| Glossary of
Financial Terms |
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| Click above
to find out how Fiscal Agents can assist you
in insurance matters. |
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Use this link to connect you directly to additional useful information
related to Insurance.
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| Who
will your family turn to when you die? |
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| It's a little known fact: that
for some, the third most expensive purchase most Canadians will make,
after their houses and their cars, is their funeral. The average cost
of a funeral, plus cremation or burial, is estimated to be between
$5,000 and $10,000. This could be a burden for those without any cash
reserves so unless the funeral has been prepaid or covered with a
"final expense" life insurance policy, the whole purchasing
decision is likely to be made by your executor and family during a
very stressful time for them and based on whatever financial resources
they believe are available. |
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| Tailoring
your car insurance to suit your needs |
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| Whether you're buying car insurance
for the first time, renewing your current policy, or shopping around
for a new one, common sense suggests that you tailor your car insurance
to suit your particular needs. Choice abounds for additional coverage.
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| Gradual
Inheritance Transfers |
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| Some parents want to transfer
inheritances to their children gradually, as opposed to one lump sum,
after death. An Annuity Settlement Option can now be added to a Manulife
Investments Guaranteed Interest Contract (GIC), Guaranteed Investment
Fund (GIF & GIF encore), or a Manulife Financial Life Insurance
policy. The Annuity Settlement Option allows you to add this to an
existing or new Manulife contract. |
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| Understanding
the different Life Insurance class assessments |
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| This simple set of tables provides
a insight to how a Life Insurance product is priced. Most assessments
are based on certain determining factors. These are tobacco use, health
status, family medical history, personal medical history, physical
build and lifestyle. |
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| Getting
sick while outside of Canada: A look at the cost of travel insurance |
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| Most people who love to travel,
or those who travel frequently know the importance of purchasing a
comprehensive travel insurance package before leaving on a trip. Travel
insurance protects you out of province or country from unforeseen
accidents or illnesses. Without travel insurance, the cost of prescription
drugs or hospital care can skyrocket. So, what is your best bet when
looking into the purchase of travel insurance? |
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| Travel
Health Insurance |
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| Buying travel health insurance
is an important step for sufficient medical coverage while outside
Canada, but it is only the first step. To make your policy work, there
has to be a co-operative relationship between the policyholder and
the company. |
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| The
Luck of the Draw - And making a difference |
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| Designating a beneficiary is
a very important decision that should not be taken lightly. As a rule,
a beneficiary designation should be given the same consideration that
would be allotted to completing a last will and testament. But what
makes this decision so important and what factors should be taken
into account? Let's take a closer look. |
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| Designating
a beneficiary for a RSP/RIF or a life insurance policy |
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| Designating a beneficiary is
a very important decision that should not be taken lightly. As a rule,
a beneficiary designation should be given the same consideration that
would be allotted to completing a last will and testament. But what
makes this decision so important and what factors should be taken
into account? |
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| The
do's and don'ts |
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| As with most things in life,
life insurance comes with it's own rules. In order to be able to take
full advantage of life insurance, it is helpful to know all that you
can about it including what you should and shouldn't do. Take a look
at the following list of do's and don'ts before signing on to any
policy. |
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| Purchasing
Life Insurance: Are medical tests necessary? |
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| Many people believe that filling
out an application and paying a premium is all that is involved in
purchasing a life insurance policy. In some circumstances this may
be the case but generally can be a bit more complicated. |
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| Life
Insurance: Term vs. Permanent Insurance |
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| Life insurance is a fairly broad
topic and there is a great deal of information available on the subject
of which type of insurance coverage is best. At the same time however,
a fair amount of misinformation is also circulating. |
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| Term
coverage and the myth of self insurance |
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| In simple terms, self insurance
consists of the theory that once an individual or family has accumulated
a large asset base, they can drop their life insurance coverage and
use their savings as a cushion in case of financial disaster. It makes
sense, doesn't it? Unfortunately, there really is no such thing as
self insurance. |
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| Critical
Illness Insurance: A growing need |
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| There is a relatively new product
in the Canadian insurance market called Critical Illness Insurance.
This type of insurance is different from the more traditional types
of insurance such as life or disability. Life insurance policies generally
only payout if the insured person dies, although in some cases individuals
who are terminally ill can receive a partial payout from the policy
while they are still living. |
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| Charitable
giving through insurance |
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| If you would like to make a truly
special gift - one that creates a living legacy in your name - life
insurance may be the answer. It's a low-cost way to endow a favorite
institution or association. You will have the benefit of tax credits
if your gift is to a charitable organization in Canada. |
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| Is Mortgage
Life Insurance worth it? |
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| How often do we review our monthly
expenses - $40 for cable, $87 to the phone company - you get the picture
- lots of small items to pay and the bank charging on each transaction
to boot! One just payment is the mortgage life insurance premium,
that sometimes is hiding besides your Mortgage payment. |
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