Summary Individual disability insurance is designed to provide financial protection to individuals who are unable to work due to a disability. It offers a range of features, including benefit amount, waiting period, and benefit period. The benefit amount is the amount of money that the policyholder will receive each month if they become disabled, while…
Canadian Critical Illness Insurance Guide Critical illness insurance is a living benefits policy that pays a benefit to the person who owns the policy, as opposed to their beneficiaries. This is insurance that provides owners with a lump sum of money if they experience a critical illness that is covered under their critical illness policy. …
Long Care Term Insurance helps people pay for the care they need as they age, especially after retirement. Many policies for disability now offer the option to convert the disability benefits to long-term care benefits once a certain age has passed. Long term care costs can be very high, and can strain savings or wipe…
Life Insurance is an economical way to financially protect your family from not having enough time to complete your plans. It is part of an overall strategy of Financial Planning (video). Life insurance can replace the income you would have earned to your family in case of an early death. The buying of life insurance…
Have you ever stopped to consider the consequences of divorce and remarriage on your life insurance beneficiary designations? It may seem like a small detail, but this decision could have significant implications for your loved ones in the event of your passing. In this article, we will delve into the intricate world of life insurance…
Do you have a life insurance policy? Have you designated beneficiaries to receive the proceeds upon your passing? If so, it’s crucial that you understand the tax implications involved. In this article, we will delve into the topic of ‘The Tax Implications for Life Insurance Beneficiaries: What You Need to Know’ and provide you with…
With BMO Life Insurance, you can rest assured that your financial security and peace of mind are our top priorities. Their solid track record and reputation for excellence speak for themselves, as they have been providing reliable and trusted insurance options for years. Whether you’re looking for term life insurance or whole life insurance, they…
What Is Life Insurance And How Does It Work Ever wonder what’d happen to your loved ones if life throws a curveball? That’s where life insurance steps in. It’s a safety net, protecting them from financial hardship when you’re no longer around. But how does it work? You’re not alone if this question leaves you…
Key Person Insurance is a type of life insurance policy that businesses purchase to protect themselves from financial losses if a key employee unexpectedly dies or becomes disabled. This type of insurance provides financial support to the business by covering the costs associated with recruiting, hiring, and training a replacement for the key person. In…
The Return of Premium Rider is a popular feature in disability insurance policies that has gained significant traction in recent years. This rider allows policyholders to receive a refund of their premiums if they do not make any claims during the term of their policy. While this may seem like an attractive proposition, it is…
Did you know that 44% of Canadians do not have life insurance? This is a concerning statistic, as unexpected deaths can lead to financial hardships for loved ones left behind. Life insurance can provide peace of mind and financial security for families in the event of a tragedy. However, before being approved for a policy,…
For seniors, life insurance can be a vital and necessary component of financial planning. However, as one gets older, it can become increasingly difficult to obtain traditional life insurance policies that require medical exams and extensive underwriting. This is where guaranteed issue life insurance comes in – a policy that is designed specifically for seniors…
Life insurance can provide a sense of security and peace of mind for individuals and their loved ones. However, it can also be confusing and overwhelming when it comes to understanding the role of beneficiaries in the claims process. Beneficiaries are an essential part of life insurance policies, as they are the individuals who will…
Life insurance is an essential financial tool that provides peace of mind to individuals and their loved ones. One type of life insurance gaining popularity in recent years is no medical exam life insurance, which allows individuals to obtain coverage without undergoing a medical exam. According to recent data, over 40% of Canadians are uninsured…