How to go about securing the best policy for your insurance in Canada.
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Scotiabank Gold American Express Card review Jan 12th
The Scotiabank Gold Amex combines some of the best aspects of a travel card with the ability to participate in the Scene+ Rewards Program. For a modest annual fee, you’ll enjoy considerable insurance coverage, some travel perks, and the ability to earn up to 6 Scene+ points per $1 spent.
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Can I get fired on purpose to collect employment insurance?
– moneysense.ca
(iStock)Q: I want to ask my boss to lay me off so I can go on E.I. Any tips?
—Wanting Out, Vancouver
A: “To successfully approach your employer about getting terminated so you can go on Employment Insurance, the stars really need to align,” says Sabatina Vassalli, an employment lawyer with Agro Zaffiro in Hamilton, Ont. It only works if your employer is already looking to reduce its workforce, wants to terminate people without cause and is being forthcoming about it. In this case you could volunteer to be downsized. Otherwise, just remember that terminating an employee costs the employer, at minimum, termination pay under the Employment Standards Act. So if they catch wind that you want or need to leave, they could be inclined to simply wait until you quit, in which case you’re not entitled to E.I. Worse, if you purposely try to get laid off, you could be outright fired with cause and you wouldn’t be entitled to anything.
Got a delicate money question? Send it to ask@moneysense…
Personal finance editor Adam Mayers has been testing a tracking device that rewards good driving with insurance discount. The tradeoff may be hard for many people.Don’t cancel that insurance policy yet!
– moneysense.ca
(iStock)Think twice about scrapping or trading in an existing disability or critical illness insurance policy, warns financial planner Rona Birenbaum. You could wind up tens of thousands of dollars poorer. One of Birenbaum’s clients was persuaded by an insurance agent to switch a critical illness policy for long-term care coverage. What the client didn’t realize is that she was eight years into a plan that offered a return of all premiums paid if no claims were made after a decade. Had the client paid the $1,640 annual premiums for two more years, she would have walked away with $16,400. Always ask your agent or insurance company to email you a summary explaining the repercussions of cancelling a policy.
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