Maria stared at the photo on her dresser.

Her husband, Hector, beamed back at her, as she glowed with happiness on their wedding day.

She remembers the excitement all too well – the thrill of walking down the aisle, the laughs with loved ones, and the world of possibility that lay in front of them 40 years ago.

Reminiscing gives way to reality; a now 63-year-old Maria is sat on the edge of her bed, dressed in her favourite blue cardigan and cream slacks, ready to meet her best friend Karen for coffee.

It’s been over 6 months since Hector passed, though the heartbreak still feels fresh. Grateful for their many years together, Maria has come to the brave decision to start looking towards the future. Today, on a rainy Friday, Maria wants to start making plans for the money Hector left her in his will.

It hasn’t felt right to talk or focus on money until now, although she knows she needs to; together Hector and Maria had two 2 children, who have three 3 grandchildren between them. She thinks of her youngest grandchild, Eliza, and how much she’s grown in the past six 6 months.

It’s a reminder of how quickly time passes, and how much better she’d feel if she knew Eliza and her other two 2 grandchildren were provided for with inheritance of their own one day.

She gets up and glances at the photograph once more, sighing with a smile knowing that she’s taking a step in the right direction.

“Maria!” shouts Karen rising from the table, who from the looks of things is already on her second flat white.

"Karen, how are you?” smiles Maria, who has been more grateful for her friend than ever these past 6 months. Karen’s husband, Michael, died in 2015. His illness progressed quickly, and left Karen to provide for her family whilst also having to plan for their financial future alone. It was a difficult time, and Maria was there for her friend the best she knew how. Now it’s been Karen’s turn to offer her support. Her stoicism and kindness have helped Maria through her darkest days, and she’s grateful to Karen more than she’d ever know.

“Watch yourself on my jacket, it’s pouring outside!” laughs Maria.

“Nonsense,” says Karen. The pair sit down as Karen waves over a server to get more coffees ordered.

“Are you still with the same  advisor?” Maria asks.

“Ari? Yes – I just had a virtual catch-up with her last week,” confirms Karen. “She’s been wonderful to work with over the years and was so helpful especially when it came to adapting to life financially after Michael passed.”

“That’s great to hear,” says Maria. “So, you’d recommend her? Is she taking on new clients? I’ve been thinking things over the past couple of weeks, and I think it’s time I started making some plans with the money Hector left me. It’s been sitting in a savings account since probate was granted, and I haven’t had the strength to even think about what to do with it.”

“Are you considering investing it?”

“I mean, I obviously want to leave my family as much as possible, but I'm worried about the risk of investing at my age. 

“I felt the same way,” says Karen, reaching for Maria’s hand from across the table and giving it a gentle squeeze. “And you’re not alone. Lots of widows need time to adjust financially after such a loss. Here, let me send you Ari’s details,” she says, rummaging in her bag for her phone.

"For what it’s worth, I think now is definitely the right time to start working with an advisor, especially as Ari is licensed to sell insurance and has experience dealing with your situation.”

She texts Ari’s details to Maria before continuing. “When I was asking similar questions to her, she recommended segregated fund policies; they’re kind of like investments and insurance mixed together,” says Karen. “They give you the freedom to invest while offering insurance protection to preserve your savings.”

Maria likes the sound of that. Something managed so she’d wouldn't have to worry about it herself, and guaranteed protection for her investment? This is exactly the kind of thing she’d been looking for.

“Ari is great at listening to your needs and making suggestions,” adds Karen. “Make sure to read ahead and come prepared with lots of questions.”

They talk some more, but as always, it’s not long before money talk gives way to discussing the latest chocolate cake disaster on this week’s Bake-Off episode.

Once home and in from the rain, Maria opens her laptop to start reading more about segregated funds – and to make an all-important appointment with her new advisor.

Maria reads through her notes in the waiting room, taking in the beautiful decor that feels strangely familiar and comforting.

It's been a little over a week since she met Karen, and she’s been reading lots about the benefits of segregated funds, common myths and misconceptions, and how they work overall. She feels prepared for her meeting although a little apprehensive; it’s her first time making a big financial decision like this without Hector.

A voice calls her name from a woman who’s appeared beside the reception desk.

"Maria Cortes? I'm Ari Spencer, it’s great to meet you!” She walks over and extends a hand. "My office is the first one over here, right by the coffee machine,” she smiles, gesturing and offering Maria a latte. She accepts, and they head to Ari’s office to start their conversation.

“Have you worked with an advisor before?” Ari asks.

“No; my late husband Hector worked in finance, and he managed our money for all our married life,” explains Maria. “This is my first time meeting with an advisor making a big decision like this without his help.”

“Not to worry,” Ari reassures her. “There’s no pressure to make any decisions today. Why don’t we start by getting to know each other a bit – tell me about yourself and what brought you in today?”

Maria explains how she hasn’t done much with the sum she received after Hector died, but that leaving as much as she can to the family that they made together is important.

“I get it,” says Ari, adding that she’s also a mom of two. Talk turns to kids and grandkids, and over the next hour or so, both Ari and Maria share more about their interests and families. They also talk about day-to-day spending habits and existing investments and retirement income.

As their appointment wraps up, Ari checks her notes to see if there’s anything else to go over. “I’ll take some time to review all of this – in the meantime, we’ll book a follow-up appointment? That will get us a chance to go over some options that might best fit your needs based on what you’ve told me.” Maria agrees and books a virtual call in a week’s time.

Sitting at her kitchen island, Maria gets comfortable and opens her tablet to join her virtual call with Ari. At the end of their last meeting, Ari had given her some brochures and materials to look through, and Maria has spent the week diligently going over everything.

“I’m keen to know more about segregated funds,” says Maria, adding that her best friend suggested them to her as well.

“Let's start with the basics," says Ari. “A segregated fund policy is a type of insurance contract issued by a life insurance company like Canada Life. It features 2 parts; firstly, a pooled investment managed by experts that helps you diversify your savings and protect them from market dips, and the other part is an insurance policy that guarantees 75% to 100% of the money you invest for an additional fee.”

“Hmm. How can any product guarantee to protect my money?” asks Maria.

“These guarantees protect part or all your initial investment; when you reach your maturity guarantee date or pass away, if your investment is worth less than its original value, the insurance protection will top you up to your chosen percentage. Naturally, it will be proportionally reduced by any withdrawals.

To get the guarantee, you must keep your money in the segregated fund policy until the maturity date. If you cash out your investment before the maturity date, you’ll receive the investment’s current market value, which may be more or less than what you invested originally. Plus, you may have to pay a penalty.”

Maria takes some notes, paying careful attention. They talk more about the guarantees, before moving onto questions about creditor protection. “What exactly is it?” she asks.

“With creditor protection, your investments could be protected even if you face unexpected lawsuits or bankruptcy. After your passing, the death benefit will go to your beneficiaries, not creditors,” Ari explains, adding that Maria should also speak to her lawyer to find out more about the potential for creditor protection. “It often depends on court decisions and applicable legislation, which can be subject to change and can vary from each province,” she explains.

“Another key benefit of segregated funds is the ability to lock-in investment gains,” adds Ari. “If the value of your investment increases, some segregated fund policies allow you “reset” the guaranteed amount for a fee to this higher value..”

Ari and Maria spend over an hour talking more about the details of segregated fund policies, and how they could help Maria reach her financial goals.

Ari said. “With a choice of guarantees, you can expand your wealth and secure it at the same time.”

When Maria closes her tablet and leaves the meeting, she feels  a weight lift off her shoulders. For so long, the idea of investing in retirement on her own and making decisions without Hector seemed daunting.

Now, knowing that there’s a product that would give her the opportunity to help grow her money safely, she feels optimistic about the future.

It was another week before Maria reached back out to Ari. She wanted to carefully take her time with this decision and do a great deal of research before making it.

She learned how segregated funds compared to other options like mutual funds or Exchange Traded Funds (ETFs), and read lots about estate planning.

Finally, Maria phones Ari and says she’d like to get started with investing in seg funds.

“That’s great news,” says Ari. “Based on everything you’ve told me, I think it’s a great choice for you. Ultimately, segregated fund policies offer a simple and straightforward way to pass on your money. Unlike some investments, you can choose to have the death benefit from your segregated fund policy go directly to your beneficiaries, which means it won’t flow through your estate. This could be faster, less expensive and less stressful than other options. Plus, if the policy has a designated beneficiary, the way you choose to leave your money, and to whom, is private. You may feel more comfortable leaving money to your kids and grandchildren this way.”

That weekend, Karen came over to Maria’s place. She shared the news that she’d taken Ari’s advice and had opened a segregated fund policy.

“That’s great news!” said Karen. “How do you feel?”

“What are friends for?” smiles Karen, settling into the Maria’s couch and reaching for the TV remote. “I’m glad it worked out. Anyway – enough ‘shop talk.’

Ready for Bake-Off?”