Rising rates are good news for near-retirees seeking longevity insurance + MORE Jun 29th

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Is a vacation home a good investment? + MORE Sep 21st

The benefits of owning a vacation property are obvious. A cottage, cabin, condo or trailer a short drive from your home can provide a quick weekend recharge. A property down south can serve as a regular vacation destination or a winter home for a snowbird. Sometimes, emotions are the motivat.... More »
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If my flight is delayed or cancelled, can insurance offered by my credit card help cover the cost? Aug 4th

Medical insurance is typically the first thing that comes to mind when someone mentions travel insurance. But you could get a lot more out of your credit card..... More »

Should you transfer property to a child and then rent it from them? Jul 27th

I would like to know if transferring our home into our daughter’s name—can we stay and pay rent and get a rental home credit? Is it valid?—Satyesh Tax credits when renting property from a family member There is a lot to unpack with your question, Satyesh, but I will address your direct q.... More »

“I discovered water damage in my home. Will insurance cover me?” Sep 1st

My washing machine has been leaking for years, and we only just learned of the leak and the resulting damage because of staining on our basement ceiling below. Will my home insurance cover this? —Alison Does home insurance cover water damage? The end result of water damage to your home is a.... More »

Life insurance for kids: Do you really need it? Jul 23rd

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. W.... More »
For years, low interest rates have been a boon to borrowers but a curse to older investors wanting low-risk interest income options. Now, after a decade of minuscule rates, interest rates are starting to inch back up again: another 0.5% as of June 1st. That’s good for GIC investors (guaranteed investment certificates), as we covered in my recent column on the alleged “death” of bonds.

This is also welcome news for retirees seeking so-called “longevity insurance,” even if it’s probable that the same forces at work are also depressing stock prices. In other words, the time may be fast approaching when near-retirees and full retirees start to consider annuities.

Are fixed annuities a safe investment?

I’ve written about annuities from time to time over this low-interest journey, but it never got to the point for me to pull the trigger personally and buy life annuities. It’s generally a bad time to annuitize when interest rates are low. And it’s worse in periods of high inflation…

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Retirement Health Benefits

– life-insurance-quotes.ca

Retirement Health Benefits
For many Canadians retirement is a time of change and excitement. Some have travel plans, while others have things they want to accomplish at home.
One important aspect about retirement that sometimes goes unmentioned is the loss of employee benefits and healthcare. Oftentimes those who are retiring are 65 years old and have pre-existing health conditions along with prescription drug medications.
Another consideration at retirement age is provincial healthcare which (usually) covers things like prescription drugs and some vision care costs (OHIP covers eye exams at age 65 but does not cover glasses, contact lenses, etc.). It’s important to know that these provincial healthcare plans vary from province to province, but generally speaking seniors do get more coverage than non-seniors, especially when it comes to medications.
So, if retiring Canadians who have provincial healthcare plan coverage for their medications, what is the point of getting a private, individual health insurance plan?
Why Get a Retirement Group Conversion Health Plan?
Group conversion plans are specifically designed for people who have recently lost their group benefits coverage (which happens when retiring), and acceptance is guaranteed as long as you apply within a given time period after losing that group coverage (60 or 90 days are common)…

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