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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What to do if you’re a victim of bank account or credit card fraud Jan 12th
Ask MoneySense
We have been defrauded of over $20,000 by someone who was able to make unauthorized e-transfers from our bank accounts. The bank has recovered a small portion of them, and it has refused responsibility for any more. I am at level three of the complaint process, and I am wondering how .... More »
Staying in Canada but travelling to a different province this summer? Then, yes, you need travel insurance Aug 11th
Even prior to the pandemic, OHIP did not cover medical expenses such as ambulances, prescription drugs and specialists’ fees in other provinces..... More »
What is renters insurance and how does it work? We make it make sense + MORE Jun 8th
While many people are under the assumption that their landlord’s insurance will protect them, there are actually big differences to be aware of, said money expert Jessica Moorhouse..... More »
Do I really need life insurance? + MORE Jul 31st
Life insurance shouldn’t be one of those things you put off thinking about—because you (and the people who depend on you) could need it at any time. But many do wonder if it’s worth the monthly premiums. How do you know if it’s necessary? Why do we need life insurance anyway?
“In gener.... More »
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 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…
