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Life Insurance

Insurance everyone needs to consider

Let’s face it.  Life insurance and insurance is general while critical to financial planning is not exactly a sexy topic.  Now that I wrote the word “sexy” maybe I have your attention! Whether you’re young and single, young and married, you have children to put through school, or you’re getting ready to enjoy your empty nest, insurance to protect yourself or your family against a catastrophic loss should already be part of your financial plan.  If not, this post will turn you in the right direction.  Let’s look at some questions ...
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 ...

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 ...

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 ...

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