In May 2017, the Canadian parliament passed the Genetic Non-Discrimination Act (GNA) – formerly known as Bill S-201. This Act, meant to prohibit and prevent discrimination, states that genetic test information can no longer be requested or used in rendering underwriting decisions. How this bill will impact underwriting and product pricing remains to be seen.
You and your spouse may share a bank account, a home, or a business. How about an insurance policy? There are good reasons to consider joint insurance coverage – commonly known as ‘joint last-to-die’, a single contract based on the lives of two or more individuals. This type of coverage makes sense when the individuals insured share a common liability that will only arise upon the death of the second person, usually a spouse. Compare this to single life coverage which is based on the life of one individual and provides funds on death to cover an immediate need – an appropriate form of insurance coverage for many.
Does your family run a business? If so, your family enterprise is one of more than 880,000¹ in Canada employing 6 million² people and accounting for a 60% contribution to Canada’s GDP³. As you can imagine, your family enterprise is critical to Canada’s economic and social well-being.
When considering the purchase of insurance, the various available options can be a bit perplexing and stressful. Your advisor’s role is to analyze your particular situation and help you choose the best combination of coverage and payment options. They will also take you through the insurance company’s information gathering and underwriting process so you’ll know what to expect and how long it may take.
Watch this short video to learn about your options and the process of purchasing a policy that’s suited to your specific circumstance.
To create a financial plan for you and your family, contact your advisor today.
There are many categories and variations of insurance plans. Your advisor’s role is to analyze your particular situation and help you choose the best combination of coverage and payment options. The various available options can be a bit perplexing but to simplify it – there are two main types of insurance: term and permanent. There are pros and cons to both but your advisor can help you make the right decision for your specific situation.
Watch this short video to learn the difference between Term and Permanent life insurance and more about other categories of insurance such as Living Benefits, Critical Illness, Long Term Disability, and Long Term Care.
To discuss which plan and product best meets your needs, contact your advisor today.
The gifting of life insurance to registered charities has always been a popular method for individuals to fulfill their philanthropic goals, and worth considering when it comes to a charity that is near and dear to your heart.
There are basically two options when donating life insurance to a charity: donate a policy while one is alive or make the registered charity a beneficiary of the policy. The option selected will depend on many factors.
Prepare for the future. Live in the moment. You hear this advice all the time and wonder which makes more sense. Well, the answer to that is easy – if you prepare for the future, it makes living in the moment a lot easier to do.
Applying for life insurance is an important task that can help you plan for the future but it can be a little overwhelming. There are difficult decisions, questions, paperwork, interviews, and medical tests. So where do you start and how can you ensure the process goes smoothly?
Have you imagined what life might look like for you, your family, or your career in 2035? Change is inevitable – a career shift, a disability, changes in family, or a business opportunity. Envisioning ourselves 20 years into the future can be both exciting and worrisome. We can never really know what is going to happen.
Last year, 900 insurance advisors came together to talk about change and consider this question: “What is your prediction for the future?” They envisioned what life might look like in the year 2035. One thing is for sure – the world will be a very different place than today.
Plan your financial future with your advisor today.
Change is inevitable, and it can significantly impact your family and your financial well-being. Whether it’s the natural progression of starting a family, buying a home, looking to retire, or an unexpected illness or job loss, when change happens the value of the financial advice you’ve been given in the past – and the advice you receive at that particular moment – becomes abundantly clear.
Good advice from a financial professional can have a profound positive impact on your own, and your family’s, financial future. When you meet with your advisor, you are likely looking for answers or solutions to your financial questions and needs. And there are many trusted advisors who have the knowledge, competence, and desire to keep your best interests in mind so that you and your loved ones can maintain your sense of financial well-being.
When looking for an advisor, it’s OK to ask them questions to help you get comfortable in working with them—in fact, it’s encouraged. The more confident you are that you are working with an expert you trust, the easier it is to have those difficult conversations and make decisions. Don’t be afraid to ask your advisor these questions:
By John McKay, Executive Vice-President and Actuary, PPI
New rules beginning January 1, 2017, will affect the taxation of Canadian life insurance policies. If you are considering changes to existing insurance policies or the purchase of permanent insurance, you may want to review your overall estate planning and insurance needs with your advisor before the new regulations are in place.
How the rules work today
Here’s how the current rules work: when you purchase a permanent life insurance policy, you don’t pay tax on the income earned on the funds within that policy. This sheltering can help make the insurance more affordable. Virtually all permanent life policies sold in Canada qualify for this exempt tax status.