Life Insurance
Wealth Transfer Using Life Insurance
Are you looking for a way to transfer your wealth to your children in the most efficient way possible?
Did you know you can do this with the wealth transfer strategy using life insurance?
With this strategy, you:
Reduce the tax you have to pay
Avoid costly probate and other estate fees
Can build up significant cash value inside the policy tax-sheltered
And much more.
So if you’re want to know more about how this strategy can help protect your wealth, this post is for you.
Let’s get started.
Estate Planning Using Life Insurance
This is the complete guide to estate planning using life insurance.
In this post, you will learn:
-What estate planning is
-How much tax, probate fees, and other costs your estate has to pay
-How life insurance is a cost-effective way to cover these expenses, preserving your estate for your loved ones
So if you’ve ever wondered how life insurance fits into your estate plan, you’re in the right place.
Life Insurance Policy Changes
Life insurance isn’t a set it and forget it deal.
Major life events should trigger a review of your policy. During the review, you may find that you need to make some changes.
In this post, we go over changes you can make to your policy. Things like:
-Changing the beneficiary
-Increasing the death benefit
-Removing a rating
And much more.
Read on for a complete list of common life insurance policy changes.
Life Insurance Taxation: The Definitive Guide
Most people know that life insurance proceeds are paid out tax-free.
But how about the cash value inside a policy? Can you also take that out without paying tax?
And in what situations can you deduct your premium from your income?
This post answers these questions and more, all the while simplifying life insurance taxation to make it easy to understand.
Creditor Protection And Life Insurance
Do you have assets that you want to protect from creditors?
Did you know that insurance products like life insurance, annuities, and segregated funds can provide creditor protection?
In this post, you will learn:
Why creditor protection is so important for business owners
How you can shield your assets from creditors using insurance products
And much more.
So if you want to find out how you can use life insurance to shield your assets from creditors, this post is for you.
What are the odds of a tragedy occurring?
We face many risks in our lives on a daily basis: the risk of being in a car accident, the risk of a snow storm grounding our flights, the risk of a home burglary, just to name a few. While some of the risks are a minor nuisance and not of financial significance, others have a catastrophic effect on our finances. The purpose of insurance is to transfer some of the risk to an insurance company in exchange for a fee known as the premium.
Disability Insurance
Which Disability Insurance Riders Should You Get?
Long-term disability insurance pays you a benefit if you can’t work because of an illness or injury. But while a disability insurance policy is essential, the base policy only gives you the minimum coverage. To get the best disability policy, you’ll need to add disability insurance riders.
Disability insurance riders are optional benefits that enhance your disability policy. But which riders should you get and which ones aren’t worth it? Read on to find out.
How To File A Disability Insurance Claim
Disability insurance can serve as income replacement if you can’t work due to an injury or illness. While anybody with gainful employment should have coverage, nobody wants to go through a disability claim.
But statistics show one in three people become disabled for 90 days or longer before 65. So if you’re wondering how to make a disability insurance claim, this post is for you.
What Does Disability Insurance Cover?
Long-term disability insurance pays an ongoing benefit if you can’t work in your job due to an injury or illness.
The advantage of a long-term disability insurance policy is that the definition of a disability is extensive. As long as an illness or injury prevents you from doing your job, you should qualify for disability insurance benefits.
But what types of disabilities are covered? How do you define a disability? And are there any exclusions or limitations?
In this post, we explore what disability insurance covers.
What Is Disability Insurance?
Disability insurance protects your most valuable asset—your ability to earn an income. Without it, chances are you won’t meet your ongoing financial obligations if you become disabled. It will be a struggle to pay your mortgage, buy groceries, and maintain your lifestyle.
So how does disability insurance work? And if it’s such a critical part of a financial plan, why is it so often overlooked?
In this post, we explain what disability insurance is and how you can protect your most valuable asset.
Business Overhead Expense Insurance In Canada
Small business owners purchase personal disability insurance to protect their income if a disability leaves them unable to work. But while that helps pay for personal expenses, it doesn’t cover the ongoing expenses of the business.
You still have fixed business expenses that continue even if you become disabled. Rent for your commercial office, employee salaries, equipment leases, and utilities are just some of the overhead expenses you need to pay to keep the business running.
Without any protection, your business might not have the means to endure a long-term disability.
That’s where business overhead expense insurance can help. It covers your ongoing expenses, so you have a business to return to when you recover from your disability.
How To Buy Disability Insurance In Canada
When asked what their most valuable asset is, most people would conclude that it’s their home. But did you know that your most valuable asset is your ability to earn a living?
Think about it, from the day you start working to the day you retire, you will end up making millions of dollars. This is worth more than any physical asset you possess.
But if you suddenly lose your ability to work due to an injury or illness, how will you cope with the loss of income? How would you maintain your standard of living? How long would your savings last? What would happen to your retirement plans?
That’s where disability insurance can help. It replaces your income when you need it the most, so you can focus on returning to work.
But how do you buy disability insurance? In this post, we guide you through the steps of purchasing disability coverage.
Critical Illness Insurance
How To Buy Critical Illness Insurance In Canada
Are you prepared for the financial impact of a serious illness?
Critical illnesses like cancer, heart attack, and stroke can have devastating financial consequences. The costs of medical treatments, lost income, and lifestyle adjustments quickly add up, leaving you and your loved ones vulnerable.
That’s where critical illness insurance comes in. It gives a cash injection in a time of crisis to provide financial security for you and your family.
In this post, we’ll walk you through purchasing critical illness insurance, from understanding the basics to finding the right coverage that fits your needs and budget.
If you’re considering buying critical illness insurance in Canada, this post is for you.
Demystifying Critical Illness Insurance Underwriting
Have you considered purchasing critical illness insurance but felt overwhelmed by the underwriting process?
Critical illness insurance underwriting is a complex process that involves a thorough evaluation of your medical history, current health status, and lifestyle. Understanding this process is crucial in managing your expectations so you know your chances of being approved for coverage.
In this post, we will guide you through the underwriting process for critical illness insurance, uncovering the top things underwriters look at when assessing your risk.
By the end, you will better understand how underwriting works for critical illness insurance, allowing you to make an informed decision about your coverage and ensuring that you are adequately protected in the face of unexpected health issues.
How Much Does Critical Illness Insurance Cost?
Have you ever considered what would happen if you were diagnosed with a critical illness? Medical expenses, lost wages, and other financial obligations can quickly add up and cause significant stress during an already challenging time.
Critical illness insurance can help ease this burden by providing a lump-sum payment in the event of a severe illness. But how much does critical illness insurance cost? And is it worth the investment?
In this post, we will explore the factors that impact the cost of critical illness insurance and provide tips for finding the best policy for your needs. With this information, you can make an informed decision about whether critical illness insurance is right for you and your family.
Is Critical Illness Insurance Worth It in Canada?
Table of contents When it comes to insuring ourselves and our loved ones, we often
How Much Critical Illness Insurance Do You Need?
Serious illnesses can significantly impact our lives, from causing emotional distress to financial strain. While we can’t always prevent these health issues from occurring, we can take steps to protect ourselves and our families from their potential consequences.
One such step is getting critical illness insurance, which provides financial support if you are diagnosed with a covered illness. But with so many options available, it can be challenging to know how much coverage you need.
In this post, we’ll explore the factors you should consider when determining the appropriate level of critical illness insurance coverage so that you can make an informed decision about your insurance needs.
What Does Critical Illness Insurance Cover In Canada? (With Definitions)
You may know that critical illness insurance covers cancer and heart attack, among several other conditions. But did you know you have to satisfy the definitions of the illnesses covered to qualify for the lump sum payment?
What are these definitions? And do they vary between insurance companies?
In this post, we provide the definitions for all 26 critical illnesses covered. So if you want to know if a specific cancer diagnosis is covered, you’re in the right place.