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Want life insurance? You may want to track your fitness, says John Hancock Sep 20th
John Hancock, one of the oldest and largest North American life insurers, will stop underwriting traditional life insurance and instead sell only interactive policies that include optional fitness tracking through tools including wearable devices and smartphones, the company said on .... More »
Buying home insurance in Canada: A beginner’s guide Feb 25th
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Home insurance in Canada: A beginner’s guide
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Life insurance companies no longer treating marijuana use as high risk as tobacco + MORE Jul 2nd
Some of Canada's biggest insurance companies have updated their policies on marijuana use. The changes have a major impact on regular users' premiums..... More »
Future of Car Insurance: How the PC Win Will Affect Rates in Ontario Jun 20th
Now that the election is over, it’s unclear how newly-appointed Premier Doug Ford will tackle rising auto insurance rates in Ontario.
Over the course of the 2018 provincial elections, both the Liberal and NDP party touched on plans to tackle rising auto insurance rates in Ontario – a hot topic .... More »
Do You Need to Insure a Car, Motorcycle, or RV That’s Sitting in Storage? Jul 14th
Everyone thinks about car insurance in terms of road liability. There are hefty fines for driving without insurance, and you should always have coverage in case of a collision. But what about those seasonal vehicles or classic cars you don’t drive?
As it turns out, there’s good reason t.... More »
OSFI’s New Mortgage Rules: Why Homebuyers Should Apply Now
– ratesupermarket.ca
Effective Jan. 2018, all Canadians applying for a new mortgage will be subject to a stricter set of rules before approval, including a stress test to assess if they could still make mortgage payments in the event interest rates rise. The new guidelines are published in the Residential Mortgage Underwriting Practices and Procedures document, released this week by the Office of the Superintendent of Financial Institutions Canada (OSFI).
In the past, stress tests were only limited to insured borrowers – meaning those with less than 20 per cent down. Borrowers with less than 20 per cent down are required by law to purchase mortgage insurance, provided usually though the Canada Mortgage and Housing Corporation (CMHC). While the borrower pays the premium – which can add thousands of dollars to the cost of buying a home – the insurance actually protects the lender if the borrower defaults on the loan.
Borrowers who put more than 20 per cent down, on the other hand, do not require mortgage insurance…
The gig economy is here – and we aren’t ready
– theglobeandmail.com
Overhauling Canada’s social-insurance system won’t be an easy task, but labour-markets rends increasingly suggest it will be necessary in the near future
