BOW VALLEY COLLEGEAssignment 1 – Part 3 of 3
Prepared for:
Instructor Name
Instructor in the Business Administration Department
Chiu School of Business
Student Name
Date
Section 1: IMplicit Goal Plans/Proposals
1
IMplicit Goal #2 of Risk Management and Insurance Coverage
2
Why is this an
explicit goal for
your client?
Minimum
information =
minimal score.
The unstated objective of Ken and Hope is to safeguard their financial
well-being and cope with any potential threats. They are aware of the
importance of insurance to safeguard their family’s financial security in
the event of emergencies or unforeseen events.
Please include
details.
You will also be
graded on your
story telling
abilities here.
(2 points)
Specifics
(i.e. product details?
A particular plan (i.e.
payment
frequencies?)
Product details: Ken and Hope should consider acquiring comprehensive
protection to reduce hazards in multiple areas. This may include life insurance,
disability insurance, insurance for critical illness, and property insurance for
their rented residence and personal vehicles.
The payment amount
for your insurance
recommendations
should be included in
your updated cash
flow.
You can search for
various insurance
plans/rates online,
and provide a
recommendation
(with price and
particulars).
(10 points)
2
Visual
Create (not copy
and paste) a visual
that illustrates your
recommendation
Insuran
ce
Provide
r
Policy Name
Coverag Coverage Premiu
e
Limits
m
Feature
(Annua
s
l)
Recommend
ed?
A
Family
protection
plan
Life,
disabilit
y,
critical
illness
insuran
ce
$2,500
No
Life &
disabilit
y
insuran
ce
Life:
$2,200
$750,000
Yes
Life,
disabilit
y,
critical
illness
insuran
ce
Life:
$1,250,0
00
Examples for an
estate plan can be
a table the
compares the
prices that several
providers are
offering to create a
will/poa/personal
directive.
For insurance,
compare 3-4
policies/features/pr
ices for your client
to select from and
highlight your
recommendation
out of the 3
Life:
$1,000,0
00
Disability:
$5,000/
mo
Critical
illness:
$500,000
B
C
(5 points)
D
Comprehens
ive family
protection
Family
security plan
Disability:
$4,000/
mo
$3,000
No
Disability:
6,000/mo
Critical
illness:
$750,000
Basic family
protection
Life &
Life:
$1,800 No
disabilit $500,000
Disability:
y
insuran $3,000/
mo
ce
Score out of 15 and Instructor comments will be found on the rubric of your graded
assessment (D2L → Dropbox
3
Section 2: Present CPP/OAS/YMPE amounts
What is This year’s
maximum CPP retirement
benefit amount? (1 point)
Where did you find this
information?
If you begin your salary at age 65 in 2023, the maximum amount
you could receive each month is $1,306.57. In April 2023, the
average monthly salary for a new 65-year-old employee was
$760.07. The amount you will receive up to the maximum will
depend on your circumstances.
https://www.canada.ca/en/services/benefits/publicpensions/cpp
/cpp-benefit/amount.html
(failure to provide source
will result in an academic
honesty offense and
overall grade of 0 for this
assignment. Please post
your source).
What is This year’s
maximum OAS retirement
benefit payable? (1 point)
Age
Where did you find this
information?
https://www.canada.ca/en/services/benefits/publicpensions/cpp
/old-age-security/payments.html
65-74
75 and over
Net monthly
income
$698.60
$768.46
Net yearly income
$134,626
$137,331
(failure to provide source
will result in an academic
honesty offense and
overall grade of 0 for this
assignment. Please post
your source).
What is This year’s YMPE
amount? (1 point)
Year
2023
100%
$66,600
66.66%
$44,400
50%
$33,300
40%
$26,640
10%
$6,600
4
Where did you find this
information?
https://www.gov.nl.ca/dgsnl/pension-regulation/ympe/
(failure to provide source
will result in an academic
honesty offense and
overall grade of 0 for this
assignment. Please post
your source).
What % of the YMPE does
Client #1 currently make
annually based on present
annual income? (Gross
annual income / YMPE
amount) x 100
(1 point)
Project Client #1’s CPP
payment
(% above x max cpp
amount)
(1 point)
* If client 1 earns more
than the YMPE, then they
will earn maximum CPP
** If client 1 presently
earns less, but you believe
that their income will
change, provide an
explanation of what % of
the YMPE your client will
earn up until retirement.
Take this % and multiply it
by the present max cpp
amount.
5
What % of the YMPE does
Client #2 currently make
annually based on present
annual income? (Gross
annual income / YMPE
amount) x 100
(1 point)
Project Client #2’s CPP
payment
(% above x max cpp
amount)
(1 point)
* If client 2 earns more
than the YMPE, then they
will earn maximum CPP
** If client 2 presently
earns less, but you believe
that their income will
change, provide an
explanation of what % of
the YMPE your client will
earn up until retirement.
Take this % and multiply it
by the present max cpp
amount.
Score out of 7 and Instructor comments will be found on the rubric of your graded assessment
(D2L → Dropbox
Section 3: Retirement Projection/Analysis/Recommendation for Client #
1 (insert one of your client’s name here)
What will (insert client #1 name) require as a gross annual (total) pension payment for the year that
they turns 65 years old?
Assumptions
** Client #1’s income will increase by 2% each year (the same rate of inflation).
(3 points)
6
Show your work here (P/Y =1; C/Y = 1)
State your final answer here
Calculator
Mode (BGN or
END?)
N
I/Y
PV
PMT
FV
Score out of 3 and Instructor comments will be found on the rubric of your graded assessment
(D2L → Dropbox
At the age of 65, what will be the total retirement savings required for (insert client #1 name) to fund
their goals until the age of 90? (3 points)
* Assume an inflation rate of 2%.
** Upon retirement, assume funds will be invested in a portfolio that yields an average rate of
return of 4% p.a.
Show your work here (P/Y =1; C/Y = 1)
State your final answer here
Calculator
Mode (BGN or
END?)
N
I/Y
FV
PMT
PV
Score out of 3 and Instructor comments will be found on the rubric of your graded assessment
(D2L → Dropbox
For the year that (insert client #1 name) turns 65 years old, what will their combined monthly OAS
and CPP payments be? (3 points)
**** Assume a 1% annual increase of payments
***** for the PV, add the present CPP + OAS projection for this individual
(max OAS + (% of YMPE x present max CPP)
7
Show your work here (P/Y =1; C/Y = 1)
State your final answer here
Calculator
Mode (BGN or
END?)
N
I/Y
PV
PMT
FV
Score out of 3 and Instructor comments will be found on the rubric of your graded assessment
(D2L → Dropbox
What will the future value of (insert client #1 name) CPP and OAS benefit payments be if she expects
to receive such benefits until the age of 90? (3 points)
Show your work here (P/Y =1; C/Y = 1)
State your final answer here
Calculator
Mode (BGN or
END?)
N
I/Y
PV
PMT
FV
Score out of 3 and Instructor comments will be found on the rubric of your graded assessment
(D2L → Dropbox
ASSUME that Client #1 is a member of an employer sponsored Defined Contribution pension
plan.
Provide details here:
8
What is the total amount that will be contributed into this plan every year (i.e for simplicity,
assume 3% contribution from employer and 3% contribution from employee based on current
annual employment income. Use this amount as your PMT until age 65)
What is the rate of return on this savings plan (i.e X%? Use this value for the I/Y)
For PV, make up a value (i.e. $5,000 – $15,000) and state that this is how much Client #1
already has accumulated in their employer sponsored pension plan)
Now calculate what this amount will be upon retirement (age 65).
Show your work here (P/Y =1; C/Y = 1)
State your final answer here
Calculator
Mode (BGN or
END?)
N
I/Y
PV
PMT
FV
Score out of 3 and Instructor comments will be found on the rubric of your graded assessment
(D2L → Dropbox
*********** IF you stated from either part 1 or part 2 of your Assignment 1, that your client
ALREADY has an RRSP, calculate the FV of this RRSP for (insert client #1 name) (this may not apply to
all students)
>>> If this does not apply to your case, then leave this section blank If this does not apply to your case, then leave this section blank
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