The Life and Health Insurance Education Centre (EduCentre)
Insurance Education for Canadians
This section of the Life Guard Insurance website is dedicated to insurance education on more specific topics and tools for you to learn more about life and health insurance and investing in Canada. This section will continuously be update with changing information, articles and pages. It will keep up to date with new products being released into the Canadian marketplace and the changing tax laws, and how they affect insurance policies.
The following are links and brief explanations to the EduCentre pages to date:
Canada Insurance Advice: People in Canada don’t have enough life insurance coverage. The amount of protection in place is very low compared to national averages. Read here to find out why.
Insurance for Children: this page describes the reasons why and the value in buying a life insurance policy on your child. Lock in their insurability and create a long-term tax shetered savings plan.
Investment Calculator: this calculator allows you to see how money will grow in an investment over time based on either annual or monthly growth and a defined interest rate.
Mortgage Insurance Perils: troubling consumer information on why mortgage life insurance offered through your bank or mortgage broker is one of the worst life insurance policies you can buy.
Life Insurance Riders & Benefits: understand the benefits included with your policy or the optional riders you can add to enhance your plan.
Group Insurance: Life Guard Insurance and The Benefit Specialists Corp. are partnered in Canada to offer you the best products and service for small and medium sized businesses looking for a group insurance solution.
Generally, life insurance is a pretty straight forward thing – you pay either for a term or a whole life policy and assuming you’ve kept up your policy, money is paid out to the people you nominated on your death, whether that should happen a week after you took out the policy or eighty years later. However, one area where a lot of people aren’t sure where they stand when it comes to life insurance is the situations insurers won’t pay out in.
Next time somebody offers you insurance and need you to ask yourself to simple questions; 1) what is the likelihood of the event occurring, and 2) what is the financial impact to you and your family. Then judge if it is really worth it. Very often we are paying for insurance we don’t really need because either we will never claim on it or the financial consequences are very small.
Whether you are on short term or long term disability, adjusting to a new lifestyle can be difficult and oftentimes emotionally taxing on individuals. Whether you are on disability insurance for physical or psychological disabilities, understanding your value is one of the most important ways to adjust to your new lifestyle.
In this article we will discuss the cost/benefit analysis of having a return of premium rider on your disability insurance policy. That being said, the most important thing when buying disability insurance is to have enough income protection in place to ensure that your lifestyle and monthly bills are covered. After that we can look towards building value into a plan with pseudo-equity component which is the ROP rider.
Life Insurance Insider Newsletter, March 2013. The Life Guard Insurance monthly newsletter – online version.
Manulife Bank is a Schedule 1 bank owned by Manulife Financial. An online bank, it’s been in business for 20 years and is Canada’s eighth-largest domestic bank. Manulife Bank works closely with financial advisors, like our team here at Life Guard Insurance, to help Canadians integrate premium banking products into their financial portfolios.
Protect your family’s lifestyle with personal life insurance instead of just protecting them against debt with the bank’s mortgage life insurance policy. If your mortgage represents more than a debt, if it represents your home, a place of love, and where you will build your family’s future, then you need to protect much more than a debt. You need to protect your family’s hopes, dreams and their lifestyle.
If you’re like most people, the idea of buying life insurance seems like a chore – something that is easily put off until tomorrow. Well, for the procrastinator in all of us we know that tomorrow never comes. It’s a funny thing that we all put off important things for “another day”, especially when they seem uncomfortable or costly. Buying life insurance can be both.
Health insurance in Canada is so much more than just a prescription drug and dental plan. Have you ever heard the saying, “Your health is your wealth.” Simpy put, we all need to remain healthy to be able to work and provide for our families. When your health goes, your retirement savings, equity in your house and emergency savings plan can quickly follow.
I don’t think I’ve ever met anyone who rolled out of bed saying, “This is a wonderful day – the day I buy Life Insurance!” I know that your insurance broker (counting myself amoung the group of life insurance brokers) is probably a lot more excited to sell you a policy than you are about buying one.
Many people who have an employee benefits plan rely 100% on the group employee life insurance and forgo buying personal life insurance. Is this wise? Will a group life insurance benefit be enough for your family?
One of the biggest obstacles to buying life insurance is cost. So many people think that life insurance is expensive and they just can afford it along with all their other bills. Is life insurance expensive? Well, it depends. There are many factors determining the price for life insurance. For some people, buying term life insurance, the price can be very affordable. For others, who are older, smoke or have a health condition, the price can be very high.
We live in one of the best countries in the world. We have wealth, strong government and a social system that usually catches people when they fall. All this is great. So why, in a country where almost everyone can find a good job and provide an adequate income for their family, do so many people liver without proper life insurance coverage?
Universal life insurance has been Canada’s most popular life insurance policy for the past 30 years, as measured by total new premium. It’s appeal comes from its flexibility and investment tax savings inside a life insurance policy.
With President Obamas’ State of the Union address just behind us, there are many political reforms that are up for discussion in the house and senate; the top being, immigration reform, health care reform, and most importantly economic reform. Economic reform has been up for debate on the house and senate floors for the past 4+ years, without any real action. However, if the Economic Reform is passed, what will it mean for individuals and families across the United States? What will it mean for your assets and financial future?
This video is an overview of how Long Term Care Insurance works in Canada. This product is not offered by all Canadian Life Insurance Companies. LTC is designed to pay out a weekly or monthly tax free benefit to policy holders when they need care and assistance with daily activities of living, or they suffer from some form of cognitive impairment, like Alzheimer’s. There are six basic daily activities of living, as defined by the medical professional and the tax act. Needing help with 2 or more of these activities will activate your benefit from your long term care insurance policy.
One of the best things you can do when you chart out your financial goals is to acquire a life insurance policy. This type of coverage is an essential asset that ensures that your family is covered in when you die. Although most people are aware of the benefits of having a life insurance policy in place, they either put it off until a later date or completely discard the idea due to the costs involved.
When many people think about life insurance, they tend to think of it as a luxury. ‘I’ll get it someday’ or ‘nothing’s going to happen to me, I’m young and healthy’ are very common thoughts about the subject. However, life insurance should be looked at as a necessity because when you look at the big picture, you really are incapable of predicting what will happen to you and when.
Before you buy your first life insurance policy or before you renew your old policy, stop! You may be spending a lot more than you need to on life insurance. Protecting your family doesn’t have to be expensive. There are many cheap or cheaper options when you’re in the market for life insurance.
Taking care of your family’s needs should be a priority and many people would agree that it is worth working hard and sacrificing on the luxuries to give their families what they need. But what happens after you die? Sure it is easy to take care of your family while you’re alive, but when you’re dead, who will take on that kind of responsibility?
A lot of people talk about health insurance plans, but most employees don’t really know the difference between the different types of health insurance plans provided by their employer. This article will give a brief summary of the five most common health insurance plans.
Life Guard Insurance brings you 5 curated articles about life insurance for Monday, 19 Nov 2012. Today’s topics include: Manulife posts a loss for Q3, but less than a year ago; Sun life has posted a profit for Q3, and stopped the losses it was taking; According to BMO survey, Canadians only give themselves a passing grade for financial literacy; and more …
This is a short, 3 minute video providing an overview of whole life insurance in Canada. The term “Whole Life Insurance” is used to describe both participating and non-participating permanent whole life insurance in Canada.
Probably no topic has engrossed the insurance community as much as the issue of life insurance for children. Even financial advisors and other professionals have joined the debate. Some are in support of children’s life insurance and others opposed it vehemently. This is expected of any issue that has far-reaching implications.