An "irrevocable life insurance beneficiary" refers to a person that is designated to receive life insurance benefits from a life insurance policy or segregated fund contract where that designation cannot be changed without that person’s consent, and on the death of the life insured the benefits do not form part of the owner’s (if he/she is the life insured) estate. This is set out in the Insurance Act.
Are you looking to purchase life insurance for the very first time and have no idea where to start?
It’s surprising that many people know that their families would benefit from having life insurance, but yet many people still don’t have it. Obviously, barriers exist for people – perhaps competing priorities, not knowing enough about what to purchase and where to start with the process, and thinking that it’s not affordable.
Similar to our homage to Mother’s on their special day, we didn’t want to miss out on paying tribute to Dads and all that they provide for their families.
The summer season can mean time for barbeques, biking, soccer, baseball, watching beautiful sunsets and having s’mores around the campfire. The season conjures up images of lazy days in a hammock or lying poolside. However, the reality for many people consists of hectic schedules and very busy summer calendars. With kids out of school, summer camps, and running to scheduled sporting events, getting some spare time can seem challenging at times.
Although it may be more common to see two income Canadian families, many parents are opting to stay at home to raise the kids.The decision to stay at home is usually contemplated when the kids are quite young, and typically, after the second or third child comes along. Then it becomes the financial trade-off decision whether to spend money on daycare or learn how to stretch having only one income in the household.
Shopping for insurance can be challenging and confusing given the unfamiliar terms that are used in the industry.
To help, we have created your quick reference Insurance Lingo infographic. Whether you are just starting your search for insurance, just got approved, or just need a refresher, here are some terms for you to understand, and tips for you to use!
This is the second of a two-part blog series outlining some simple steps to get started on your estate planning. You can find the first part here.
Picking up from our last blog post, here are the next set of steps to help you approach and simplify your estate planning:
It's inevitable that we're all going to die at some point. Although it’s not the most pleasant of thoughts and not something we should dwell on, we should think about it long enough to get our estate in order. Unfortunately, estate planning is not enough of a priority for most Canadians.1
According to surveys conducted by the Life Insurance Market Research Association (LIMRA), historically, the public opinion of the life insurance sales person has not been positive.
In fact, in the narrative portion of the surveys, where respondents were asked to describe the typical insurance sales person, they often used words such as “pushy” and “untrustworthy.”
However, there was also good news in these surveys. Respondents who had a relationship with an insurance sales person invariably added the words, “ … but mine is different". They also added phrases such as my insurance person “is a pillar of the community,” or “is knowledgeable and helpful, and I would trust him or her with my life”. But mine is different.
