Joint last-to-die life insurance is a specialized form of permanent life insurance designed primarily for tax and legacy planning. While it isn’t right for everyone, it can be an extremely effective solution for couples who want to cover future taxes, preserve wealth, and leave a meaningful legacy to their heirs or favourite charities.
This guide explains how joint last-to-die—also known as second-to-die—life insurance works in Canada, who should consider it, how much coverage typically costs, and how it compares to other joint life insurance options.
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.
As we travel through the journey of life, our financial needs and obligations undergo constant change. For example, your financial obligations increase once you are married, and continue to do so as your family grows in size. It should come as no surprise that insurance varies in importance at different stages of life. Proper planning at each stage of life is necessary to ensure that you and your dependents are protected. Without knowing the risks and a plan to minimize the risk, you are potentially exposing your family to a financial disaster. Here are which types of insurance you should be aware of at each stage of life.
Is your term insurance about to expire? Did you know that if you renewed it, your premiums are going to be 3-20 times more expensive?
What if I told you there was a better option than renewing it?
One that will let you maintain your coverage while keeping premiums affordable?
In this post, I’ll walk you through the options you have when your term insurance is about to renew and show you the one that will save you the most money.
Let’s get started.
So you just applied for life insurance. Now what?
Chances are, you will need to go through a life insurance medical exam.
What does it test for?
More importantly, how can you ace it and save thousands over the life of your insurance policy?
Here are 21 actionable tips to help you ace your life insurance medical exam.
Did you know that the cost of life insurance in Canada can range from as little as $10 per month to over $300, depending on your age, health, and coverage type? Many Canadians are unaware of how affordable—or expensive—term life insurance can be, leaving them unprepared when it comes time to protect their loved ones.
Life insurance premiums aren’t one-size-fits-all. Factors like your age, gender, lifestyle, smoking habits, and even your hobbies can significantly influence your premiums. Understanding these nuances is crucial for making informed decisions and finding a policy that fits your needs and budget.
Whether you’re a young professional just starting out, a parent with growing responsibilities, or someone approaching retirement, there’s a life insurance plan tailored for you—and likely more affordable than you think.
In this guide, we’ll break down exactly how much life insurance costs in Canada, explore the factors that impact premiums, and show you how to find the best rates. By the end, you’ll be equipped with the knowledge to make a confident, informed choice. Let’s dive in!
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.
Disability insurance premiums—the monthly or yearly fees for your insurance policy—are intended to be affordable. After all, you buy it to protect your income in case an accident or sickness renders you unable to work.
But what if you can take that security further by finding more ways to save, like deducting those premiums from your income taxes? Wouldn’t that make disability insurance that much more attractive?
But not all premiums are deductible. In this post, we explore situations where you can get a tax deduction for the cost of disability insurance.
Whether you have disability insurance coverage through your employer or your own policy, you’ll want to know if the benefits are taxable.
That’s because the last thing you want to do is worry about taxes while you’re on a long-term disability claim.
In this post, we explore the different types of disability insurance plans and the applicable tax situation for each.
When it comes to short-term vs long-term disability insurance: which is better? Which one should you get if you’re looking for disability income insurance?
In this post, we explain:
What long-term disability (LTD) and short-term disability (STD) insurance are
What is the difference between the two types of coverage
If you don’t have group coverage through work, which individual disability policy you should get on your own
So if you’re confused about the two different types of disability insurance policies, read on for more information about the role they play in protecting your financial plan.
Whether you’re a freelancer, run your own business, or are an entrepreneur, one thing’s for sure—you’re the driving force of the business and the income generated. Taking even a day off could mean the money stops coming in.
Now, imagine the financial consequences of a disability that lasts months—or years. How would you and your business survive?
That’s where long-term disability insurance (LTD) comes in. It provides a monthly benefit if you can’t work because of an injury or illness.
In this post, we’ll guide you through disability insurance for self-employed workers. You’ll also learn tips to get the best policy to protect your income.
Do you have a pre-existing condition?
If so, you may be wondering if disability insurance will cover it. The short answer? Sometimes. If you have a pre-existing condition and need long-term disability insurance (LTD), this post will explain when disability policies will and won’t cover your condition.
Life and critical illness insurance form the bedrock of safeguarding your future and that of your loved ones. Life insurance ensures financial stability for your family in the event of your premature death.
In addition, attaching critical illness insurance as a rider to a life insurance policy adds another layer of protection. This supplementary coverage offers a lump sum benefit upon diagnosis of a covered illness, providing financial support during challenging times.
Should you add critical illness insurance to your life insurance coverage? Or should you keep them separate? Do you even need both? In this post, we answer these questions and more, helping you in your informed decision-making journey.
Let’s face it: critical illness insurance isn’t cheap. In fact, you can buy a policy that costs well north of $100 in monthly premiums. The prevalence of illnesses like cancer and heart attack leads to a high frequency of critical illness claims, which in turn leads to higher premiums.
But did you know there is a way to get your money back if you don’t make a critical illness claim? For an additional premium, you get the potential of return of premiums paid. However, this added feature raises a question: is the allure of recouping premiums worth the investment?
Critical illness insurance is a pivotal component of safeguarding your financial future, yet return of premium policies introduces a layer of complexity. Prospective buyers grapple with the decision-making process, weighing the advantages and potential drawbacks of adding the rider.
In this comprehensive guide, we aim to demystify the return of premium riders. By the end, you’ll have the knowledge to make an informed decision.
Critical illness insurance offers financial support if you are diagnosed with a life-threatening disease, like cancer or heart attack. The lump sum benefit paid by the insurance company can help cover medical costs and pay for daily living expenses while you focus on recovery.
While the base critical illness policy provides the core coverage, you may consider upgrading it for better protection. That’s where critical illness insurance riders come into play.
What are critical illness riders? Which ones can you add to your policy, and which ones are worth it? In this post, we delve into the intricacies of these add-ons, illustrating how they extend beyond standard policies to provide a crucial layer of protection.
In the face of unexpected health challenges, having a robust critical illness insurance policy can provide much-needed financial support. However, the process of filing a claim can be intricate and overwhelming. If you’re seeking clarity on how to navigate this crucial aspect of critical illness insurance, you’ve come to the right place.
This post demystifies the complexities of filing a critical illness insurance claim, offering a step-by-step guide to empower you during a challenging time. Whether you’re a policyholder or a caregiver, understanding the nuances of filing a critical illness insurance claim is essential for securing the financial assistance needed to cope with medical expenses and maintain financial stability.
Let’s dive into the essential steps of filing a critical illness insurance claim, arming you with the information and know-how to navigate this process seamlessly.
Are you or a loved one living with a pre-existing medical condition and wondering if you can still secure critical illness insurance? The answer is a resounding “yes,” and this post will guide you through the process.
We understand that health concerns can bring uncertainty, but with the right information, you can make an informed decision and get the critical illness coverage you need.
Read on to discover how a pre-existing medical condition may affect your eligibility for critical illness insurance coverage and what to do if you are declined.
Have you ever wondered if your critical illness insurance premiums are tax-deductible? This question can be a real head-scratcher during tax season, and the answer could significantly impact your finances.
In this post, we will unravel the intricacies of critical illness insurance premium deductions. We’ll explore the rules and regulations surrounding this topic, helping you gain a clear understanding of how it may affect your tax situation. By the end, you’ll be equipped with the knowledge to make informed decisions and potentially reduce your tax burden.
Keep reading to discover the insights that could save you money and provide peace of mind in the event of a serious illness.