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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
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.
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.
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.
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.
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.
Long-term disability insurance protects your income by paying you a monthly benefit while you can’t work due to an accident or illness. Many factors affect your premiums, including age, gender, occupation, and benefit amount. A good disability insurance policy usually costs 2-3% of your annual income.
But did you know that you can get back the money you paid for the coverage? With return of premium disability insurance, you receive part of the premiums back if you don’t claim benefits.
Read on to find out how return of premium disability insurance works and whether it’s worth it.
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.
A critical illness diagnosis can turn your world upside down. Between managing treatment and navigating the emotional rollercoaster, the last thing you need is the added burden of financial worry.
Critical illness insurance can be a lifesaver, providing a lump sum benefit to help cover medical bills, lost income, and other expenses. But with so many insurance providers offering critical illness plans, how do you know if Desjardins Insurance is the right fit for you?
This comprehensive guide will equip you with everything you need to know about Desjardins’ critical illness insurance plans. We’ll explore their coverage options, weigh the pros and cons, and compare them to competitor offerings. We’ll even provide valuable tips on selecting the best plan for your specific situation.
Don’t wait for a critical illness to hit before taking action. Take charge of your financial security today! Keep reading to learn how Desjardins’ critical illness insurance can provide peace of mind when you need it most.
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.
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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.