Life Insurance
9 Reasons Why You Were Declined For Life Insurance
Have you been declined for life insurance?
Life insurance can help protect your family and loved ones from any financial burden should something happen to you. Unfortunately, not everyone who applies for life insurance will be approved.
In this post, you’ll find out:
Reasons why you may be denied life insurance coverage
What you can do after a decline
Which insurance companies can still provide you coverage after a declined application
Standard Vs Preferred Life Insurance Rates
Do you want to save thousands of dollars on your life insurance policy?
You can with preferred rates.
Only people who live healthier and less risky lifestyles can qualify for these lower premiums. The discount on the premiums can be up to 30%, which could equal savings of thousands of dollars over the policy’s life.
Read on to see how you can get these premium savings.
Are Life Insurance Proceeds Taxable In Canada?
You know that becoming an informed consumer is key to any significant purchase—especially one as important as life insurance.
But even if you’ve done your homework, you may have many unanswered questions about the taxation of life insurance:
Do you have to pay taxes on your life insurance proceeds in Canada?
If so, when would your family receive the death benefit?
Is this money subject to other taxes?
What happens if you don’t have a beneficiary?
The list of questions goes on and on. But by learning as much as possible about life insurance—either on your own or with advice from a professional—you can do more to protect your loved ones by making sure they receive the most money in the easiest way possible.
Are Life Insurance Premiums Tax-Deductible In Canada?
Life insurance premiums—the monthly or yearly fees for your policy—are intended to be affordable. After all, you buy it to protect your loved ones’ financial future.
But what if you can take that security further by finding more ways to save, like deducting those premiums from your taxes? Wouldn’t that make life insurance that much more attractive?
But not all premiums are deductible. In this post, we explore situations where CRA will allow you to write off the cost of life insurance from your income tax.
Manulife Vitality: Buy Life Insurance, Get a Free Apple Watch
Are you looking for a life insurance policy to motivate you to become more healthy and lead an active life?
How about one that rewards you with lower premiums and prizes like a free Apple Watch?
Now you can with Manulife Vitality.
In this post, I’ll explain to you what Manulife Vitality is and how it works.
You’ll also learn if it’s the right kind of insurance for you to protect your family and achieve your health goals.
Let’s get started.
How Does The Coronavirus (COVID-19) Affect Life Insurance?
Has the rapid spread of the novel coronavirus got you thinking about life insurance?
You might be wondering if your existing policy covers you, or what happens if you apply for coverage now.
Corporate Insured Retirement Program
On average, small business owners have 80% of their assets tied up inside their corporations.
The challenge for them is to do the following in a tax-efficient manner:
Invest the funds
Withdraw the funds to supplement their retirement
Transfer the assets to their heirs
This post explains how the corporate insured retirement program can help you achieve all the above.
Disability Insurance
Accidents Happen: How Accident Insurance Can Help
Accidents can happen at any time, and they can be costly. Medical expenses, lost wages, and other costs associated with an accident can add up quickly. If you’re not prepared, an accident can put a significant financial strain on you and your family.
That’s where accident insurance comes in. It’s a type of long-term disability insurance that replaces your income if you get an accidental injury. The monthly benefit can provide a financial safety net while you recover from the accident.
In this post, we’ll take a closer look at accident insurance, including what it is, how it works, and why you might need it.
Group Disability Insurance: What Employers And Employees Need To Know
Long-term disability insurance protects your income by paying a monthly benefit while you are unable to work due to an injury or illness. Although most self-employed individuals and small business owners buy private insurance, many employees are covered by group benefits through their workplace.
How does group long-term disability insurance work? And what should you be aware of if you have coverage through your workplace? Read on to find out if you are adequately covered by your group disability coverage and what to do if you are not.
La Capitale Disability Insurance Review
Long-term disability insurance works when you can’t. If an accident or illness prevents you from working, disability insurance pays you an ongoing income to cover your monthly expenses.
Among the insurance companies in Canada to offer disability insurance is La Capitale Financial Security. How do its disability insurance products compare to the competition? Most importantly, should you buy disability insurance from La Capitale? Read on to find out.
The Edge Benefits Disability Insurance Review
Long-term disability insurance works when you can’t due to an injury or illness. It pays a monthly income while you are disabled, allowing you to focus on recovery without worrying about paying the bills. While many employees have coverage through their workplace benefits, self-employed and small business owners are not as fortunate.
Therefore, they need to obtain private disability insurance through an insurance company. The Edge Benefits Inc is one provider of disability coverage in Canada. But how do The Edge products stack up against offerings from other insurance companies? Should you get a policy from The Edge Benefits? Read on and find out.
Humania Disability Insurance Review
Did you know that the average length of a disability over 90 days is 5.75 years? Could you cover your day-to-day expenses if you can’t work? That is unlikely unless you have disability insurance.
A long-term disability insurance policy works when you can’t. If an accident or sickness prevents you from working, disability insurance can provide a monthly benefit to help pay for your living expenses.
But with so many insurance companies, how do you know which policy is right for you? In this post, we review the disability insurance policies offered by Humania Assurance and tell you they stack up against the competition.
Desjardins Disability Insurance Review
Did you know that almost half of bankruptcies and mortgage foreclosures are caused by disability? The stat underscores the importance of guarding your income from an interruption caused by an illness or injury.
With long-term disability insurance, the insurance company pays you a monthly benefit if an injury or illness prevents you from working, lessening the financial impact of a disability.
Among the insurance companies in Canada offering disability insurance is Desjardins Life Insurance. Should you buy a disability policy from it? Read on for our review of its products.
iA Financial Group Disability Insurance Review
Did you know that one in two Canadians lives paycheque to paycheque? How can they meet their financial commitments if they suddenly lose their ability to earn an income due to a disability? Can they afford to pay their bills or keep their home?
That’s where long-term disability insurance helps. It works when you can’t by providing a monthly benefit to pay ongoing expenses. Best of all? The benefit is tax-free.
Several insurance companies offer long-term disability insurance, including iA Financial Group, also known as Industrial Alliance. How does iA disability insurance stack up against the competition? Read on to find out.
Critical Illness Insurance
Manulife Critical Illness Insurance Review
Imagine facing a critical illness. Suddenly, medical bills soar, income dips, and unexpected expenses arise. Critical illness insurance from Manulife can be your financial safety net, providing a lump sum payout to ease the burden and empower you to focus on recovery.
This guide explores Manulife’s critical illness insurance plans. We’ll examine their options, key features, and benefits, helping you understand if they’re the right fit for your financial security. Whether you’re new to critical illness insurance or comparing quotes, this post equips you to make an informed decision.
TD Critical Illness Insurance Review
A critical illness diagnosis is a life-altering event. The medical costs, combined with lost income, can create a significant financial burden for you and your family. Critical illness insurance can be a lifesaver, providing a lump sum payout to help manage living expenses.
Many insurance companies in Canada offer critical illness insurance. In this post, we’ll explore TD Insurance’s critical illness plan. We’ll examine its key features, the advantages and disadvantages of the product, and how it compares to offerings from other insurance providers in Canada.
Whether you’re considering critical illness insurance for the first time or looking to compare different options, this post will equip you with the information you need to make an informed decision.
RBC Critical Illness Insurance Review
A critical illness diagnosis can turn your world upside down. Medical bills, lost income, and additional expenses can quickly pile up, adding stress to an already challenging time. Critical illness insurance can be a financial lifeline, providing a lump sum payout to help cover these costs so you can focus on your recovery.
In this post, we’ll take a deep dive into RBC’s critical illness insurance plans. We’ll explore the different plan options, key features, and benefits they offer. By the end, you’ll have a clear understanding of critical illness insurance plans from the insurance arm of Royal Bank of Canada, their pros and cons, and how they stack up against the competition.
So, whether you’re just starting your research or ready to compare quotes, this guide is here to help you make an informed decision about your financial security.
Critical Illness Insurance Pros And Cons: A Balanced Look
Facing a serious illness can be a devastating blow, both emotionally and financially. Critical illness insurance aims to ease the financial burden by offering a lump sum benefit upon diagnosis of a covered critical illness. But is it the right choice for you?
This guide explores the pros and cons of critical illness insurance coverage, helping you make an informed decision about whether this type of coverage aligns with your needs and financial goals. We’ll break down the benefits while also highlighting the limitations and potential drawbacks to consider.
By the end, you’ll be well-equipped to weigh the advantages and disadvantages and determine if it’s a valuable addition to your financial plan.
Cancer Insurance Vs Critical Illness Insurance: Which Policy Is Right For You?
Facing a cancer diagnosis can be overwhelming, both emotionally and financially. The cost of treatment, even with primary health insurance, can be significant. This is where cancer insurance comes in. It can provide a financial safety net during a challenging time, helping individuals manage the out-of-pocket costs associated with cancer treatment.
However, it’s important to understand how this specific coverage works and whether it’s the right fit for you. This blog post will explore the benefits and drawbacks of cancer insurance, compare it to critical illness insurance, and guide you toward making an informed decision about your financial protection.
Group Critical Illness Insurance: A Stepping Stone, Not A Destination
Life throws curveballs, and serious illnesses can be among the most challenging. Fortunately, group critical illness insurance, offered through employers, provides a layer of protection. It offers a lump sum benefit if you’re diagnosed with a covered illness, freeing you to prioritize your health and well-being during a challenging time.
While group plans offer convenience and affordability, it’s important to understand their scope. They may have limited coverage, capped payouts, and depend on your employment status. This is where individual critical illness insurance steps in. It offers personalized benefits, broader coverage options, and control over your premiums, providing a safety net tailored to your unique needs.
This post will explore both options, empowering you to make informed decisions about your health security. We’ll delve into the benefits and limitations, equipping you with the knowledge to choose the plan that best suits your circumstances. Remember, protecting your well-being is paramount, and both critical illness insurance products can play a crucial role in achieving that goal.
Shared Ownership Critical Illness Insurance Strategy: Benefits, Mechanics, and Tax Advantages
As a small business owner, running your company isn’t a solo act. Whether you’re the driving force or share the reins with key partners, each member plays a vital role in propelling your company forward. But what happens if illness strikes a vital team member? The impact can ripple through your entire business plan, jeopardizing growth and stability.
Instead of facing this threat unprepared, imagine a safety net woven together by your corporation and shareholders. Shared ownership critical illness insurance is more than just a financial safeguard; it’s a strategic partnership ensuring both the company and its cornerstone players weather unexpected storms. Not only does it offer peace of mind, but it unlocks significant tax advantages, making it a win-win for all involved.
So, join us as we delve into this innovative approach to risk management. We’ll explore how shared ownership critical illness insurance works, uncover its unique tax benefits, and showcase a case study of how it protects both a business and its key figure. Ready to learn how this financial strategy can empower your company and build a more secure future together? Start reading!