Life Insurance Underwriting: What You Need to Know
Application Error Having worked in the Canadian insurance industry for over 13 years at Thomas C. Chan Financial Services, I’ve guided countless clients through the intricacies of underwriting. Let’s break it down and help you make informed decisions about your coverage. Table of Contents What Is Underwriting in Insurance: A Deep Dive Underwriting is the […]
Is Critical Illness Insurance Taxable? What You Need to Know
Application Error What is Critical Illness Insurance? Critical illness insurance offers a lump-sum cash payment upon diagnosis of a covered condition. It acts as a safety net, helping you through unexpected life events. This financial relief lets you focus on recovery, not finances. It offers peace of mind and valuable support for your personal health. […]
What is Creditor Protection for Life Insurance?
Application Error Understanding Creditor Protection Creditor protection refers to the ability to safeguard your assets from claims by creditors. Without proper planning, personal and business assets are vulnerable to seizure if you face lawsuits, business losses, or bankruptcy. Even after death, your estate may be exposed to creditor claims. This reality makes creditor protection especially […]
Open vs Closed Mortgage in Canada: Are You Paying a Flexibility Tax?
Walking into a Canadian bank or credit union to sign mortgage papers feels like facing a simple yes-or-no gate: either the deal’s open or it’s closed. This all-or-nothing moment can ripple into big changes, so knowing what shapes that choice matters a lot. Many don’t realize that behind the scenes, credit scores, interest rates, and […]
Types of Life Insurance in Canada: Which One is Right for You?
Shopping for life insurance in Canada feels like stepping into a maze of confusing words. Terms like participating whole life, term riders, and cash surrender values sound like a secret code that only experts understand. Many people get lost in the jargon and miss out on what really matters: protecting their loved ones and money. […]
Mortgage Insurance vs Life Insurance in Canada: Why the “Easy” Option Could Cost You
Just signed the papers for a new home. The bank manager pushes one more form over: mortgage life insurance. It promises to pay off your house if you pass away, shielding your loved ones. It only takes a few minutes to sign, the cost rolls into your mortgage payment, and that’s it. This tiny step […]
What is a beneficiary in Canada?
A beneficiary is the person, group, or organization picked to get money or assets like life insurance payments, RRSPs, RRIFs, or TFSA balances after death. Choosing a beneficiary lets the money go straight to them, usually quicker and with fewer costs than going through the estate. This helps avoid delays and keeps more cash in […]
Is Life Insurance Taxable in Canada?
Life insurance plays a big role in keeping many Canadian families financially safe. A common question pops up: “Does my family have to pay taxes on the payout?” Most times, the good news is that life insurance money comes without any tax bill. This means the cash reaches loved ones without clearing a tax hurdle, […]
Canada Emergency Benefit Account (CEBA) Update – [January 2021]
Here’s the latest scoop on the Canada Emergency Business Account, or CEBA, as of January 2021. The best part is how easy it is to apply—no jumping through hoops like with programs such as CRB or EI. If you qualify, you could keep up to $20,000 without paying taxes on it, which is a huge […]
RESP 101 | Everything You Need to know about the Registered Education Savings Plan in Canada
Ever heard of an investment that promises a 20 percent yearly return, comes with zero risk, and is backed by the Canadian government? That’s the Registered Education Savings Plan, or RESP. It offers a smart way to grow money safely, with government grants boosting your savings by up to 20 percent a year. Comparing it […]