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About

I’ll help you build a personalized financial security plan. Financial security planning is about more than just retirement planning – it’s about building a financial strategy that considers your immediate needs and your long-term goals and dreams.

About me

Ka Fai (Patrick) Cheng
Insurance Advisor
Investment Representative
Patrick (Ka Fai) Cheng | Canada Life | Burnaby BC

I’m responsible for providing financial security advice to clients in the business and individual family markets.

Part of my practice has been to enlist the assistance of specialists from a wide array of financial product lines through Freedom 55 Financial, to help ensure clients are provided with sound financial security advice.

My philosophy

I work together with clients toward a single goal – to help them reach their present and future financial goals. I provide financial security planning, supported by a team of specialists and systems to consistently deliver on that promise.

About Freedom 55 Financial

A division of London Life Insurance Company, Freedom 55 Financial is backed by a history of strength and stability. London Life Insurance Company has been helping Canadians meet their financial security needs since 1874.

London Life is a subsidiary of The Great-West Life Assurance Company. Together, Great-West Life and its subsidiaries – London Life and Canada Life – serve the financial security needs of more than 12 million people across Canada. London Life, Great-West Life and Canada Life are members of the Power Financial Corporation group of companies.

Philosophy

Financial security planning is about more than just retirement planning; it’s about building a financial strategy that considers your immediate needs and your long-term goals and dreams.

Using the Canada Life security planning process, I’ll:

  • Help you define what financial freedom means to you
  • Help analyze your current situation, goals and dreams
  • Help identify any roadblocks to achieving your goals
  • Work with you to build a financial security plan that considers your short and long-term goals
  • Regularly review your financial security plan, ensuring it evolves with your changing needs

Four cornerstones of financial security planning

Whether your goals are long-term (such as retirement) or more immediate (such as starting a business or saving for a child’s education), I can help you build a financial strategy tailored to your needs and those of your family. In developing your financial security plan, we’ll consider the four cornerstones of financial security planning:

  1. Financial security at death
    • When you die, how can you help safeguard your estate for your family?
    • How much income will your family need?
    • How will inflation affect this income?
  2. Retirement
    • Would you like to retire early or reduce the time you spend working?
    • When you retire, what type of lifestyle do you envision?
    • How much income will you need to retire comfortably?
    • How will inflation affect this income?
  3. Liquidity
    • Do you have access to cash or liquid assets (i.e. assets that can be easily converted to cash)?
  4. Disability and critical illness
    • How would a critical illness or disability affect your income?
    • Would a reduced income affect your retirement savings and would this reduction affect your lifestyle?
    • How much disability or critical illness insurance coverage is enough?
    • If you become critically ill or disabled and take time off work, how will inflation affect your income?
    • If you become critically ill or disabled, will provisions in your group plan allow you to continue saving for your retirement?

Life stages

I want to understand your needs, recognizing they may change as you proceed through life’s stages.

Early Career

As you start your career, you may want to:

  • Purchase life and disability insurance to cover your income or protect your ability to earn an income
  • Purchase term life insurance or critical illness insurance as a cost-effective way to cover an outstanding mortgage or debt
  • Purchase health and dental insurance coverage if your employer does not offer a group benefits plan

Family

Having children changes your life and your needs. Now is a good time to:

  • Review your financial security plan
  • Plan for your children’s education with options such as registered education saving plans (RESPs)

Business Owner

If you own your own business, you may want to:

  • Consider business continuation, buy/sell agreement funding and key person insurance as part of your business planning
  • Buy insurance to help cover outstanding business loans or mortgages if you die or suffer from critical illness
  • Purchase a health and dental insurance plan
  • Consider group insurance options for your employees

Retirement

If you are retired or plan to retire soon:

  • Insurance can help supplement your income and can help you leave a legacy
  • Health and dental insurance coverage can take over if your benefits through your employer end upon retirement