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Joint Last-to-Die Life insurance: How Does it Work?

Joint Last-to-Die Life Insurance pays out a tax-free benefit to the policy owner's beneficiary on the passing of the second spouse on the policy. Joint Last-to-Die policies are significantly less expensive when compared to individual single-life policies because the insurance company does not plan to pay out the money until much further in the future. Plus, the company only has to pay out once for two people. These types of policies are generally designed to offset future tax ...
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Life Insurance and High Net-Worth Individuals

High net-worth individuals want a single advisor. High net-worth individuals are a key demographic when it comes to life insurance. However, with their complicated financial investments and riskier lifestyle, their life insurance needs can be very complex. The Investment Executive published an article in its August 2013 issue on what high net-worth individuals want. The premise of the article was that Canada's high net-worth individuals preferred one life insurance advisor, rather than ...
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Mike Castagna | Consultant, J.W. Larmond Life Insurance and Benefits

Mike Castagna Consultant,J.W. Larmond Life Insurance and Benefits 1. What type of disability insurance do you own? I own a professional series disability policy that is non-cancellable, payable to age 65, with a 90 day wait period. I also made sure to add the future income option and cost of living adjusted benefit riders to my policy as I am young and wanted to guarantee my future insurability if I have a change in health. 2. What factors did you consider when determining the ...
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accidental death insurance

Life Insurance with Accidental Death: Is it a Good Deal?

There is a new version of this article (summer/fall 2018) about Accidental Death and Dismemberment Insurance that explains in detail this insurance. It also compares costs of Accidental Death Insurance to other insurance types. Canadians are constantly bombarded with life insurance offers. Although having adequate coverage is important, many of these offers are for specialized insurance or add ons that you don't really need. Sun Life, Industrial Alliance and BMO Insurance all offer ...
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Average Size Mortgage in Canada Compared to Other Countries

At the end of 2015, the total Canadian mortgage debt stood at $1,262 billion. That puts Canada's GDP well above other G8 countries. The vast majority of Canadians are typically responsible borrowers with a strong financial strategy. With job losses and huge increases in house prices, some people find they have overextended themselves. However, it is important to put this into the proper perspective. More than seventy percent of Canadian household debt is the mortgage on the family home. ...
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8 Reasons Why You Should Secure Permanent Life Insurance Before 2017

New tax legislation is set to take effect on January 1, 2017 which will change the way policyholders are taxed for deposits toward certain life insurance policies. Policies issued after 2016, also know known as G3 tax generation policies, will offer less exempt room over the long-term. This new legislation will mostly affect affluent policyholders as the tax deferral features of these life insurance products typically benefit people in the higher tax brackets. One major change is that ...
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credit-card

Why You Should Avoid Life and Critical Illness Insurance for Credit Cards

Life insurance or critical illness insurance attached to a credit card is sold as a way to pay off your outstanding credit card balance, but in the fine print you'll discover it's mainly a lucrative money-making scheme for the issuing banks at the expense of policyholders. A one-stop shop for covering your credit card balance in case of illness or death probably sounds incredibly useful and convenient at first. After all, you probably use your credit card daily, so why not pay to clear ...
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The Basics of Critical Illness Insurance

Life is great isn’t it? You’re working hard to support your young family. You just bought your new dreamhome and got the promotion you’ve been waiting for. Then BAM! You’re diagnosed with cancer. Whatwill you do then? If you don’t have the proper insurance coverage in place you may find yourself in a detrimentalsituation. When you’re shopping for insurance you want to make sure you cover all your bases and one veryimportant coverage is critical illness ...
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7 Tricks to Reduce Group Insurance Rates for Small Business

Health insurance is a double edged sword for most businesses but more so for small businesses with a limited cash flow. On the one side, it’s a major expense just to be able to do business. On the other, it’s not something they can do away with if they want to keep key employees. The best employees know the importance of health care benefits and if it gets cut, they’ll leave and work for another business that has a package in place. Employees are the most valuable part of a business, ...
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Disability Insurance Definition Demystified thumbnail

INFOGRAPHIC: Disability Insurance Demystified

As explained in our infographic below, there are some important definitions and points in a disability insurance policy that would confuse an applicant because of the fine print involved, or in a worse-case scenerio, prevent them from paying you a cent because you didn't understand the insurance contract.
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