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When it comes to protecting your home, you may not be aware that your lending institution’s mortgage insurance isn’t your only option. Term insurance offers a more flexible option to traditional mortgage insurance – often at a better price so you can protect your family’s future as well as your home.
Insure more than just your mortgage
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If a financial emergency strikes, you'll be glad you took the time to put an emergency plan in place. This plan should include three to six months' total living expenses to cover things like mortgages, loan repayments, rent, hydro, food, transportation, etc.
10 ways to plan
for your financial future.
for your financial future.
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In fact, all of the answers provided are good sources of information to help you decide how much insurance protection you need and when you’ll need it. Remember, your need for insurance will evolve as your life evolves. When creating your insurance protection plan it’s important to take into account both your current and your future protection needs.All of the options provided are good sources of information to help you decide how much insurance protection you need and when you’ll need it. Remember, your need for insurance will evolve as your life evolves. When creating your insurance protection plan it’s important to take into account both your current and your future protection needs.
My Insurance View from ivari
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In 2021, tuition alone for full-time undergrad studies in Canada averaged close to $8,000, or over $30,000 for a 4-year degree. Add in books, supplies, student fees, transportation, housing and other living expenses and the costs can start inching close to $80,000!
Source
Source
Universal Life Insurance
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According to heartandstroke.ca, as of 2019, there are 405,000 people in Canada living with the debilitating effects of having suffered a stroke. Depending on the severity of the stroke, this can significantly affect your ability to work in the short or long term and it can mean that you require ongoing and costly medical attention or supplies.
Source
Source
Critical Illness Insurance
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According to The Canadian Cancer Society, nearly 1 in 2 Canadians (45% of men and 43% of women) is expected to develop cancer during their lifetime. Being diagnosed with a critical illness, such as cancer, can lead to financial hardship as you cope with potential loss of income, unexpected medical expenses and personal care expenses.
Source
Source
Critical Illness Insurance
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Only 39% of retirees knew their actual retirement date more than a year in advance and 16% were forced into retirement with no notice at all. Personal or family health issues are commonly cited for unexpected early retirement.
Source
Source
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All of the answers are correct! A children’s insurance rider from ivari offers a low-cost way to provide your child with valuable insurance coverage and it guarantees future insurability should your child choose to purchase his or her own coverage as an adult.
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In addition to meeting your need for insurance, a universal life (UL) insurance policy can be used as an additional savings vehicle while supplementing a more comfortable future. Interest growth earned within the universal life policy is tax sheltered to a maximum determined under the Income Tax Act (Canada).
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