My name is Monika, and I’d like to introduce myself and welcome you to my website. I invite you to look around a bit and if you see anything that interests you or if you’d like additional information on any of the products or services I would welcome an email or telephone call from you. If you are shopping for the best rates, would like a free quote or you are looking to have a 2nd opinion/ review done on policies you already own, please be sure to reach out to me directly at monika@monikachestnut.com or 519-878-9148 for a free consultation and quotes.
So, let’s start off with a little bit of information about me. I’m an Advisor servicing clients all over Ontario. I was born and raised in London, Ontario, and attended Fanshawe College. I have worked in the industry for over 15 years in various roles, and I have been a licensed and practicing Advisor for the past 9 years. I have been interviewed by the National Post and won many community awards and consumer choice awards for my work as an Advisor.
I have been married for over 13 years now, raised my two children just outside London, and moved back to London once my daughter began high school at H.B. Beal Secondary. In my spare time, I enjoy music, reading, and photography.
Often considered the more affordable and more practical option, this life insurance provides enough coverage for a certain number of years, generally between 10 and 30 years. These policies are meant to cover you for a certain period of time, such as when you have young children or debt like a mortgage to pay off. After the number of years are up, the policy expires or renews depending on the contract type you purchased.
Permanent life insurance usually comes as Universal Life or Whole life insurance. This is a policy that will remain in place and pay out when you die. This type of policy is usually more expensive than a term life insurance policy however it has an investment/ growth component and is guaranteed to pay out eventually. It is typically used to leave inheritances, pass wealth from generation to generation or cover costs associated with asset gifts or final expenses such as burial. Generally, there is an investment component to these policies. Not all policies or companies offer the same policy growth etc. so be sure you shop this product around with your independent Advisor.
Mortgage insurance is a certificate policy sold most often by banks and mortgage agents. These certificates compensate the lenders or banks for losses incurred as a result of the death of the mortgage holder. Mortgage Insurance certificates can be replaced by term life insurance. Term life insurance saves you money, is a better structured policy, allows you to name a beneficiary or multiple beneficiaries, cannot be cancelled without your consent, pricing is level and cannot change adhoc etc. In short, replacing your bank/ lender sold mortgage insurance with term life insurance gives you the control and saves you money.
Disability insurance can help protect you and your family from an unexpected illness or accident that leaves you unable to work and earn an income. Generally, disability insurance replaces a portion of your regular income for a specified time if you can’t work.
A TFSA allows you to save money in eligible investments and watch it grow tax-free over the course of your life. In a TFSA, interest, dividends, and capital gains are tax-free for life. Your TFSA savings can be withdrawn at any time and for any reason, and all withdrawals are tax-free.
Critical illness insurance helps to pay the costs associated with life-altering illnesses. If you become sick with an illness covered by your policy and survive the waiting period, you’ll receive a lump-sum cash payment. And, unlike reimbursed health insurance benefits, you decide how to spend the money. The Lump-Sum benefit can pay for anything from medical expenses not covered to a celebratory trip to Disney.
An RRSP is a retirement savings plan established by the Canadian government to assist Canadians in saving for retirement. RRSPs, as registered accounts, have rules and regulations regarding contributing to an RRSP, the amount you can contribute, the investments an RRSP can hold, and withdrawing money from your RRSP.
A locked-in retirement account, also known as a locked-in retirement savings plan, is a Canadian investment account that holds locked-in pension funds for former registered pension plan members, former spouses or common-law partners, or surviving spouses or partners.
A Life Insurance advisor can offer two types of investments: segregated funds and GICs. Many of the characteristics of a mutual fund are combined with elements of an insurance contract in a Segregated Fund. They include guarantees and benefits not available with traditional mutual funds and can only be obtained through an insurance company. A GIC (guaranteed investment certificate) is a Canadian investment that provides a fixed rate of return over a specified time period.
Whereas an insurance agent is generally an employee of a bank or specific insurance company and can often only sell products that take on a one size fits all approach, an Insurance broker generally owns their own business and is contracted with multiple Canadian insurance and investment companies. Why does this matter? Because when it comes to your investing or your insurance needs, there is no such thing as a one size fits all approach to proper planning. You are not identical nor are your insurance or investment needs in comparison to your neighbours, coworkers or even your family. You likely earn different amounts of income, you will most certainly have different health histories and likely your priorities differ in ways that would impact your decisions. Insurance brokers will work for you and put your needs above any one specific company. This allows us to completely customize your insurance and investment products at no additional cost; in fact, we can shop the entire marketplace and find you not only the cheapest products but also the best for your specific needs. Insurance brokers are there with you throughout life. We don't just sell you a policy and disappear. Insurance brokers are there to help you buy your insurance or investments but we are also there when you buy or sell a home, change jobs, have kids, when a parent or loved one passes away, if you get seriously sick or disabled, we are there when you retire and when you welcome your grandchildren home. Insurance brokers live, work and donate time and often money in the very same community you do!
Like you, I am more than just my career. I am also a loving wife. I have a son and a daughter, a younger brother and sister, three nephews, and three nieces. My family is my world! Together we experience Ontario, enjoy hiking, sailing and camping. I play and coach girls’ hockey, enjoy photography and read just about everything I can get my hands on. I am also an amateur guitar player and fan of just about all music. Finding an Advisor in Ontario is the easy part, but finding an honest, talented, and sought after advisor with great connections who understands the crazy situations life throws at you and genuinely wants to help you reach your goals and dreams… well, that’s me!
I was raised in the industry as my father, James, has been a financial advisor for 38 years. I can remember as a small child accompanying him to appointments with some of his clients and being taught the true value of the services we provide to our clients. So, I unofficially began my career at my father’s knee around the age of five. Officially, I began my career in finance by attending Fanshawe Collage. From there I was hired by the second largest Managing General Agency in Ontario and one of the largest nationally. This position allowed me access to the most up to date training in product knowledge while building invaluable relationships with contacts at numerous insurance and investment companies. Further, this experience gave me a working knowledge of the processes behind the marketplace as well as real life experience building successful client portfolios. I left that Managing General Agency to specialize in analyzing situations and directing proper product placement in client portfolios and opened my own financial services office. Today I continue to run my own business and am honoured to align myself with my father as my mentor. I am life licensed with a focus on Insurance and Investment programs and the changing marketplace.
