Category Archive for: ‘Life Insurance’

Insurance Protection for Single Parents, Housewives, Contract Workers and Farmers (Part 1)

insurance protection

For those of you who are the sole earner and provider for your family, you have to make every dollar count. So to this end there are a number of insurance options to consider what will protect your family financially should you become unable to work for an extended period of time because of sickness, disability or worse – death. …

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Insurance – Safeguarding Your Family’s Lifestyle


When you first started working you may not have given insurance a second thought. However, as you enter your peak earning years, you have a lot more to protect. It’s likely that you and your family depend on your salary for the lifestyle you enjoy. Life, critical illness and disability insurance can help protect that lifestyle if you are unable …

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Tax Changes and Life Insurance

life insurance and taxes

Life insurance is an attractive tool for estate planning because the proceeds received at death are generally not taxable. If you have, or are planning to purchase life insurance, you should be aware that the tax implications will depend on whether or not it is exempt from taxation of the accumulated income. Policies issued before December 2, 1982 fall under …

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Life Insurance – The Last Great Tax Shelter

life insurance

Much of what a financial advisor does is around tax deferral, tax minimization and replacing taxes on death for estate equalization or conservation. If you have considerable assets, own a farm or small business or have holding companies, you should know about the tax benefits of life insurance compared to other investment options. I have been following with great interest …

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Alberta’s Financial Benefit from Insurance

financial benefit

A common misconception people have about life, health and dental, critical illness, disability & long term care coverage is that insurance companies don’t pay out on many policies. The 2014 Canadian Life & Health Insurance Association’s annual report provides a snapshot of the huge financial benefit that 2.9 million Albertans and their families receive from insurance payouts. In addition to …

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Life Insurance Can Multitask

Painted Hands

  Life Insurance can be integrated into a host of financial planning solutions for families, farms and small businesses. Below are few of the many planning issues where life insurance can provide a cost effective fix. Protecting Dependents: The most common use of life insurance is to protect one’s dependents. When a person dies prematurely, his or her dependents not …

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5 Life Insurance Myths


When people talk about life insurance, it seems to cause a great deal of apprehension and confusion.  Unfortunately the common myths surrounding coverage result in too many people waiting to long to buy or not buying at all.  Clearing up these myths may help you get the right coverage at the right price and at the right time in you …

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The Importance of Regular Insurance Reviews

life insurance

I often get calls from people who have life insurance policies that they or their parents bought a number of years ago. They often don’t understand what they have and don’t know who to turn to for advice as to the policy’s suitability or value. In many cases they don’t know the person it was bought from or even if …

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Defining Your Life Insurance Needs

Insurance Needs

There are many reasons and ways to buy life insurance and there are multiple product available. Yet why do an increasing number of Canadians either have inadequate coverage, or rely on creditor coverage that they have no control over? It’s important to understand how insurance can help manage a wide range of financial risks we are exposed to in today’s …

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Life Insurance and Ice Cream

Family Of Socks

A friend and respected life insurance guru, Jim Ruta, recently compared life insurance and ice cream; there are many fancy ice cream flavours, but his favourite is plain vanilla. Life insurance comes in many different flavors as well, but sometimes simple is best. “Plain vanilla” is also the phrase that the late great Al Granum, of “One Card System” fame, …

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Making the most of Life Insurance for Retirement

Life Poolicy

Declining interest rates have resulted in premium increases of around 10% for permanent life insurance products, as companies try to remain competitive yet stay financially viable. The good news is that, the people in the age group who are anticipating their estate planning, aged 50 and older, may experience little or no increase in price. Even though costs for permanent …

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Avoiding a Travel Insurance Nightmare

Vacation Time

We’ve seen the headlines recently about Canadians traveling abroad who find themselves stranded in a hospital, running up huge medical bills only to find out that their travel insurance will not cover the expenses. The most recent event was the lady who ended up with a hospital bill in excess of $900,000 after giving birth prematurely while on holiday. Payment …

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How is life insurance priced

Life Insurance1

Life insurance premiums are based on many factors, but mainly on how long an insurance company believes a person will live. If evidence gathered during the underwriting process leads them to believe you will die sooner than later, they will charge more because it is a higher risk for the insurance company. Here are some of the factors that determine …

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Understanding Life Insurance Beneficiaries

New Baby1

When purchasing a life insurance policy, whether for family protection or estate planning, an integral part of the process is ensuring that the insurance proceeds are paid out on one’s death to the intended beneficiaries. This may seem simple, but there are many issues and considerations to ensure it is set up properly as per your wishes. A “beneficiary” is …

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Why We Need Life Insurance


Life insurance can’t change unfortunate circumstances, but it can soften the blow and give your family time to heal when the unthinkable happens. 5 minute video to check out by Farm Credit Canada. FCC video on life insurance

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Common Myths about Life Insurance

Knowledge Is Power1

Our ultimate mortality is an issue that many of us don’t care to face up to, and any discussion about life insurance forces us to have to. Insurance is an unselfish gift that one leaves behind for your family and dependents, eases the hardship for loved ones as not burdened with debt at their time of grieving. Families can be …

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Joint Life Insurance Coverage

On Bench1

When meeting young couples for the first time, I commonly find some who have purchased a joint life insurance policy (first to die) because of the perceived saving over combined coverage. They were not told that for a little more money they could have double the coverage by insuring themselves individually. Compare a $1 million joint first-to-die, 10-year term policy …

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Life Insurance 101- The Basics

Insurance File2

Selecting the right type of insurance coverage is easier when you understand how the different types can work for you. Life insurance can be purchased two basic ways; term or permanent. Term Insurance is purchased based on a specific time-related need.  That may be to cover a mortgage or loan, to protect a family until children reach adulthood, or some …

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Canadians Are Buying Less Life Insurance

Hands Holdiong Family

Increasing life expectancy has us more concerned about outliving our money than dying prematurely. As a result, Canadians are buying less life insurance and going unprotected against the early death of the primary family breadwinners compared to three decades ago. The declining number of families that have privately owned or employer provided life coverage is a concern to some. A …

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Life Insurance Is an Overlooked Asset Class

Couple 2608991

Most people think of it as a stand-alone risk product but, Life Insurance is an overlooked asset class. There are benefits of incorporating life insurance into a financial portfolio other than the obvious of reducing risk. It can also add predictability by way of guaranteeing income, and can be a useful tool for portfolio growth and increasing estate value. Traditionally, …

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