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Category: Insurance

Is the Life Insurance Industry in Canada Stable?

February 1, 2023Blog, Insurance, Life InsuranceMoneyman Financial Inc.

Given the problems encountered by some large financial institutions in the United States, how concerned should we be about the state of the life insurance industry in Canada?

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Don’t Wait Too Long to Convert Your Term Insurance

January 2, 2023Blog, Insurance, Life InsuranceMoneyman Financial Inc.

If you require permanent life insurance coverage for family, estate planning, business, or tax planning purposes or you just wish to accumulate money in your life insurance program it may be time to look at a permanent, level-cost solution.

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Group Life Insurance – Only Part of The Solution

September 1, 2022Blog, Group Benefits, Insurance, Life InsuranceMoneyman Financial Inc.

If your goal is to replace income for your family for more than 2 years, you may want to add an individual policy to your group insurance coverage.

According to the same LIMRA study, on average, households with only group coverage can replace the household’s income for less than 2 years. Households with both group and personal life coverage can replace income for more than 5 years.

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Is it Time for Your Insurance Audit?

August 1, 2022Blog, Insurance, Life InsuranceMoneyman Financial Inc.

Has it been awhile since you last looked at your insurance portfolio?

Are you a little vague in your recollection of all the coverage you have and why you have it?

Are you uncertain as to whether or not your portfolio reflects your current situation?

Just like going to the dentist for regular checkups is a necessary evil, reviewing your financial plan and products on a regular basis is also recommended. Circumstances can change over time and making sure your protection is keeping pace is a worthwhile exercise.

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Why you should buy mortgage insurance through your life insurance advisor

March 1, 2022Blog, InsuranceMoneyman Financial Inc.

Mortgage life insurance from the major banks can be significantly more expensive when compared to life insurance from an insurance advisor. As well, there are additional advantages to buying life insurance through your advisor including the ability to choose your beneficiary, flexibility and more. See our infographic to learn more about the differences between mortgage life insurance through the bank versus your insurance advisor!

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Don’t Qualify For Traditional Life Insurance? Consider These Options

July 1, 2021Blog, Insurance, Life InsuranceMoneyman Financial Inc.

It’s no secret that traditional life insurance, critical illness insurance and disability insurance offer amazing benefits to those who qualify for the policies. Through these plans, people can protect their families, their businesses, and their livelihoods against the unexpected occurring and disrupting their lives. Unfortunately, however, these policies often don’t extend to people who are facing serious health problems and who may need life insurance the most.

Several years ago, two alternative insurance products were offered to help cover people who may have fallen through the cracks when it comes to life insurance. These two new products fall into one of two insurance product categories: guaranteed issue and simplified issue.

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Who Should Own My Life Insurance?

April 1, 2021Blog, Insurance, Life InsuranceMoneyman Financial Inc.

The planning considerations of where and how to own your life insurance can be varied and sometimes complicated. It is important to remember that who owns the policy, controls the policy. The owner has the right to name a beneficiary, assign the policy, take cash value loans or even cancel or surrender the policy. The insured does not have to consent to these transactions although there are steps available to require his or her permission when necessary. This article focuses on the main, but not all, issues in determining the ownership of a life insurance policy.

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How Will COVID-19 Impact the Insurance Industry?

August 4, 2020Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Insurance, Life InsuranceMoneyman Financial Inc.

During this stressful and challenging time, many are wondering what effect COVID-19 could have on their life insurance. Some may be worried that the insurance companies would make changes to their existing policy due to coronavirus concerns, resulting in an increase in their premiums or a restriction to their coverage. It should be reassuring to all that insurance companies are generally not able to change the contractual provisions of the insurance policies that are in force.

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Term Life Insurance – Two Valuable Options

July 2, 2020Blog, individuals, Insurance, Life InsuranceMoneyman Financial Inc.

For many Canadians, especially those with young families, term life insurance is most often the product of choice for protecting one’s family. The major reason for this is that it is the lowest entry-level cost to purchase life insurance.

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