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Term vs. permanent life insurance: How to choose what’s right for you Oct 11th
Life insurance can protect your loved ones financially after you’re gone, but picking the right kind can protect your wallet even when you’re alive. Generally, there are two kinds of life insurance: term life insurance and permanent life insurance. Permanent life insurance provides lifel.... More »
Is a vacation home a good investment? + MORE Sep 21st
The benefits of owning a vacation property are obvious. A cottage, cabin, condo or trailer a short drive from your home can provide a quick weekend recharge. A property down south can serve as a regular vacation destination or a winter home for a snowbird.
Sometimes, emotions are the motivat.... More »
BREAKING: Ontario Car Insurance Rates Increase Apr 21st
Here at RateSupermaket.ca, we keep you in the loop of different ways to save, whether it be on your mortgage, through investments, or on your car insurance. The Financial Services Commission of Ontario (FSCO) has reported that Ontario car insurance rates have increased by 2.23 per cent on average.... More »
Rising rates are good news for near-retirees seeking longevity insurance + MORE Jul 3rd
For years, low interest rates have been a boon to borrowers but a curse to older investors wanting low-risk interest income options. Now, after a decade of minuscule rates, interest rates are starting to inch back up again: another 0.5% as of June 1st. That’s good for GIC investors (guaranteed inv.... More »
Ages 13 to 17: Teaching teens to budget Aug 24th
It happens so fast you could miss it. But in their teens, kids need to start moving from thinking about money in small amounts (weekly) to larger amounts (monthly). “They should start getting more money for longer periods of time, but now they also need to start taking personal responsibility for .... More »
Does the Colour of Your Car Affect the Price?
– ratesupermarket.ca
Myth or fact? The colour of your car affects the price you pay for auto insurance.
Well, truth be told, whether you’re into electric blue, cherry red, or plain old silver, the colour of your vehicle has no effect on your car insurance rate.
According to latest stats from PPG, 74 per cent of cars on the road in North America are white, black, grey and silver. Red and blue combine for another 18 per cent, showing that we seldom stray from “conservative” colours.
Car colour has long been quoted as one of the major deciding factors when buying a vehicle, but conservative colours may be trending due to the popular myth that colourful cars – most specifically red – cost more to insure.
Generally, insurance companies don’t ask you about the colour of your car when providing you with an auto insurance quote. For example, RateSupermarket.ca always give you the best deals on car insurance, no matter the shade or colour of your vehicle.
On the other hand, here are some factors that can affect your rate:
Make, model and year of the vehicle you drive
Where you live
Your driving and insurance history
Your driving record, including any tickets or collisions
Optional coverages you choose to include in your policy
Your deductible amount
Depending on where you live, there may be other factors as well; however, these are the most common across most provinces in Canada…
8 critical illness insurance myths
– moneysense.ca
Critical illness insurance is hugely misunderstood. And if you’re not reading the fine print on your policy, you could be relying on inaccurate myths when deciding how much you’ll need. Luckily insurEye, a Canadian insurance education site, has compiled a list of several critical myths that need to be busted. We’ve picked eight that we think are most prevalent and need the most clarity.
1. MYTH: Critical illness insurance and disability insurance are the same thing.
FACT: No. The aim of disability insurance is to substitute your lost income due to your disability. Critical illness insurance provides a lump sum payment if you are diagnosed with a critical illness, such as cancer or an immunological disease. The benefit is that you can decided how to use these funds so you can either pay for your treatment with the money, or, if self-employed, use the money to pay for family expenses. This means you are in fact, compensating yourself for your lost wages.
2. MYTH: Once I have critical illness insurance, I am covered in case of ANY critical illness…
1. MYTH: Critical illness insurance and disability insurance are the same thing.
FACT: No. The aim of disability insurance is to substitute your lost income due to your disability. Critical illness insurance provides a lump sum payment if you are diagnosed with a critical illness, such as cancer or an immunological disease. The benefit is that you can decided how to use these funds so you can either pay for your treatment with the money, or, if self-employed, use the money to pay for family expenses. This means you are in fact, compensating yourself for your lost wages.
2. MYTH: Once I have critical illness insurance, I am covered in case of ANY critical illness…
