Bill and Rosalind are friends of Sam and Christine, whom you met in this article. They live in Halifax. Bill died of a stroke just before his 70th birthday. He had named his common law partner, Rosalind, as beneficiary of his Registered Retirement Income Fund (RRIF) via his will, which he had set up earlier in the year.
Sam and Christine live in Moncton, New Brunswick. Sam is celebrating his 71st birthday this year. He has held on to his Registered Retirement Savings Plan (RRSP), optimizing the tax sheltered benefits of doing so. He named his wife Christine as beneficiary of that plan. Sam wants to convert his RRSP to a Registered Retirement Income Fund (RRIF).
Tom and Sharon have been together for about 8 years. This is a second marriage for both of them. Tom is semi-retired; Sharon is a retired schoolteacher. The couple are both wary investors; they still feel the pain of the big market correction in 2008–09. They moved their investments to segregated funds for the insurance guarantees including the ability to reset the minimum guarantees based on the growth on their investments.
As we saw last time, avoiding life insurance ownership pitfalls takes a bit of maintenance work. With something that is built to last for years, decades or even a lifetime, the ability to adapt to the changes that come with life’s ups and downs is valuable. With life insurance, that means making sure you know what the options are and how to make them work for you. Let’s take a look at a couple of overlooked pitfalls to avoid.
Ashley Misquitta reviews the U.S. general election results and the potential impact on the markets in this Off the Cuff video.
Throughout Life Insurance Awareness Month in September we offered simple tips for first-time insurance buyers. Now we turn our attention to helping those with the foresight get life insurance to ensure you continue to enjoy the benefits that true peace of mind brings. Owning life insurance is not like owning a house or a car – you don’t have to watch it every day. However, it is often a decades-long investment and you should check under the hood every so often.
With that in mind, here a few common pitfalls you can avoid:
The next retirement myth is an example of an inter-generational issue. It also goes back to the issue of when to start making and funding plans for retirement.
As Life Insurance Awareness Month 2020 draws to a close, we want to offer one last tip for the first time life insurance buyer and that is to choose an insurance company that you feel conformable with. Things you might want to consider are:
In this Off the Cuff video, David Mann discusses how COVID-19 may be resulting in a K-shaped recovery which is exposing relative strengths and weaknesses in operating models.
Now that you’ve crunched the numbers and learned the lingo, you need to think about which type of life insurance policy suits you best. There are two basic categories of life insurance: term insurance and permanent insurance (sometimes called “whole life”).
