Life Insurance Options for High-Risk Occupations
If you are in a profession where the likelihood of accidents, injuries, or fatalities is significantly higher and you have financial dependents that rely on your income, you need life insurance. However, that is easier said than done. In Canada, individuals in high-risk occupations such as construction, aviation, mining, or emergency services often encounter higher […]
Steps to Take if Your Life Insurance Claim is Denied
Having a life insurance policy with adequate coverage is the best way to safeguard your family’s financial security in the event of the unexpected. The death benefit paid out to beneficiaries can help cover funeral costs, monthly expenses, and outstanding debts, and even fulfil long-term goals such as sending children to college. However, there can […]
Top 10 Life Insurance Myths
More than half of Canada’s population, around 57%, has some type of life insurance policy according to a new study conducted by LIMRA. However, there are still many misconceptions and myths surrounding life insurance, making it one of the most misunderstood financial products in Canada. Today, we seek to understand the truth behind these myths […]
Life Insurance as a Financial Safety Net
Life insurance is more than just an insurance policy. It’s a promise of financial protection and peace of mind. For many Canadians, it represents the assurance that their loved ones will be financially stable, even in the face of unexpected tragedy. As such, nearly 60% of Canada’s population, or 22 million Canadians, are covered by […]
How Much Does A Million Dollar Life Insurance Policy Cost?
Having a million-dollar life insurance policy may sound like overkill, but in today’s modern age, with increasing inflation and cost of living, a million dollars isn’t that much anymore. If you sit down and calculate how much money your loved ones would need, in case you were to pass away, you would easily arrive at […]
How Fitness Trackers Can Help You Save on Life Insurance?
The nexus between fitness trackers and life insurance has become increasingly evident in recent years. As wearable technology continues to evolve, insurance companies are now leveraging data from fitness trackers to offer more personalised and affordable insurance plans. Wearable devices such as fitness trackers can monitor various health metrics that aren’t just great for tracking […]
Life Insurance for Expatriates in Canada
In recent years, Canada has become one of the world’s leading immigration hubs, accepting more than 500,000 immigrants annually. However, the recent spike in living costs and housing has resulted in many Canadians looking to relocate to new countries for better work opportunities, nicer weather, and lower taxes. While transitioning to a new country is […]
Why Millennials Need to Start Thinking About Life Insurance Yesterday!
“I am young and healthy, why do I need life insurance? It is just another expense I can’t afford” This is usually what you hear from most millennials when they are asked about life insurance. And, fair enough. After all, in today’s tough economy, with high unemployment rates, rising inflation, and low incomes, buying life […]
Pros and Cons of Group vs. Individual Health Insurance
There are two forms of health insurance in Canada, public (basic) and private (extended) health insurance. Public health insurance covers basic medical services while private health insurance plans are more extensive covering costs for medical services that public health insurance doesn’t provide, including prescription medications, dental care, ambulance services, dental care, and eye care. Private […]
How to Update Your Insurance Policies After a Divorce
Going through a divorce is messy no matter how amicable it may be. Division of financial assets, adapting to new living situations, and managing emotions can be draining for all parties involved. Besides personal life changes, many practical matters must be resolved during a divorce, including updating your life insurance policy. This is even more […]
Why is it Crucial to Regularly Review and Update Life Insurance Policies?
A life insurance policy is an essential financial tool that helps provide peace of mind to policyholders by ensuring the financial security of their loved ones in the event of their untimely death. But, just having life insurance isn’t enough. Life circumstances can change over time. Getting married, having children, buying a home, retiring, getting […]
What tax planning strategies can be employed with life insurance payouts?
Life insurance is a powerful financial tool that offers more than just financial security to loved ones. If used correctly, life insurance can help reduce your tax liability both during your lifetime and after your death. Not only are life insurance proceeds or death benefits not taxable in Canada, but certain policies, such as permanent […]
What life insurance coverage is most appropriate at various life milestones?
After the Covid-19 pandemic, the popularity of life insurance has only grown in Canada, and for good reasons. Today, more than half of the Canadian population has some form of life insurance according to a report by PolicyMe. There is no denying that life insurance is the most effective financial tool for Canadian families looking […]
What additional coverage should be considered with disability insurance?
Your ability to earn income is your most valuable asset. However, the likelihood of you having a disability that prevents you from working is much higher than you think with up to 40% of Canadians experiencing disability for 90 days or longer before the age of 65. The right disability insurance policy can be a […]
Are Joint Life Insurance Policies Cost-Effective For All Couples?
Insurance provides couples with much-needed financial security for their families in the event of the death of one or both partners. Recognizing this, insurance providers started to provide joint lie insurance policies for couples, advertising them as being cost-effective and providing coverage to both partners for the price of one insurance policy. However, the matter […]
What Should Expatriates Consider When Purchasing Life Insurance In Canada
An insurance policy gives a great deal of comfort, as it ensures that your loved ones are provided for in the event of your demise. However, you should not be opting for the first insurance plan that comes your way and, as an expatriate, there are many considerations you should take into account before deciding. […]
Mental Health and Life Insurance Policies
Having a mental health condition calls for being weary of many things. But what you must keep in mind is the fact that mental health is not a destination but a journey. Since 2001, the mental health and life insurance industries have been working together to develop adequate life insurance outcomes for people struggling with […]
Insurance Riders and Additional Coverages
Insurance policies offer a great deal of comfort to many people, as they offer a safety net for families in the event of any tragic event. However, insurance policies can cost a good deal of money and not all policies will offer full coverage. Luckily, with time people have become a lot more aware of […]
What Are 5 Examples Of Employee Benefits?
Let’s face it, most of the time, people are looking for jobs, either, because they don’t have one, or are searching for one that offers higher pay. However, for many Canadian job seekers, higher pay isn’t always the most attractive incentive for choosing one company over another. Employee benefits can in many ways outweigh a […]
Comparing Life Insurance Quotes in Canada
Did you know that approximately 58% of Canadians have some form of life insurance according to a 2022 report by the Canadian Life and Health Insurance Association (CLHIA)? The reason why so many Canadians opt for life insurance is because they want to ensure the financial security of their loved ones if something untoward were […]