Category Archives: Life Insurance

Millennials – Life Insurance Gap

millennialsMore than half of the Millennials in Ontario do not have a individual insurance policy on their mortgages.

The Financial Services Commission of Ontario (FSCO) recently hired Environics Research to discover how much Millennials know about mortgages. The poll found that 47% of those between the ages of 25 to 34 were “not very” or “not at all” confident about the subject, and only 12% described themselves as “very confident” when dealing with banks and other lenders.  Read more

Simplified Life Insurance

Experiencing Rapid Growth in an Expanding Market

Simplified products were first aimed at the seniors and the hard-to-insure market, many of whom had health issues and couldn’t get traditional coverage. Now these products are covering both ends of the spectrum, attracting the brisk, on-demand, millennials and those that are healthy, but find the underwriting arduous, or don’t want to have a medical. In many cases, rates for the Simplified Insurance plans are comparable to underwritten plans especially if someone has a larger build, or takes a combination of medications, i.e. for hypertension/diabetes. These cases are typically ‘rated’ with a higher premium with underwritten products, so a Simplified Plan is often a better choice, as it could save you from facing a substandard rating, postponement, or decline.

So whether you are 18 or 80, are hard to insure or in good health, I have a plan that’s right for you. For more information on Simplified Issue and other life insurance products, contact me for a free no-obligation quote.

Life Insurance in Estate Planning

Life Insurance picLife insurance is used as part of an estate plan and has many uses including income & probate taxes at death, mortgage and other debt repayment, income replacement, educational expenses, and wealth accumulation for heirs. It is also used to fund business buy-sell arrangements.

Proceeds from life insurance are generally paid out tax free to beneficiaries and are kept separate from the estate.

For tax planning purposes, life insurance should be considered an asset not an expense.  Read more

Top 10 Reasons to have an Estate Plan

Estate planning 2You’ve worked hard for many years, likely decades, to get where you are today. It can all be taken away in a matter of moments without proper plans in place. Estate planning starts by considering the events and changes that death or serious illness will bring. Then it tries to improve the situation for you and your heirs.

Read 10 Reasons to have an Estate Plan

Juvenile Life Insurance

Juvenile life insurance is permanent life insurance that insures a minor. It is a financial planning tool and should not be confused with Child Life Insurance which is usually purchased to protect a family against the sudden and unexpected costs of a funeral and burial.

Juvenile life insurance has become popular for college savings, lifetime savings, investment, and as an estate planning tool providing the following benefits:

– Build up of tax deferred cash value inside the insurance policy

– A policy can be paid up in 10, 15, or 20 years providing insurance coverage for life and cash values with continued growth

– The face value is received tax free

Understanding Par Whole Life and Dividend Scale Interest Rate

For more information on Juvenile plans and carriers, Contact me