Do you need all that insurance?

The big business of life, mortgage, and critical illness insurance

Insurance is a numbers game. Anyone who has ever purchased any kind of life or health insurance knows this firsthand. But here’s one number you won’t often hear about: $4.7 trillion (no mistake, that’s a “T”). That’s how much life insurance coverage is owned by the 22 million Canadians who have policies, according to the Canada Life and Health Insurance Association 2018 report. In 2017, that represented $21.4 billion in premiums. And the average coverage per household is $417,000. Health insurance added another $43 billion in premiums. No doubt about it – insurance is big business in Canada. Here’s a quick look at the types of insurance advisors are asked about most frequently. READ MORE

Navigate the life insurance maze!

Term life or universal life – and the difference it makes

If you’re shopping around for life insurance for the first time, it’s easy to become pretty confused pretty fast. Here’s a primer on the difference between term life insurance and universal life. READ MORE

Do you really need critical illness insurance?

 Get adequate life and disability coverage first

Critical illness insurance has become quite popular in the past few years. But do you really need it? I’m often asked this by younger professionals with high incomes and new families. What if something were to happen – an illness that suddenly prevents them from supporting their families? Wouldn’t critical illness insurance be a benefit? My answer is that it can be…sometimes. There are a few key points to consider before you sign on the dotted line. READ MORE

Do you really need mortgage insurance?

High cost, tight restrictions make it poor value for the money

You’ve bought a new house, and you’re sitting with the bank’s loans officer ready to sign for that mortgage. Then she casually asks, “Would you like mortgage insurance with that?” Almost like your waiter asking whether you’d like fries or salad with your burger. But this is one side you should decline, no ifs, ands, or buts. Here’s why. READ MORE