How Sun Life Financial Advisors Help Canadians Meet Their Goals and Plan For Their Future

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How Sun Life Financial Advisors Help Canadians Meet Their Goals and Plan For Their Future

Written by Lisa Rennie
Fact-checked by Caitlin Wood

How Sun Life Financial Advisors Help Canadians Meet Their Goals and Plan For Their Future

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Financial Advice Financial Planning

Dealing with today’s bills is one thing, but preparing for your financial future is another. In many cases, it may be helpful to have an experienced and knowledgeable financial advisor help you establish a plan to ensure that your future financial goals are met. That’s exactly what a Sun Life Financial advisor can do for you. With their guidance, you can make the right financial decisions today so that you’re ready for what the future brings.

Sun Life Financial Advisors

Sun Life Financial advisors offer personalized services to help you make more informed financial decisions to achieve your financial goals. You’ll also receive guidance on how to maximize and protect your savings. More specifically, Sun Life Financial advisors can help with any of the following:

No matter what stage in life you happen to be in, Sun Life Financial advisors can help you plan for it. You may be starting a family, buying a home, managing your career or planning for retirement. Regardless, your Sun Life Financial advisor will be with you every step of the way to help ensure your financial plan continues to reflect your current and future needs. 

For instance, you might need some assistance understanding how to spend and save your money in order to maintain a comfortable lifestyle when you retire. You may also need advice on certain products that you may not be familiar with. Or maybe you need some guidance when it comes to keeping tabs on your progress or making any necessary changes as life evolves.

Stressed about your financial future? Learn how to deal with financial stress.

Financially Planning For Different Stages Of Life

As mentioned, different phases of life come with different financial needs and goals. In each, Sun Life Financial’s advisors can help.

Family Life

Plan your child’s education fund. Post-secondary education is extremely expensive and can be nearly impossible to cover in an all-cash payment without some sort of savings or investing strategy in place. While there are a few ways to save for college or university for your child, a Registered Education Savings Plan (RESP) is a sound way to invest money that can eventually be used towards covering the cost of post-secondary education. A Sun Life Financial advisor will guide you on how to properly invest in an RESP.

Build an emergency fund. It’s always important to have a financial cushion to fall back on when life throw’s you curveballs. This safety net can come in very handy when financial emergencies occur unexpectedly, such as car repairs, medical expenses, and so forth.

Budget for a growing family. Adding new family members to the household means greater expenses that will need to be accounted for. Your financial advisor will teach you how to manage new and growing expenses that tend to come with starting and growing a family.

Protect your family. Do you know what would happen if something happened to you? Would you be leaving your dependants behind stuck paying the mortgage and other bills? A life insurance policy can help protect those you love. Sun Life Financial advisors can help you determine how much you need, and the type of life insurance that suits you best.

Buying A Home

Decide how much to spend. A home purchase is a major financial undertaking. You want to ensure that you spend within your means in order to have enough left over for all of life’s other expenses. Your advisor will help you decide how much you should be spending while keeping track of your other financial goals.

Save for a down payment. Get help coming up with a budget that allows you to save up enough for a down payment and other house-related costs.

Pay your mortgage off faster. Through effective budgeting and prepayment options, you’ll be advised on how to help pay off your mortgage sooner rather than later.

Decide between mortgage and life insurance. Do you need a life insurance policy? Or is a mortgage insurance policy sufficient? Your advisor will help you decide what’s best for you and your family.

Building Your Career

Maximize workplace benefits. As you grow older, your job and work-related benefits change. An advisor can help you take advantage of any workplace benefits available to you.

Determine if your current health insurance is sufficient. Whether you have enough health insurance or need more based on your current and future needs, your financial advisor will help you answer that question and offer you products and services to help ensure you have enough coverage.

Not sure what kind of insurance you need? Check out this insurance basics guide.

Getting Ready For Retirement

Contributing to your RRSP. A Registered Retirement Savings Plan (RRSP) is a great way to save up for retirement and safely invest for the golden years. With the help of a Sun Life Financial advisor, you’ll be able to determine exactly how much you should be contributing to your RRSP account to ensure you have enough to comfortably retire.   

Saving for your retirement fund. If you’d rather go a different route to save for retirement than an RRSP account, an advisor can help you come up with a plan to help ensure that you’re putting enough money away every month based on your age, when you plan to retire, and how much you’d need throughout retirement to maintain your desired lifestyle.

Check out the difference between an RRSP and a TFSA.

Covering Your Health

Ensure you have enough health insurance. Your health is incredibly important. Without it, you can’t make a living. But there’s always a chance that your income could be affected due to poor health. With the right health insurance plan, you’ll be covered if you suddenly become unable to work and bring home a paycheque. Your advisor will help you decide how much coverage you need and the type of plan to take out.

Benefits Of Working With Sun Life Financial Advisors

There are several reasons why you may want to consider enlisting the help of a Sun Life Financial advisor, including the following:

  • They’re always learning. Sun Life Financial advisors are highly trained and knowledgeable professionals in their field. But their training doesn’t stop when they first enter the field. Instead, they’re continuously keeping up with their learning so that their skills remain sharp and are always up-to-date with any changes in the financial industry.
  • Wide range of products and services available. When it comes to helping Canadians to keep their finances in order, there’s no one-size-fits-all strategy. Each individual comes with a unique financial profile which warrants a customized financial plan. Sun Life Financial advisors have access to a vast array of products that they can offer clients to help ensure adequate protection.
  • Sun Life is an established and trusted firm. Since 1865, Sun Life Financial has been providing customers with impeccable financial services. After more than 150 years, the company has developed a positive track record, making them one of the most widely trusted financial firms in the country.  

Check out Sun Life Go for a convenient way to purchase insurance.

Types of Products Available Through Sun Life Financial Advisors

Sun Life Financial advisors can guide Canadians on a plethora of products related to insurance, investments, savings, and wealth management.

Life Insurance

  • Term life insurance. This type of life insurance is a more affordable option, though it doesn’t last forever. Term life insurance policies are usually available in terms of 10, 15, 20, or 30 years.
  • Permanent life insurance. As the name suggests, permanent life insurance — or whole life insurance — provides coverage for your entire life, no matter how old you are when you pass away.
  • Participating in life insurance. This type of life insurance offers a mix of permanent life insurance protection and a tax-preferred cash value component.
  • Universal life insurance. This policy combines permanent life insurance protection and an investment component. Any payments made above the insurance cost can grow in a tax-preferred account or be used to increase your death benefit.

Learn how to cancel your life insurance policy.

Health Insurance

  • Personal health insurance. If you’re ever involved in an accident that results in significant injury or are diagnosed with a debilitating disease, a personal health insurance policy can help cover any medical bills as a result. Provincial health plans may cover some health expenses up to a certain amount, but they typically have gaps that could have a major effect on your finances.
  • Critical illness insurance. This type of insurance can help cover any expenses related to recovery after being diagnosed with a critical illness. Plus, the lump sum payment received can also go towards paying some of life’s biggest bills, including mortgage, rent, and utilities.
  • Disability insurance. This type of insurance is meant to cover a portion of your income in the event that you become disabled due to injury or illness and cannot return to work.

Check out these most undervalued forms of insurance.

Saving Plans

  • RRSP. A registered retirement savings plan (RRSP) is a type of savings and investment account that is meant to help Canadians save for retirement. Any growth within the account is tax-preferred until the funds are withdrawn.
  • TFSA. A tax-free savings account (TFSA) is a type of savings account that allows you to save and grow your money tax-free.
  • RESP. A registered education savings plan (RESP) allows you to save for your child’s post-secondary education. You can contribute funds on a regular basis, and any investment income earned in the plan is hedged against taxation until it’s withdrawn. Further, the Canadian government will also contribute to the account to help it grow faster.

Retirement Plans

  • Annuity. An annuity can help cover you financially during retirement while protecting you against the risk of your money running out before you pass away. Sun Life Financial will guarantee you a lifetime income (or until a specified date in your annuity contract) in exchange for a lump-sum premium.
  • RRIF. A registered retirement income fund (RRIF) offers a way to use your RRSP savings to build retirement income while your investment growth continues to be tax-preferred.
  • LIF. A life income fund (LIF) is a type of retirement income fund that you can use to pension funds that can eventually be used as retirement income. It works somewhat like a reverse RRSP in which you take income out rather than put money in.

Want to invest your money? Consider using a robo-advisor.

How To Find the Right Financial Advisor For You

Before you choose a financial advisor, be sure to ask a number of pertinent questions to establish their experience and qualifications, including the following:

  • How much experience do you have advising Canadians on financial matters?
  • What qualifications or certifications do you hold?
  • How much does their service cost?
  • How are you paid?
  • How will we meet or communicate?

The answers you receive will help you get a better picture of what it will be like to work with your advisor and what you can expect to pay for their services.

Sun Life Financial Advisors FAQs

How are Sun Life Financial advisors paid?

You will not directly pay a Sun Life Financial advisor. Instead, Sun Life pays its advisors based on the products or services that they sell to Canadians in the form of a commission or fee for services.

Do I need to bring anything when meeting a financial advisor?

You may want to be prepared with certain documentation to help your Sun Life Financial advisor better understand your financial situation. This can include bank statements, RRSP statements, or mortgage/debt documents.

What can I expect during my first meeting with a Sun Life Financial advisor?

When you meet with a Sun Life Financial advisor, you can discuss your financial goals and get recommendations with a customized plan. You can also use this meeting as an opportunity to ask all the questions you may have to learn more about the advisor who will be helping you.

Final Thoughts

Getting professional advice when it comes to planning for your financial future can help ensure you take the right steps today to prepare for tomorrow. A Sun Life Financial advisor can help you create a financial plan and ensure you remain on the right path to achieving your financial goals.

This article is intended to provide general information only. Sun Life Assurance Company of Canada and its Affiliates (Sun Life) do not provide legal, accounting or taxation advice to advisors or clients. Before acting on any of the information contained in this article, make sure you seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.


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