Life Insurance and Alcoholism – Key Factors
So, you’ve had a few wild nights, maybe even a few wild years, and now you’re wondering how that might affect your life insurance? Fair question. Insurance companies take alcohol history seriously, and it can impact your rates—or even whether you get a policy at all. But don’t worry, if you’re on the path to […]
The Best and Worst Sports For Life Expectancy
Playing sports isn’t just about fun or staying in shape; studies show it can help you live longer! Some sports can add years to your life, while others, surprisingly, may not be as beneficial in the long run. That’s why the type of sport you play can sometimes impact your life insurance premiums. Let’s explore […]
Life Insurance for Newlyweds
Congratulations on your recent marriage and kudos for considering securing your financial future together as a couple! By searching “life insurance for newlyweds” or “why life insurance is important for newlyweds” you have taken the most practical first step you can take to ensure long-term financial security and much-needed peace of mind. Life insurance has […]
Key Life Insurance Benefits Business Owners Overlook
When you’re running a business, the hustle never ends. Managing employees, deadlines, and chasing growth are likely always on your daily priority list. But what about planning for the unexpected? Just like your family needs financial security, so does your business. Key Person Life Insurance can help safeguard your business, secure its future, and help […]
How Smoking and Alcohol Consumption Affect Your Life Insurance Rates
Why is life insurance so much more expensive for smokers or those who drink heavily? The answer lies in the underwriting process. When you apply for life insurance, insurance providers assess your health risks based on lifestyle choices, including smoking and alcohol consumption. These habits are proven to increase the likelihood of serious health issues, […]
Disability Insurance for Small Business Owners
As a small business owner in Nova Scotia, you’re probably the heartbeat of your operation. But what happens if you can’t work due to a disability? Statistics from the Canadian Life and Health Insurance Association show that one in three Canadians will experience a period of disability lasting longer than 90 days during their working […]
Life Insurance for New Canadians: What You Need to Know
Canada has always been a land of immigrants. Even today, over half a million new immigrants come to Canada annually; the highest in any country. If you are planning to move to Canada or are already here, understanding Canada’s laws, regulations, culture, and job market can take time. One financial tool that can help safeguard […]
What Happens to Your Life Insurance When You Retire?
Retiring can be exciting for many Canadians but also nerve-wracking. It marks the beginning of a new chapter and can bring significant lifestyle changes. But what about life insurance? What happens to your life insurance policy when you retire? Do you cash out your policy or does it just lapse? And do you even need […]
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 […]