Protect Your Income and Save 20% Your income is one of the largest financial assets you have. Disability Insurance can offer valuable financial support and help protect your money if an injury or illness (including a mental health-related illness) keeps you off work. As a Financial Professional in one of the eligible occupations 1, [...]
Preet Banerjee is a well-known Canadian personal finance and investing expert, and the author of the personal finance book Stop Over-Thinking Your Money!: The Five Simple Rules of Financial Success. Banerjee’s 5 Rules for Personal Finance Success are as follows: Disaster-proof your life. Expensive emergencies can derail you, so protect yourself with disability insurance, [...]
Mental illness affects 1 in 5 Canadians in their lifetime1. Recently, a Canadian Mental Health Association poll indicated that 24 percent of respondents have sought help for mental health challenges (that is 1 in 4 Canadians), this is up compared to polls completed over the past two years 2. So, it is no surprise [...]
Shopping for life insurance is unfortunately not as exciting as shopping for a new wardrobe. In fact, many find it downright daunting and confusing. However, this is not a reason to avoid, as it is important to keep your loved ones covered financially in case of death. Here we try to make the process [...]
Many parents rely solely on the life insurance provided through their employee benefits. This is very concerning to me as an advisor. Most Group Life plans offer minimal coverage, sometimes only $25,000. While this will cover final expenses, it wouldn’t be sufficient to replace one’s income for their family. The reality is that many [...]
Why do so many people buy creditor insurance to protect their mortgages & loans when there are better options out there?
After 15 years in the business, I have lost count of how many times a client told me that it was "required" to purchase life insurance with their mortgage - which is not the case, it is optional. Just the other day, my client thought they had to spend $400 a month on creditor [...]
Critical Illness Insurance can give you a tax-free payment if you’re diagnosed with a serious condition. The three main conditions that a Critical Illness Policy covers is: Life Threatening Cancer Heat Attack Stroke While you may not know someone who has claimed on Critical Illness Insurance, I would bet you know someone who was diagnosed with [...]
This summer you and your kids have been fortunate enough to laugh, splash, and create many special memories at the family cottage. Your parents approach you, as they are aging and feel they no longer want the responsibility of caring for the cottage. With summer winding down they want to keep the property in [...]
Dear Jeff: I have group benefits through work and I am looking to getting an additional coverage. Who and what would you recommend?
My reply: Typically, RBC Insurance, Manulife or Canada Life are the three carriers that offer high quality disability contracts that can supplement your Group Long Term Disability (LTD). All three companies are good companies, however, you need to first find out which company offers you the best occupation class. A broker who understands disability [...]
Due to how expensive and limited Individual Health and Dental Plans are, many of my incorporated business owner clients choose to implement a Health Spending Account. This allows them to run their medical expenses through their corporation and deduct those qualifying medical expenses. This is much more tax-effective than paying for medical expenses [...]