Canadian LIC | Affordable Insurance Policy Providers in Canada

This is also the time when many begin reconsidering their financial strategies, especially after years of saving and working. This is when they begin paying attention to their stable source of income. A question that many retirees raise these days is whether Whole Life Insurance can become an additional source of retirement income. Traditionally, Whole Life Insurance has been construed as a tool for estate planning and the division of financial security among the heirs. At the same time, it is also sometimes a desired retirement asset. This blog will explain how Whole Life Insurance Policies work in Canada, how you can use them to fund retirement, and what you need to take into account when using them for that purpose. Understanding Whole Life Insurance Policies in Canada Whole Life Insurance is another type of permanent insurance, meaning it covers you at all times throughout your lifetime. Unlike term life insurance, Whole Life Insurance only covers you for a certain term or period. ...

In Canada, one of the most long-term benefits of a Whole Life Insurance Policy is lifetime coverage, cash value accumulation, and predictable premiums, among others, but knowing the fees or charges of a Whole Life Insurance Policy is just as important to help ensure an informed decision. Thus, considering the numerous long-term securities of Whole Life Insurance, it is important to understand how one will be charged. In this blog, we will discuss the different types of fees and charges on Canadian Whole Life Insurance policies, why they are necessary and how to navigate them. By the end of this, you will have a much clearer idea of how Whole Life Insurance Premiums work, as well as what you ought to be taking into consideration when comparing Whole Life Insurance Quotes Online. What is Whole Life Insurance? Whole Life Insurance is a permanent type of life insurance. As long as premiums are paid, Whole Life Insurance covers the policyholder for his or her entire life. There is no such t...

When it comes to funding your child's education, one of the most popular and effective methods of investment includes a Registered Education Savings Plan, better known as an RESP. An Education Investment Plan helps parents, guardians, and family members set aside money for a child's post-secondary education, along with government grants and tax-deferred growth. One of the most frequently asked questions is how long an RESP can remain open. In this blog, we'll talk about the RESP timeline and key milestones to remember on your journey. Understanding the RESP Timeline An RESP is supposed to help a family save for a child's education over time, and the Canadian government has put limits on how long an RESP can remain active. In Canada, an RESP may stay open for as long as 36 years from the date it was opened. That way, there is ample time in case a child takes a gap year or two following high school to decide their path in education. The 36-year life allows flexibility and...

Saving for your child’s future education is a priority for many parents in Canada, and the Registered Education Savings Plan (RESP) is a popular tool to make this happen. One common question that arises is whether both parents can contribute to the same RESP account. The good news is that, yes, both parents can contribute to the same RESP, making it easier to maximize savings for your child’s education. In this blog, we'll explore how this works and how you can take full advantage of the benefits of a shared RESP. Understanding the Basics of RESP An RESP is a tax-sheltered savings account intended to help and support parents, guardians, and family members in building savings for a child's post-secondary education. Along with your contributions, the government adds to it through incentives like the Canada Education Savings Grant, enhancing the amount you save. A number of contributors are allowed to contribute to an RESP, making it rather flexible, especially in cases of paren...