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Occasional Marijuana Users Get a Break

With the federal government heading towards the legalization of personal marijuana use some life insurance companies have announced that occasional marijuana smokers would now be considered as non-smokers on new applications for life insurance and in some cases critical illness insurance.

How significant is this change?  Substantial!

As an example, for a male age 35, the standard smoker premium for $500,000 of 20 year renewable term is $1,070*.  Now a recreational marijuana user can purchase that same coverage for 410 per year. *

Sun Life, BMO and Empire Life were the first three companies to make this change with Sun and Empire extending the offer to Critical Illness coverage as well.  Most insurance companies are expected to make similar announcements.  For some companies, medicinal marijuana users are excluded from the new offering but may be considered on a case by case basis. Read more

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The Single Premium Insured Annuity

Available until January 1, 2017

A New Approach

 A new method of structuring an insured annuity has restored its favourable results.  The new approach involves combining the prescribed annuity with a Universal Life policy.

  • The UL policy is funded with a single deposit to provide lifetime coverage.
  • The remaining capital is then used to purchase the prescribed life annuity.
  • On the death of the insured/annuitant, the annuity income ceases
  • The Universal Life policy now returns the full amount of the capital to the intended beneficiaries.

Read more

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Family Business Planning Strategies

67% are at Risk of Succession Failure

If you are an owner in a family enterprise, the chances of your business transitioning successfully to the next generations is not very good.  This has not changed over the years. Statistics show a failure rate of:

  • 67% of businesses fail to succeed into the second generation
  • 90% fail by the third generation

With 80% to 90% of all enterprises in North America being family owned, it is important to address the reasons why transition is difficult. Read more

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Juvenile Critical Illness with Return of Premium

Protection if you need it.  A refund if you don’t.

Critical Illness Insurance – Not Just for Adults

Most of us have experienced or known someone whose family has been greatly impacted by a parent being diagnosed with a life-threatening disease or condition.  But what about when it happens to children?  Sadly, all too often children are affected by childhood diseases such as:

  • Type 1 diabetes mellitus
  • Congenital heart disease
  • Cerebral palsy
  • Cystic fibrosis
  • Muscular dystrophy

Read more

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Do You Need Individual Life Insurance?

Canadians may need to rethink their risk management

In a recent study conducted by the Life Insurance and Market Research Association (LIMRA), it was reported that 61% of Canadians hold some form of life insurance.  Surprisingly, it also revealed that only 38% of Canadians own an individual life insurance contract.

In another study of middle class Canadians, Manulife reported that 79% had no individual disability insurance and 87% had no individual critical illness coverage.

What both of these studies conclude is that most Canadians rely heavily on their group benefits for their family’s insurance protection.  Read more

« 'If you don't know where you are going .... any road will get you there.' Lewis Carroll »     ...     « 'Financial Planning is an essential road map to get you to your destination' »     ...     « 'If you don't know where you are going .... any road will get you there.' Lewis Carroll »     ...     « 'Financial Planning is an essential road map to get you to your destination' »     ...     « 'If you don't know where you are going .... any road will get you there.' Lewis Carroll »     ...     « 'Financial Planning is an essential road map to get you to your destination' »     ...     « 'If you don't know where you are going .... any road will get you there.' Lewis Carroll »     ...     « 'Financial Planning is an essential road map to get you to your destination' »

Featured Articles

8
Sep
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Budgeting for University Life

If you  have a son or daughter, perhaps a niece or nephew heading off to university this month, here’s a great article to share with them from Practical Money Skills.

Making the transition from living at home where someone else buys groceries and pays essential bills to living on your own is a big step. How much can you afford to spend on groceries in a week? Are you going to need to work extra hours to pay for all of your books?

Create a Budget

This first step in financial planning will help you answer these questions and is absolutely essential in managing your personal finances. Read more »

15
Aug
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The Huge Opportunity of Millennial Home Buyers

Property sellers, builders and managers are set to cash in as members of Generation Y finally find the money for a mortgage down payment

Amid predictions for a modest 2016, home prices in many Canadian markets continue to soar, and much of the growth is coming from an unlikely source: millennials. Canadians ages 16 to 36 are over nine million strong; they’re now the largest cohort in our workforce, and they’re entering their prime home-buying years.

Frank Magliocco, Canadian real estate lead at PwC, does not expect high demand—and related house price increases—to ease up any time soon in hot urban markets like Vancouver and Toronto. He points to growth in condos, rental apartments and mixed-use urban developments as proof that young buyers don’t fear big mortgages (or big leases): “In large part, [growth] is driven by millennials wanting to go to where the action is.”

Here’s why young buyers are able to get into the market—and who stands to gain from it.

79% of millennials still believe owning a home is attainable according to a 2016 poll, despite mushrooming prices raising barriers for first-time buyers

Read more on ProfitGuide.com

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17
Jul
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Protect your valuables

By Neal Muschett

When it comes to protecting your home and ensuring you’ve got the right insurance coverage, there are a number of areas that are easily overlooked in high-value homes.

Unique Upgrades

Many high-end homes include unique upgrades—there is a big difference between marble tiles that you can find at the big-box retailers and custom-made marble tiles that are chosen for their colour and thickness from a quarry in Italy and flown overseas. The same goes for hardwood floors—if you have a rare or exotic hardwood that has to be imported, you will want to make sure that your insurance broker knows and includes that in your insurance policy. If you have a unique or expensive chandelier, you’ll want to let your broker know that as well, so that it is specifically included in your insurance policy.

Read more

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