Just bought a home? Now it’s time to get life insurance for your mortgage. Here’s what you should know about choosing the right policy and term.
7 in 10 Canadians have an unplanned retirement, according to SunLife Financial. Are you prepared to leave the workforce early?
Do you have enough insurance? Most Canadians would like to think so – but in our recent social media poll, only 34.8% of respondents were confident with their coverage. Life insurance is like an airbag – you really hope you won’t ever have to use it other than to provide peace of mind to your loved ones. But unplanned disability or illness can derail even the best laid plans.
Disability and critical insurance can seem complicated – not only must you choose the right level of coverage, but you also have the option of adding an insurance rider to your policy; as with home insurance, many life insurance policies come with riders. But what exactly is an insurance rider, and how do they work? And what should policy holders be aware of when adding one to their coverage?
Could your sick day cost you money? A recent report finds only 34% of younger Canadian workers have allotted sick day coverage, or disability leave coverage. Here’s how to be proactive and protect yourself from financial loss in case of illness.
Young Canadians are increasingly worried over their finances with a full 90% reporting they experience stress over the current state of the Canadian economy. A recent survey from Sun Life Financial also finds that unemployment or underemployment are key factors behind these anxiety levels.
Perks may abound for the self employed, but one notable side effect to being your own boss is lack of company health benefits. Even with Canada’s enviable healthcare system, unexpected expenses incurred by prescriptions, disability or long term illness is enough to make anyone ill. Avoid shelling out when you’re under the weather by knowing your self employment benefit options.
As the saying goes, the only sure things in life are death and taxes. And, unfortunately, the former won’t allow you to escape the latter. If you’re self-employed, for example, and die still owing outstanding installment payments, the Canada Revenue Agency will come to collect from your estate if your family doesn’t take care of it first. But what happens to your other debts, like your mortgage and credit cards, when you die? Here’s an overview.
What if you lose your job and struggle to find another? What if you become ill and can’t work? Your good financial house can come crumbling down very quickly. When there’s suddenly no (or very little) money coming in, you can quickly obliterate your savings accounts and RRSPs. In this scenario you need to decide what kinds of insurance you need.