Life Insurance

The Importance of a Proper Beneficiary Designation on your RRSP/RRIF

Over the years I have reviewed a handful of my client’s RRSPs who had their assets with one of my competitors, and several times I have been shocked with how poorly it was communicated to the customer how important the beneficiary selection is.

In the last year a long-time senior client of mine sadly died unexpected and had two RRIFs. One with me showing his spouse as beneficiary (as Successor Annuitant/Owner) and the second with an online self service provider with his “Estate” as beneficiary.

Dealing with Inflation and Your Finances

On February 24th, 2022, Russia invaded the Ukraine, setting off an inflation spiral not seen since the early 1980s. As Russia is the 3rd largest producer of oil and natural gas (behind Saudi Arabia and the USA) the impact of declining reserves was immediate in the prices we paid at the pump this last Spring.

The rise in oil and gas prices in turn escalated the cost of all consumer goods, services, and food items so that the rate of inflation for June 2022 was 9.3%.

What exactly is inflation in economic terms?

Fundamental Estate Planning Concepts

Draft a Will

Dying “Intestate” creates legal and financial obstacles for your family, something which could easily be avoided with a Will.

By not having a Will the government will use a default selection, stating how assets are to be split between your spouse and children

Charitable Gifting using an existing Life Insurance Policy

In times like these, many charities are facing difficulty raising funds for our communities. Perhaps you are an individual who would like to make a meaningful donation to your favourite charity or non-profit society, but your monthly cash flow does not allow it.

Basic Planning for Young Families

As a young family, you will be facing a lot of new challenges that you may or may not be prepared for along the way. Whether it’s children, a mortgage, or unexpected expenses that come up, now is the perfect time to start thinking about all the potential pitfalls that may arise.

In this article we want to share some of the ways that insurance can help you stay ahead of these issues, as well as how to prepare yourself for some of life’s obstacles that you and your family may face.

11 Financial Tips for Newlyweds

Newlyweds are no longer just considered to be “twenty-something” in age as many Canadians are waiting longer to get married. In addition, many partners are getting married for a second or even third time.

Sound financial management of assets and liabilities plays a major role in any relationship, regardless of the age of the couple. Here are a few items that anyone can benefit from in order to maintain harmony over money matters.

The Need for Corporate Life Insurance

Life insurance is used for two general purposes in a private corporation – managing risk and creating opportunities. The risk management function is satisfied as life insurance provides the corporation with a tax-free payment in the event of the death of an owner or someone vital to the success of the business. As life insurance also allows for the tax-sheltered build up of cash value additional planning opportunities are additionally created.

Step-by-Step Guide for Bereaved Families

Death of a loved one is difficult for anyone, but having to deal with their financial affairs can be overwhelming. Here is a simple guide to show how one’s financial affairs should be dealt with.

Which Term Life Insurance is Right for You?

Once you have decided on how much life insurance you need, your next decision is whether you are going to use term insurance or permanent insurance to provide it. For many Canadians, while permanent cash value life insurance offers a significant opportunity for them, many initially utilize renewable and convertible term life insurance. Most life companies in Canada offer 10-year, 20-year and 30-year renewable term policies. In deciding which one is right for you, attempt to match the need to the term. While 10-year term might have the lowest entry level cost, the renewal premiums will be significantly higher. If you have a young family, ask yourself, will I still need protection beyond the 10th year? If that answer is yes, then a longer renewal period is more appropriate.

Category: Life Insurance