How are Canadians investing their money so far this year? With how unpredictable the economy has been, knowing the most popular investment choices for Canadians in 2023 is more valuable than ever, especially if you want to invest for yourself!
In this article, we’ll go through where most Canadian investors put their money. We’ll explain what makes these investments popular, and what you can expect out of them.
No matter what happens, the stock market stays the king of investments worldwide, and it’s also true for Canadians. It’s a tried and true method of long term investing, with an exciting mix of risk management for people who would otherwise get bored of investing.
Buying a stock is buying partial ownership, or shares, of a company. When a company does well, their stock price increases. So if you invested in a company before they became successful, you can sell your shares later for profit.
Many stocks also distribute dividends, which are small shares of a company’s earnings. As a partial owner of the company, a stockholder is entitled to their fair share of the company’s earnings. If a company you invested in does well on a regular basis, dividends can be a reliable source of passive income.
While stocks remain the most popular investment for Canadians, they can still be one of the more risky investments. If your stocks do well, that’s great news for you! But unfortunately, stocks don’t always do well. With crashes becoming a more and more regular occurrence in the stock market, investing in stocks looks to be as risky as ever.
If you’re interested in investing in the stock market, make sure you understand the risks well so that you can plan for them better.
In spite of the recent market correction we saw in Canada’s real estate market, it remains a strong and reliable investment for Canadians to this day. Let’s see what makes real estate a mainstay in Canadian investor’s portfolios.
The best part about real estate is that it requires very little knowledge to get into. Everyone can learn how to buy and sell a house with relative ease. And unlike things like stocks or cryptocurrencies, you can see what you’re putting your money into. That makes real estate a more trustworthy investment for Canadians, especially older generations.
Real estate investments are usually big, because housing is expensive. But that doesn’t mean that you need a huge amount of money to start investing in real estate. With only $20 or $30,000 of downpayment, you can easily buy a $400,000 home.
If you have a steady income and will be able to pay your mortgage regularly, you won’t need to enter the real estate market with a lot of cash in the first place.
One of the main advantages of investing in real estate is that it’s one of the more inflation-resistant investments out there. No matter how the economy is doing, a home is a home, and people need roofs over their heads.
If you’re a risk-averse investor and want something reliable, real estate is a great choice for you.
One of the main drawbacks of investing in real estate is being a long term landlord. If you’re flipping house quickly, this is less of a problem. But for most Canadians, real estate is a long term investment.
And what comes with owning a home for many years? Maintenance, property taxes, having to manage tenants if you decide to rent it out, renovations… When compared to a stock, there’s a lot of extra work that comes with real estate ownership.
While not as popular as the stock market or real estate, fixed income investments have been on the rise due to the high interest rates coming from the Bank of Canada.
A fixed income investment is when you put money somewhere and are promised a fixed interest rate or dividend payment until your investment matures. After maturity, you get the initial amount of money you invested back.
Let’s say you put $10,000 on a fixed income investment that promises 5% interest over a year. After one year, you’ll get your $10,000 back, with 5% on top, for a total of $10,500.
There are multiple kinds of fixed income investments. Some of the most popular are:
The greatest asset that fixed income investments have is how reliable they are. With a GIC, your investment is “guaranteed”, it’s in the name. You know exactly what you’re going to get when your investment reaches maturity, no matter what. When compared to the volatility of the stock market or ups and downs of real estate, you can’t get a more reliable investment than fixed income.
On top of reliability, fixed income investments are some of the easiest investments to make. After all, all you’re doing is putting your money somewhere for a determined period of time. You can open a GIC over the phone with most Canadian banks in less than an hour currently.
The only real downside to fixed income investments is that you can’t expect that much out of them. 5% is 5%, and that’s far from nothing, but you’re not going to get much more than 5% out of fixed income. Compare that to what’s possible with the stock market, and the difference is striking. Low reward is the price you pay for absolute reliability.
Investing in crypto isn’t nearly as popular with Canadians as the other investments we mentioned, but it’s worth a mention because of how quickly it’s rising. While only 13% of Canadians owned crypto assets going into 2023, the market is projected to grow by 14% by 2027.
The crypto market is still young, and investors haven’t quite figured it out yet. Recently we’ve seen extreme volatility with cryptocurrencies, with big booms and catastrophic crashes.
If you’re the kind of investor that’s interested in exploring uncharted territories, and taking big risks for possibly huge rewards, then you could join the growing number of Canadians that are turning toward cryptocurrencies.
With how the economy has been doing recently, it’s more important than ever to find the best ways to invest your money. Smart investments are the best way to stay safe from economic instability.
When people think of investing their money, they don’t always think of life insurance. But life insurance is one of the most reliable investments out there, and it’s quite popular among Canadians (more popular than crypto!).
If you’re interested in protecting your family’s financial future, then life insurance is the right investment for you. Life insurance is reliable, low cost, and with potentially high rewards, especially if you get into it early.
Ontario announced reduced daycare fees in Ontario. This is great news for any family with a young child!
In this article, we'll go over the new government program helping reduce daycare fees in Ontario, and what that can mean for your finances if you have a young child.
The average Canadian family spends about $10,000 per year on a single child’s daycare (and this number goes up significantly in urban areas). It is by far one of the largest expenses for families with young children.
The added cost of daycare has been a deterrent for many young couples in Canada from starting their own families. If both parents work full time, there are very few options left other than shouldering the high cost of childcare.
To address the issue of rising daycare costs, the Ontario government issued a program to progressively reduce daycare costs. Their goal is to reach an average of $10 per day by September 2025.
By comparison, if you were to send your child to daycare for every business day, for a full year, it would add up to $2,500. While that’s still a lot, it’s a quarter of the 2022 yearly daycare expenditure.
On top of this, the government is investing in increasing the availability of daycare to all Ontario families. Childcare spaces are currently limited, and families often have to be put on waitlists in hopes of sending their child to daycare. The Ontario government aims to add 50,000 spaces to the current daycare infrastructure.
If you’re the parent of a young child and are concerned about daycare costs, then you’re in luck! These programs were designed to take that weight off your shoulders. Within the next few years, daycare costs in Ontario should be cut dramatically, together with more spaces for children.
This is great news for your child, because it means you’ll almost certainly be able to send them to daycare. You won’t need to compromise your own career goals to make sure your child is properly taken care of.
On top of all this, you’ll be saving thousands of dollars per year.
One of the main goals of the reduced daycare fees in Ontario program is to “put money back into parents’ pockets”, as Minister of Education Stephen Lecce puts it.
Now that you’ll have an extra few thousands of dollars to spare for your family, what’s the best use you can make out of it? The best thing you can do is invest your money so your child has a safe future ahead of them.
As a young parent, there’s no better way to protect your family’s future than by investing in a life insurance policy.
A term life policy lasts for a determined period, and if something were to happen to you during that time, your family will receive your life insurance payout. It’s the perfect way to make sure that your child will be financially protected until they become financially independent adults.
The best part about life insurance is that the younger you are, the cheaper it is. With the thousands of dollars the Ontario government is giving you back, you’ll probably be saving enough money to pay for a term life policy, and still have plenty left to invest elsewhere!
With these new policies, there’s never been a better time for Ontario families to invest in life insurance. From daycare to adulthood, you can guarantee that your child will be taken care of!
There’s never been more kinds of smokers than there are today, and things are getting a bit complicated to keep up with. If you go back just 20 years, it was just cigarettes or some other kind of tobacco smoking. Now, with cannabis being legalised and e-cigarettes bursting out, there’s much more to keep track of.
In this article, we’ll go over how cannabis, tobacco, and vaping affect your health. As substances, they each come with their own set of side effects, some better and some worse for your health.
So let’s get right into it!
We’ve known how harmful smoking cigarettes can be for your health since the 60s. Saying that smoking is bad for you isn’t news for anyone at this point. But smoking is still popular, with 10% of Canadian adults smoking daily. So it can never hurt to be reminded of what smoking does to your health.
Smoking has been directly associated with a long list of diseases and conditions. To keep things short, we’ll only name a few of the most serious and pervasive ones:
And don’t forget, that it all comes at a monetary cost too! The average Canadian smoker spends a whopping $7000 a year on cigarettes. It’s no wonder Canadians are moving farther away from cigarette smoking with each passing year.
Unlike tobacco, cannabis’s effects on health are still relatively unknown. There seems to be good sides and bad sides to consuming cannabis, and research is still ongoing on some of its longer term effects.
What we do know is that marijuana is not nearly as harmful as tobacco is for your body. A few of the known side effects of cannabis usage are:
Many of the main side effects of marijuana are psychological, so using cannabis won’t decrease your life expectancy like smoking cigarettes does.
Vaping, or using e-cigarettes, is even newer than smoking cannabis. Research on it, while plentiful already, is still not as settled as it is with smoking cigarettes. But from what we know so far, things don’t look too promising for vaping when it comes to health.
Researchers generally agree that vaping is less dangerous than smoking cigarettes, but that doesn’t make it safe.
So far, it looks like vaping can be harmful for:
Overall, it looks like vaping is something you should be cautious about and preferably avoid until there is more research available on the matter.
Let’s summarise what we’ve learned so far:
The disparity in known health effects is why being a smoker is such a big deal for insurance companies. We know for a fact that smoking cigarettes is very bad for your health. That’s why non-smokers pay up to 4 times less than smokers in life insurance premiums.
Because of the lack of research surrounding both vaping and cannabis usage, insurance companies differ on applicants that use those substances. Some will have special cases, some won’t care, as long as you’re not smoking cigarettes. If you’re not a cigarette smoker but you consume cannabis or vape, make sure to talk to your provider and figure out if they’ll increase your premiums as a result of that.
It’s important to know if our habits negatively affect our health. While things like smoking cigarettes have been well-documented over the years, there is still a level of mystery surrounding vaping and cannabis usage.
Your priority should always be to prioritise your health, so if you’re unsure, it’s safest to just stay away from all substances. You can keep an eye on the latest research and see if a consensus arises in the future.
As for life insurance, staying healthy means you’ll get the best deal possible. Avoid smoking cigarettes at all costs, and you’ll guarantee lower premiums for yourself.
Statistics Canada released a new report outlining health in Canada. Generally, things are looking good for Canadians, but not without some notable differences compared to the previous decade. In this article, we’ll run you through this new report and tell you why the new developments in Canadians’ health matters for you and your family.
The pandemic really threw a wrench in Canadian lifespans. For the past 20 years, Canadian life expectancy has steadily increased. But since 2020, when the pandemic reached Canada, there has been an increase in mortality rate among Canadians of 7.7%.
COVID-19 made vulnerable Canadians even more vulnerable to premature death, which explains the increase in mortality since 2020.
Interestingly, Statistics Canada also found that the COVID-19 period also saw an increase in substance-related deaths, like drug overdoses. The reasons are unclear, but it could be because of lockdowns and the change of lifestyle Canadians had to go through.
The report found that the 10 leading causes of death in Canada were, in order:
Cancer and heart disease account for more deaths than the other 7 causes put together.
Interestingly, men accounted for a larger proportion of the mortality rate of every single category. Men in general can expect to live about 4 years less than women in Canada (79.5 to women’s 84.0).
The study found that lung cancer, which is the most killing cancer in Canada, has greatly decreased since the previous decade, especially among males. This is great news, and is likely explained by the shrinking popularity of cigarettes and tobacco products in general.
However, the study also found that other chronic conditions were increasing among Canadians:
Multimorbidity, which is when a person has multiple chronic illnesses (for example, diabetes and heart disease), was reported to be most among lower income Canadians. Higher income Canadians tended to be healthier, according to the study.
Statistics Canada claims that the Canadian youth is not exercising enough. Canadians above the age of 12 are seeing a decline in physical activity, as well as a decrease in the quality of their diets.
This is especially true for teenagers, who saw their activity levels decrease by 14% between 2015 and 2021. A majority of children were also found to not be meeting their recommended 60 minutes of daily activity.
For adults, the results were a bit more optimistic. The report showed a decrease in heavy drinking by about 4 percentage points. Smoking (both daily and occasional) also decreased by a whopping 6 percentage points.
What we can learn from this new report is that while Canadians can still expect to live a long and healthy life, things are slightly trending downward. While a lot of this trend can be explained by the impact of COVID-19, we can’t just hold COVID-19 responsible for all the developments in Canaidans’ health.
One thing that is clear from the report is that Canadians aren’t taking as good care of their health as they could be. Substance-related deaths are on the rise, exercise and diet patterns are getting worse (but at least tobacco use is going down!).
While you might not be able to control whether you get a chronic disease like cancer, you can definitely control your health and your diet. Taking steps toward having a healthier lifestyle is the best thing you can do to go against Canada’s decreasing life expectancy trend!
Working toward improving your health has more perks than just life expectancy. When it comes to life insurance, being as healthy as you can be is the best way to reduce your premiums and get the best possible deal out of your policy.
And if you suffer from a chronic illness (like more and more Canadians, according to the report), there’s no need to worry. We offer guaranteed issue life insurance policies that you can qualify for regardless of your health. We also have critical illness plans that are made to deal with having a serious condition like heart disease or cancer.
With how the economy did in 2023, it’s never a bad idea to find ways to cut costs. In this article, we’ll go through 4 easy ways to save money in Canada. The focus of this post is to give you simple solutions that won’t force you to compromise on your quality of life. If you even follow a couple of these steps, you’ll be on the right track to having better finances fast.
The best place to start is with the small things, like what you eat and what you drink. It may not seem like much, but getting your groceries in order adds up really quickly!
Cooking your own meals is one of the best ways to save money on a day to day basis. The main reason is that when you buy food from a restaurant, you’re paying for your food, but also the service. Forbes finds that eating out can cost anywhere from 3 to 5 times as much as cooking for yourself. And with the rising cost of groceries, that number is more important than ever.
According to StatCan, the main reason 40% of Canadians eat out is for convenience. They either don’t have time to cook or don’t know how to. If you’re one of those people, you shouldn’t worry! Meal-prepping is a great way to save time and money. You can prepare meals for the week during the weekend when you have plenty of time!
While it’s unlikely that saying no to Starbucks will make you a millionaire, you can definitely cut down on unnecessary spending. Since Canadians are some of the biggest coffee drinkers in the world, there’s definitely a few cents to be saved here and there.
The best thing to do is to buy your own coffee and avoid going to Tim Hortons or Starbucks as much as possible. CNET finds that making coffee at home is about three times cheaper than buying your coffee from Starbucks.
Groceries have been a big talking point for Canadians this year. With how high prices have soared, it’s more important to watch how you’re spending your money on groceries than ever before.
Remember that whole bunch of cilantro you bought to test out a new recipe? Most of it went bad in the fridge and you had to throw it out… Canadian households waste between 80 and 140 kilograms of food per year. Wasting food is already bad, but that’s dollars down the drain too!
Buying perishable foods in smaller quantities, so that you don’t end up throwing some (or most) of it out, is a great way to avoid paying for food you’ll never end up eating. Smaller packages are more expensive by weight than bigger ones, but if you throw out half of the bigger package, you won’t be saving any money.
The opposite goes for non-perishable food. Think beans, pasta, canned food, spices, salt. Since these don’t go bad, it’s best to save by buying in bulk. The best thing about buying in bulk is that once you buy something, you won’t have to worry about running out for a while!
A big part of our wasted money comes from our buying habits. We’re too quick to replace an item when repairing it would be just fine. Or we’re fixated on buying new rather than checking out used options.
Adopting buying habits that are geared towards saving money is a great way to reduce excessive spending without really compromising on the quality of your purchases.
Efficiency matters. For larger purchases like cars or appliances, consider long-term savings in fuel or power efficiency over the initial cost. It might be tempting to go for the cheaper choice, but more efficient models could save money down the line.
A fuel efficient car will cost you between 50 and 200% less in fuel than an inefficient car would. Given how much Canadians spend per year on gas, you could easily save hundreds per year just by choosing a more efficient vehicle.
You can use this tool to calculate your vehicle’s fuel consumption (as well as many other things), courtesy of the CAA.
The best way to spend money on things is to only have to spend money on them once. Buying items that will last you a lifetime, without needing to be repaired or replaced, will basically pay for themselves.
When buying things like household items and clothing, a long term approach is the way to go. Higher quality items might have a higher upfront cost, but they’re usually very much worth it.
If you’re unsure where to start, you can check out the Reddit BuyItForLife community that focuses on smart long term purchases.
Buying used doesn't only apply to cars. Many everyday items, from books to furniture, can be found in good condition at thrift stores or online platforms like Kijiji. It’s a great way to save money while reducing environmental waste.
In a throwaway culture, learning to repair your stuff, whether it's clothing, tech, or household items, is a green and budget-friendly choice.
There are countless online tutorials to help you get started on basic repairs. Basic repairs are much easier than you think and they can save you the cost of a full replacement!
Remember to take advantage of coupons and flyers. Sign up for free services like Honey, a browser extension that finds and applies coupon codes at checkout with a single click.
Flipp is a great app for finding flyers at grocery stores. And when you find good prices, don’t forget to price-match at your local supermarket to get the best deal!
Owning a home is expensive. Mortgages, property taxes, renovations and maintenance… It’s a lot of regular spending. But your home doesn’t have to be a money sink. It has the potential to be a source of income or savings if used wisely.
Paying down your mortgage faster reduces the amount of interest you’ll pay over the life of your loan. Simplifying your financial life as you approach retirement could also help you save money in the long run.
Things can get quiet around the house as you get older, especially if your kids have moved out. If you have empty rooms available, you could always look into renting them out to a student. It’s a bit of extra income and it’s not a big commitment.
Utilities can take up a large portion of your monthly budget. You can cut costs by using energy and water more efficiently. Simple steps like turning off lights, not letting water run, and unplugging devices not in use, can contribute to lowering your bills.
The Government of Canada has a great guide you can follow to help reduce your energy bill. It’s both a great savings tool and a way to be more environmentally responsible.
Finally, taking a comprehensive look at your financial health can make a massive difference to your savings.
Opening a Registered Education Savings Plan (RESP) for your child can assist in managing future education costs. The government of Canada contributes to some extent to your RESP, making it an excellent option for long-term savings.
It may seem obvious, but it’s crucial. Always make sure to pay off your credit card bills on time to avoid interest charges. If possible, pay in full to avoid spiralling into debt.
Finally, make sure you're taking full advantage of the tax benefits and grants offered by all levels of government in Canada. Speak with a financial advisor or use reputable online resources to identify further savings potential in this area.
You can check if you qualify for any benefits here.
Consider setting up automatic transfers to your savings account. Over time, this "out of sight, out of mind" tactic can result in a robust savings account without you even noticing. It's an excellent way to save without significant budgetary adjustments in your daily life.
Following these gentle steps can help ground you financially and take you closer to your money-saving goals in Canada.
Finding ways to save money is hard, but not impossible! With this post, we gave you some easy guidelines to follow if you want to save some extra cash on the side.
Remember that even following one step is great. You don’t need to do everything we mentioned here (and there are many more ways to save money than discussed in this post!). What’s important is getting started and slowly learning to manage your finances better.
At Insurance Supermarket, we’re all about making smart financial choices.
Changing your coffee drinking habit saves you about $30 a month, and that might seem small. But just that one bit of saving could be enough to get you a life insurance plan!
With our vast array of policy choices, we can guarantee we have the right kind of life insurance for you.
In Canada, rejecting a job applicant on the basis of their age or health counts as grounds for discrimination. And that’s a good thing!
Unfortunately, when it comes to life insurance, there is no such rule. Due to your age, health conditions, family history, or even things such as your job or hobbies, you can be denied from traditional life insurance. If you’re reading this, you may have already faced rejection from an insurance company.
But good news: that doesn’t necessarily mean you’re uninsurable! Quite the opposite, you may find that a guaranteed-issue policy is just the right fit for you.
In this article, we’ll go over what guaranteed-issue policies are, their pros and cons, and why you could benefit from a guaranteed-issue life insurance policy.
So, sit back and let us introduce you to the wonders of guaranteed-issue Life Insurance.
With traditional life insurance policies like term and permanent life plans, not everyone who wants them can get them. They are more strict with their eligibility requirements, and it’s common for candidates to be disqualified due to age, health, or other criteria.
Guaranteed-issue plans circumvent this problem by removing these strict eligibility requirements, making financial protection accessible to those who need it most. At Insurance Supermarket,anyone applying for a guaranteed-issue life insurance policy can qualify for it, with the only requirement being that they are a Canadian resident and are between the ages of 18-74. It’s that simple! This makes it an ideal alternative if you’ve been denied from traditional policies but still want financial protection.
Consider the following benefits that come with a guaranteed-issue Life Insurance plan:
Guaranteed-issue Life Insurance policies require zero medical exams or health inquiries. That makes them ideal for those with pre-existing medical conditions who might find it hard to secure coverage otherwise. Remember, we believe everyone deserves peace of mind, and we're here to make that happen.
One of the main draws of a guaranteed-issue policy is the security it provides in the face of final expenses. Our Final Expense Plan can cover costs up to $50,000 including burial expenses, probate fees, outstanding bills, or even to leave behind a financial legacy.
A great advantage that life insurance has is that the payout you get from it is almost always tax-free (barring some cases). Having access to a big sum of money without having to worry about paying taxes on it is a great way to plan for your future.
If you are relatively young and/or have few pre-existing health conditions, Simplified Term Life Insurance can be another option to secure your financial future. These policies offer comprehensive coverage at a lower rate, and require a health questionnaire. A happy medium between a traditional Term Life Insurance plan and a Guaranteed-Issue plan, Simplified-issue policies require a medical questionnaire but remove the burden of a medical exam during the application process.
Just with any other life insurance plan, there are some disadvantages to guaranteed-issue plans you should be aware of.
Guaranteed-issue plans have no medical underwriting process due to having no medical requirements. This means you’re guaranteed to be accepted, but at the cost of giving less information to your insurer.
With less precise information, your provider will have a hard time properly assessing how much they think you should pay in premiums. This usually means they’ll lean on the higher side of things.
Guaranteed-issue plans are almost always smaller than traditional life insurance policies. At Insurance Supermarket, our Guarantee-issue policies go up to $50,000 in coverage, higher than many of our competitors.
All guaranteed-issue plans come with a waiting period (generally around 2 years). During the waiting period, you’ll be paying premiums but you won’t have access to your death benefit. Should you pass away during the waiting period, your death benefit will not be paid out to your beneficiaries.
Insurance Supermarket reimburses all premium payments in the event of a death during the waiting period.
An ideal insurance plan should fit like a glove to meet your individual needs. And that’s the beauty of guaranteed-issue life insurance; it’s designed for those concerned about possible disqualification due to health or age. With this plan in your hands, you’re guaranteed to get coverage. No medical examinations, no health questions, just uncomplicated insurance coverage.
Moreover, our plans ensure that you leave no financial burden on your loved ones when you pass away. With the ability to cover up to $50,000 in a tax-free lump sum payout, it's an affordable safety net that promises peace of mind.
Guaranteed-issue life insurance can be your lifeline in the realm of insurance. It’s there for you when you might have doubts about securing life insurance due to health and age concerns. If you want something affordable that won’t turn you away due to age and health, our specially designed Final Expense Plans are here for you.
Insurance doesn’t have to be complicated. Let's simplify it together. Secure your peace of mind today with a guaranteed-issue policy from us. Because everyone deserves a safety net, and we’re here to help you build yours.
Ready for the peace of mind that comes with guaranteed-issue life insurance? Look no further. Choose a policy designed for you, with guaranteed acceptance regardless of age or health. Be it for Term Life Insurance or Final Expense plans, we've got you covered.
Whether you're just starting out in your career or enjoying your retirement years, life insurance is an important consideration to protect yourself and your loved ones financially.
However, navigating the world of life insurance policies can be overwhelming, especially with all the different options available. Two popular choices for individuals looking for hassle-free coverage with an easy application process are simplified issue and guaranteed issue life insurance.
In this article, we'll break down what these types of policies are and how they can benefit you.
Simplified issue life insurance is a type of policy that offers coverage without the need for a medical exam. Instead of going through extensive medical underwriting, applicants are simply asked a series of health-related questions during the application process. They typically cover information about your medical history, lifestyle habits, and current health status.
The difference lies in the application process. Simplified Issue Life Insurance requires a short questionnaire. These questions are simpler than your traditional life insurance application process, which in contrast, typically require an in-person medical exam, doctor’s visit, and often take up to 90 business days for approval.
The main advantage of simplified issue life insurance is the quick and convenient application process. Since there's no medical exam involved, you can get approved for coverage instantly. This makes it an ideal option for individuals who have health conditions that might make it difficult to qualify for traditional life insurance policies, or those who simply don’t want to wait.
There are several benefits to choosing simplified issue life insurance:
Guaranteed issue life insurance is another type of policy that offers coverage without a medical exam or health questions. This means that regardless of your health condition, you are guaranteed to be approved for coverage. The main purpose of guaranteed issue life insurance is to provide coverage to individuals who may have difficulty obtaining traditional life insurance due to age or health issues.
Here are some important features of guaranteed issue life insurance:
The choice between simplified issue and guaranteed issue life insurance depends on your individual circumstances and needs.
Simplified issue life insurance is a good option if:
Guaranteed issue life insurance may be the right choice if:
It's important to note that while simplified issue and guaranteed issue policies offer convenience and ease of access, they may come with certain limitations. For instance, the coverage amounts for these policies may be lower compared to traditional life insurance. And there may be waiting periods before the full death benefit is available.
Therefore, it's always a good idea to consult with a licensed insurance professional who can assess your individual needs and help you choose the right policy for your specific situation.
Simplified issue and guaranteed issue life insurance policies offer convenient and accessible coverage options for individuals who may have difficulty obtaining traditional life insurance. Whether you choose a simplified issue policy for its quick approval process or a guaranteed issue policy for its guaranteed acceptance, both options provide valuable protection for you and your loved ones.
At Insurance Supermarket, we understand the importance of finding the right policy to suit your unique needs. Start protecting your future today with a tailored policy from Insurance Supermarket. Get in touch with us today and get a free quote by clicking the button below!
It’s never too late to be smart about your finances, even after retirement! Your finances keep going as long as you’re alive, so you should make the most of every financial opportunity that arises!
In this blog post, we will explore the concept of Final Expense Plans, why they are vital, and how they can be beneficial for older adults. This will help you understand why Final Expense life insurance is a smart financial decision for older adults.
Let's get started!
It's natural for our needs and priorities to change as we age. When it comes to financial planning, your priorities in your 30s or 40s shouldn’t be the same as your priorities in your 50s or beyond. This is where Final Expense Plans come into play.
These specialized insurance plans are designed to cover the costs related to the end of life events, such as funerals, final medical bills, and other outstanding debts in addition to leaving your next-of-kin with a lump sum payout. They relieve your family from the burden of heavy expenses during an already challenging time.
The essence of a Final Expense Plan lies in its capacity to provide financial security during uncertain times. It offers a sense of security, knowing that your loved ones will be financially protected after your lifetime.
Let's explore some of the benefits.
Final Expense Plans come with comprehensive protection. They offer built-in benefits such as covering funeral and burial costs, outstanding medical bills, and even existing debts. This ensures your loved ones won't be financially burdened during a time of grief.
Unlike Term Life Insurance, these plans don't lapse after a certain term.
Final Expense plans are a straightforward, practical solution meant for real Canadians. Our application process for Final Expense Plans is straightforward and designed with our customer's ease in mind. Our online application is quick and easy, allowing you to qualify in just a few minutes!
A Final Expense Plan is within reach for any Canadian resident between the ages of 18-74. Don’t let your health, occupation, or hobbies stop you from obtaining financial coverage!
Choosing a Final Expense Plan means you're providing a future free from financial worries for your loved ones. You eliminate the burden of unexpected costs following your lifetime, allowing them to focus on celebrating your life and memories rather than worrying about how to cover costs in a time of mourning.
At Insurance Supermarket, we understand and appreciate the unique needs of our customers. Final Expense Plans are particularly valuable for older adults, offering a level of financial protection unmatched by other products.
Don't let your loved ones bear the financial burden of end-of-life expenses. Make a thoughtful choice about your future with a Final Expense Plan from Insurance Supermarket.
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Life insurance provides financial protection to your loved ones in the event of your passing. It's an essential tool to secure your family's future and provide them with the necessary funds to cover expenses, such as mortgages, debts, and daily living costs. But is life insurance taxable in Canada?
In this article we'll be answering this question for you. Let's dive into this topic and explore how life insurance is treated under Canadian tax laws.
In Canada, the general rule is that the death benefit paid out by a life insurance policy is tax-free. This means that the money received by the beneficiaries is not subject to income tax. Whether it's a term life insurance policy or a permanent life insurance policy, the death benefit remains tax-free.
This tax-exempt status applies to both individual life insurance policies and group life insurance policies (employer-provided life insurance).
While your death benefit will generally be tax-free, there are some exceptions and considerations that you should be aware of. Let's explore these scenarios:
We covered the exceptional cases in which your life insurance may be subject to taxation. With that said, there are still a few things you should know about indirect forms of taxation:
If you purchase a life insurance policy to replace your income in the event of your passing, the beneficiaries' use of the death benefit may be subject to income tax. For example, if the beneficiaries invest the money and earn income from those investments, they may need to report that income and pay taxes on it. Consulting with a financial advisor can help you plan for income tax considerations.
If you have an investment-linked life insurance policy and the investments within the policy generate capital gains, those gains may be subject to capital gains tax. However, keep in mind that the death benefit portion of the policy remains tax-free.
It's essential to consult with a tax professional or a financial advisor who specializes in life insurance and taxation to understand your specific situation. They can provide guidance tailored to your needs and help you navigate through the complexities of taxation.
Life insurance can play a vital role in your financial plan, and understanding the tax implications ensures that you are making informed decisions to protect your loved ones.
So, is life insurance taxable in Canada? In Canada, life insurance benefits are generally tax-free. The death benefit received by the beneficiaries is not subject to income tax, making life insurance an attractive tool to secure your family's financial future.
However, there are exceptions and special circumstances where tax implications may arise. It's important to seek professional advice to understand the specific tax rules that apply to your life insurance policy.
Remember, life insurance provides financial protection, peace of mind, and a legacy for your loved ones. By comprehending the tax aspects, you can maximize the benefits of life insurance while planning for your family's future.
If you're considering life insurance or have any questions about your existing policy, Insurance Supermarket is here to help. Our team of experienced advisors can guide you through the process, ensuring that you find the right policy that meets your unique needs.
Smoking is always a big topic in the world of life insurance. If you’re a smoker, you probably already know that it will impact your life insurance in some way. But not everyone knows exactly how smoking affects your life insurance premiums.
In this article, we will be talking about how smoking can affect your life insurance premium rates, why it does, and ways to lower it. This post will shed light on an important aspect influencing life insurance cost–your smoking habits.
Let's light up this topic!
Insurance companies evaluate risk when determining premiums, during the underwriting process. The riskier you are to insure, the higher your premiums will be. Smokers generally face higher premiums because smoking increases the risk of serious health issues like cancer, heart disease, and respiratory disease.
Understanding insurance companies' rationale is key to understanding why smoking elevates the cost of life insurance and, more importantly, why reducing or quitting can have a positive impact on your premiums.
Apart from the direct cost of cigarettes and potential health care costs, there’s another expense smokers may not consider: increased life insurance premiums. Premiums for smokers can be significantly higher than for non-smokers.
And when we say significantly, we mean it. The smokers pay on average over twice as much as non-smokers, and can pay up to 4 times as much for the exact same plan!
Let’s elaborate on that.
When applying for a life insurance policy, one of the first questions an insurer asks is whether you smoke. If the answer is ‘yes’, you are typically classified as a "smoker", and this categorization can lead to significantly higher premiums compared to non-smokers.
Remember, honesty is crucial during the application process. Your insurer assumes that all information you are giving them is truthful. Failing to disclose your smoking habits could result in a policy denial or application cancellation, leaving you without valuable financial protection.
If you start smoking after acquiring life insurance, you’re not committing fraud, so you won’t get into any legal trouble. But you could still face some problems with your provider. They might see this is an indication that you only quit smoking temporarily to reduce your premiums. If they can prove this, they can void your policy.
If you die, and there is enough evidence to show that your death was in large part caused by tobacco usage, then your death benefit may be reduced, delayed, or even cancelled. And you won’t even be around to try to remedy the situation, so be extremely careful!
Insurance companies generally have "tobacco" and "non-tobacco" rate classifications. Those using tobacco products, whether it's cigarettes, pipes, cigars, or vaping, are usually classified under the "tobacco" rate, meaning you’re likely to pay higher for your premium.
Remember that “smoking”, in general, refers to tobacco products. This often includes e-cigarettes, but doesn’t apply to marijuana. Some companies will have separate considerations for marijuana usage, but since it’s generally much safer for your health than tobacco, it won’t impact your premiums as seriously, if at all.
Not all smokers are equal in the eyes of an insurer. Factors that will influence your premiums include:
For example, a casual cigar smoker will likely pay less than a pack-a-day cigarette smoker.
The good news is, even if you're a smoker now, it doesn't mean you'll always be considered one by insurance companies. Most insurance companies recalibrate to "non-smoker" rates if you've been tobacco-free for a set time, usually 12 months or more. Make sure you discuss this with your insurer.
Because premiums are always calculated based on your age and health, quitting smoking at any time will be a boon to your premiums. You’ll hit two birds with one stone: improving your health all while saving on life insurance premiums!
The bottom line is this: smoking is bad for your health, and bad health means higher premiums. So the more tobacco you use, the higher your premiums will be. On the other hand, the less tobacco you use, the less your premiums will be affected by your smoking status.
Remember, if quitting smoking is a goal of yours, not only will it be a cause for celebration for your health, but your wallet might also join in the party! As always, make sure to discuss any lifestyle changes with your insurance provider. Now that you know how smoking affects your life insurance premiums, you can confidently make the right choices for you!
Are you ready to make informed choices about your future? Secure a life insurance policy that adheres to your lifestyle and requirements. Protect yourself and your family's financial future. After all, love is making sure that even in your absence, your family is well taken care of.
Smoker or non-smoker, everyone deserves a secure future. Start your journey today to a safer tomorrow.
