Firstly, congratulations on your new baby. This is a truly happy time in any person’s life, but you need to understand that preparations are more than just buying cute clothing and arranging a baby’s room. Your little bundle of joy comes with a large list of financial responsibilities you need to be prepared for.
Planning ahead is absolutely crucial before you have your child. Considering your savings, your insurance plans, and your budgeting strategies are all just a part of a list of factors you should bear in mind. The easiest and more efficient way to start off on the right foot with your newborn is to create a financial checklist.
This week, we hope to guide you to preparing a financial outline that will make preparing for your new child easier. What follows are specific considerations you need to look at to ensure you are ready to properly take care of your newborn. Continue reading →
The premiums you pay for insurance policies are determined by how risky you’re deemed to be by the provider. This means that the more you partake in more dangerous hobbies or the lower your overall health is, the more you can expect to pay for your life insurance policy.
When you are given your life insurance policy, it’s important that you make sure your coverage is working properly for you and your lifestyle. Many people face denials when they apply for protection because of one lifestyle choice or another.
The main culprit for being turned away is usually when you practice a dangerous hobby like rock climbing or skydiving. So what can you do in this instance? There are a couple of options for you; you can find another insurer that will work with you and your hobby or you can eliminate it from your contract’s exclusion clause.
As we all have differing opinions about what is dangerous and what isn’t, the chance to pick whether your pastime is covered or not is very beneficial and offers more freedom (at a cost) when buying a plan. But it can also bring more hardships for some looking to be properly covered. Continue reading →
Many Canadians have a favourite charity that they choose to donate to at different times throughout the year. Typically, the most common way of helping a charity is to donate money in the form of a direct contribution. Leaving a little change at the register donation box of a local store or restaurant is probably the best way to make smaller donations.
If you’d like to make a larger contribution to your chosen charity, using a life insurance plan can be your best option. A life insurance policy’s proceeds can provide an even greater benefit to your charity as the larger donation can allow the organization to reach important financial goals faster.
Using a life insurance policy to give to a charity can be the most effective way to ensure you are maximizing your donation and being more tax efficient. Charities are always in need of donations and we should give when we can. Through a life insurance policy, you can make the process easier if you wish to make larger donations. Continue reading →
Think about a stay-at-home husband or wife, how much do they really do? What’s it all worth? If you really think about it, stay-at-home parents juggle a multitude of jobs on a daily basis for hours on end! Cooking, cleaning, child care, the list can go on and on, and let’s not forget that the job doesn’t end at 5pm like most do. There is a huge cash value you hold as a stay-at-home parent, not earning a paycheque does not mean you aren’t contributing to the family’s income.
What does this mean for insurance? If the stay-at-home spouse passes away, all of the duties that person carried out will have to pass on to the remaining parent. If you are the sole provider, having to undertake the well-being of the home and children on your own on a daily basis all while working full time can be overwhelming. A life insurance policy taken out on the stay-at-home spouse can be a lifesaver in situations like these. Continue reading →
When it comes to determining what kind of insurance coverage you need as well as how much, it would be nice to have a plan entirely laid out before you. There are many variables that need to taken into account when determining the amount of protection that it can get very overwhelming very quickly.
A Financial Needs Analysis form, also known as the FNA, is what is currently being used by brokers while meeting with clients. This valuable tool allows you to fully understand you and your beneficiary’s financial needs and can help you make a more informed decision when seeking coverage. Any good broker should be offering his or her client a needs analysis to help make the buying process more clear by taking the complication out of determining your financial standing.
Perhaps the biggest tip that can be offered to anyone looking how much coverage they should purchase is to look into filling out a Financial Needs Analysis form.
An ever-growing part of insurance on all fronts, now it’s easier than ever to get coverage. Ill? Uninsurable? Overweight? There’s insurance out there that can promise you everything you’ve ever wanted.
While insurance companies are more excited than ever to push Simplified Issue life insurance on Canadian consumers, there’s still a lot the average person doesn’t know about SI policies, how they work, and whether or not they’re a viable alternative to traditional models of life insurance.
There’s a lot of advantages to insuring yourself under a SI plan and avoiding the medical exam. There’s also a few things you should be aware of before you consider doing so.
Applying for life insurance tends to mean subjecting yourself to a medical exam. What that entails can vary depending on the provider, but often includes a doctor’s visit and standard health screening, and it may also include blood and urine analysis or, worryingly, further invasive tests.
In the end, medical exams could qualify you as being in exceptional health and qualify you for lower-than-usual rates if you’re lucky. More commonly, a medical exam can raise your premiums or decline your application altogether. Would you skip the exam if you could? Here are a few reasons why you may want to consider No Medical Life Insurance instead. Continue reading →
Homeownership is a dream, an aspiration for millions of Canadians. One could say that owning a home is the realization of all our hard work and effort we put into our jobs and our lives.
With mortgages on the rise both in prevalence and in value, the need to insure that mortgage is not only prudent, it’s actually required to get a substantial loan of any kind. So why are so many Canadians turning to mortgage insurance for their coverage?
No one can say for sure, but there’s a number of reasons you shouldn’t consider a mortgage insurance plan – you should simply just insure yourself.
One in three Canadians will face a disability in their working lives that results in lost-wages, financial strain, and possibly a condition they will have to live with for the rest of their lives. Such tragedy may be unavoidable, but it can be addressed.
While perennially undervalued by tradespeople, craftsman, factory workers, and other manufacturing/agriculture/skilled positions: disability insurance is by and far the smartest financial tool you can have. And here’s why:
What goes too neglected among new and growing families is the need to set up a Family Plan – a detailed set of insurance plans and contingencies. Insurance isn’t just protection against the unexpected, but protection against the expected, and, in truth, potentially a way to build long term security for every member of your family.