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Term vs. whole life insurance: Which type of policy is best? Jul 2nd
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 »
How to calculate the taxable amount for a cashed-in whole life insurance policy + MORE Apr 18th
Ask MoneySense
I cashed in my whole life insurance policy last year and received a T5 suggesting I have to pay tax on the full amount of my cash value. Is this correct? The cash surrender value was $27,000, I paid $28,000 in premiums, and they told me my pure cost of net insurance was $30,000, whate.... More »
4 Low Risk Alternatives to Chequing Accounts Jan 27th
Investments like stocks, mutual funds, or cryptocurrencies carry some level of risk which you might shy away from for a variety of reasons. Whether you’re saving for college, getting ready to buy a house, or nearing retirement, if you’re looking for safer investment options, here are some o.... More »
Canadian banks hacked and the insurance claim you can't make: CBC's Marketplace consumer cheat sheet Jun 4th
CBC's Marketplace rounds up the consumer and health news you need from the week, including customer data hacked at two Canadian banks, taking car insurance companies to court and the provinces with the best cellphone plans..... More »
How Small Businesses Can Stay Safe Against Cyberattacks + MORE Oct 19th
Today’s cyber thieves aren’t lone hackers working from their basements. Cybercrime increasingly has become full-fledged enterprises, complete with CFOs, HR teams and research and development budgets—and this “professionalization” of cybercrime presents a growing risk for small businesses, .... More »
National Bank of Canada says a website error may have exposed the personal information of nearly 400 of its customers, including their names, birthdates, phone number and email address.
The Canadian lender says in a statement the problem related to an electronic form on its website and did not expose clients’ banking information, social insurance numbers or addresses.
The bank says a customer filling out an online form to make a branch appointment may have been able to see the data entered by a previous user.
National Bank says it was notified earlier this week about the problem, which lasted a few days.
The lender adds the incident was the result of human error while setting up the online form, and was resolved immediately.
The bank is contacting the nearly 400 potentially-affected customers to offer free credit monitoring.
MORE ABOUT ONLINE BANKING:
The Canadian lender says in a statement the problem related to an electronic form on its website and did not expose clients’ banking information, social insurance numbers or addresses.
The bank says a customer filling out an online form to make a branch appointment may have been able to see the data entered by a previous user.
National Bank says it was notified earlier this week about the problem, which lasted a few days.
The lender adds the incident was the result of human error while setting up the online form, and was resolved immediately.
The bank is contacting the nearly 400 potentially-affected customers to offer free credit monitoring.
MORE ABOUT ONLINE BANKING:
CIBC breaking ties with PC Financial
Relax, mobile banking is safer than you think
Canadian Tire wants to gamify online banking
Canada Post shipping options expanded
TD launches SMS customer service
Apple introduces digital wallet service Apple Pay
Mobile wallets at-a-glance
Would you use Facebook to transfer money?
The post National Bank error exposed personal information of customers online appeared first on MoneySense.
How life insurance can shave your capital gains tax
– moneysense.ca
Q: My husband and I bought life insurance in 2008. At that time, I was 44 and a non-smoker, and he was 46 but a former smoker. Each of us is insured for $250,000. The monthly premiums have been a total of $142.50 since we took out the policy—$58.90 for me, and $83.60 for him. In 2018, when my husband turns 56, his premiums will increase to $307.33 per month. This seems unreasonably high. My premiums don’t increase until I turn 64, at which point they increase to $387.60. I am the primary insured on the policy, and he is included as a spouse. We both have life insurance policies with our employers—mine is about equal to what this policy would pay and my husband’s is less, although he plans to either fully retire or semi-retire in 2018. Our home and cottage are both paid off and we have no debt. Our three children are in their 20s, out of the house and mostly self-sufficient, and we have saved about $450,000 for retirement so far. I have a DB pension plan and he has a DC plan…
