Can life insurance be used as a fixed income investment? Dec 21st

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A guide to the best robo-advisors in Canada for 2021 + MORE Jan 3rd

The robos have invaded. What was once a little-known investing tool for tech-savvy investors is now so commonplace, everyone from newbie savers to retired boomers using robo advisors to help manage their money.   While advisors and traditional fund companies still manage the majority of money in C.... More »

What DCPD insurance means to you Jan 19th

Direct compensation property damage, or DCPD, has nothing to do with your house and everything to do with your wheels. Part of the no-fault auto insurance system, it is a mandatory component of car policies in Ontario, Quebec, Nova Scotia, New Brunswick, Newfoundland and Prince Edward Island. The bi.... More »

The different types of home insurance—which one do you need? Jan 7th

Over the course of your lifetime, you’re sure to find yourself in different living arrangements. From your childhood bedroom to eventually purchasing your own house (and all the fun stuff in between), our different homes reflect the transitions of our lives. From the moment we start to live alone.... More »

Accident benefits have you covered—but for what, exactly? + MORE Feb 16th

Accident benefits are likely the last thing on your mind when you’re buckling up in a new ride and tuning into your ultimate road-trip playlist. But it’s important to know that this kind of car insurance is mandatory across Canada, and it plays a very important role if an accident happens and so.... More »

Financial planning in your 70s Feb 12th

When most people think about financial planning, they think about saving and investing for retirement. That is 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’re not there yet, bookmark this fo.... More »
Q. I am 55 years old, recently finished a four-year battle with cancer, and will be retiring soon. I have a healthy portfolio, consisting of 60% in blue-chip stocks and 40% in fixed income, which will look after my husband’s and my financial needs in the future.  I also hold a $2-million life insurance policy that I pay approximately $15,000 per year for. 
I am considering switching the policy to a guaranteed payout upon my death, but that would put the annual premiums up to around $35,000 per year. Because I hold 40% of a large portfolio in fixed income, I’m thinking this would be a better alternative as the rate of return from my insurance policy would be much higher than I could achieve in fixed income. 
Curious if you have had clients in the past whom this made sense for. I know my advisor will earn a lot on this policy, and I wanted to get your Coles notes on whether this would or could be something to consider.
A. Congratulations on beating cancer, Dana. You refer to your battle in the past tense, so I assume that means you’re in remission now…

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