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How to calculate the taxable amount for a cashed-in whole life insurance policy + MORE Apr 18th
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I cashed in my whole life insurance policy last year and received a T5 suggesting I have to pay tax on the full amount of my cash value. Is this correct? The cash surrender value was $27,000, I paid $28,000 in premiums, and they told me my pure cost of net insurance was $30,000, whate.... More »
Canada’s best credit cards 2022 Nov 24th
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Best credit cards in Canada for 2022
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Yes, your auto insurance company can drop you. Here’s how to protect yourself against worst-case scenarios Feb 8th
A 74-year-old Brampton retiree was dumped by her insurance company after she was in two accidents, even though she says one wasn’t her fault..... More »
How to stake Cardano (ADA) in Canada + MORE Nov 12th
Like other cryptocurrencies, ADA, the native coin of the Cardano blockchain, has been in a bear market since October 2021—meaning a recent pattern of price declines. Despite this downturn in crypto prices, Cardano seems to be a strong player among the public blockchains that offer smart contract f.... More »
How You Can Protect Your Data from Cybercriminals Aug 4th
If you found a USB stick in the bathroom at work, would you plug it into your computer to see what’s on it? Preying on our inherent curiosity is one clever way cybercriminals try to trick us into making security mistakes in an effort to gain access to sensitive computer systems and launch a cyber .... More »
Life insurance for kids: Do you really need it?
– moneysense.ca
Buying life insurance for kids is probably the last thing on your mind when you’re in the throes of diaper changes and round-the-clock feedings. But the early stages of parenthood don’t last forever—and it’s never too early to start planning for your little one’s (or ones’) future.
We’re not just talking about planning their first birthday party or saving up for school with a registered education savings plan, either. It may be uncomfortable to think about, but it’s worth considering life insurance as a way to prepare for even the worst what-ifs.
“Life insurance is about the people who are left behind,” explains Lorne Marr, director of business development at Hub Financial and founder of LSM Insurance. “You have to think of it as a financial instrument that will give you time to grieve. You don’t want to have to rush right back to work if a child passes away.”
A life insurance policy for kids isn’t only about the end of life, either. The right plan can have lifelong advantages…
