What Happens If You Have No Beneficiary?
Having no designated beneficiary on a life insurance policy is rare but not unheard of. In some instances, it is due to an oversight by the policyholder, while in other extremely rare circumstances, it could be by choice. So, what happens if you have no beneficiary on your Canadian life insurance policy and you die? […]
How does the cash value component of a permanent policy work?
Many people consider life insurance as a tax-free financial safety net for their loved ones in the event of their premature death. And they aren’t wrong. But life insurance can be more than just paying out a death benefit, depending on the type of policy you choose. Permanent life insurance policies, such as whole life […]
What Happens if You Miss a Life Insurance Payment?
We all understand life can be busy, chaotic, and full of surprises. With all of us dealing with a million things every day, it is natural to miss a payment on a utility bill or, in this case, your monthly life insurance premium. Missing a life insurance payment doesn’t mean your coverage disappears overnight. Insurance […]
Why Your Travel Claim Gets Stuck. And How a Broker Can Unstick It
It’s time for that much-awaited annual vacation. Your bags are packed, tickets are in hand, and in case things go awry, you have travel insurance. You have done everything right, but life is unpredictable. Something unexpected happens on your trip. It’s a blow, but at least your travel insurance should cover your losses. So, dejectedly, […]
Seasonal and Part-Time Workers: Are They Eligible for Group Benefits in Nova Scotia?
Seasonal and part-time workers keep many Nova Scotia businesses running, especially in key industries such as tourism, fisheries, agriculture, retail, and construction. In many ways, this labour supply is essential for supporting Nova Scotia’s rural and urban economy. But are these workers eligible for group benefits? They can be, but it is by no means […]
Renewable vs Convertible Term Life Insurance in Canada
Why does convertibility and renewability matter when it comes to choosing term life insurance? Simply put, these features ensure flexibility and guarantee future insurability. In fact, if you are currently looking for term life insurance, knowing what these features are, why they matter, and how they differ can help you land the best policy for […]
Mental health coverage: How to Structure it in Your Plan
You might be surprised to learn that nearly 1 in 3 Nova Scotians struggle with mental health. That’s roughly 300,000 people out of a million strong! What’s more alarming is that a large portion of those who need mental health services have no access to them or are unable to afford them, as their mental […]
How Life Insurance Underwriting Works in Canada: Step-by-Step
Have you ever wondered how life insurance works? Why do premiums and coverage vary, and how is this determined, or by whom? To get answers, you have come to the right place. We have compiled a step-by-step guide to walk you through exactly how insurance underwriting works, the factors that are involved, and how modern […]
Fibromyalgia and disability claims: Why they’re often denied
Being unable to work due to a disability can be devastating, both financially and emotionally. However, this unfortunate setback is further compounded if your disability claim is denied, which is often the case for those living with Fibromyalgia. This article dissects why fibromyalgia disability claims are often denied, and what can be done to ensure […]
Attending Physician Statements – What They Are and Why They Matter
When it comes to life and disability insurance, an Attending Physician Statement (APS) isn’t just more paperwork; it’s a crucial piece of the puzzle for insurance underwriters. Key Takeaways But what is an APS? Why do you need it? And why does it matter to insurance providers? Let’s break it all down. What Is an […]
How to Set Up a Group Benefits Plan for Your First Employee
Hiring your first employee can be exciting and nerve-wracking. After all, you were a one-person army, and now you are taking on an added responsibility and cost. However, to grow, hiring is a must. It is an essential milestone for any business owner and a sign that your business is growing. However, finding a suitable […]
Can I Use My Term Life Insurance To Pay Off Debt?
Yes, term life insurance can be used to pay off debt, but not directly. While the policy’s value can not be touched while you’re still alive, your beneficiaries can use the death benefit to pay off any outstanding debts after you pass away. So, if you’re juggling debt and wondering if your term life insurance […]
Life Insurance for Seniors vs. Young Adults: What You Need to Know
Key Takeaways Age Isn’t Just a Number When It Comes to Life Insurance If you’re thinking about life insurance for the first time, your age has a lot to do with what’s available to you. The older you get, the fewer options you have and the harder it is to get the coverage you want. […]
How to Choose the Right Life Insurance Based on Your Family’s Needs
Life insurance isn’t always the easiest thing to talk about, but it’s one of the most powerful ways to protect the people you love. Whether you’re a new parent, caring for aging parents, or starting to build a future with your partner, choosing the right life insurance plan can bring real peace of mind. Let’s […]
What Happens if I Outlive My Term Life Insurance?
Unlike permanent life insurance, term life insurance only lasts for a pre-set period, usually 10, 20 or 30 years. If you die within that period, your beneficiaries receive a death benefit. However, if you outlive your term life insurance policy, the policy expires, and you receive nothing. That is, unless you had opted for specific […]
Group Benefits vs. Health Spending Accounts (HSA): Which is Better for Your Team?
41% of Canadians receive benefits through an employer plan, whether that be through group benefits, health spending accounts, or a combination of both. But what are group benefits and HSAs? How effective are these plans in helping attract and retain top talent? And which is better for your team? Let’s find out! Key Takeaways: What […]
Hypertension Life Insurance
Key Takeaways Hypertension or high blood pressure is one of the most common chronic conditions in Canada, affecting nearly a quarter of adults aged 20 to 79. Having hypertension makes an individual more susceptible to heart disease and stroke, the second leading cause of death in Canada. But does that mean you can’t get life […]
Sleep Apnea & Life Insurance
Key Takeaways According to the NIH, in 2024, an estimated 5.4 million Canadians were diagnosed with sleep apnea, with this number expected to increase in the coming years. But what is sleep apnea, and how can it impact your ability to get life insurance? Let’s find out! Sleep Apnea and Its Impact on Life Insurance […]
Life Insurance After a Heart Attack
According to Statistics Canada, heart attacks or strokes are the second leading cause of death in Canada, accounting for over 53,000 deaths per year. The worrying part about heart disease is that it rarely shows any symptoms until it’s too late. This is why heart attacks have such high fatality rates and why insurers consider […]
Crohn’s Disease and Life Insurance: What You Need to Know
According to Crohn’s and Colitis Canada, about 1 in 140 people live with Crohn’s or ulcerative colitis. That’s more than 300,000 Canadians, and this number is rising year on year. If you have been recently diagnosed with Crohn’s or know someone who has, you are likely wondering, will this impact life insurance? In a word, […]