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Solutions Centre

Welcome to the Synergy Solutions Centre!

Just click on the one of the questions below and you'll get a simple answer. If the question you have doesn't appear on this list, feel free to ask us and we'll be happy to help you in any way we can.

You can "search" through the questions and answers by entering keyword(s) into our search box. Or you can categorize the questions listed by a category name, such as borrowing or wealth services, by selecting one of the categories from the drop-down menu from our main page. You can also comment on each of these questions by providing a comment on our answer, where we could provide additional answers.

Insurance

A middle-aged father has two insurance policies that he knows will be enough to provide for his family if he were to die. A friend of his, though, says he needs to seriously consider something called “critical illness insurance”.

It is a harsh thing to say, but this father s death would be far less devastating financially to his family than a long-term illness. Furthermore, a person s chances of suffering a long-term illness or disability, especially when they are middle-aged or younger, are far greater than them dying sudd... more...

After a tragedy affected friends of theirs, a married couple with two children began thinking more seriously about their own life insurance* coverage. They started to wonder if they had the right coverage, or even enough coverage, to protect their family in the event that something unexpectedly occurred.

Synergy is dedicated to providing our members with access to all the financial and related services they require. In this case, Credential Financial Strategies Inc. (CFS) would help you come up with the right insurance plan for you and your family. CFS provides life insurance* to members of credit... more...

Am I able to get insurance (mortgage) at my age?

Group Mortgage Protection Insurance coverage can be applied for via Synergy Credit Union through the CUMIS Life Insurance Company by individuals from ages 16 to 64 (coverage terminates on the member s 80 th birthday). This insurance provides coverage on the outstanding balance of the loan at the t... more...

In these uncertain times, why should I save? Why should I save with an institution such as a Credit Union like Synergy? Would it not be more secure to use a Safety Deposit Box than an account?

During uncertain economic times your best strategy is to either reduce your debt or increase your savings, although doing both would be optimal. This provides flexibility so you can react to changes in the economy or your personal employment situation, if needed. If you build up reserves (savings... more...

I'm starting my own communications/public relations company. To work with some government agencies, I need to carry professional liability insurance (errors and omissions insurance). Do you offer these services?

This is a very specialized insurance, one that Synergy Credit Union does not provide. You should check with your general insurance provider or google professional liability insurance to find a supplier near you. Synergy, through its partnership with Credential Financial Strategies Inc. does p... more...

Do you help people with insurance?

Most certainly we can help. Credential Financial Strategies Inc. (CFS) can work with you to determine a personal insurance plan suited to your specific needs. Your insurance plan will protect what s important to you in the event something happens, such as illness, injury or death. Your insurance p... more...

Which way is better to get money out of a cash based life insurance saving for my daughter for her education? Should I leave the policy in my name and get taxed on the income. Should I sign the policy over to her, and then she will show the income and may lose her funding for education.

You must firstly decide what is more important: reducing taxes or maximizing funding, and base your decision accordingly. If you cash in the policy yourself, you may be taxed on the income inasmuch as the surrender value exceeds your adjusted cost base, but depending on your daughter s situat... more...