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Category Archive for: ‘Life Insurance’

Tips and Traps with Life Insurance

life insurance

Tip: For many Canadians, life insurance is an important part of a sound financial plan. A life insurance policy is a legal contract between you and the life insurance company. While price may be important, understanding the actual terms and conditions of the contract are of the utmost importance. Tip: In simple terms, you agree to pay money in regular …

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Joint Last-to-Die Insurance Policies

Joint last- to- die insurance

Spouses usually share a bank account, a home, or even a business. How about sharing an insurance policy? There are good reasons to consider insurance coverage commonly known as  joint last-to-die insurance, a single contract based on the lives of two or more individuals. Why the need: This type of coverage makes sense when the individuals insured share a common …

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Insurance Can Provide Security and Opportunity

insurance

I have been the beneficiary of two life insurance policy payouts in my lifetime. One was while I was a partner in a farm equipment dealership and the other on the passing of a close family member. I’m very passionate about the many benefits that life insurance, critical illness, disability and other kinds of coverage provide. One’s life, family and …

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Review Your Life Insurance Policies

review your life insurance

If you’ve owned the same life insurance policies for a while, chances are that your coverage needs have drastically changed. Whether you’ve gotten married, had kids or your children have left the nest, it’s important that your life insurance coverage reflect your situation as it is now. So, it’s prudent to review your life insurance regularly. When and why should …

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Time to Review Life Insurance

review your life insurance

If you’ve owned the same life insurance policy for a while, chances are that your needs have radically changed. Whether you’ve gotten married, had kids or your kids have left the nest, it’s important that your life insurance coverage reflect your current needs. So, it’s prudent to review  life insurance regularly and if you aren’t sure what your next steps are, …

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Tax Changes that will Impact Insurance Products

tax changes

As our Federal and Provincial Governments go further and further in debt, so does their need to squeeze ever more tax revenue out of all of us Canadians. The 2017 tax changes for life insurance and annuities are two examples of this.  With life policies, there is potential for some of the payout on death to now be taxable. Life …

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Risk Management for Farmers and Small Business Owners

risk management

When it comes to risk management farmers and small business owners understand the value of life insurance and the need to protect their family or business from a financial disaster should they die prematurely. Also how life insurance can be used to conserve or to equalize their final estate, for those children who will be involved in the business and …

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Is Your Insurance Policy an Abandoned Orphan?

orphan

There are many life insurance policies out there that people purchased years ago, but the agent who they bought it from has long since retired, left the business, or become unwilling or unable to provide service. These end up as what are referred to as orphan policies, because there is no insurance advisor assigned to it. Adding to this is …

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Millennials and Insurance

millennials and insurance

Most 20 and 30 somethings may not think a lot about insurance.  If you are young, healthy and low on savings, you may not feel that it is a priority, especially if you haven’t started a family.  But, it could be important for you. Today’s young adults don’t want to be sold any insurance products, they want to do the …

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The Best Time to Buy Life Insurance is When You Don’t Need it!

buy life insurance

  One of the biggest mistakes people make is putting off the decision to buy life insurance. As a young adult it will be cheaper, you’ll be less likely to need a medical exam to qualify, and you can ensure your future insurability. How much time do we spend considering the extended warranty on our new smartphone? What about a …

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Life Insurance is an Asset not an Expense

life insurance

  For farm families and small businesses there are multiple benefits of using life insurance as an asset class to compliment your existing investments. Providing an attractive return on investment is one, but it must be structured properly. Life insurance payouts to named beneficiaries bypass probate and are private, but depending on the type of policy, with the latest tax …

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The Importance of Regular Insurance Review

insurance review

  Of the less that half of Canadian families that have life insurance, very few do an insurance review on a regular basis. Most policies sit in a filing cabinet gathering dust and ignored until someone passes away. Most Canadians today are more concerned about outliving their money than dying prematurely. Unfortunately, many fail to appreciate the randomness of sickness …

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Tax & Other Changes to Life Insurance Coming January 1st

tax and life insurance

This is an important notice to all holders of term life insurance policies who may be wishing to upgrade their coverage, convert some or all of their coverage to a new permanent plan, or who are just looking to apply for new permanent life coverage. There are some important changes coming that could impact your future life insurance choices. Effective …

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Insurance Options for First Time Home Buyers

insurance

With increasing home prices, millennials considering their first home need to consider the insurance they need to protect them and their families against illness, injury or premature death. Today’s inflated house prices coupled with low down payments are putting many young families at serious risk should they or a spouse be laid up due to illness or injury, or worse, …

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2017 Tax Changes to Life Insurance

tax changes 2017

Tax Changes are coming in January 2017 that will affect how life insurance is taxed.  As well, life insurance rates will be increasing.  Now is the time to book an appointment to review how these changes will affect your individual situation.   Watch this short video for a quick summary of some of the changes coming.  

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Wealth Creation & Conservation Using Life Insurance

wealth creation

Today more Canadians, especially high income earners have an increasing need for death benefit protection but at the same time have access to a wider variety of retirement investment options. Life insurance is a valuable tool that can be used as one of these options. This begs the question, how can life insurance help high income people better manage increasing longevity …

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Why You Need to Review Your Insurance Policies Now!

insurance review

The Federal Minister of Finance has revised the tax rules for life insurance policies, so new regulations will come into effect January 1, 2017. All policies issued prior to then will be grandfathered under the current tax rules which will prove very beneficial for current policy owners. To take advantage prior to these changes applying, policyholders should be get a review done …

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How Much Life Insurance Do You Need?

life insurance

When trying to decide how much life insurance you need, there are many variables to consider including your age, health and lifestyle issues that could affect your premium. What the insurance is needed for affects what insurance product type is suitable. Is it to cover debt, replace lost future income earning ability or to cover post secondary education costs for …

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Think of Life Insurance as Another Asset Class

asset class

  There are many benefits of using life insurance as an asset class to compliment your existing investments. Providing an attractive return on investment is one, but it’s important to have properly structured coverage. Life insurance payouts are tax-free, private and bypass probate. But just as importantly, most life insurance products in Canada come with premiums and a face amount …

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Insurance Protection for Single Parents, Housewives, Contract Workers and Farmers (Part 2)

insurance

  Continuing from last week, let’s review the importance of more insurance options for this cohort of people. Critical illness insurance: This pays out a lump sum if you are diagnosed with life-threatening illness such as cancer, heart attack or stroke that is covered by the policy. Subject to certain conditions such as surviving for a specified length of time, …

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