Michel is 72 years old. Widowed four years ago, he has an only child, Catherine, to whom he wishes to bequeath the assets that he has accumulated during his life. His current assets are in the order of $1.2 million, consisting mainly of registered ($400,000) and non-registered ($800,000) bank accounts. His gross annual pension income is$60,000, and the monthly rent at the long-term care facility where he lives is $4,500. Fifteen years ago, Michel bought long-term care insurance of$1,500 per month.

What should Michel’s agent answer as to whether Michel’s assets are sufficiently protected?