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Whole Life Insurance and Taxes: Everything You Must Know

Whole life insurance has tax saving efficiencies, but those efficiencies are often very misunderstood. To gain an understanding on how best to leverage your savings in a tax-sheltered whole life insurance policy, we talked to Cory Budovitch, Owner of Budovitch Legacy Planners Inc. and Brent Swatuk, Advanced Case Consultant at Equitable Life. Both of these men are highly respected in Canada’s financial services industry and they love helping Canadian entrepreneurs minimize tax and maximize ...
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Life Insurance and Estate Planning

While it’s true that you can’t take it with you when you die, you still need money when you pass away. Many people work hard their entire lives to build assets, with the intent to eventually pass on an inheritance to their loved ones. A will is a good starting point, provides a roadmap for planning your estate, and should be updated on an ongoing basis. However, even if you have a will, it is your executor’s responsibility to file a tax return for you and the government will consider you ...
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Final Expense Insurance – Interview with Zale Goldstein

How long have you been in the industry and what made you get started? My father passed away unexpectedly in Chattanooga Tennessee while on his way to Florida. He took ill and was hospitalized. The next morning, I received a phone call at 5am and discovered he was on life support. Being a family of five children all with our own separate issues, it was then that I was introduced to the benefits of having a Final Expense Insurance policy in place for my family. It made a very expensive and ...
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Why Now Is a Good Time to Buy Life Insurance?

Life Insurance has become a top of mind topic for many as people start to consider their own mortality. Dr. Moira Somers, a psychologist and executive coach at Money, Mind & Meaning in Winnipeg was recently quoted in the Globe and Mail saying “one way of settling death anxiety is by knowing that you’ve done everything you can to tend to people you care about; obtaining life insurance can help individuals exert that control." Taking aside the psychological component, now is an ideal ...
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Getting Life Insurance During the COVID-19 Pandemic | 5 Reasons to Act Fast

The COVID-19 Pandemic in Canada The number of people affected by Coronavirus (COVID-19) around the world exceeded a million by April 3rd, and the death toll continues to climb. Canada still affected with thousands of cases and multiple deaths daily which is terrible for all Canadians. How is this affecting the life insurance industry? Insurers protect against risk and use data and records to determine those risks. Unfortunately, COVID-19 is a new disease with no previous data. This ...
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Life Insurance Claims and COVID-19 | Will Your Claim Be Paid?

COVID-19 Pandemic in Canada The Coronavirus (COVID-19) pandemic continues to spread around the world with over 1,000,000 infected and more than 50,000 deaths to date. Although Canada appears to be escaping the brunt of the impact, our country is still affected with over 3,000 cases and 30+ deaths as of March 25, 2020. With numbers rising sharply in some countries such as Italy (~ 75,000 cases / ~7,500 deaths) and America (~70,000 cases / 1,000 deaths), and with no vaccine in place ...
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Term 100 : Everything You Need to Know

What is Term 100 life insurance? Even though it says “Term” in its title, Term 100 is actually a permanent policy. That means the premium doesn’t increase and the policy is in force for the life insured’s lifetime. Unlike other permanent policies, however, Term 100 does not have a cash value (cash savings that build up when you pay the premium). Think of Term 100 like a stripped-down whole life policy – you get lifelong protection, but since there are no extras, the premium is much ...
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Life Insurance and Coronavirus (COVID-19) | What You Must Know

What is Coronavirus and why is it so scary for life insurers? The entire insurance business is based on risks and the ability to evaluate them. At the same time, life insurance companies do not like situations where they do not have enough information and statistics about risks related to their potential customers. People who have or had Coronavirus (also called COVID-19) represent this case. The current outbreak of Coronavirus has already infected over 70,000 worldwide resulting, so ...
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Infinite Banking – Everything You Must Know

Introduction Infinite banking is a very interesting financial concept that uses whole life insurance to execute on a number of financial operations that are typically available only through a bank. This is why the infinite banking concept is sometimes called “being your own banker.” The concept won some popularity in the U.S. and also in Canada. In this article, we asked one of the leading Canadian experts on this topic, Glen Zacher, to share his experience and knowledge. What is infinite ...
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Explained by an Expert: What Is Face Amount of Life Insurance?

I’m going to talk a little bit about the face amount of a life insurance policy and how it works. Generally, the face amount of a life insurance policy is the death benefit of the policy, so the higher the face amount, the higher the premium. There are a lot if things that influence a life insurance premium: the person’s gender, the person’s health, the person’s age, the type of plan; but the face amount is a big element because obviously a $100,000 policy is going to be less than a ...
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