There’s a good chance that you will have a need for life, disability, and/or critical illness insurance at some point in your life. Insurance companies don’t hand this out like candy on Halloween, they make you work for it and prove that you are in good health. This is referred to as the underwriting process and involves detailed questionnaires, phone calls, and sometimes medical exams and reports from your physician.

Many times we understand the need for something, but when faced with shopping for it we are lost on what questions to ask, what price is suitable, and who to trust in order to ensure we are getting the right product the first time.  Disability insurance is one such item that falls into this category. 

Simply looking at a price will not ensure adequate coverage.  “You get what you pay for” is not always true, but in the world of disability contracts it is the golden rule.  So what do you need to know about your disability contract?

Insurance and technology are not always harmonious. Insurance is a traditional industry and its resistance to technology is often seen as archaic. However, recently, there has been a shift. Why? The same reason almost everything has seen significant change….COVID.

One of the most notable technological shifts is the ability to purchase life insurance online without ever having to speak with an advisor. In theory, this sounds like a great way to get more people the coverage they need, but the final outcome is not always what it seems. Here is the low down on what you can expect:

It’s no secret that buying your first home is becoming increasingly difficult. In an effort to help those who have not owned a home in the last 4-5 years, the Government of Canada unveiled the First Home Savings Account (FHSA) in April 2023 to help with the initial cost of a down payment.

As with any registered plan, the FHSA has certain criteria and limits to be aware of.

When TFSAs were first introduced in 2009, most people did not think much of it considering the low $5000 per year savings limit. Fast forward to 2024 and that thinking has certainly changed! For those of us who were 18 years of age in 2009, our cumulative contribution room has now reached $95,000.

But, what is the best use of the TFSA account? That is a tough question given its versatility. For some, it is a component of their retirement savings, for others, they are saving for a home, vacation, emergency fund, etc.

If you are trying to find the best use of your TFSA account, here are some thoughts:

Many young families find it hard to make ends meet. You might not be earning your full income yet, inflation has increased the cost of everything, interest rates are higher than what we are used to, and if you add a couple of kids to the mix things can get tight fast. So how do you decide where to put your money? Here are the top 5 financial priorities that all young families need to address.

How much money you do spend every month? Can’t answer that? Does it concern you? Join the club and read on.

Budgeting, tracking expenses, or whatever you want to call it, is a daunting task for most of us. And I mean “us”! With a young family of our own it feels like our money is flying out the door every time we blink. It’s quite scary sometimes. Recording every dollar we spend is a massive undertaking. Trust me, I’ve tried it and it never takes.

Recently I had a client who was renewing their mortgage on a commercial property that she owned. She accepted the bank’s terms thinking that as a long-time customer, they would give her the best rate. he quickly learned that a better interest rate was available with a competing bank and the difference would save her $10,000 in interest payments over 5 years.

Clients in their 20s often believe that their financial situation will become easier once they are finished school and start making an income. Sometimes this is the case; however we’ve learned that more often than not, they just experience “different levels of poor.”

What do we mean by this?