Frequently ask questions
Here are some of the most frequently asked questions about financial services and insurance coverage. Click on the question to read the answer.Financial Services
A mutual fund is a pool of assets contributed to by investors who share similar investment objectives. The mutual fund is managed by professional portfolio managers and advisors in accordance with a disclosed investment strategy in order to achieve the mutual fund's objective. Mutual funds provide a cost-effective way of owning diverse investments based on the knowledge and attention of professional money managers.
There is a wide variety of mutual funds available in Canada (some 4000) to help investors achieve their personal financial goals. For example, the investment strategy of any given fund can be designed to provide lower or higher risk options. This in turn provides opportunities for investors who plan to invest their money for longer or shorter periods of time. Some funds are designed to provide investors with regular income; others may provide capital growth and income. There are also funds that can be turned into cash easily if the need arises.
Funds can be invested entirely in the stocks of Canadian companies, Canadian bonds issued by companies, federal or provincial governments, or other Canadian assets. Some funds focus on foreign investments; still others are a blend of Canadian and foreign investments. Some funds are designed to provide investors with regular income; others may provide capital growth and income. There are also funds that can be turned into cash easily if the need arises.
For each mutual fund, a prospectus is filed with the relevant securities commission. A prospectus provides a detailed description of the mutual fund, including:
Disclaimer: commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
It is a good idea to find out what the fiscal repercussions will be when you select a mutual fund. A financial professional can answer many of your questions. However, it is recommended that you talk to a tax consultant, who will assess your personal situation.
Your net worth is obtained by adding up your total assets (what you own) and subtracting your liabilities (what you owe). Calculate your Net Worth easily by using our online tool.
Update your net worth calculation at least once a year in order to track your progress.
A simple rule of thumb for estimating how quickly your assets will grow. Take the number 72 and divide it by your rate of return this will tell you how long it will take to double your assets. If you are earning 8%, your assets will double every 9 years, (72/8).
Get into the habit of saving a regular amount of at least 10% of your income each month and use the balance for your expenses. This is known as the "pay yourself first plan". Have this amount regularly transferred to a separate account on a monthly basis.
You should start by building a financial plan to ensure you:
Once you have assessed all of your family's needs, you can develop a strategy to maximize your RRSP contributions. The sooner you start investing in an RRSP, the greater your tax-free earnings will be.
Your RRSP will grow faster when you make regular contributions up to your maximum allowable amount. Your maximum allowable amount is shown on the notice of contributions issued by the federal government when you file your tax return each year. The amount is a percentage of your earned income for the previous year.
When the time comes to make your RRSP contribution, you may not have enough cash available to make the full contribution. You may want to consider a loan to make up the difference. There are loans specifically designed for investing in an RRSP. If you can pay off the amount you borrow in one year, borrowing money can be a great way to keep your RRSP growing. As an added benefit, you will receive a tax refund on your contribution amount that will help you pay back the loan.
Consult one of our financial professionals to help you build your plan.
Basic home insurance policies do not generally cover damage to above-ground swimming pools.
It is, however, possible to obtain additional coverage to protect yourself against anything that could damage your above-ground swimming pool, with the exception of normal wear.
Unlike most other insurance companies, the basic ING Insurance home insurance policy covers damage caused to in-ground swimming pools.
Experts consider Quebec, particularly the St. Lawrence valley, a "high-risk" zone for earthquakes.
A major earthquake could cause serious damage to your home. Most insurance policies do not cover this type of damage.
The ING Insurance provides two types of policy:
The expression "to be insured one way" means that only general liability is covered. In other words, this means the material or corporal damage that may be caused by your vehicle. This type of insurance is obligatory under the Automobile Insurance Act.
The expression "to be insured two ways" means that the general liability resulting from the ownership or use of a vehicle and the damage caused to your vehicle are covered. Several options are offered in the case of vehicle protection. Do not hesitate to contact us for more information about this matter.
Home insurance policies generally include limits with respect to valuable or unusual items. Such limits apply specifically to jewellery, furs, silverware, boats and certain collector's items.
It is possible to increase the coverage for such items, or to eliminate certain exclusions, by adding coverage specifically for a given item.
No. Residential policies exclude business or commercial belongings, as well as professional liability.
ING Insurance offers additional protection that covers the business you run from your home by extending your homeowner's policy and adding professional liability insurance to the package.
For more information, contact one of our representatives.
Insurance policies do not generally cover the additional expenses incurred as a result of an extended power failure, unless the authorities order your area evacuated.
ING Insurance offers additional coverage which enables you to pre-select an amount that you will be reimbursed per day, in the event of an extended power failure. This can be used to cover any of your incurred expenses, such as: lodging, heating wood, meals in restaurants, protection of your goods, etc.
In recent years, we have all observed the climate changes that expose us to a greater risk of sewer backups and other damage caused by water.
On several occasions, large amounts of precipitation have fallen in very brief periods of time, so that the sewer systems cannot always contain all the water effectively.
The Water Damage protection offered by ING Insurance provides additional coverage for your goods in the event that of a sewer backup. It also covers damage caused by water.
Unfortunately, the sewer systems in certain municipalities are deficient or out-dated and sewer backup is common. Most insurance companies have stopped providing protection against damage caused by water in these areas, in order to be able to continue offering this protection to all at an affordable price. Contact us to find out if your sector is eligible for this protection.
Have your needs assessed by a professional to determine the coverage you should obtain for material loss, death, disability, illness, etc. In the event of death, a life insurance policy may be essential for giving your dependants a replacement income or paying off your debts, such as a mortgage, or inheritance tax. Take the time to consider disability insurance since an inability to work can have serious financial consequences. Make sure that you have a policy that provides adequate coverage in the event that damage may occur to your home, your automobile and your other belongings.
If you die intestate (without a will), your assets will be distributed according to provincial law perhaps differently than you intended. You should review your will about every five years, or whenever there is a change in your family circumstances. You should consult your legal advisor to discuss your will.
It is a legal document which allows you to confer responsibility on someone you trust to do certain things on your behalf, for example, rent an apartment or sell your car while you are on holiday or even if you become incapacitated.
Insurance and investment products are very complex. The wrong choices can severely affect your financial well-being. Most individuals do not have the expertise to adequately analyze their risk management and investments needs, so it is crucial to get professional advice on these matters.
First of all, the borrowed vehicle will be covered by the ownerís insurance. For example, the owner will only be paid by his/her own insurer for damages resulting from a collision if his/her own insurance policy provides that type of coverage.
However, if you want to extend the protection you enjoy with respect to damage caused to your own vehicle to any vehicle you may borrow or lease, you can add additional coverage to your automobile insurance policy.
Subscribe to the ING Insurance INOV guarantee and obtain various types of coverage, including coverage for damage caused to vehicles that do not belong to you although you drive them. Moreover, if you are also a member of CAA, the ING Insurance CAA Super Protection will cover you throughout the world.
Yes. There are a number of options for you to choose from that can enhance your auto coverage:
Yes. Home, condominium and tenant policies are generally issued with a standard set of limits and coverage. You may find that you need additional coverage to meet your specific circumstances. There are a number of options for you to choose from that can enhance your property coverage:
Yes. Your amount of liability insurance is never disclosed to anyone during a lawsuit. If you are successfully sued for an amount greater than the limit of liability insurance you carry, you will have to make up the difference from your own personal assets. This could mean the loss of your home, investments, RRSPs and ultimately bankruptcy. That is why you should review your liability limits with an insurance professional to determine a limit that is appropriate for your circumstances.
Your insurance policy will be reviewed after every loss. If the loss is not your fault, your policy will most likely receive no rate increase. If you are deemed to be responsible, your policy may be re-rated with a higher rate charged at renewal or, at worst, the policy will not be renewed and you will have to look for coverage elsewhere.
We have many different payment options available to you. They vary slightly based on which insurance company you choose. Most companies offer the following plans:
Some of the insurance companies we represent have programs available where no service charge applies to any of the payment plans offered.
For home insurance, the replacement value guarantee allows you to replace the insured item with a new item of the same kind and quality if that object is destroyed or rendered unusable. In this case, the insurer does not apply any depreciation.
For automobile insurance, the owner of a new vehicle can also take out a replacement value guarantee. Various options are available in the case of a total loss, ranging from the reimbursement of the initial purchase price to the replacement of the destroyed vehicle with a new vehicle that has the same features.
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