Jelco Financial Planning



Jelco Financial Planning is a broker service, which means that it is not tied to one particular financial institution. Jelco Financial Planning is able to shop the market place for each client to produce the most favourable outcome.


Estate Planning

Estate planning means to set goals, implement plans, review and monitor those plans on a regular basis.

We use the services of experts in various fields such as chartered accountants and lawyers.  The first interview is at our expense.  Recommendations may include trusts, wills, power of attorney, ownership of asset title change, corporate restructuring or buy/sell agreements to name a few.

Individual Health and Dental

If your family does not have health and dental benefits available through your employer,  then you are well aware of the costs of everyday healthcare expenses such as dental check-ups, prescription drugs and eyewear.

If you are self-employed or are a small business owner, the premium for this coverage may be tax deductible.

The link below gives you the ability to obtain a quote for the purchase of these benefits as well to purchase the coverage if desired.



Estate Preservation

Estate preservation includes the use of Life Insurance, Critical Illness Insurance, Long Term Care Insurance, Guaranteed Investment Certificates, and Segregated Funds.

There are various types of life insurance available for this purpose but the most commonly used are term insurance and permanent insurance.

Term insurance is typically used to cover off a specific purpose for a specific amount of time. Term insurance can commonly be purchased on a 10 year renewable basis or a 20 year renewable basis. This means that the premium paid will be stable for a 10 or 20 year period and after that time, the contract will renew for another 10 or 20 years but at an increased rate. This insurance can be reduced or cancelled at any point in time without penalty but will expire at a specific point in time.

Permanent insurance is typically used to cover off final expenses as this coverage does not expire. Final expenses might include taxes owed upon your death on registered money, taxes owed upon your death on a cottage and funeral expenses. Permanent insurance can be purchased as whole life insurance or universal life insurance. These types of insurance are treated more as an asset because they increase in value as time progresses. Whole life insurance offers an annual credit based on the claims and expense history and this credit can be used to purchase additional insurance, which in turn increases the death benefit and cash value of the contract.

Travel Insurance

No one wants to have a medical emergency away from home or to have to cancel a trip due to an emergency, but these events can happen and they can be disruptive and expensive.

Often times, this insurance is forgotten until the day of travel. It is possible to purchase a multi-trip annual plan for travel up to 30 days at one time or just a one-time trip..

The link below gives you the ability to obtain a quote for the purchase of travel insurance as well as to purchase the coverage if desired.



Investment Services

We research the rates being offered by various financial institutions for their interest products and annuities, and past performance of their segregated funds and then provide recommendations.  We explain the difference between a life insurance company versus a bank, trust, or a credit union.  We discuss whether you should invest in a Canadian company, USA or other.  We explain the advantages and disadvantages of segregated funds versus mutual funds; what their service ability, history, experience and stability are.

Annuities

We will discuss all varieties of annuities and explain the difference between each from the standpoint of taxation safety and of income services and the use of them as part of your retirement planning.  We will also go to market with your particulars to ensure you get the most for your money.



Retirement Planning Services

You may have a pension plan, a Registered Retirement Savings Plan, a Registered Retirement Income Fund, Tax Free Savings Account, a business, a farm or other asset that you hope will continue to produce an income when you are retired – BUT –

Will it be enough?
What will the government pay in addition to it?
Will the government pay in addition to it?

These are all valid questions when you are planning for retirement. There may be many more.

What do I need to save yearly to reach my goals?
What can I expect from my investments?
What affect will inflation have on goals or my income?

It is nearly impossible for you to calculate all the answers with all the possible variables.  With our help, you will feel you have a better understanding of what the end result could be.

Tax Planning

The objective is to pay no more tax than you must and to pay it later – rather than now. Strategies include income splitting, tax deferral, tax effective use of annuities, tax effective income flows, etc. Most people are paying more tax than they must!



Will Planning

We will not write a will for you.  Whether you realize it or not under the Devolution of Estates Act everyone has a will.  This is provided by the government for those who have not taken the time to draw their own will.  The government will not likely follow your personal wishes for distribution of your assets. Everyone of legal age should have a will.

Trust Planning

As with wills, we do not write trust documents, but do help you to plan them.  The purpose for a trust can vary, possibly for a charity, grandchildren or for the children of a previous marriage or perhaps a disabled person.



Group Insurance and Corporate Insurance

We will conduct a Market Survey for a Group benefit plan, custom fit for your company which can include Health, Dental, Long Term Disability, Critical Illness and Long Term Care benefits.

As well, we would be happy to review your corporate structure to advise on Keyman Insurance and recommend the benefits of corporate life insurance, such as the funding of a buy/sell agreement.

Contact Jelco Financial Services today for help with your financial planning.