Copyright © 2024 Brian So Insurance
On May 4, 2017, Bill S-201: An Act to prohibit and prevent genetic discrimination received Royal Assent and became law. The bill prohibits any person or insurance company from requiring an individual to undergo a genetic test or requiring an individual to disclose the results of a genetic test as a condition of obtaining insurance.
It’s no secret that life insurance becomes more expensive as we age. Premiums are related to the mortality rate and the decrease in our life expectancy as we get older is reflected in the increased premiums. What you may not realize is that this risk is not represented by a linear line. If you graph the probability of death from an actuarial life table, you would notice that the probability of death increases exponentially as we age. What this means for term insurance is that renewal premium also rises exponentially, such that they become unaffordable during retirement. So, what are your options for your term insurance policy as you head into retirement?
What is the life insurance laddering strategy?
No, you don’t build an actual ladder with life insurance. (How would that work anyway?)
Instead, you buy term insurance of different lengths (term-10, term-20, etc) at the same time so that you coverage is staggered.
This ensures that you pay only for coverage you need while saving money in the process. It could end up saving you over $10,000!
Read on to find out how this strategy works.
Did you know that a life insurance policy can cover more than one life?
One of these types of policies, joint last-to-die, pays a death benefit on the last death of two or more people.
The other, joint first-to-die, pays out on the first death between two people.
In this post, we will explore the advantages and drawbacks of joint first-to-die life insurance coverage and whether it offers the financial protection you need.
You might have heard that life insurance can cover more than 1 life.
One of these types of policies, joint first-to-die, pays out on the first death of 2 or more people.
The other, the topic of this post, is joint last-to-die.
As you can probably guess by its name, the insurance company pays out the death benefit when the last person on the policy passes away.
In this post, we will explore the advantages and drawbacks of joint last-to-die life insurance and whether you should use it.
Do you need life insurance after you retire?
Maybe you’ve been holding on to a policy for a long time. Or maybe you’re thinking of buying a new one.
Whatever the case, you’ll want to make sure you make the right decision.
In this post, you’ll learn:
-Why you need life insurance in retirement
-Why you don’t need it
-What type of insurance you should get
-How much insurance you need
And much more. Let’s get started.
Group long-term disability insurance is the most common way for companies to provide income replacement coverage for employees. It pays a monthly benefit if an employee can’t work due to an injury or illness.
But did you know there are many shortfalls with these types of plans? For example, higher earning staff may not be adequately compensated because of low benefit amounts. Premiums can also increase if there are lots of claims.
For these reasons, employers that want better disability coverage for their high-income earners and executives have to look elsewhere. And the most suitable option is a wage loss replacement plan (WLRP). This post explains how these plans work and the advantages for employers and employees.
The success of a small business depends largely on the productivity of its owners. If one of the owners in a partnership becomes disabled, the company will suffer financially.
That’s why small businesses should have a buy-sell agreement that details what happens to the shares of the disabled partner. Who will purchase their shares? How will the shares be valued?
Perhaps most importantly, where will the funding come from? A buy-sell disability policy is the crucial piece that completes the buy-sell agreement. Learn more about how it works and why you need it to protect your business.
Any successful business owner will tell you that its key employees are the company’s backbone. If they suffered a disability, there would be a severe financial impact on the business. It may not even be able to survive over the long term. That’s what makes them the key people in a company.
If your business is dependent on one or more key people, you need to protect it with key person disability insurance.
Learn more about how key person insurance works and how it can ensure the survival of your business in the event of the disability of a key employee.
Although long-term disability insurance has been around for a long time, many misconceptions still exist. People don’t understand how it works or why they need it. As a result, they have a hard time separating the facts from fiction and end up believing disability insurance myths.
Before getting disability insurance, learn about the facts that dispel these 15 disability myths.
Did you know that more than one billion people worldwide live with a disability? Even in a developed country like Canada, disability prevalence is more common than you may realize.
We gathered 13 shocking disability statistics that highlight the prevalence of disability and the financial impact of a disability.
The government of Canada provides millions of Canadians with disability coverage. But did you know that these programs have glaring deficiencies that prevent them from fully protecting your income?
In this post, we explain why you can’t solely rely on government-sponsored disability insurance. We’ll also show you how a private long-term disability policy gives you the best income protection.
Have you ever stopped to wonder what impact a critical illness could have on your finances? Consider this: a serious medical condition can not only disrupt your health, but also throw your financial security off track. Medical bills, lost income, and additional caregiving needs can quickly add up.
Critical illness insurance can be a powerful tool to provide financial assistance in the face of such challenges. But with so many options from different insurance companies, which is the best for you?
This blog post will examine the details of Industrial Alliance’s critical illness plans, look at the pros and cons, compare them to competitors, and equip you with the knowledge to make informed decisions about protecting your financial future.
Considering critical illness insurance? BMO Insurance is a major player in the Canadian insurance market, but is their critical illness product the perfect fit for you? This post will be your one-stop shop for everything you need to know about BMO critical illness insurance policies.
We’ll take a deep dive into its features and the pros and cons of its product. By the end, you’ll be equipped to decide whether BMO critical illness insurance offers the right protection for your needs and financial goals. So, buckle up, and let’s explore if critical illness insurance from BMO Insurance is truly worth it!
Imagine facing a life-changing diagnosis while worrying about medical bills and lost income. Critical illness insurance can be a lifesaver in such situations, providing a financial cushion during a difficult time. Sun Life is a prominent provider in Canada, but with various options available, are their plans the best fit for you?
This blog post will be your one-stop guide to Sun Life’s individual critical illness insurance plans. We’ll explore their comprehensive coverage, weigh the pros and cons, and compare them to competitors. We’ll even offer tips on choosing the best plan for your situation.
Don’t wait until it’s too late. Keep reading to ensure you’re financially prepared for anything life throws your way.
Life throws unexpected curveballs, and major illnesses can be some of the most challenging. The financial burden of a critical illness diagnosis can be immense, adding stress to an already difficult time. Critical illness insurance can be a powerful safeguard, offering a financial safety net when you need it most.
In this post, we examine Canada Life’s critical illness insurance policies. We explore the pros and cons and coverage details, pointing out where they have a competitive edge or disadvantage compared to other insurance companies’ products. So, let’s take a look at how Canada Life can protect yourself and your loved ones from the financial impact of a critical illness.
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.
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.
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Copyright © 2024 Brian So Insurance
Brian So Insurance is an insurance advisor licensed to sell life insurance products in British Columbia, Alberta, and Ontario. We are not available in other provinces. Insurance policies described, quoted, shown, and illustrated throughout this website are not an offer for the sale of any particular insurance policy or product, only an invitation for application for insurance coverage and may not be relied upon. There are many variables in different insurance coverages and companies, including various insurance company standards and offerings and underwriting requirements. Please see policy documents for full terms, conditions, and exclusions. The logos and trademarks used here are owned by the respective entities.