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 […]