There are more insurance options in Canada than you can shake a stick at! Stay on top of the best policies right here.
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Do retirees need life insurance? Mar 4th
Ask MoneySense
My wife and I are both retired office workers from a large manufacturing firm. She retired at 60 and I did at 61. We are both 67 now. We have good retirement income between our pensions, LIF, OAS and max CCP, as well as about $12,000 per year in dividend income. The issue is our RRSP.... More »
Financial planning in your 70s + MORE Oct 7th
When most people think about financial planning, they think about saving and investing for retirement. That is certainly a part of it, but financial planning is much more holistic.
Here are a few financial planning strategies for those approaching or into their 70s. If you are not there yet, bookmar.... More »
Should my tenants have renters insurance? + MORE Apr 25th
Renters insurance likely isn’t on the top of your to-do list as a landlord—but it should be for your tenants. And it may deserve a nudge from you. As a property/home owner, you carry your own property insurance, but there are convincing reasons to ask your tenants to have their own policies. Fin.... More »
If my home is destroyed, will insurance cover its full replacement cost? Feb 20th
If you live in an area susceptible to flooding or other natural disasters, experts say, you should double-check that your insurance policy covers your home’s full replacement cost.... More »
“A way to leapfrog”: AWS executive says regulated industries moving fastest on AI Jul 6th
As a wave of companies rush to embed artificial intelligence into their operations, Matt Wood has noticed the technology’s fastest adopters are businesses more typically described as slow to change.
Matt Wood, Amazon Web Services global VP of AI products (The Canadian Press / HO-Amazon Web Serv.... More »
What is short-term disability insurance?
– moneysense.ca
Short-term disability (STD) insurance is a term you may have encountered while filling out employee paperwork when you start a job. But what exactly does it do? It provides income for someone over a short period of time if they can’t work because they’re ill or injured, have been in an accident, or are in the hospital.
What is short-term disability insurance?
STD insurance is commonly offered by employers as part of their benefits package, providing from several weeks to around six months of coverage. It’s different from employment insurance, but we’ll talk about that later. Once your short-term disability claim is approved, STD insurance will replace some of your income for up to 26 weeks. After that time, if you’re still unable to work, you might switch to long-term disability insurance or another form of disability benefit. The main difference between the two is time: Short-term disability is usually measured in weeks or months; long-term disability is measured in years…
What is short-term disability insurance?
STD insurance is commonly offered by employers as part of their benefits package, providing from several weeks to around six months of coverage. It’s different from employment insurance, but we’ll talk about that later. Once your short-term disability claim is approved, STD insurance will replace some of your income for up to 26 weeks. After that time, if you’re still unable to work, you might switch to long-term disability insurance or another form of disability benefit. The main difference between the two is time: Short-term disability is usually measured in weeks or months; long-term disability is measured in years…
Life insurance for kids: Do you really need it?
– moneysense.ca
Buying life insurance for kids is probably the last thing on your mind while you’re in the throes of changing diapers and round-the-clock feedings. But this stage of parenthood doesn’t last forever—and now that you are a parent, you have to plan for your little one’s (or ones’) future, too.
We’re not just talking about planning their first birthday party though. Besides saving for their education with an RESP, you should consider life insurance as well. It may be uncomfortable to think about, but it’s worth the effort to prepare for the what-ifs.
“Life insurance is about the people who are left behind,” explains Lorne Marr, director of business development at Hub Financial and founder of LSM Insurance. “You have to think of it as a financial instrument that will give you time to grieve. You don’t want to have to rush right back to work if a child passes away.”
There are sunnier reasons for getting life insurance for your child though. So, while your new babe is having a nap, here’s a quick rundown of everything you need to know about buying a policy for kids…
We’re not just talking about planning their first birthday party though. Besides saving for their education with an RESP, you should consider life insurance as well. It may be uncomfortable to think about, but it’s worth the effort to prepare for the what-ifs.
“Life insurance is about the people who are left behind,” explains Lorne Marr, director of business development at Hub Financial and founder of LSM Insurance. “You have to think of it as a financial instrument that will give you time to grieve. You don’t want to have to rush right back to work if a child passes away.”
There are sunnier reasons for getting life insurance for your child though. So, while your new babe is having a nap, here’s a quick rundown of everything you need to know about buying a policy for kids…
You need long-term disability insurance. Now what?
– moneysense.ca
Long-term disability insurance likely isn’t something you ever want to be in a position to need, but if ever you do need it, you’ll be grateful it’s there. Like short term-disability insurance, it provides financial assistance to an employee who is unable to work because of an accident, injury or illness. True to its name, long-term disability (LTD) payments cover a long period of time—as much as several years.
What benefits do you get from long-term disability?
When you qualify for LTD benefits, you’ll get a monthly payout for covering everyday expenses like your mortgage or rent, groceries, utilities, etc. (Find out the difference between life insurance and mortgage insurance.) Most LTD policies pay out benefits for up to two years if you can’t return to your job. If, after those two years, you’re still unable to work, the benefits may continue until you reach 65 years of age and can access the Canada Pension Plan. Alternatively, you may receive provincial disability support or Workplace Safety and Insurance benefits…
What benefits do you get from long-term disability?
When you qualify for LTD benefits, you’ll get a monthly payout for covering everyday expenses like your mortgage or rent, groceries, utilities, etc. (Find out the difference between life insurance and mortgage insurance.) Most LTD policies pay out benefits for up to two years if you can’t return to your job. If, after those two years, you’re still unable to work, the benefits may continue until you reach 65 years of age and can access the Canada Pension Plan. Alternatively, you may receive provincial disability support or Workplace Safety and Insurance benefits…
How to choose a family life insurance plan in Canada
– moneysense.ca
A family life insurance plan is anything but a letdown. While it’s not as shiny as a new boat nor as thrilling as a Costa Rican vacation, it offers invaluable peace of mind—because you know your loved ones will have what they need to afford life’s expenses when you’re no longer able to provide for them.
How life insurance helps families
From missing a loved one to various financial impacts, even young families aren’t immune to the after-effects of death. “When someone passes away and they don’t have life insurance, [the family’s] savings get eroded and their long-term financial goals get wiped out,” says Lee Browning, a founding partner and senior advisor at Southlake Wealth & Estate Group in Richmond Hill, Ont. “I need to know I did my job [as a provider] so that doesn’t happen.”
While Browning’s day-to-day work is all about balancing dollars and cents, he recognizes his job has a greater purpose: to make the right recommendations so his clients have financial support when they truly need it…
How life insurance helps families
From missing a loved one to various financial impacts, even young families aren’t immune to the after-effects of death. “When someone passes away and they don’t have life insurance, [the family’s] savings get eroded and their long-term financial goals get wiped out,” says Lee Browning, a founding partner and senior advisor at Southlake Wealth & Estate Group in Richmond Hill, Ont. “I need to know I did my job [as a provider] so that doesn’t happen.”
While Browning’s day-to-day work is all about balancing dollars and cents, he recognizes his job has a greater purpose: to make the right recommendations so his clients have financial support when they truly need it…
The best life insurance in Canada: your complete guide
– moneysense.ca
Wondering how to get the best life insurance in Canada for you and your family? You’re not alone. The pandemic has shown Canadians that we are not invincible. In fact, 44% of us now plan to buy life insurance because of the effects of COVID-19, but not everyone is confident in understanding what life insurance is, the cost and other details. That’s why we’re breaking it all down here.
This guide will show you:
This guide will show you:
What is life insurance? How does is it work?
Do you need life insurance?
How much life insurance do you need?
What are the different types of life insurance? Which one is the best?
How much does life insurance cost in Canada?
Life insurance extras: Some other things to consider
Buy the life insurance: How Canadians can prepare
Compare personalized quotes from some of Canada’s top life insurance providers*
What is life insurance? How does it work?
You likely know the gist of life insurance. In Canada, it is a contract between you and an insurance provider that you make monthly or annual payments (better known in the industry as “premiums”); in return, under specific conditions—namely, death—your family or other people you name will be paid an agreed-upon amount…
