Kevin M King, EPC
1. What changes did insurance investments experience during Covid-19?
Covid-19 did not affect existing values on life insurance investments. There will be no money taken from an existing policy’s cash value because of a pandemic event. The permanent cash that was declared is fixed and guaranteed based on anniversary and purchase dates and dividend produced.
The only potential effect will be on any future growth and the dividend produced due to the actual internal rate of return. It is strongly advised to consult your firm to know this impact for the near future.
We treat these plans as a conservative part of anyone’s portfolio and they are still a definite advantage for anyone looking to provide value and stability to their financial future.
2.What is the market forecast over the next six months?
Despite being in uncharted waters, we look at where and how we can forecast the near future. We use our experiences of the past to gauge but cannot solidly predict the future.
We meet with clients to revisit risk tolerance and ensure their portfolio match. At MM Financial Services Inc., it’s not the speed toward the goal, but the direction forward.
Our vast product base has a unique advantage of not just selling a fund or stock to a client—we want to meet both your short- and long-term goals. Insurance and insured products can help protect during these uncertain times. Segregated funds are a perfect example: they are a mutual fund with a death benefit insurance guarantee on them. This allows a client to assess some risk on their investment but also will address the concern about loved ones and offer a 100 percent death benefit guarantee.
Here’s an example of how this works: Your parents have a portfolio accumulated over the years. Heaven forbid, an untimely passing occurs during a market correction period like a pandemic. The value of their account may have decreased by 30 to 40 percent. By using a segregated account, the value would be paid out by way of a death benefit at 100 percent of its value, which is a definite benefit to their heirs. We believe it’s our obligation to help our clients make educated decisions with their money, especially in times like these.
3.What advice do you have for locals?
Our approach has always been to take care of our clients’ needs, ask questions, and provide value-added service. We have a boutique of investments and insurance products that can help individuals with their specific needs. At MM Financial Services Inc. you are treated like family. You should always look for the same from your institution and ensure they have your goals in mind.
Contact: [email protected]
Can-Am Bullion & Currency Exchange
Michael Piccioni, President
What changes did precious metals and gold experience during COVID-19?
There were significant changes in the precious metals market after the pandemic was announced. The demand for gold has exploded due to the economic uncertainty that resulted from COVID-19. The increased demand resulted in huge supply issues, leading to an increase in the price of gold by 20 percent since March, while silver is up close to 50 percent.
What is your market’s forecast for the next six months?
Due to the recent job losses and business closures and uncertainty in the overall economy, we expect gold to continue to rise at a fairly rapid pace over the next six months to a year. We are seeing many investors turning to the shiny metal over the past few months because they are scared that their investments are at risk due to the economic uncertainty in the world. We expect the price of gold to rise above $2,000 US within six months and will likely test $2,500 US an ounce within a year.
What advice can you share with locals?
I would strongly advise that investors take this time to re-examine their portfolio and begin to look at ways to hedge their portfolio’s risk. Precious metals have always been the best way to hedge a portfolio when facing economic risk and uncertainty. Gold has 5,000 years of history on its side and will always be looked at as a safe haven asset.
Contact: [email protected]