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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!
As part of the mandate of Life Insurance Awareness Month to raise awareness for all things related to life insurance, we want to do our part to educate our readers on the different aspects of life insurance. There aren’t many better ways of education than a knowledge test. Therefore, below is a short quiz on life insurance. Since the purpose of the month is awareness and not about passing the LLQP, the questions will be geared towards beginners.
Life insurance can mean the difference between a family being dependent on the government for financial support or becoming self-sufficient after the provider of the family passes away. Many families who loses a loved one are not able to recover from its financial implications. Immediate expenses such as burial costs and legal fees coupled with the long term income requirement for living expenses can devastate a family financially. It may take years for the survivors of a family to recover from the death of the breadwinner of the family. Oftentimes, full recovery is impossible as a single parent is unable to keep up with the cost of raising a family alone. They may need to downsize their home, take out additional loans, cease contributions to education and retirement savings plans and do other things that reduce their standard of living just to get by.
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.
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 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.
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.
Did you know that 48% of bankruptcies and mortgage foreclosures are due to disabilities? How can you cope financially if you suffered a long-term disability?
With mortgage disability insurance, you ensure that you can make your monthly mortgage payments if you can’t work due to an injury or illness. But is it the best insurance coverage for you?
In this post, we explore:
What mortgage disability insurance is, and how it works
How much mortgage disability insurance costs
Why you should get a long-term disability insurance policy instead
Keep reading to find out if mortgage disability insurance is right for you.
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.
Is the lump sum benefit you receive from critical illness insurance taxable? Whether you have a personal policy or your employer pays for your coverage, you’ll want to know if you have to pay tax on the benefits.
That’s because when it’s time to make a claim, the last thing you want to worry about is whether taxes will affect the benefit amount.
In this post, we’ll reveal the tax implications of a critical illness insurance payout. So, let’s dive in and explore this important topic in detail.
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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.