| Glossary of
Financial Terms |
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| Life
insurance for charitable giving |
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| Thinking of making a sizeable
donation to a charity when you leave this world? Life insurance is
a versatile planning technique that can deliver extra benefits, now
or later. Depending on your personal objectives and situation, there
are a number of ways to use an insurance policy for charitable giving.
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| Before
You Travel: General Advice for Travellers |
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| If you are planning to travel
internationally, you should contact a physician or travel medicine
clinic at least 6 to 8 weeks before travel in order to allow enough
time for any immunizations that may be required to be completed. This
is especially true for those planning travel to tropical areas or
developing countries. |
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| Know
Before You Go: Filing a Claim |
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| When you're shopping for travel
insurance, take some time to educate yourself on the process to file
a claim with the various travel insurance programs you are comparing.
It will save you time and give you peace of mind if you do a little
research before you buy. |
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| Forced
Protection - Can Canadians live without insurance? |
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| Let's start by stating up front
that if you rent or own a home that is mortgaged, and/or lease or
own a car, you are obligated to maintain the appropriate insurance.
Beyond this, there are many other forms of insurance such as Life,
Health, Employment, Mortgage, Business, Pet and New Home. Recently,
I learned of an insurance policy for resale home buyers; it provides
up to a year's coverage on things like appliances, roofs etc. So what
is all this insurance guff about? And, what, if any, can we live without? |
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| Protecting
your greatest asset |
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| Is your greatest asset at risk?
Better yet, what is your greatest asset? "Ah-ha," you say,
"that's easy! It's my house." Wrong! Although Canadians
may spend approximately 30% of pre-tax income on home ownership -
which is a hefty slice of any pie - an individual's greatest asset
is his or her ability to earn income - the whole pie. |
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| Snowbirds:
Before you fly south for the winter |
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| Anytime you leave Canada without
travel health insurance-even for just a few hours-you’re taking
a risk. If you get sick unexpectedly or have an accident while you’re
away, health care providers outside Canada will charge you much more
than your Canadian Government Health Insurance Plan will pay. You
will be responsible for paying any difference in cost, potentially
thousands of dollars, unless you purchase travel health insurance.
Even your young family members, are at risk when travelling on a vacation
or school trip. Some out-of-country hospitals won’t even admit
you without proof of proper health insurance. |
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| Tips
on Travel, Health and Life Insurance and Diabetes |
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| Having diabetes may mean you will
experience greater difficulty obtaining some forms of insurance, or
will face higher premiums, or both. However there are things you can
do to improve your opportunities for obtaining the insurance you need
at a price you can afford. The Canadian Diabetes Association offers
these insurance tips for people with diabetes. |
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| Student's
Property |
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| The summer is almost over and
many homeowners will have sons or daughters leaving home to attend
a University or College in some distant city. Parents should be aware
that certain insurance related matters are applicable to these students. |
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| Separate
Insurance and Savings Products Premium Erosion - The Sequel
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| Important lessons to be learned
from this case begin with the feet that Universal Life is not a guaranteed
policy. An `Illustration' provided in the course of a sale is not
worth the paper it's written on; it does not accurately forecast what
will occur over the duration of the policy. 'The Cost of Insurance
(C.O.I.) in a U.L. does not equate to the premium - no matter how
hard an agent or broker tries to convince you it does - and even if
the C.O.I. is guaranteed, the premiums are not. Further, despite some
components in U.L. policies being guaranteed, premiums never are. |
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| Separate
Insurance and Savings Products Premium Erosion |
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| No matter how appealing the presentation,
no matter how gripping the accompanying illustration, if a life insurance
agent or broker approaches you with the recommendation that in order
to effectively fund your retirement you should acquire a life insurance
policy and then pump into it as much premium as you can afford, beware.
What this risk-laden strategy invariably conceals is more critical
than what it reveals and for success depends primarily upon the performance
of an unguaranteed product, namely, the Universal Life insurance policy.
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| Disability
insurance a necessity |
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| One of the great fears for anyone
is suddenly being disabled in some way and unable to continue regular
work or activity. Coupled with that is concern about no longer having
an income to meet ongoing expenses and the impact of this loss on
dependents. |
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| Preparing
for your death |
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| We often hear stories of people
who die and leave financial problems for their families to settle.
Sometimes it's these stories that make us stop and think. Who will
take care of my family? What kind of choices will my family have without
my income? |
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| Study
fine print on medical insurance |
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| Many Canadians hold medical insurance
through their company benefits package. But few have ever actually
read the fine print on that policy. When you travel out of the province
or out of the country, you should know how that package will cover
you and your family. |
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| Using
life insurance as a business succession |
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| Too often entrepreneurs spend
years building a business and come to an agreement with a partner
or family member over succession, but fail to make plans to finance
the succession. That is where life insurance plays a role. |
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| Insure
a stay at home parent |
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| In many Canadian families one
parent will opt to stay home to look after the children, usually when
the children are under the age of two or there is more than one child.
It's often a financial trade-off for young couples - whether to spend
money on daycare or struggle along on one income. |
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