Group Insurance Will Look After Me, Won’t It?
Many people assume their employer’s group coverage will meet their needs. However, as Sally, Peter, and Steve found out, relying solely on it can lead to serious issues. From inadequate life insurance to denied disability claims, group plans can be unpredictable.
Be Prepared For Emergencies & Opportunities
Randy worked for a small business. When the owner died suddenly, the business accounts were frozen and it took several weeks before they could be accessed to meet payroll. Randy had trouble meeting his financial obligations and had to find a new job. Jane worked at a small company for many years. When the owner […]
Life Insurance: What You Need to Know
When it comes to life insurance, the name is a little misleading—it’s not really for your benefit. It’s there to protect the people you care about most if something happens to you. In a way, it’s more of a “loved ones’ lifestyle protection plan.” One of the first things to understand is that you don’t […]
What is Insurance?
Insurance surrounds each of us every day: When you get in your car, when you come home to your residence, and while you work. Insurance is always in the background discreetly doing its job. Most of us, however, do not think about it much or realize the very important function that all types of insurance […]
The Five Insurance Must Haves
Insurance is, and has always been, a tool to manage risk. If you cannot afford to ‘lose’ something, it is best to insure it. As with many other financial situations there are various solutions design to protect against financial losses. The five types of insurance everyone should have are: Life Insurance The primary reason to […]
Life Insurance Simplified
Life insurance, including mortgage or creditor insurance, is a key tool in your financial arsenal. This article will provide a high-level overview to help you better understand your choices when considering life insurance as part of your overall financial strategy.Life insurance, at its core, protects the standard of living of loved ones left behind after […]
How’s Your Group Life Insurance?
Owen is married and has two children. He has been working at the same company for over five years and relies heavily on his employee group plan for his life insurance needs. A new single co-worker got the same benefits after only 90-days and Owen wonders if his group insurance can let him down. Owen […]
Can You Be Over-Insured?
Most Canadians take the correct steps to protect their property against loss in case anything they own is lost or stolen. Concerns about recouping losses if a home is robbed, or a favorite vintage guitar is destroyed during a basement flood, are questions with very routine answers. But when it comes to considering the […]
Mortgage Insurance: Not Necessarily as Advertised
It’s all part of the process when you are arranging a mortgage for your new home. The bank employee inevitably asks if you would like to purchase mortgage insurance. No one likes to think about their own mortality; however, we all know deep down that stuff happens. People contract terminal illnesses or suffer debilitating or […]
Beware of this Insurance Trick
Alicia was about to sign the papers on her new vehicle when she noticed an additional charge of a little over $3,400 for insurance on the Bill of Sale. When she asked the finance manager what it was for, he said, ‘Well, that’s for the life and disability insurance for your car loan.’ She was […]
Credit Balance Insurance: Worth the Money?
Graham*, like millions of other Canadians, has and uses credit cards. He often carries a balance from month to month and is concerned about making the monthly payments if he becomes disabled or gets seriously ill. Graham doesn’t want to stick his family with the balance if he dies before paying it off. The […]
Insurance Needs for Small Business Owners
For many small business owners, what began as a bright idea or an innate desire to exercise their entrepreneurial spirit turned into a new enterprise with the promise to provide for them and their families. Even the most successful small businesses are significantly reliant upon the continued health, vision and skills of the business owner […]
Life Insurance Tax Rules Changing
Starting in January 2017, the allowable cash value build up under tax rules in life insurance policies will change. The federal government introduced changes in December 2014 that are designed to modernize life insurance exempt testing rules as they have discovered that people are living longer and that their insurance policies will pay out later. […]
Insurance for Young Adults
As they take the big step of moving out of their parents’ home and into their first apartment or other living quarters, the last thing on a young person’s mind is insurance. Yet, this is an area of great importance as they also begin their journey on the road to financial wealth and health. […]
The Three ECs of Life Insurance
Life insurance is initially purchased for any of a number of reasons. As time goes by, many people question why they are still carrying their policies as the original purpose no longer applies. Here are the three uses of life insurance: Estate Creation – When Ralph and Alice bought their first life insurance […]
Is Credit Balance Insurance a Rip-off?
Graham, like millions of other Canadians, has and uses credit cards. He often carries a balance from month to month and is concerned about making the monthly payments if he becomes disabled or gets seriously ill. Graham doesn’t want to stick his family with the balance if he dies before paying it off. The […]
How to Pay Less Tax With Life Insurance
Ray had thought of his life insurance purely as a protection plan. The anti-avoidance rules and general restriction of tax benefits applicable to most shelters prompted him to take a new look at his life insurance for tax deferral as well. A type of policy, called Universal Life, separates the cost of insurance and […]