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Life Insurance

Life Insurance 101 and Then Some

Let’s face it, life insurance, the various types, terms, products and durations available to the Canadian consumer is downright confusing and overwhelming.  I’ve struggled to figure this stuff out and I write about personal finance, saving, debt and investing every week.  So, for today’s post thanks to some help from my friends at LSM Insurance I thought I’d post a life insurance primer, and then some.  The guidelines below are just that, there is no one-size-fits-all when it comes to risk.  That’s what insurance means to me anyhow, ...
Life Insurance

Does Life Insurance for Seniors Make Sense?

After I read this question myself, my immediate answer was “no”.   Maybe that was narrow-minded. I know for our financial situation, decades from now, I’m trying to avoid paying life insurance premiums.  This is because my wife and I hope we can self-insure at some point.  Today’s post will highlight why life insurance may make sense for some seniors.  I’d like you to be the judge whether these situations might apply to you or the people you care for, and create a dialogue about it via my comments section below.  As always, I want ...
Insurance

The greatest retirement asset you’ll ever have

“The proper way to think about life insurance (and disability insurance, critical illness insurance, and even unemployment insurance) is a hedge for your human capital. – Moshe Milevsky, Associate Professor, Schulich School of Business, York University and respected financial author Your home is not the biggest asset of your life. If a 25-year-old earns a starting wage of $40,000 before taxes and works for 40 years, and receives a pay-hike of 2% per year, they can expect to earn almost $2.5 million during their working career and their annual ...
Insurance

3 Big Fat Myths about Critical Illness Insurance

The current darling of the insurance world is critical illness insurance, insurance that pays a fixed amount if you develop one of the covered conditions such as heart attack, cancer, or stroke (*).   This seems like a great product for everyone but there are myths I want to bust today and we’ll get to the asterisk soon. I recently launched an online Canadian critical illness calculator that compares premiums, benefits and contractual clauses. To develop the quote calculator I had to read many policies in painful depth.   As a result of that ...
Insurance

How much is enough? Life insurance edition

How much is enough?  I think this question applies not only to retirement savings but life insurance as well.  I’ve read articles that say you need enough life insurance to replace ten years of your salary.  The argument here is that in case you die, your dependents can maintain their current lifestyle without you.  Then there are folks who write things like this: “I read your article about how much life insurance you own, and how you calculated the amount needed. My comment is this… “What’s your wife going to do when the ...

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