MultipleChoice
Luc is married and the father of two teenagers. His annual salary is $60,000. His wife Marie works part-time with an annual salary of $24,000. The family's monthly expenses are $3,500. Luc and Marie are not members of any group benefit plan. What is the minimum monthly amount of disability insurance coverage that Luc needs to cover his risk of disability?
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(Justin purchased a single life annuity contract with no guaranteed period and no survivor benefit. He is now hospitalized.
If Justin passes away, who could make a claim on behalf of his estate regarding the annuity?)
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(Gertrude wishes to invest her savings while having creditor protection and minimizing risk.
What type of segregated fund would be most suitable for her?)
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Aadi is retiring from Scotia Grand, his employer of 25 years. While employed, Aadi benefitted from the company's deferred profit sharing plan (DPSP) and over the years, he accumulated $75,000.
Where should Aadi transfer these funds on a tax-deferral basis, now that he is retired?
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Mercedes is a single mother to her 5-year-old son, Arthur. Arthur's father, Richard, is not in his son's life because he is a recovering drug dealer who spent the last 4 years in and out of prison. Mercedes has full custody of Arthur and cannot count on help from her family because they live in another province.
Wanting to ensure his wellbeing, in the event of her death, Mercedes purchases a $100,000 life insurance policy and names Arthur the sole beneficiary of the policy.
If she died without a will, who would receive the death benefit?
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