Life Insurance
Charitable Giving Using Life Insurance
Charitable donations totaled $9.6 billion in 2017, and this number is on the rise.
But did you know that besides donating cash, you can also give the gift of a life insurance policy?
How does it work? And what are the tax benefits?
In this post, we’ll go over your options for charitable giving using life insurance. You’ll learn:
-Which method gives you a tax credit while you’re alive and which one gives it when you pass away
-What type of life insurance you should use for charitable giving
-How using life insurance can increase your contribution by 50% compared to other investments
Let’s begin.
Should you replace your life insurance policy?
Last week we looked at when you should perform a life insurance review. One of the suggestions that was brought up during a review was to replace your current policy if a new one would better serve your needs. How do you determine if a new policy is more suitable for you? In which way is it better? Worse? Is there a cash surrender value in the old policy that would trigger tax if you cancelled it? Would you qualify for a new policy for the same or better rate? These are all questions that you need to ask before replacing a life insurance policy.
When do you need to review your life insurance?
Some people buy life insurance and have a ‘set it and forget it’ attitude, opting never to look at their policy again. After all, they’ve done their research, and are certain they have the most suitable policy. Why should they have to change anything? The reason of course is that life is never static. Circumstances change – sometimes abruptly – which may call for a life insurance review. You may find yourself wondering if you have enough coverage, or if you should renew the term or not, among other similarly tough decisions. It’s recommended that you perform a life insurance review whenever the following events occurs.
What Is The Medical Information Bureau (MIB)?
Attention: The MIB may have your medical information.
No, not the Men In Black. The Medical Information Bureau.
In this post, we explain what the MIB is and how it helps prevent fraud and keep life insurance affordable.
Let’s get started.
9 Dangerous Hobbies That Affect Your Life Insurance Rates
Are you a thrill-seeker who loves dangerous hobbies? Did you know that participating in these high-risk activities can affect your life insurance rates?
You could end up paying thousands more for life insurance. Even worse, the insurance company could deny coverage altogether.
What are the 9 activities insurance companies consider dangerous, and what factors do they look at when determining your rate?
This post answers those questions and more.
By the end, you’ll know exactly what you need to do to get the coverage you need.
So if you’re a thrill-seeker looking for life insurance, this post is for you.
87 Simple Tips To Save On Life Insurance (Updated in 2024)
This is the ultimate guide for saving on life insurance.
Here, you will find a massive list of 87 simple tips to maximize your insurance dollars, leaving you more money in your pocket.
So don’t buy life insurance until you read this. It could end up saving you thousands of dollars over the life of the policy.
Disability Insurance
Are Disability Insurance Premiums Tax-Deductible In Canada?
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.
Are Disability Insurance Benefits Taxable in Canada?
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.
Short-Term Disability Vs Long-Term Disability Insurance
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.
Best Disability Insurance For Self-Employed In Canada
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.
Disability Insurance And Pre-existing Conditions
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.
Mortgage Disability Insurance: The Definitive Guide
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.
Critical Illness Insurance
Critical Illness Insurance Vs Disability Insurance
Disability and critical illness insurance are a vital part of a sound financial plan. One protects you if you become disabled, while the other does if you become critically ill.
But how exactly do they work? And if you had to choose, which one should you prioritize?
In this post, we explore the key differences between disability and critical illness insurance.
Critical Illness Insurance: The Definitive Guide (Updated in 2024)
This is the definitive guide to critical illness insurance (CII).
You are going to find out how exactly how CII works, what’s covered, how much it costs, and whether or not you should buy it.
So if you’ve ever wondered about adding CII on top of your existing life insurance for complete insurance coverage, you’re in the right place.
Why you should read the fine print of your critical illness insurance policy
Nobody wants to read fine print. It can be a chore squinting to read thousands of tiny words when the vast majority of its content isn’t applicable to you. But when you purchase something as important as a house, car, or insurance policy, it’s in your best interest to comb over the fine print. What you find may surprise you.
The History Of Critical Illness Insurance
In Canada, the total premium of in force CII policies was $86 million 15 years ago. This number has skyrocketed to close to $1 billion as of December 2017.
What caused this tremendous growth over the past 15 years? To answer this question, we have to look back to the beginning of critical illness insurance.
You probably think CII – like all other insurance products – was created by an insurance company.
Actually, it was a doctor named Marius Barnard who was credited with the invention of CII.
This post touches on the origins of CII and how its significance changed the lives of millions of people.
Insuring the different stages of life
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.
Assuris: Protection For Your Insurance Policies
Have you ever wondered what would happen to your insurance policy if the insurance company became insolvent?
No? Maybe it’s just me.
But in case you’re worried, you’ll be glad to know that your policy is protected by an organization called Assuris.
What is Assuris and how much is the guarantee? Read on to find out.