The myth of needing $1,000,000 worth of Life Insurance has been debunked. The amount of Life Insurance you need is based on a few factors. Determine how much you need by completing the below: Total Amount of Debt = $___________ Final Expenses Coverage (Funeral, Burial, and Probate Fees) = $50,000 (on average) Cost of Children’s […]

You don’t pay your insurance broker Compensation is built within the product, which is designed by the insurance carriers The compensation is fixed amongst carriers Compensation is based on the annual premium There is no control of what compensation is put out by carriers Brokers get paid between 40-60% of the annual premium in the […]

Future Income Option is add-on or rider. It is particularly important to younger policyholders (typically those under 40). It protects your future insurability by guaranteeing you the right to purchase additional amounts of disability insurance at specified dates. You do not need to provide evidence of good health and can attain it no matter what […]

Millennial Financial Group www.millennialfinancialgroup.com 416-756-4646 For Immediate Release – Thursday, March 16, 2017  IT’S TIME TO UNDERSTAND We at Millennial Financial Group (MFG) feel that now more than ever, we must speak up about what to look for when planning your financial future. MFG is a firm who offers insurance, investments and mortgages. We are all […]

In an industry that is slow in trends and often criticized for being behind times, three major life insurance companies have finally decided to treat cannabis users as non-smokers (provided you are not using tobacco). These changes are coming as cannabis has been widely accepted more as a medicine for various ailments and the federal […]

3 Things to Keep in Mind Understand the definition. In most plans the coverage starts off as Own occupation for the first two years and then becomes Any. Be aware of how much coverage you can obtain without completing a medical. With personally owned disability insurance, you can obtain a Future Income Option rider, which allows you to increase […]

The average graduate student spends 6 – 8 years of school, getting their undergraduate degree, followed by their post-graduate degree. With all the time and money spent on school, it would be a shame if you became disabled and could no longer earn an income. Did you know that assuming a $60,000 annual salary with […]

Mental health awareness is becoming more prevalent in the workplace. It has become apparent that a good work/life balance is critical in maintaining good mental health. Laura Kalef and Lydia Beck are Occupational Therapists passionate about improving mental health in the workplace. L&L Consulting, believes the health and wellness of employees and the work environment […]

Many Canadians believe that real estate is a great investment. This belief makes Canada one of the highest proportion of home-owners in the world. However, buying a property comes with many other financial obligations, such as your down payment and mortgage, amongst other items. Setting up a suitable life insurance policy would allow your property […]

My wife and I recently purchased a house, prompting us to start thinking about our insurance coverage. Millennial Financial Group brought forward a strong understanding of our needs as a young couple and an impeccable ability to clearly explain the importance of insurance coverage to us newbies. The advisers are relationship builders who took the […]

Every profession has their ideal client – the individual they strive to meet, be referred to and do business with. In the insurance and financial services industry, all types of ideal clients exist. There is the “business owner” looking for corporately owned insurance to make sure their business is protected, the “family market” looking for […]

Disability insurance is meant to protect your income if you are unable to work for an extended period of time, due to a health-related disability. While it might seem unlikely, the odds of a disability are actually quite high. According to RBC Insurance, 1 in 3 working–age Canadians will become disabled and unable to work […]

On Friday December 11, the Department of Finance announced changes to the Government Guarantee Parameters. Effective February 15, 2016, the minimum down payment for new insured mortgages will increase from 5 per cent to 10 per cent for the portion of the house price that is above $500,000. The 5 per cent minimum down payment […]

Tax-Free Savings Account’s (TFSA) were created in 2009 as a way for individuals to set money aside tax-free throughout their lifetime. Contributions are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account is tax-free when it is withdrawn. The only rules for who can contribute are the individual must […]

No matter what your profession, fast food employee or billionaire investor, everyone looks for strategies to pay less tax. TFSA’s and RRSP’s are common strategies to save and minimize taxes. Due to the fact that the government places limits on these contributions, a common strategy has become utilizing the allowance for a spouse and children. […]

The average individual is unaware that if you survive 30 days after diagnosis of any of the 25+ covered critical illnesses, you will receive a lump sum benefit, tax-free, from the insurance company. It is the job of the advisor to make the individual aware of this amazing plan. However, there are many objections advisors […]

Millennial Financial Group (MFG) is a team of young, successful financial advisors, whose primary goal is to provide its clients with the best possible financial plans to suit their individual needs. We are committed to helping all our clients meet their financial planning goals and are here to ensure that the next generation has access to skilled financial advisors who understand […]

The insurance landscape can be very confusing and overwhelming to the average consumer. There are banks, captive agencies (Freedom 55, Investors Group, Manulife Direct and Sunlife Direct) and individual brokers. This article is intended to help the consumer navigate the differences in order to figure out whom the best advisor to work with would be. […]

Did you know that most successful, small business owners are too busy focusing on how their company can leap to the next level, that they have not taken the time to establish a concrete plan for business growth? This is basically like sailing to a big sea with no direction and no navigation. The economic […]

Buying a new home can be an overwhelming experience. It is a very large step in ones life and tends to be accompanied with a large amount of paperwork. One of these papers will usually be a mortgage insurance agreement. It is a simple piece of paper, that more often than not leads to the […]

You are young and healthy. You think it is too early to get life and critical illness insurance. The cost of insurance is beyond your budget since your priorities are your education, your career, your bills, your lifestyle and saving for your dream home. Most of the time, insurance is neglected when planning for the […]

A common misconception in the insurance industry is that the applicant believes they are a non-smoker, when in reality they are a smoker. How do I know if I am a smoker? Answering YES to any of the smoking declaration questions on the application. If you have used any tobacco products such as, cigars, chewing […]

A common misconception is that we have too much life insurance and are over-insured. Fortunately, several different calculators, spreadsheets and systems exist to make sure you have the proper amount of insurance coverage in force. There are many factors to consider when creating a financial plan and ensuring you have the right amount of life […]

Life insurance can be incredibly overwhelming to the average individual. There are so many different plans that each offers a different solution. This leads people to ask questions such as: “Why would I buy term insurance when I can just buy permanent?” or “Why do I need insurance once my children have their own family […]

When speaking to the millennial generation, it is common to think that there is a cheaper price out there for everything, and with technology today, it allows individuals to believe they can do the job of an advisor by looking online for the cheapest insurance quote. These same individuals believe that by speaking with several advisors, […]

Ratings and exclusions – the only two worse words in the insurance dictionary are decline and postpone. What do these four words mean? Decline is when the insurance company chooses to not offer you insurance due to your high risk. Postpone means the insurance company feels you are currently too high risk, but would be […]

I am 30-years old. I currently rent a condo. I have no debt, no children, and have a serious girlfriend… What need do I have for life insurance? This is the response most frequently heard from the younger demographic. Most people who are not married or have no liabilities believe there is no need for […]

Every parent’s goal is to leave their child with an everlasting legacy of love, and to ensure their children will enjoy all of life’s opportunities. Attaining a noble education, earning a well-compensated job, and building a home are all a part of life. However, it has become that expecting a helping hand from their parents […]

Congratulations! You’ve completed your post-secondary education, found yourself a great job with room for advancement, and found a great place to live in the city. Hopefully you’ve started to plan for your long-term future by efficiently using your TFSA and RRSP, and maybe even investing a little on the side. Life seems to be going […]

Have you ever been declined for any type of life insurance or living benefit? Have you ever wondered why there is no product to protect people who have already suffered an unfortunate medical event in their life? Guaranteed issue insurance is that product. Guaranteed issue insurance allows for guaranteed acceptance, with no medical exams and […]

Today, many people enjoy the luxury of having group benefits at their place of employment. In most cases, employees receive coverage for Drug, Dental, Massage Therapy, Physiotherapy and more. Some benefit plans may include Life Insurance, Disability Insurance, Critical Illness Insurance or all three. Yet, the average person is still unaware of the difference between […]

Many people see value in insurance. There are those who have a family and want to insure their families are protected g-d forbid something happens to them, whether it is death, disability or a critical illness. There are also those that want insurance when they are young and healthy so premiums are cheaper and rates […]

When applying for any type of insurance, you almost always have to go through the underwriting process. This process consists of filling out the given application, and in some cases blood and urine are required, which a medical professional conducts. Once that is complete, all the relevant information is sent to the insurance company, where […]

CONGATULATIONS! You have just been approved for a mortgage! Before you accept the creditor mortgage insurance offered by your lender, please be aware that you have other options. Take the time to consider personal coverage designed to protect you and your loved ones, not your lender. There are five questions one must ask when deciding […]