Life Insurance

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.

Life insurance

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.

Life insurance

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.

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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.

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87 Simple Tips To Save On Life Insurance

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.

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Product review: Humania’s P.A.G.E.

A few posts back we reviewed Manulife’s Synergy, a 3-in-1 solution that encompasses life, critical illness and disability insurance. While it’s a simple product that covers the major risks in life, there isn’t much customization associated with it. Every Synergy policy must be comprised of the three types of insurance, with no way of mixing and matching the type of protection you want. That doesn’t mean there is no product with more customization available. Humania, a company based in Quebec, came up with a solution that satisfies all your customization needs by allowing you to mix and match to your heart’s content. The product is called P.A.G.E., and it’s short for ‘Protection for the entire family, Affordable rates, Global coverage, Easy application.’

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Disability Insurance

Disability Insurance For Real Estate Agents And Realtors

As a realtor, you are busy with your day-to-day tasks – things like staging or showing a home, meeting with clients, driving around town, and more.

You never think about not being able to work because of a disability. But what if your income suddenly stopped? How will you maintain your lifestyle?

Maybe you have enough savings to get you through a short-term disability. But what about one that lasts for several months or even worse, years?

Can you afford not to insure this risk?

Disability insurance

Disability Insurance: The Definitive Guide (Updated in 2024)

This is the definitive guide to disability insurance.

You will learn about the sources of income during a disability, how to design your policy, and much more.

So if you want to know how to protect your income during a period of incapacity, you’re in the right place.

Disability insurance

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.

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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.

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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.

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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.

Life insurance Critical illness insurance Disability insurance Long-term care insurance

Critical Illness Insurance

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.

Critical illness insurance

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.

Critical illness insurance

What Is Critical Illness Insurance?

Critical illness insurance protects your financial plan if you are diagnosed with cancer, heart attack, or another covered illness. It’s crucial in ensuring you have the financial means to endure a severe illness. But what is critical illness insurance, and how does it work?

Read on to learn how critical illness insurance can provide a financial safety net in the event of a serious illness.

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.

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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.

Critical illness insurance

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.

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