There are more insurance options in Canada than you can shake a stick at! Stay on top of the best policies right here.
Latest News
Health insurance in Canada: A primer for students and recent grads Oct 27th
Whether you’re getting an eye exam, having your routine dental cleaning or a prescription filled, you’ve probably been asked if you have health insurance to cover a portion of the costs. Without it, you’ll be required to pay out of pocket for any costs that are not covered by your provincial o.... More »
Consumer-first finance: How USDC Rewards are changing the game Nov 20th
While traditional savings accounts offer minimal returns, cryptocurrency platforms are presenting Canadians with new options for their cash. Coinbase’s latest offering—3.85% rewards* on USDC balances—highlights a growing shift in how people think about storing and growing their money.
T.... More »
Canada’s best no-fee credit cards 2022 Nov 4th
Some of the best things in life are free—so why should you expect any different from your credit card? Canada has an impressive array of no-fee credit cards that don’t charge cardholders an annual fee, while also delivering respectable rewards like cash back and travel points. Many of these no-f.... More »
“Do I need to tell my insurance company about a house fire or flood that I fix myself?” Sep 28th
You had a fire or flood in your home. Now you’re thinking about trying to fix the damage without telling your insurance company so that your rates don’t go up.
In my experience, most homeowners have this moment after a loss event. It’s fine to think about it—but I would say, don’t think to.... More »
How GreenShield+ Will Revolutionize Canada’s Health Care and Benefits Experience Apr 14th
Imagine it’s a Monday morning and you’ve woken up with a fever and a pounding headache. Instead of waiting in line at a nearby walk-in clinic, you reach for your phone, open an app and connect with a doctor in a matter of minutes. Do you require medication? Imagine receiving a prescription in re.... More »
How Much Life Insurance is Enough?
– life-insurance-quotes.ca
A commonly asked question regarding life insurance is “how much life insurance is enough?”Simply put: the amount of coverage needed depends on the amount of debt and income loss the plan has to cover. This is determined by the total assets that can be allocated subtracted from the amount of debt/costs.
The following is an easy way to figure out the amount of coverage you need. Note that this method is an approximation. For greater accuracy please consider contacting Baker & Baker Benefits for a complimentary, no-obligation Life Insurance Needs Analysis.
Simple Life Insurance Calculation
To calculate the amount of required coverage:
1. Figure out the sum total of all financial obligations (home mortgages, funeral costs, car loans, student debt, etc.). Note that the average cost of a funeral in Canada is around $8,000 to $10,000.
2. Decide how many years of income replacement you would like (commonly people want their life insurance plan to cover 3-5 years of lost income)…
Insurance Fraud: The Leading Cause of High Auto Premiums for Canadians
– ratesupermarket.ca
An ever-present, growing problem in the Canadian insurance industry is fraud. What some view as a “victimless crime” can affect thousands of insured Canadians.
A network of perpetrators working in tandem, or a single person working in a moment of duplicity, can plan and commit insurance fraud. The constant across all fraudulent claims is their result: they drive up premiums for all insurers.
Auto Insurance Fraud and the Claims Process
Auto insurance fraud can take many forms and be carried out by any number of people in an auto claim process. Don Forgeron, President and CEO of the Insurance Bureau of Canada (IBC), at the Ontario Association of Chiefs of Police meeting on June 24, 2019, warned of the tie between criminal organizations and insurance fraud:
“Fraud can be a way for organized crime to bring in revenue and support its other operations. It can be a way for dishonest people to take advantage of unsuspecting citizens – sometimes threatening them with violence or retribution…
