Housing affordability challenges leading to increased risk of fraud + MORE Mar 29th

Life insurance highlights
Life insurance is a contract between you and an insurance provider that protects your dependents financially in the event of your death. There are a number of different life insurance policies in Canada, and each has its own function and features. These include term life insurance, whole life insurance and universal life insurance.To be fully protected financially from unexpected life events, you may also need home insurance, auto insurance and disability insurance.

Twenty-two million Canadians have life insurance, according to the Canadian Life and Health Insurance Association (CLHIA). But not everyone is confident about what life insurance is, how much it costs, or how to find the best life insurance in Canada. That’s why we’re breaking it all down here.

In this guide, we’ll cover:
What is life insurance? How does it work?Do you need life insurance?How much life insurance do you need?What are the different types of life insurance? How do they compare How much does life insurance cost in Canada?Life insurance “extras”: Some add-ons and riders to consider How to find the best life insurance in CanadaIs life insurance taxable?When should I get life insurance?Why should I shop for life insurance online?Do I need life insurance if I already have mortgage insurance from my bank?Do I really need to do a health exam to get life insurance?

Frequently asked questions about life insurance

What is life insurance? How does it work?

You likely know the gist of life insurance…

A better-than-national unemployment rate in Quebec is translating to fewer delinquencies in National Bank of Canada’s mortgage portfolio for that province.

With higher prices and interest rates putting the dream of homeownership further out of reach studies suggest Canadians are more comfortable inflating certain details of their mortgage application — a form of fraud that could have serious legal ramifications.

In April 2022, in response to Canada’s white-hot housing market, the federal government introduced the tax-free first home savings account (FHSA). The FHSA is a new kind of registered account aimed at easing the path of Canadians to securing their first home. So, how exactly does this account work? More importantly, how can first-time home buyers leverage the FHSA to its fullest extent? Here’s what you need to know. 

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What is the first home savings account?

When the first home savings account officially launches in 2023, it will allow Canadians who are 18 or older and haven’t owned a home in the current calendar year, or in the previous four calendar years, to save up to a total of $40,000 towards the purchase of a home.

Jessica Moorhouse, a millennial money expert and host of the More Money podcast, says the FHSA combines elements of the tax-free savings account (TFSA) and registered retirement savings plan (RRSP), allowing account holders to store cash, stocks, bonds, mutual funds or ETFs…