Insurance policy getting you down? There are always sound insurance alternatives.
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Mortgage premium hikes reduce case for borrowing to boost down payment + MORE Mar 19th
With mortgage insurance premiums rising, homebuyers whose down payments are just shy of 20 per cent may be considering whether to tap extra sources of credit in order to avoid the higher costs.
But mortgage brokers say recent government rule changes lessen the case for doing so because people may en.... More »
Term vs. whole life insurance: Which type of policy is best? + MORE Mar 20th
Term or whole life insurance? That is the question. But we have two more questions: What is the difference between these two types of policy? And which one is best for your needs?
Generally speaking, term life insurance is best for those seeking a low-cost, short-term solution. Whole life insuran.... More »
Every mortgage calculator you will ever need Jun 13th
Owning a home can be a powerful wealth-building tool, but it can also be expensive when you account for mortgage payments, property taxes, insurance premiums, utilities and maintenance.
To get a clear picture of how a home purchase impacts your finances, you’ll need to determine how much you ca.... More »
Are your deposits at Canadian financial institutions safe? Mar 21st
Ask MoneySense
We live in Ontario, and in light of the current banking problems in the U.S., we are a bit concerned about our investments.
They are held at three different banks at the moment and are largely in GICs and high-interest savings accounts.
We are aware that up to $100,000 is insure.... More »
How to qualify for EI benefits in retirement in Canada Feb 21st
Ask MoneySense
I’m a 75-year-old male, working part-time and contributing to EI every two weeks; and have for 10 years.
I do have CPP and OAS income.
Do I qualify to collect EI benefits for a period of time if I retire this year? I’ve paid contributions for 10 years and now plan to ret.... 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…
