What Is Term Life Insurance? A Simple Guide to Affordable Coverage
Term life insurance is a popular and affordable way to provide financial protection for your loved ones in the event of your passing. It offers a guaranteed death benefit for a specific period, such as 10, 20, or 30 years, helping ensure that your family is financially secure.
Whether you’re looking to replace lost income, pay off debts, or cover future expenses, term life insurance can provide peace of mind during your most important years.
In this guide, we’ll explore how term life insurance works, the different types of policies available, and help you determine which option best fits your needs.
9 Reasons Why You Were Declined For Life Insurance
Have you been declined for life insurance?
Life insurance can help protect your family and loved ones from any financial burden should something happen to you. Unfortunately, not everyone who applies for life insurance will be approved.
In this post, you’ll find out:
Reasons why you may be denied life insurance coverage
What you can do after a decline
Which insurance companies can still provide you coverage after a declined application
Standard vs Preferred Life Insurance Rates
Do you want to save thousands of dollars on your life insurance policy?
You can with preferred rates.
Only people who live healthier and less risky lifestyles can qualify for these lower premiums. The discount on the premiums can be up to 30%, which could equal savings of thousands of dollars over the policy’s life.
Read on to see how you can get these premium savings.
Are Life Insurance Proceeds Taxable In Canada?
You know that becoming an informed consumer is key to any significant purchase—especially one as important as life insurance.
But even if you’ve done your homework, you may have many unanswered questions about the taxation of life insurance:
Do you have to pay taxes on your life insurance proceeds in Canada?
If so, when would your family receive the death benefit?
Is this money subject to other taxes?
What happens if you don’t have a beneficiary?
The list of questions goes on and on. But by learning as much as possible about life insurance—either on your own or with advice from a professional—you can do more to protect your loved ones by making sure they receive the most money in the easiest way possible.
Are Life Insurance Premiums Tax-Deductible In Canada?
Life insurance premiums—the monthly or yearly fees for your policy—are intended to be affordable. After all, you buy it to protect your loved ones’ financial future.
But what if you can take that security further by finding more ways to save, like deducting those premiums from your taxes? Wouldn’t that make life insurance that much more attractive?
But not all premiums are deductible. In this post, we explore situations where CRA will allow you to write off the cost of life insurance from your income tax.
Manulife Vitality: Buy Life Insurance, Get a Free Apple Watch
Are you looking for a life insurance policy to motivate you to become more healthy and lead an active life?
How about one that rewards you with lower premiums and prizes like a free Apple Watch?
Now you can with Manulife Vitality.
In this post, I’ll explain to you what Manulife Vitality is and how it works.
You’ll also learn if it’s the right kind of insurance for you to protect your family and achieve your health goals.
Let’s get started.
How Does The Coronavirus (COVID-19) Affect Life Insurance?
Has the rapid spread of the novel coronavirus got you thinking about life insurance?
You might be wondering if your existing policy covers you, or what happens if you apply for coverage now.
Corporate Insured Retirement Program
On average, small business owners have 80% of their assets tied up inside their corporations.
The challenge for them is to do the following in a tax-efficient manner:
Invest the funds
Withdraw the funds to supplement their retirement
Transfer the assets to their heirs
This post explains how the corporate insured retirement program can help you achieve all the above.
Feel Protected With 16 Types Of Credit Card Travel And Purchase Insurance
When looking for a credit card, most people value rewards and low annual fees. But there is a lot more that your credit card can offer, like included insurance coverage at no extra cost.
To settle a worrisome mind, added insurance coverage could be just what you’re looking for to have that extra bit of protection without having to go looking for it.
So what could you be missing out on?
Let’s take a look at all the different insurance coverage offered by Canadian credit cards.
I Analyzed 15 Life Insurance Calculators. Here’s What I Learned
I analyzed 15 life insurance calculators to answer the burning question:
How much life insurance should you get?
I looked at the recommended amount to buy. I looked at the ease of use. I even looked at the design of the calculator.
What did I learn? More importantly, which one should you use?
Let’s get started.
