!!! </li> <li>
<strong>Are they prepared to get into the details?</strong> In many fields, it’s often the details that make the difference between success and failure. In insurance, the details are in the contracts. That’s why I read them all, word by word, phrase by phrase. And that’s why the claims I make get paid, even if I have to challenge the company. </li> <li>
<strong>Do they have expertise in related areas?</strong> The truth is that no area of expertise stands on its own – every decision you make in one area has an impact on another area. This is why my designation as a Chartered Life Underwriter is valuable to my clients. The Chartered Life Underwriter (CLU) is widely recognized as the highest level of accreditation in the life insurance profession. CLUs are professional financial advisors equipped to provide insurance and benefits solutions for businesses, employees, families, and individuals. </li>
</ol>
<p>I hope these questions help you evaluate all the advisors you have in your life and business. Let me know what you think about them. And if you want to chat about any one of them, well, take another look at question 1. That’s what I’m here for!</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/57926482019-06-15T09:32:50-04:002020-10-13T03:02:44-04:00Can you name one special relationship in your life? <p>This is the time of year when we give thanks for what we have been blessed with, help others in need, and spend quality time with the people who are special to us. That got me thinking about the special relationships I have with my clients. </p>
<p>Now you might be thinking, ‘what kind of special relationship would an insurance agent have with their clients? Let me tell you about ‘Clara’… I first started working with Clara when she was in her fifties, and I was in my twenties. She was the executive director of a not-for-profit, a single woman with no kids – a classic example of a caring daughter caring for her aging parents and others in her family. I felt a kind of empathy with her genuine desire to help others. </p>
<p>When she told me that she wanted to retire early, I sat down with her and gave her the difficult news that she didn’t have enough money, but there was still a way she could do it. I helped her build a balanced portfolio with strategic investments that allowed her to retire when and how she wanted – well before the age of 65. Come to think of it, Clara was the first of many clients I helped to retire early. </p>
<p>When it came time to organize her legal documents, I took her through the process of getting her will in order, identifying the right person to have power of attorney, and helped her find the best people for her legal and accounting team. When she wanted to sell her cottage at a price that I felt was much less than fair, I stepped in and helped her get a much, (MUCH!), better deal. </p>
<p>When Clara turned 91, her power of attorney helped move her into a retirement home of her own choosing and we believe she will have sufficient income and capital to be comfortable for the rest of her life. All the conversations Clara and I have had, and planning we have done, have allowed her to move into this next stage of her life with confidence. She continues to be one of my favourite people. </p>
<p>It’s true that as a CLU, I am uniquely qualified to advise my clients on multiple areas related to wealth and retirement, beyond just life insurance, but my relationships with my clients go well beyond that. I truly see myself as the ‘custodian’ of your financial well-being. </p>
<p>Enjoy your pocket planner as a small token of my appreciation for the trust you place in me as your advisor… and friend. I wish you the very best and happiest of holidays.</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/53806162018-08-09T10:39:15-04:002018-08-09T10:39:15-04:00Are you ready to get real about retirement? <p>By Cindy Bowden </p>
<p>It’s spring – and tax time. Chances are you are getting advice from multiple different advisors about your tax and financial planning. And chances are, it’s all good advice… but some of the advice from one advisor may conflict with that from one of your other advisors. Or it may be too narrowly focused on one specific area of expertise. Or it may be overwhelming. Or it may not address the real issues of what you need to retire well. Or your other advisors may not be ‘strong’ enough to ask you the real questions to get the plan you need… </p>
<p>Retirement planning is one of the most challenging things you’ll ever do, and that’s what makes it one of the easiest things to put off until ‘next year’. </p>
<p>There’s always next year, right? Well, yes there is. But, is that what you really want? </p>
<p>I am challenging you to get real about retirement right now. If you have a plan, the time is now to review it to make sure it’s as comprehensive and realistic as it can be. If you don’t have a plan, the time is now to get one. </p>
<p>Just do it. </p>
<p>You see, my CLU professional designation means that I have expertise in multiple areas of financial and estate planning, as well as insurance – I truly see a bigger picture than other kinds of advisors who may only see your portfolio from a singular point of view. </p>
<p>‘Next year’ is not a retirement strategy. </p>
<p>It’s never too early to get real about retirement planning – but it’s not too late either. If you’ve been putting it off, the best time to get real about retirement is right now… literally, this minute. </p>
<p>If you’re ready to get real about your retirement, start here: (905) 477-8029 ext.1.</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/53806152018-08-09T10:38:47-04:002018-08-09T10:38:47-04:00Read this if you have benefits. Read this if you don’t have benefits. <p>By Cindy Bowden </p>
<p>Most of us wouldn’t dream about going through life without some kind of benefits package. One of the biggest benefits of a group plan is that you can get the health and dental coverage you need without having to qualify or provide medical evidence. </p>
<p>There are several plans to choose from. Some are good and a few are even great… but you have to know where to look and how to put together a plan that actually serves the needs of the individuals who need to be covered. It’s my job to look at the fine print to make sure plans suit my clients, their families and their employees. </p>
<p>In many cases, I can create a group plan through your incorporated company, whether it’s for one person, one family, or a whole team. This allows you to pay for your medical and dental services with before tax dollars AND allows you to deduct the monthly premium as a legitimate company expense. </p>
<p>And if you have access to another group plan or insurance, I can help you balance it all so you don’t pay for coverage you don’t need, nor are you missing coverage you really do need. Only a CLU – a Chartered Life Underwriter – is qualified to do that for you. </p>
<p>But then, that’s just one of the benefits of working with me! </p>
<p>A lot of young people and entrepreneurs today think they don’t qualify for a group plan unless they are employed by larger corporation. Once again, I can help. If you know a young person or an entrepreneur, please give them my phone number: (905) 477-8029 x239. </p>
<p>Because friends don’t let friends – or family – go without benefits!</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/53806142018-08-09T10:38:20-04:002018-08-09T10:38:20-04:00What to ask about retirement planning when you don’t know what to ask about retirement planning… <p>By Cindy Bowden </p>
<p>Most people don’t ask enough questions about their retirement planning because either they don’t know what to ask, or they know what to ask but they are afraid of the answers. If you’re in one of these two camps, don’t worry. I’m here to help, and I can promise you that when it comes to asking the right questions, no matter how long you’ve been putting it off, today is the best day to start. (Yes, I really mean that!) </p>
<p>Here are seven questions you might be thinking of asking… </p>
<p>1. How long should I be paying for disability or critical illness insurance? This is a great question to ask at any age, but especially as you get close to 60 or 65. </p>
<p>2. How do I make the transition to fixed income? I can show you several strategies that blend investment and insurance in ways that have worked for my other clients. </p>
<p>3. Can I afford to retire? Ah yes, this is the big, million-dollar question! You may have more money than you think… I can show you a few new strategies for turning assets into income. </p>
<p>4. How can I help my kids get ‘off the payroll’? This is a biggie! I can tell you about strategies that have worked for other clients. </p>
<p>5. If I keep working part-time or as a consultant, will my Old Age Security be clawed back? This is a good question to ask at the same time that we talk about the kind of lifestyle you want! </p>
<p>6. Should I trigger my pension sooner or later? This is another question that relates to lifestyle and financial planning. </p>
<p>7. How do I minimize tax on my estate and maximize the amount of money I leave behind? Yes, please ask me this question, because I’m sure the last thing you want to do is leave a tax debt to your kids… </p>
<p>The answers to all these questions, (and more), depend, of course, on your situation and what you really want to do with the rest of your life. But as you can see, many of the questions I suggest you start with pertain to planning, investments and insurance. My professional designations qualify me to give you holistic advice. It’s a unique perspective that neither traditional investment advisors nor insurance brokers have – but I do. </p>
<p>So when you are thinking about the right questions to ask about retirement planning, maybe the best one to start with is, ‘Cindy, what’s your number?’ </p>
<p>And here’s the answer: (905) 477-8029 x239. There, that was easy!</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/53806122018-08-09T10:37:53-04:002018-08-09T10:37:53-04:00Shouldn’t you be able to choose how you pay for financial advice and services? <p>By Cindy Bowden </p>
<p>I am writing to you this month to alert you to an urgent proposed change in legislation that will affect how you pay for financial advice and services. In a nutshell, the Ontario government wants to eliminate all commissions and trailer fees, and instead force investors to pay a separate fee for service that would be subject to HST. </p>
<p>Frankly, this scares me. This model was tried in the U.K. and almost overnight, 25% of independent investment advisors like me quit, leaving millions of small to medium-sized clients like you with no professional advice. Australia did something similar and is now reversing their decision because it was so bad for people like you. Here in Ontario, it means that I would always have to charge you fees much in the same way that lawyers charge their clients on an hourly basis. </p>
<p>It really comes down to a matter of choice. Currently, you can choose to pay on a fee-for-service basis, or you can choose to have your financial advisor be paid through commissions and trailer fees. </p>
<p>If you’re like most of my clients, I suspect you want to make the choice yourself. That’s why I am asking you to send a message to the government to let them know you oppose this proposal. Your message can really make a big difference. There have been a few times when the government has tried to make unpopular changes that were not in the best interest of consumers – and they backed down as a result of many letters and emails they received!! </p>
<p>I am working with Advocis, the oldest and largest voluntary professional membership association of financial advisors and planners in Canada, to help you keep your choices open and flexible. </p>
<p>All I am asking you to do is go to www.financialadviceforall.com and register by entering your name and email address on the home page. Then click on the ‘Take Action’ tab which will direct your message to your local politician. </p>
<p>And if you have any questions about this proposal or about how it will affect your insurance or financial portfolio, please call me. As always, I am here to help you!</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/53806112018-08-09T10:37:08-04:002018-08-09T10:37:08-04:00How many generations will you celebrate the holidays with this year? <p>By Cindy Bowden </p>
<p>Whatever tradition you follow, the holidays are always a time for re-connecting with family. And for many people it’s one of the few times during the year all the generations get together. </p>
<p>The thought of all the different generations laughing together, playing together and sharing life lessons always makes me smile. Why? Because it reminds me of the wonderful friendships I have made in all my years of working with my clients, and how I have helped so many people at different stages of life. </p>
<p>You see, my CLU professional designation might mean that I have broader knowledge about financial planning and insurance than most brokers, but what I believe has been so beneficial is the deep understanding I have of what people actually need – when they are just starting out in their career, are in their peak earning years, or enjoying their Golden Years’! I really see the big picture. </p>
<p>For example, one young woman I worked with had just landed her first job. Sally was lucky that her company offered an excellent group plan. But like any group plan, it had a few gaps. I helped her round out her insurance so if anything happened to her health-wise, she wouldn’t be forced to go back to living with her parents. I also helped her set up a tax-free savings account and advised her on how to invest. It was real education for her that would serve her entire life! </p>
<p>Bob and Jo, on the other hand, were getting close to retirement. The best thing I did for them was convert their term insurance into permanent insurance to take care of a potential capital gains problem. You see, they wanted to will the cottage to their kids. The permanent life insurance plan I recommended would cover the tax owed on the capital gains so their kids wouldn’t be on the hook for it. They hadn’t thought of that, but of course, I did! </p>
<p>And then there was Janice – one of my dearest clients. At 82 years of age, she just wanted peace of mind more than anything. I helped her convert some of her investments to a life annuity which gave her a steady revenue stream to cover primary living expenses. Now she can go back to playing with her grandkids… which brings me back to the holidays! </p>
<p>When you’re celebrating the holidays this year, look around the dinner table at all the generations represented. If you think I can help someone else sitting at the table with you, no matter what stage of life they are at, I hope you give me a chance to do that. It’s what I love to do and it would be the best way for you to wish your loved ones a truly happy holiday!</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/53806102018-08-09T10:36:24-04:002018-08-09T10:36:24-04:00Guaranteed Lifetime Income? Yes, please! <p>By Cindy Bowden </p>
<p>Lately I’ve been seeing the results of years of planning to protect my clients against worst case scenarios. They always say there is nothing worse than running out of money before they die. </p>
<p>So if it’s on your mind, you’re in good company, especially in this volatile economic climate! </p>
<p>Now I don’t think the reality is anywhere near that bad, but with the dollar going up and down like a yo-yo, crazy low interest rates, and periodic talk of another possible world economic meltdown, it just makes good sense to do whatever we can to limit our downside risk. </p>
<p>That’s why I love Life Annuities. A lot of people think they know about Life Annuities because they’ve been around for a long time, but they have changed a lot over the years, and offer flexibility and features that make them really attractive. </p>
<p>In a nutshell, Life Annuities let you trade in a portion of your retirement savings for guaranteed lifetime income. You can choose level payments or income that’s indexed to the rate of inflation. You can even choose an option that guarantees payments to equal your investment – so you never lose your capital no matter what happens! </p>
<p>Figuring out the optimum percentage of your investment that makes sense for you to put into a Life Annuity depends on what age you are, whether you are single, married or separated, and whether you have 18 kids, grandchildren, nieces and nephews… or none. That’s where I come in – because that’s where my many years of practice protecting my clients against worst-case scenarios can be really helpful! </p>
<p>I always wish people a long life. Along with that we always hope for a happy, carefree life too. With Life Annuities, it’s a good bet you’ll get it. Call me and let’s talk about it!!!</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/53806092018-08-09T10:35:34-04:002018-08-09T10:35:34-04:00How do you break a toe??? <p>By Cindy Bowden </p>
<p>It was 6 in the morning and I was just getting out of bed. OK I admit it. I was a little preoccupied with a client case I was working on. Maybe that’s why I didn’t see the dresser that was right in front of me. Bam! I jammed my foot right into it and broke my 4th toe. I woke my son up at the other end of the house yelling ‘ow, ow, ow!’ </p>
<p>When the pain subsided and I could think half-clearly again, my first thought was, “I hope it doesn’t snow because I certainly don’t have boots that would fit.’ Then I wondered, ‘What am I going to wear to the black tie Christmas event at the Toronto Cricket Club?’ (My husband Steve is on the Board of Directors, so it’s not something we can cancel!) </p>
<p>These are minor inconveniences, and thankfully, my toe no longer hurts. I have been able to keep working and continue to focus on my clients. But ‘what if it were worse – what if instead of stubbing my toe, something more serious happened and I couldn’t walk… or work?’ </p>
<p>Accidents can happen so easily, and they are always so unexpected. (That’s why they’re called ‘accidents’!) Over the course of my 30 years of helping my clients handle pretty much everything that has been thrown their way, I know how important it is to have the right coverage. That’s why I wrote my last (serious) letter about how insurance is changing – and why we need to review our policies frequently. </p>
<p>As is my custom at this time of year, I am sending a little pocket planner for you to use, as many of my clients do, for reminders of events throughout the year. It’s my gift to you as a token of my appreciation for the trust and confidence you have in me as your advisor. </p>
<p>Perhaps one of the best ways to use it is to put a little reminder in your planner to call me in January. Together we can set up a date for a review, for yourself, or for your children, parents or other relative or friend. </p>
<p>I wish you a happy – and safe – holiday season. And I really do hope you call me in the New Year, even if all you want to ask me about is how I got through the holidays with a broken toe!!</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/53806072018-08-09T10:34:26-04:002018-08-09T10:34:26-04:00 The good, the bad and the challenge with health insurance<p>By Cindy Bowden </p>
<p>I know that the last thing people want to hear are stories about doom and gloom. That’s why, in my letters to you, I try to keep a light and personal approach when I talk about insurance. But today I want to switch gears and talk about something very serious. </p>
<p>OHIP has been slowly but surely making changes to reduce the amounts they have to pay out in the event of a claim. They have done this to manage their government budget – which is good – because the alternative would be to raise taxes – which is bad. </p>
<p>For example, OHIP has stopped covering chiropractic care, physiotherapy and eye exams. OHIP doesn’t cover treatments unless they are administered by a physician or at a hospital. But with the advance of medical technology, many drugs and treatments can now be administered at home. And now that people are sent home from hospital more quickly – which is good – we are now responsible for our own recovery treatments; including dressings, home nursing and related medicines – which is, well, a challenge. </p>
<p>Medicine is advancing at such a rapid pace – which is good – especially with the advent of extremely sophisticated new drugs. The problem is that in addition to being sophisticated, many of these drugs are also expensive – which is, well, a challenge. OHIP simply can’t afford to cover everything. </p>
<p>A recent article in the Globe & Mail described one patient’s situation in which he found a drug that worked – but OHIP required him to use an alternative drug that made him violently ill. Why? Because the cost of the drug that was proven to work was $23,000 per year. </p>
<p>Insurance companies and their corporate clients have and are doing their best to pick up the slack, but they want to avoid raising rates for premiums – which is good. That’s why, for example, in the 1980’s most plans in Canada reimbursed health costs including drugs at a rate of 100% with no deductible. Now, the majority of plans reimburse employees 80% of the cost of drugs, and sometimes a ‘per prescription’ deductible or generic drug restriction is imposed – which is, well, a challenge. </p>
<p>What this all means is that you might not be as ‘covered’ as you think, or would need. You have to be careful to read the fine print of exactly what you are covered for – and that’s a challenge for most people. </p>
<p>Sometimes, all it takes to ‘fix’ a policy is to add a catastrophic benefit rider. Other times, it’s a question of blending different types of coverage between OHIP, personal and group plans. But you have to take the time to read the fine print, and understand the complexities of each type of insurance – which is a challenge. That’s what I do – which is good. And that’s why I encourage you to give me a call – because I’m serious… about taking the challenge out of insurance for my clients! And there’s nothing bad about that!</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/53729872018-08-02T23:07:39-04:002018-08-02T23:07:39-04:00It’s spring! So, what are you worried about? <p>By Cindy Bowden </p>
<p>Spring is a wonderful time… the sun shines bright and warm, trees grow new buds, and the grass turns green. People shed their winter parkas and spend more time outdoors. It’s also a time when almost every major religion has a holiday: Christians celebrate hope and rebirth; Jews celebrate freedom from slavery; Buddhists celebrate Buddha’s birth and enlightenment… </p>
<p>It seems there is so much to be hopeful about. But when I speak to my clients, I see that along with the positivity of the season, there is also a lot of worry. </p>
<p>One client who is in his eighties had a lot of money invested in the stock market. Even though he is a very experienced investor, and has ridden through several peaks and valleys, he was nervous. I helped him shift some of his nest egg into an annuity that provides him with the income he needs for the rest of his life. “Finally,” he told me, “I can relax!” </p>
<p>Then a couple in their fifties came to me with this: “Cindy,” they explained, “both of us are working to make sure we have enough income to put our three kids through university. But, if one of us has to stop working for any reason, we wouldn’t be able to afford it. Making sure our kids get a good education is so important to us – what can we do?” </p>
<p>After looking at their options, I found a way to increase their coverage at an even lower rate than they were paying. Not only did it give them the peace of mind they were hoping for to fund their children’s education, it also freed up some money to help them live better right now! </p>
<p>My own daughter who is 23 years old recently landed a great full-time job with a major company. When we reviewed her company’s benefits package, I was shocked to see it was missing long-term disability and life insurance. Emmy was worried. “How could I even cover rent if something happens and I can’t work for more than a few weeks?” she wondered. </p>
<p>Well, sometimes it’s nice to have a mother who cares about you and knows what to do. (It’s even nicer when your adult children value your expertise and take your advice!) Of course, I was able to fix that in a hurry. </p>
<p>Whatever your stage of life, you might have a worry at the back or your mind. Here’s my suggestion…give me a call! Then get outside and enjoy yourself! After all, it’s spring!</p>Cindy Bowden Insurance and Benefitstag:cindybowden.com,2005:Post/53729862018-08-02T23:06:46-04:002018-08-02T23:06:46-04:00The true gift of the season… <p>By Cindy Bowden </p>
<p>As is my custom at this time of year, I am sending out a little pocket planner to use, as many of my clients do, for reminders and events throughout the year. It’s my gift to you as a token of my appreciation for the trust and confidence you have in me as your advisor. </p>
<p>As I sit at my desk, however, thinking about my life and career, I am struck by the awareness that the true gift is the contribution I am able to make to my clients’ lives. A recent report found that investors who have a financial advisor over 10 to 14 years generated approximately double the net worth of investors who did not have a financial advisor. </p>
<p>We know that increased net worth, generated through years of incremental tax savings, better returns on investments and disciplined savings, is the foundation for a deeper feeling of security leading to a healthier body, spirit and mind. People are living longer than they ever have; in Canada, a 65-year-old man now has an average life expectancy of 85.9 years. The average 65-year-old woman will live to age 88.3. This longevity, and the impact of inflation for so many years after we finish working full-time, means we need to do a lot of planning. </p>
<p>Let me tell you about my aunt. At 95 years old, she has Alzheimer’s, but her body is very strong from years of walking and other forms of exercise. She has a large family of children and grandchildren who visit her, and take care of her physical and emotional well-being. Like many of my clients, she has enough money to take her to the end of her life without having to burden her children or society. </p>
<p>Knowing that my clients are well taken care of is what nurtures me and drives me to keep doing what I do. That’s why I say it’s a gift as much for me as it is for the people I serve, like you. </p>
<p>It’s never too late – or too early – to get started. And, it’s always a good time to review things to see if you can take advantage of new and renewed investment options and planning strategies. </p>
<p>Which brings me back to the pocket planner. Perhaps one of the best ways to use it is to put a little reminder in your planner to call me in January. Together we can set up a date for a review, for yourself, or for your children, parents or other relative or friend. That would be a gift!</p>Cindy Bowden Insurance and Benefits