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Category Archive for: ‘Life Insurance’

Why Farmers Need Life Insurance

Red Barn1

Farming is Dangerous Business Farm Credit Canada, Canada’s leading agricultural lender, has produced a thought-provoking video about why farmers need life insurance. It may not be a favorite conversation topic but it’s always good to hear another professional’s perspective on the the necessities of needing insurance, and the realities of not having it.   Some of the key takeaways: “Statistics …

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Back To Basics with Life Insurance

Old Man Sunset By Thelifeinfocus D5f5g8t1

Discussing life insurance requires a conversation most people would rather avoid. No one likes to consider their premature demise, but it’s important to confront the problems that life insurance can solve. Fortunately, most experienced insurance advisors have training that helps the conversation go easier. As we head into spring I think it’s timely get back to basics with life insurance. …

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How Much Life Insurance Do You Need?

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  Several recent surveys show that many Canadians are either under-insured or don’t have any life, disability or critical illness coverage in place.  To help determine how much life insurance you actually need, here are some guidelines on how to review your income, calculate annual expenses and assess the insurance needs of your family. Avoid overly-simplistic formulas and calculators:  While …

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Life Insurance for Seniors?

On A Walk

It’s understood that the best deal on life insurance can be had when a person is young and healthy.  Even though premiums on seniors are much higher, insurance in your golden years may still make it worthwhile.  There’s no shortage of worst-case scenarios, ranging from larger-than-expected tax liabilities, to the failure of a pension plan.  Survivor benefits on some pension …

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Some Comments on Reviewing Existing Life Insurance Policies

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  I have had the opportunity to review numerous life insurance policies bought in by people asking for my opinion of their coverage.  One observation is that it’s apparent that there are some “Financial Advisors” whose main purpose is to maximize their commission dollars, with little regard for the client’s current or future financial needs. I recently reviewed a 12-year-old, …

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Is Critical Illness Insurance Really Necessary?

Doctor And Pig1

  For those lucky employees that enjoy a “Health Spending Account” through work, it’s reassuring to know that your needs will be met (at least partially) in case of an unanticipated health issue.  Because let’s face it, few Canadians have critical illness coverage and if asked, they tend to reiterate the mantra, “Is critical illness insurance really necessary?” The Toronto …

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Understanding Death, Life Insurance, and Underwriting

Gravesite

“In this world nothing is certain but death and taxes,” A famous quote by Benjamin Franklin in 1789.  As I help Canadians find innovative ways to minimize taxes in life and death, this still rings true today.   Understanding death, life insurance, and underwriting isn’t always as straightforward as it should be. One of the big issues for life insurance …

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Life Insurance Is More Than Just A Death Benefit

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Meetings with farm clients remind me why there’s a pressing need for the farmer and business owners to understand how life insurance is more than just a death benefit. It can also be used as an estate planning tool.  Comments often heard from farmers when I bring up the subject of life insurance are, “If something happens to me, my …

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Life Insurance Strategies, Part 3

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Using Life Insurance to Enhance Returns, Guarantees, Tax Savings and Investment Diversification – Part 3 This is the final article for Canadian investors looking for a financial edge, and wealth management ideas that can provide better returns, guarantees, tax savings, and diversification. Here’s another creative way to use life insurance to get that edge: Example 5:  A 60-year-old couple wishes …

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Life Insurance Strategies, Part 2

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Using Life Insurance to Enhance Returns, Guarantees, Tax Savings and Investment Diversification – Part 2 This is a continuation of my article last week on Canadian investors looking for a financial edge and wealth management ideas that provide better returns, guarantees, tax savings, and diversification. Here’s a couple more ways to use life insurance to get that edge: Example 3:  …

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Life Insurance Strategies, Part 1

Stamped1

Using Life Insurance to Enhance Returns, Guarantees, Tax Savings and Investment Diversification – Part 1 Canadians are always looking for a financial edge.  But any mention that life insurance might provide better returns, guarantees, tax savings, and diversification gets me “the look.”  The objections I get are, we don’t trust insurance!  We’re too old for insurance!  It’s too expensive! We …

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Life Insurance, Disability Insurance, or Creditor Insurance?

Risk Management1

When is it most beneficial to obtain creditor insurance, disability insurance, and/or personally-owned life insurance..? I want to reinforce some things I’ve mentioned before about the pitfalls of life, critical illness or disability coverage for mortgages, loans, and lines of credit offered by banks, auto dealerships, and other lenders. Creditor coverage pays the lender if the borrower dies before the …

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Life Insurance Is On Sale!

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The life insurance landscape has changed drastically over the past 36 months.  One company has suspended the sale of permanent insurance products, other companies have closed new deposits on some of their income generating products and adjusted the built-in guarantees downward.  Permanent life insurance premiums for younger lives either have already, or will be going up soon. The reason for …

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Changing Lifestyles Require Different Insurance

motorbike lifestyle insurance needs

As if today’s sandwich generation doesn’t have enough to fret about, they now have new insurance needs to add to the list. Lifestyle changes can have major implications on personal finances and retirement savings, as well as insurance needs, necessitating the adage that changing lifestyles require different insurance All these issues are adding stress, both financial and emotional, to families …

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Don’t Put Off That Life Insurance Conversation

A recent poll by a major Canadian insurance company indicates many Canadian couples aren’t discussing the important topic of life insurance for their family.  It found that almost a third of couples, many with children, had never discussed life insurance, with those under 35 the least likely to have talked about it.  This common failure has potentially serious implications, as it …

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Old Life Insurance Policies

Over the last couple of years I have received a number of phone calls from people who bought life insurance policies anywhere from 10 to 30 years ago.  In many cases the person who sold them those policies is either retired or passed on.  These usually end up being assigned to an advisor you don’t know or worse yet, orphaned …

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