The tax laws regarding life insurance in Canada are not terribly complicated, but there are certain tax strategies that use life insurance that can be very complex. It’s always recommended to consult your certified tax professional for any tax matter. This article will discuss the basic components of taxes and life insurance and they are […]
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Introducing Term Life Insurance
Term life insurance is a great way to get coverage for a specified period of time. Buying life insurance is for the protection of loved ones (or even business partners), to eliminate the risks associated with the loss of an income earner or key person. The use of “term” insurance is often recommended because the […]
Helpful Hints for Buying Life Insurance
1. Determine How Long You Need Insurance For. Term insurance is the most affordable and more widely available than permanent insurance (UL, T-100, Whole Life). As a result the prices can be pretty competitive. Insurance companies will require that you get a medical exam to assess your health and their risk to insure you. There […]
Guaranteed Life Insurance
Guaranteed life insurance (or guaranteed issue life insurance) is a life insurance policy that is literally guaranteed to be issued regardless of your health. Sounds good right?? Sort of…but it comes at a price. If you’re considering guaranteed issue insurance, then be absolutely sure that it’s your only option. An independent insurance advisor might be […]
Getting Reliable Life Insurance
Getting life insurance that you can rely on may seem like an oxymoron to many Canadians. Can you breathe easy knowing that your policy will definitely protect your loved ones? Or will they have to fight tooth and nail to process a claim in their most trying of circumstances? Firstly, ensure that you have an […]
How Much Life Insurance Do You Need? (part 2)
This is continued from PART 1 Here’s how it works out… Let’s assume that the breadwinner earns $50,000 each year. We will use the income approach to determine the amount of coverage needed on his life. The duration of the risk is 25 years and the assumed interest rate is 3% (this is the inflation […]
How Much Life Insurance Do You Need? (part 1)
What is your life insurance “need”? Well, to get things started off I think that a distinction between “needs” and “wants” is important. For the sake of simplicity I won’t be discussing other forms of insurance (i.e. critical illness, disability insurance). An insurance “need” arises where there are definite, identifiable risks to the people that […]
Advocate for Your Best Rate!
In my years as an insurance advisor I’ve seen it all when it comes to medical challenges and getting the approval from an underwriter. Some clients come to me having been declined or after having to pay an additional premium (a substandard rating) on their insurance policies to get help. Removing a substandard rating can […]