insurance

Insurance: you get what you pay for in life

Posted by on February 7, 2012 in insurance

There’s been a movement by the insurance industry to make insurance, whether life, disability or critical illness, easily to obtain. While the concept in great in the abstract, these efforts remind one of the old saying that you get what you pay for in life. Take the following two examples. Guaranteed issue life insurance policies [...]

An insurance take on emergency funds

Posted by on April 19, 2011 in insurance

The conventional wisdom on emergency funds is one should have 3-6 months of fixed costs set aside for a rainy day. The figure is typically cited without context. For example, compare loss of income due to traumatic injury versus an unpaid bereavement leave. Both are equally horrible but each has a different effect on cash [...]

What your home insurance may not cover

Posted by on March 17, 2011 in insurance

Spring brings the promise of longer days, the end of school and summer vacation. Unfortunately, a lot of snow has to melt and rain to fall before we get there.  All this water creates a lot of problems for home-owners. While fire damage is always a clear and present danger, it is water damage which [...]

The problem with buying cheap term life insurance

Posted by on March 10, 2011 in insurance

Term life insurance, as the name implies, is a form of insurance which offer coverage for a set period of time. The attractiveness of term life insurance is primarily its reasonable pricing. Since payout is uncertain, unlike whole/permanent life insurance, the probability of payout is lower and, as such, prices have been adjusted accordingly by [...]

Insurance as an interest rate predictor

Posted by on November 24, 2010 in insurance, Investment Information

As Riscario Insider reported recently, permanent life insurance rates are about to go up by more than 10% later this year. Permanent life insurance is an insurance policy which expires upon the death of the policy-holder, rather than a set expiry date, and has a death benefit and a savings portion. The two most well-known [...]

Paying more for less auto insurance

Posted by on August 11, 2010 in insurance

If you live in Ontario, you may have received a mailing recently from your auto insurer announcing new changes to the new standard auto policy commencing September 1. Alternatively, if your auto insurance is up for renewal, you may have noticed that your premiums have dropped- unfortunately, it is not solely due to your stellar [...]

Common Misconceptions and Mistakes when buying term insurance

Posted by on January 14, 2010 in insurance

I am pleased to introduce my guest-post today from Brian Poncelet from Right Insurance. Brian is a Certified Finance Planner who specializes in Life Insurance, Critical Illness Insurance and Disability Insurance. Brian takes his time today to write about common misconceptions and mistakes when buying term life insurance. MISTAKE: Failing to buy enough insurance while [...]

Life insurance for your children?

Posted by on September 3, 2009 in insurance

I distinctly recall being given at the beginning of every elementary school year a brochure to take home to our parents offering insurance on our lives or in the event we experienced bodily injury.  It was always interesting to see how much you could get for a lost eye as opposed to a lost toe [...]

Are banks selling insurance a good thing?

Posted by on August 19, 2009 in insurance, Investment Products

Scotiabank became the second Canadian bank, after RBC, to begin selling insurance by building insurance retail operations next to their existing bank branches. The rather strange result of having adjoining retail frontage operated by the same business, but selling different products, is a means to circumvent rule not allowing banks to sell insurance out of [...]

Insurance: 5 warning signs you may have improper insurance

Posted by on July 16, 2009 in insurance

Insurance is the transfer of risk from one party to another. In consideration of  monetary payment by the insured, the insurer promises to pay compensation based on some future risk/loss, such as disability or death, to a designated party. In and of itself, the concept of insurance is great. Who does not want a risk [...]