IFSE Institute Related Exams
LLQP Exam
(Jorge meets with his new financial advisor. He brought a series of documents so that she can determine his investor profile.
Which of the following documents will not be helpful for determining Jorge’s investor profile?)
Davy, who just turned 55, intends to retire 10 years from now. Together with his life insurance agent, he determines that he will need to have approximately $200,000 in RRSPs when he reaches age 65 in order to retire comfortably. He feels confident that his current RRSP account can generate a return of 3% per year on average for the next 10 years. However, he does not plan to contribute any new funds to his RRSP because he wants to start saving in his TFSA account instead. He therefore wonders whether his RRSP account currently has sufficient funds for him to meet his retirement goal in 10 years.
What is the minimum RRSP account balance needed now for Davy to meet his goal? (Round to the nearest dollar.)
Concilius has had a whole life (permanent) insurance policy for the past eight years. He decides he no longer wants this policy and stops paying the premiums. The cash value keeps the policy in effect for 28 months, after which it lapses. However, 46 months later, Concilius regrets his decision and applies to reinstate his policy. He is prepared to prove that he still meets the insurability conditions and to pay the overdue premiums plus interest, the cash value used, and the interest. Under what conditions will Concilius’ policy be reinstated?