U.S. set to lose $12.5 billion in international visitor spending as global tension escalates + MORE May 14th

The U.S.-led global trade war and protectionist policies are driving away international tourists and causing significant financial losses that could take years to recover from, World Travel & Tourism Council data shows.

A little bit of knowledge can make a daunting task a whole lot easier to start—and that’s certainly true when it comes to life insurance in Canada. It’s a subject most people know little about until they actually decide to buy a policy, so we’re here to offer a little guidance on choosing the one that makes sense for you and your family.

What do I need to know about life insurance?

Life insurance is a contract with a life insurance company in which you commit to paying monthly or annual premiums (either for a finite period or until you eventually die, depending on the policy); in return they’ll provide a tax-free lump sum to your beneficiaries if and when you pass away while the policy is in effect. 

There’s some variation in the type and level of coverage you can get; which policy is right for you depends on your financial situation (taking into account income, debts, mortgage and other such obligations) and your beneficiaries’ needs (like childcare and education fees and day-to-day living expenses)…

Most young people engage with insurance only when legally required—auto, tenant or home insurance.

Typical advice for saving on these types includes shopping around, bundling with other kinds of insurance, and raising your deductible to lower premium payments.

You can also ask for discounts, according to the Insurance Bureau of Canada: if you are mortgage-free, claims-free, or have upgraded your home against fire and flooding, you can likely get a better deal on your home insurance.

For drivers, installing a theft deterrent or a usage-based insurance app which tracks your driving habits can reduce your auto premiums. Keeping a clean driving record is also key, the bureau advises. Your broker or insurer can help find savings within your policy.

Non-mandatory insurance is a lesser-known game, however. 

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Maybe you’re making a little more money these days and are curious about where to put it. Or maybe you’ve reached the age where you need to start, seriously, planning for retirement. Either way, we’re happy you’re here. The time for women to start investing is yesterday, or at least, right now: Research shows that Canadian women are on their way to controlling almost half of the country’s total accumulated financial wealth by 2026. Trust us, you’re going to want to contribute to that.

In Canada, there are a few account options to choose from when it comes to managing your money. Within those accounts, you can put your funds into a range of diverse investments to build interest depending on your goals and timeline. 

In this guide, we break down what you need to know so you can make the smartest decisions about your money. But when in doubt about your finances, seek help from the experts: book an appointment with one of the financial planners in our advisor directory to make sure you’re getting the most bang for every invested buck…