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How to sell your own life insurance policy in Canada + MORE Mar 28th
“Can I sell my life insurance policy?” is a question Canadian insurance professionals are often asked. This might seem counterintuitive—after all, we purchase life insurance to safeguard the financial security of our loved ones in the event of death, not to provide an infusion of cash while we.... More »
The best travel insurance credit cards in Canada for 2023 Nov 1st
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The best travel insurance credit cards in Canada for 2023
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CPP payment dates in 2025, and more to know about the Canada Pension Plan Apr 2nd
In Canada, no retirement plan is complete without considering the CPP. Whether you’re approaching retirement or still several years away from it, the Canada Pension Plan will likely play a role in your retirement income. How big a role depends on several factors. You may have other questions, too..... More »
The state of the Canadian used car market: Trends, insurance, and the true cost of ownership Mar 9th
If you’ve been watching used car prices over the past year, you’re probably wondering if they’ll keep accelerating. Before you make a plan to trade in your vehicle or decide how much of a down payment to make, take a moment to anticipate what’s going on in the used car market this year.
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Does driving school lower insurance for Canadian drivers? Nov 16th
When you’re a new driver, insurance companies view you as being at higher risk of accidents than someone who’s been on the road for several decades. The risk of collision is highest within the first year a driver is on the road, and it decreases as drivers gain more experience. As a result, new .... More »
Reality-testing your financial plan
– moneysense.ca
Q. I am contemplating changing financial planners and I just met with one who seemed very impressive. Within about three hours he had everything laid out for me: the investments I should purchase, the use of life insurance, delaying CPP to 70 and more. Still, I would like to get a second opinion before I make my move.
I am 63 years old and single, living in Ontario. My house is worth $1,200,000 and my investments are also worth $1,200,000. I have a small indexed pension of $17,000 and I expect full CPP. What do you think?
–John
A. Many years ago, part of my training in the insurance business was to find a person’s hot button and push it! Is there any chance the planner was throwing out ideas in a similar way to hook you? There is nothing wrong with this, because before a planner can help you, you have to be aware there is something to be solved. (That said, I also think a big piece was missing in your conversation, which I will share with you later.)
Let’s have some fun by going through the common advice for people in your situation…
I am 63 years old and single, living in Ontario. My house is worth $1,200,000 and my investments are also worth $1,200,000. I have a small indexed pension of $17,000 and I expect full CPP. What do you think?
–John
A. Many years ago, part of my training in the insurance business was to find a person’s hot button and push it! Is there any chance the planner was throwing out ideas in a similar way to hook you? There is nothing wrong with this, because before a planner can help you, you have to be aware there is something to be solved. (That said, I also think a big piece was missing in your conversation, which I will share with you later.)
Let’s have some fun by going through the common advice for people in your situation…
How does age affect life insurance rates?
– moneysense.ca
Most of us go through life assuming we’ll reach a ripe old age—and that’s fair, because most of us do. But if you have dependents, it’s wise to protect them from financial fallout in the unlikely event of your death, even if you’re still young and healthy, by getting life insurance. Your age is a pretty big factor when it comes to the type of life insurance you should get and how much you’ll pay for it. Read on for some insight on this, and a few other factors that may affect your premiums.
How old you are affects life insurance premiums
“People should think about life insurance when they think they need it the least,” says Natalie Trimble, financial security advisor and investment representative for Freedom 55 Financial, a division of Canada Life. “The longer one waits to get it, the higher the chances that they may experience a health issue. With health issues or lifestyle changes, the possibility of increased costs or maybe even a rating [where you are approved, but with higher premiums] is a direct result…
How old you are affects life insurance premiums
“People should think about life insurance when they think they need it the least,” says Natalie Trimble, financial security advisor and investment representative for Freedom 55 Financial, a division of Canada Life. “The longer one waits to get it, the higher the chances that they may experience a health issue. With health issues or lifestyle changes, the possibility of increased costs or maybe even a rating [where you are approved, but with higher premiums] is a direct result…
Which type of life insurance is best?
– moneysense.ca
A little bit of knowledge can make a daunting task a whole lot easier to start—and that’s certainly true when it comes to life insurance. It’s a subject most people know little about until they actually decide to buy a policy, so we’re here to offer a little guidance on choosing the one that makes sense for you and your family.
What do I need to know about life insurance?
Life insurance is a contract with a life insurance company in which you commit to paying monthly or annual premiums (either for a finite period or until you eventually die, depending on the policy); in return they’ll provide a tax-free lump sum to your beneficiaries if and when you pass away while the policy is in effect.
There’s some variation in the type and level of coverage you can get; which policy is right for you depends on your financial situation (taking into account income, debts, mortgage and other such obligations) and your beneficiaries’ needs (like childcare and education fees and day-to-day living expenses)…
What do I need to know about life insurance?
Life insurance is a contract with a life insurance company in which you commit to paying monthly or annual premiums (either for a finite period or until you eventually die, depending on the policy); in return they’ll provide a tax-free lump sum to your beneficiaries if and when you pass away while the policy is in effect.
There’s some variation in the type and level of coverage you can get; which policy is right for you depends on your financial situation (taking into account income, debts, mortgage and other such obligations) and your beneficiaries’ needs (like childcare and education fees and day-to-day living expenses)…
How much life insurance do I need?
– moneysense.ca
Life insurance can be a tough task to face, but it’s pretty essential to ensure that your loved ones are looked after you die. Grief is difficult enough without having to deal with the stress of not being able to keep up with mortgage or car payments. But how much life insurance do you need? Here, we cover the different factors you need to take into account so you can arrive at an amount that gives you peace of mind.
What does life insurance cover?
Life insurance covers death. What the payout looks like depends on your insurance policy. And the amount of the premiums you pay depends, of course, on the amount and type of coverage you get as well as your personal details (like age, gender and health).
As far as coverage goes, your life insurance policy guarantees a pre-determined tax-free payout to your survivors if you die while the policy is valid. In exchange, you pay the insurer monthly or annual premiums, usually for the duration of the policy.
Your broker or insurance provider can help you determine the types of coverage you need, from funeral costs to outstanding debt…
What does life insurance cover?
Life insurance covers death. What the payout looks like depends on your insurance policy. And the amount of the premiums you pay depends, of course, on the amount and type of coverage you get as well as your personal details (like age, gender and health).
As far as coverage goes, your life insurance policy guarantees a pre-determined tax-free payout to your survivors if you die while the policy is valid. In exchange, you pay the insurer monthly or annual premiums, usually for the duration of the policy.
Your broker or insurance provider can help you determine the types of coverage you need, from funeral costs to outstanding debt…
Do I really need life insurance?
– moneysense.ca
Life insurance shouldn’t be one of those things you put off thinking about—because you (and the people who depend upon you) could need it at any time. But many do wonder if it’s worth the monthly premiums. But what about you, how do you know if it’s necessary for you? And why do we need life insurance anyway? Let’s find out.
“In general, life insurance is most necessary when you have dependents who would be impacted financially by your death,” says Lorne Marr, the founder of LSM Insurance, an insurance brokerage in Markham, Ont. “Typically, life insurance is used as a way to pay off a large debt, such as a mortgage on a home that you want to leave to your heirs.” But technically, you do not need life insurance. It’s not required by law in Canada, like car insurance.
Compare personalized quotes from some of Canada’s top life insurance providers*
Why you may need life insurance
If you have a spouse and kids, ask yourself this question: What do you want to happen to them when you’re gone? Chances are, you want them to continue living the same lifestyle—the last thing anyone wants is to think of their loved one’s dealing with financial uncertainty, or having to move when they’ve just lost you…
“In general, life insurance is most necessary when you have dependents who would be impacted financially by your death,” says Lorne Marr, the founder of LSM Insurance, an insurance brokerage in Markham, Ont. “Typically, life insurance is used as a way to pay off a large debt, such as a mortgage on a home that you want to leave to your heirs.” But technically, you do not need life insurance. It’s not required by law in Canada, like car insurance.
Compare personalized quotes from some of Canada’s top life insurance providers*
Why you may need life insurance
If you have a spouse and kids, ask yourself this question: What do you want to happen to them when you’re gone? Chances are, you want them to continue living the same lifestyle—the last thing anyone wants is to think of their loved one’s dealing with financial uncertainty, or having to move when they’ve just lost you…
