Life insurance

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6 Strategies to Invest for your RRSP in a Volatile Market

Since we are more than halfway through February, I would like to friendly remind you that the RRSP contribution deadline for the tax year 2017 is March 1, 2018. If you are unsure how much you could contribute, 1) The RRSP contribution room can be found on your Notice of Assessment. It is the letter…

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What It Cost To Procrastinate In Making Financial Decision?

Yesterday, I did a financial workshop for the YMCA Business Center. One key idea that I emphasize is not about any of the financial strategies, rather is the human psychology when it comes to making financial decision. Although, I’m not a  psychologist, I do find that there is one particular problem which are very common…

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Estate Planning For Families With Special Needs

Many parents that I’ve talked to are very active in saving for their children with special needs. Especially with the Registered Disability Savings Plan (RDSP), their attention is focused on getting the disability savings grants and disability savings bonds from the government. However, having the proper estate planning for the parents is just as important…

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Life Insurance For Juveniles Versus TFSA

As I become a father myself, I’m more active in assisting young families to save for their children’s future. In addition to the Registered Education Savings Plan (RESP), another strategy I always share with parents is to save within a life insurance policy. (If you’re unaware of this method, you may refer to my previous…

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My Personal Experience In Handling Life Insurance Claim In Canada

Every now and then, I would come across sayings such as “I do not need any insurance coverage as premature death would not happen to me” or “life insurance companies tend to deny claims“. Although, I cannot speak on behalf of all insurance cases, I would like to share my personal experience in handling one…

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Life Insurance in Canada that Grows with your Child – Part 2

Child Life Insurance using Canada Life’s Whole Life Par Policy: We just went through some basic ideas of whole life par policy. Let’s go over an illustration now. Suppose, a parent wants to set up life insurance for their 1-year-old boy. They may consider the Canada Life’s Estate Achiever Max 20. This plan only requires…

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Life Insurance in Canada that Grows with your Child- Part 1

Life Insurance Planning for Children in Canada In one of my earlier articles, I have discussed the pros and cons in getting life insurance for a child.(You could access to that article through: Now, let’s go over one of the strategies with a whole life par policy. Beside universal life insurance, whole life insurance…

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Is Investment Better Than Life Insurance in Canada?

Should I Choose Investments Over Life Insurance in Canada? “Isn’t investing a better strategy than getting a life insurance coverage?”, asked by one of my clients I replied:  “Well, that really depends” Client got curious: “Depends on what?” I answered, “When will you die and make the  claim”   Whenever there is a life insurance…

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Canada Life Updates: Changes to Universal Life Insurance effective May 24, 2013

It seems that we are still on the rising trend of premium increase for many permanent life insurance products. Effective May 24, 2013,  Canada Life will increase its Level Cost of Insurance (COI) rates for its Universal Life Insurance. If you would like to obtain the old rates, application must be submitted before that.  

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Life Insurance Strategy for Young Families in Canada

Universal Life Insurance and Term Life Insurance in Canada I was talking to a client the other day. He is in his early 30s with a good paying job. As he is starting his family, he expressed his concern in the case of premature death, he will not leave sufficient savings for his family. We…

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