Insurance policy getting you down? There are always sound insurance alternatives.
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How to stake Cardano (ADA) in Canada + MORE Nov 12th
Like other cryptocurrencies, ADA, the native coin of the Cardano blockchain, has been in a bear market since October 2021—meaning a recent pattern of price declines. Despite this downturn in crypto prices, Cardano seems to be a strong player among the public blockchains that offer smart contract f.... More »
Before You Sail Off: Independent vs Cruise Line Insurance for Protecting Your Trip Jun 20th
Booking a cruise comes with a few crucial decisions. How long you want to be at sea, which ports you’d like to visit, whether you’d like an adventure-filled experience or you simply want to relax in the sun; these are a few of the choices you’ll make as you design your trip.
While.... More »
What does a fee-only financial planner do, exactly? Sep 16th
Q. How do you make money, Jason, if you don’t sell any products?
–Rob
A. Your question is a good one that I get a lot, Rob—even from people in the industry. So let me explain.
Something that I like to reinforce frequently is that I do not sell any financial products. I feel this is an import.... More »
Updating Your Life Insurance Policy Jan 19th
A life insurance policy is instrumental when it comes to protecting your family and providing for them financially in the event that one or both parents pass away.
How much coverage is required depends on many different factors. Simply put, when a person dies , that person’s estate (consisting o.... More »
Attention, ESG investors: Canada’s biggest carbon-emitting public companies Jan 24th
The effects of climate change are a risk to Canadians and the Canadian economy in more ways than one. There are the direct issues, like fires, floods and storms, increasing in both frequency and intensity (plus threatening lives and homes, and raising home insurance premiums, too). There are financi.... More »
Important tips on leaving real estate in your will
– moneysense.ca
Q. In my will I am leaving my condominium and all of its contents to my son. I have taken out a life insurance policy so that he can use the money to pay the balance on my mortgage. What are the pros and cons of this plan?
– Annie
A. Hello, Annie. It’s clear that you’ve made your will, but your letter doesn’t mention your age or what other assets or beneficiaries you may have recognized in it. Did you use a lawyer to prepare your will?
A lawyer would work with you to ensure you have a plan for what happens if your son passes away before you or with you—and, if he does, who is your alternative beneficiary? Have you considered whether your son will live in the condo or sell it? And does your son have a spouse or children who may inherit if he does not survive you? If you haven’t already considered these questions with a lawyer with experience preparing wills, I urge you to do so.
You have also asked for my take on the plan to life-insure your mortgage.
If you obtain life insurance from your mortgage lender, it may be only valid while you have the mortgage with that particular lender…
– Annie
A. Hello, Annie. It’s clear that you’ve made your will, but your letter doesn’t mention your age or what other assets or beneficiaries you may have recognized in it. Did you use a lawyer to prepare your will?
A lawyer would work with you to ensure you have a plan for what happens if your son passes away before you or with you—and, if he does, who is your alternative beneficiary? Have you considered whether your son will live in the condo or sell it? And does your son have a spouse or children who may inherit if he does not survive you? If you haven’t already considered these questions with a lawyer with experience preparing wills, I urge you to do so.
You have also asked for my take on the plan to life-insure your mortgage.
If you obtain life insurance from your mortgage lender, it may be only valid while you have the mortgage with that particular lender…
