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Latest News
3 Odd Insurance Claims that Have Actually Been Filed Apr 21st
When mishaps occur, you want your insurance company to help. But, what about when the claim sounds too good to be true? From a slippery slip and fall to a plane dropping blue ice over Canada, here’s a look at a few of the oddest claims filed.
What’s the worst that could happen, right?
1. This.... More »
How to deal with the rising costs of auto insurance due to car theft Apr 17th
Looking for a break on car insurance premiums is often top of mind for drivers. And finding ways to reduce that figure is especially important now, when rampant thefts have led to higher insurance costs.
How to lower the cost of auto insurance and prevent car theft
Experts say installing .... More »
The best TFSAs in Canada for 2021 Jan 27th
A tax-free savings account, known better as a TFSA, is a savings vehicle available to Canadians aged 18 and up who have a valid social insurance number (SIN). It was launched by the federal government in 2009 as a way to encourage Canadians to save and invest.
As the name suggests, TFSAs offer a tax.... More »
American Express Cobalt review + MORE Dec 15th
If you know you want an American Express credit card, you’ve probably been referred to the Cobalt credit card. The Cobalt combines high earn rates for everyday purchases with a great insurance package and the ability to put points towards travel for high value. In this American Express Cobalt revi.... More »
Canadian banks hacked and the insurance claim you can't make: CBC's Marketplace consumer cheat sheet Jun 4th
CBC's Marketplace rounds up the consumer and health news you need from the week, including customer data hacked at two Canadian banks, taking car insurance companies to court and the provinces with the best cellphone plans..... More »
Term life insurance vs. universal life
– moneysense.ca
Q: My wife and I have two joint life insurance policies. The first one is term life with a death benefit of $250,000 that we purchased in 2004 and the second one is a universal life with the death benefit of $500,000 that we purchased in 2009. The current fund value of UL is $11,051. The premiums that we are paying are $150 for UL and $25 for term life. Our term life policy matured this year and our premiums for the new term have increased to $73. We would like to keep one policy and cancel the other but we don’t know which one we should stick with. We have two kids ages 10 and 8, $100,000 worth of mortgage remaining, $40,000 in car loan and no other debts.
—Sam K., Toronto
A: The first step is to determine how much coverage you need. For that, you can check out a needs analysis calculator.
The downside of cancelling the universal life plan is there may be penalties if you draw out the cash surrender value. Also, if the universal life policy has a guaranteed cost of insurance, the pricing could be very favourable because you were younger when you took the policy…
12 Months to Being Debt Free – When Emergencies Arise
– ratesupermarket.ca
When you’re trying to get out of debt, the last thing you want is a financial setback. Unfortunately, life can throw us a curveball every so often, and this comes with unforeseen expenses. Your car could break down and require expensive repairs, you might throw out your back and need several sessions with a chiropractor, or you could chip a tooth and undergo costly dental work that your insurance doesn’t cover.
These types of emergency expenses are things that you can’t plan for in advance. For that reason, they often cause people to go into debt since they don’t have the cash put aside to pay for these costs and must turn to their credit card.
If you’re trying to get out of debt by the end of 2016, the last thing you need are unexpected expenses derailing your plans. Not only will that add to the challenge of repaying your debt, but it can push you to go further into the red if you can’t adjust your budget to absorb the costs.
So, what can you do to deal with an emergency expense and stay on track with your goal of becoming debt-free by the end of this year? Here are a few suggestions:
Find Ways to Cope with the Cost
If you experience an emergency while you’re in the process of paying off debt, if possible try to delay the expense until you can afford to pay for it with cash…
