Important tips on leaving real estate in your will May 11th

Insurance policy getting you down? There are always sound insurance alternatives.
Latest News
 car insurance

Does a Higher Home Insurance Deductible Mean More Savings? + MORE Jun 28th

Home insurance can sometimes be tricky. You know you need a home insurance policy, but how do you find the right deductible amount? On the one hand, you want low monthly payments. On the other, you don’t want a high payment to make if something happens and you have to file a claim. But, what’s .... More »
 home insurance

What is Wedding Insurance and Do I Need It? Jun 24th

If you’re shopping for wedding insurance, chances are the big day is quickly approaching. So, congrats! Planning your wedding can be a very busy time and there’s a lot of stress. You want your day to be perfect and you don’t want to worry about what could go wrong. What if the gown is dama.... More »
 home owners insurance

Before You Sail Off: Independent vs Cruise Line Insurance for Protecting Your Trip Jun 20th

Booking a cruise comes with a few crucial decisions. How long you want to be at sea, which ports you’d like to visit, whether you’d like an adventure-filled experience or you simply want to relax in the sun; these are a few of the choices you’ll make as you design your trip. While.... More »

“A dog bit me! Should I sue?” May 31st

The arrival of the warmer weather means that more people will be out and about. This also means that more people will be out and about with their dogs. Every summer, numerous people want to speak to me after a dog has injured someone. Some of these people are the owner of the dog; some are the one.... More »
Q. In my will I am leaving my condominium and all of its contents to my son. I have taken out a life insurance policy so that he can use the money to pay the balance on my mortgage. What are the pros and cons of this plan?
– Annie
A. Hello, Annie. It’s clear that you’ve made your will, but your letter doesn’t mention your age or what other assets or beneficiaries you may have recognized in it. Did you use a lawyer to prepare your will?
A lawyer would work with you to ensure you have a plan for what happens if your son passes away before you or with you—and, if he does, who is your alternative beneficiary? Have you considered whether your son will live in the condo or sell it? And does your son have a spouse or children who may inherit if he does not survive you? If you haven’t already considered these questions with a lawyer with experience preparing wills, I urge you to do so.
You have also asked for my take on the plan to life-insure your mortgage.
If you obtain life insurance from your mortgage lender, it may be only valid while you have the mortgage with that particular lender…

Continue Reading On moneysense.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!