How Much Life Insurance is Enough? + MORE Mar 11th

There are more insurance options in Canada than you can shake a stick at! Stay on top of the best policies right here.
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How Much Life Insurance is Enough?

– life-insurance-quotes.ca

How Much Life Insurance is Enough?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)…

Continue Reading On life-insurance-quotes.ca »

Insurance Fraud: The Leading Cause of High Auto Premiums for Canadians
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…

Continue Reading On ratesupermarket.ca »

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