I'm a title. Click here to edit me.
4 Life Insurance Myths to Rethink as an Empty-Nester
If your children are grown, the house is paid for and you’re about to retire (or already have!), it may seem like your time for life insurance has passed. Perhaps you feel that your savings and investments, along with Social Security, will take care of whatever lies ahead. In fact, these misconceptions prevent many empty-nesters and retirees from purchasing or maintaining the life insurance coverage they need. If these four myths sound like you, you may want to think again. Myth 1: I don’t need life insurance once my children are self-supporting and my mortgage is paid off. Perhaps, but if you died today, your spouse would still face daily living expenses. And what if your spouse outlived you by 10, 20 or even 30 years? Would your financial plans, without life insurance, enable your spouse to maintain the lifestyle the two of you have worked so hard to achieve? Myth 2: I’ll have enough money saved by the time I die to pass something along to my children and grandchildren. Maybe long hours on the job and prudent management of your family’s finances could achieve that plan. But what if you don’t live long enough to meet your wealth-creation goals? Or what if an extended downturn in the economy negatively impacts your investments? Life insurance can create an instant estate, allowing you to leave a legacy for future generations or fund a favorite charity or cause. Myth 3: I thought I would need life insurance to help pay estate taxes, but that’s no longer a concern. Even if you’re not currently subject to a federal estate tax liability, there’s no guarantee that will always be true. Tax laws can change very quickly. But even if they don’t, there are many other reasons to maintain life insurance coverage later in life. When you die, life insurance can pay for things like state estate taxes, outstanding debts, probate costs and funeral arrangements, allowing your loved ones to focus on their grief and not concerns about money. It can also be used to equalize an estate among your heirs or for business-succession purposes. Myth 4: Life insurance costs too much to buy when I’m older. While it’s true that life insurance costs more the older you get, that doesn’t necessarily mean that it’s out of your price range. For example, a healthy, non-smoking, 55-year-old man can buy a 20-year, $500,000 level-term policy for roughly $1,600 a year. For a healthy 55-year-old woman, the annual cost is about $1,200. So, if you have an ongoing need for coverage, don’t assume that you can’t afford it. To get a sense of your needs, visit our life insurance needs calculator . In most cases, an insurance professional can help you find a policy that fits your needs and budget. You can set up an appointment with us via our contact form .
Life Insurance Savings - Expired
Expired - Starting Nov. 1, Canada Life™ is offering a discount on new qualifying Canada Life My Term™ policies for applicants aged of 55 or younger. This discount is applied for the life of the policy and can include additional benefits added at the time the policy is issued. Savings 15% discount on 10-year term policies 10% discount for all other term policy lengths Qualifications Available on all new standalone Canada Life My Term Policies with issue ages 55 or younger, for applications received between Nov. 1 and March 31, 2022. To learn more about this offer, fill out our contact us form and we'll be happy to answer any questions you may have.
Life Insurance Fall Sale
Equitable Life is having a fall Term Insurance sale! From Sept 7 to Dec 31, 2021. The 1st year premiums on all 10 and 20 year standalone term life insurance policies will be reduced by 15% for the first 12 months. This reduction likely makes Equitable the lowest or close to lowest cost for your age in the first year. They have preferred and standard rates available for this sale. Equitable also has a great whole life and universal life product which you can convert to in the future from their term products. Get a great rate today on your life insurance and place yourself in a great position to possibly convert in the future.
In Memory of Benjamin Graham
Life Hub Corp would like to wish Ben Graham a posthumous happy birthday. Born May 9, 1894, Ben left this world on Sept 21, 1976. While gone, Ben’s legacy lives on through the written words in books such as, the Intelligent Investor and through famous students like Warren Buffett to name but one of each. Life Hub Corp would like to recognize the tremendous contribution Ben’s wise words have and will contribute to society both past, present and future. Gone but never forgotten.
Group Benefits Announcement
We are glad to announce that Life Hub Corp now offers Group Benefits. Group Employee Benefits are a vital aspect of attracting and retaining qualified staff. The importance of an experienced and knowledgeable brokerage designing and maintaining your plan can not be underestimated. Building on our sister companies heritage, Life Hub Corp is proud to announce that we now offer group benefits from Ontario west to B.C. To read more about Group Benefits and the products we offer, click here .
Sale on Life Insurance - Expired
EXPIRED RBC has announced that between March 1st and June 6th 2021, they will be offering a 10% savings on rates for the following life insurance policies: RBC Your Term 10 and 20 year Term 10 Exchanges to 20 year term This 10% saving applies to the premiums for the entirety of the plan. Whether you are getting life insurance for the first time, thinking about exchanging to a 20 year term, or looking for a better option at your time of renewal, this is a fantastic opportunity to save on life insurance for the next 10 to 20 years. While the offer is limited, the savings are ongoing so jump on it while you can. If you would like to learn more about this limited offer or capitalize on this opportunity, you can click on the contact us tab in the top right corner. We are always happy to help!
Diabetics And Life Insurance
Some people believe that life insurance for diabetics doesn’t exist. There can be quite a few life insurance options for the 3 million plus Canadians who have diabetes. While diabetes remains a health challenge for many, it is still possible to secure life insurance as a diabetic. Here are some key things to know about getting life insurance if you have diabetes. Insurance companies consider many factors. In addition to knowing whether you have diabetes, a life insurer will want to know: Whether you have Type 1 or Type 2 diabetes The age you were diagnosed with diabetes What medications you’re taking Your height and weight How well you’re controlling your diabetes Your glucose levels If you have other health conditions like heart disease and/or high blood pressure If you smoke Your overall medical history Your family history Life insurance for diabetics underwriting varies by insurer. All insurers have different underwriting guidelines when it comes to life insurance for diabetics. Even still, insurers care about your age at which you were diagnosed. Having been diagnosed earlier in life means that diabetes has been affecting your body for longer increasing the likelihood of side effects. That may make it harder to get coverage. Insurers will also care about any severe diabetic complications. Diabetic comas, amputations, or a hospitalization are the big three they care a lot about. Finally, people with Type 2 diabetes typically have an easier time securing life insurance than people with Type 1 diabetes. A Nontraditional plan is an option. Guaranteed issue life insurance is a nontraditional plan option. With this option, you get a limited amount of coverage on the spot. You are not required to have a medical exam or even answer any medical questions. Just know that you may only get a limited amount of coverage and that the rate may seem more than traditional. There’s also often a waiting period as well. Controlling your diabetes can help you get better coverage. Life insurers look more favorably on diabetics who are working on managing their condition. This usually means regular visits with your doctor, taking your prescribed medication, maintaining a healthy weight, and having lower A1C and glucose levels. It may even be possible to secure a better rate once you control your diabetes. This might be true if a lengthy amount of time has passed since a hospitalization from diabetes. (Just know that the incident may remain on your health record and affect your rate.) Working with Life Hub Corp is your best bet. Ideally, you want a broker like Life Hub Corp who has relationships with many different life insurance companies. This means they can shop around for the best possible coverage for you. It also means they can turn to other carriers if your application is rejected. Start the process by contacting us about assessing your health. Once your health situation is known, we can better serve your needs.
5 Reasons Why Having Life Insurance Is Good For You
We get it: No one wants to think about death—for us or the ones we love. And a lot of people equate life insurance with death. And while it IS there if the worst were to happen, it can also do so many other things, and doesn’t have to break your budget while doing it. Check out these great reasons to consider life insurance: 1. It’s part of a sound financial plan. Insufficient coverage has severe consequences for many families. A 2019 Insurance report found that four in 10 households without any life insurance would have immediate trouble paying living expenses if their primary wage earner died. Life insurance helps with planning for your loved one's long-term health and happiness, providing you with peace of mind that your loved ones are financially protected. If someone would suffer financially when you die, you need life insurance just like you need a banking account. The money from the policy’s death benefit can help your family meet many important financial needs like funeral costs, mortgage expense, daily living expenses and college funding. 2. It’s not as expensive as you think. Many consumers believe that life insurance is either too complicated or too expensive to consider, creating a barrier to ownership with only 57 percent of people owning life insurance in 2019. In actuality, life insurance is inexpensive and much more accessible that you think. For a healthy 30-year-old, for example, they can get a 20-year term life insurance policy with $250,000 of coverage for about $18 a month. When you break it down, it’s easier to budget for and less scary to think about. 3. It can build cash value over time. Permanent life insurance has a cash value or cash-surrender value, which means it can build cash value over time in addition to providing a death benefit to your beneficiaries. Just like most retirement and tuition savings plans, cash values can accumulate on a tax-deferred basis and be used in the future for any purpose you wish—a down payment on a home, college tuition or even income for your retirement. You can borrow money from your built up equity. This can be a nice option as it’s not dependent on credit checks or other restrictions. Keep in mind, though, you’re ultimately responsible for repaying any loan as set out, to make sure your beneficiary receives the death benefit you had envisioned for them. 4. Life insurance can be more than just life insurance. Riders to a life insurance contract or a specific kind of policy, can enhance coverage. For example, you could have a life insurance policy, that includes addition features like accidental death, disability and critical illness. There are a number of additional riders available that can help you customize and boost your coverage. 5. It can help maximize your retirement. If the financial obligations you had when you first purchased a life insurance policy have ended, your policy could take on a new life and benefit your retirement. Planning ahead correctly, your policy can provide supplemental retirement income via policy loans and withdrawals or even options for pension. Life insurance could also maximize a pension by supplementing a surviving spouse’s income, or providing enhanced payment opportunities when deciding on your pension income option. So, what are next-steps? Why not do a quick calculation to see how much life insurance you may need with our online calculator . And then plan on talking to us at Life Hub Corp about your needs and budget.
Is Life Insurance From Your Employer Enough
Life insurance as an employee benefit is a valued benefit for millions of Canadian workers. Employer life insurance is a form of group life insurance that’s offered to you and your coworkers. It’s typically a set dollar amount at smaller companies and a multiple of your salary at larger companies. The multiple is commonly one to three times your current salary. The Benefits of Employer Life Insurance It might cost you nothing (or very little). A big upside to life insurance from your employer is that it’s usually provided regardless of health. And if there is a cost, it usually only amounts to a few dollars a month. You usually don’t have to take a medical exam. Life insurance from your employer is typically offered to every employee regardless of his or her health status. This can be a big plus if you have health conditions. A health condition can make it difficult to get a life insurance policy on your own. It’s convenient. There’s no need to consider multiple quotes, schedule a medical exam, or do any other legwork. You usually only have to fill out a form or two and designate a beneficiary The Downsides of Employer Life Insurance It often falls short of how much coverage you really need. Most people need much more than one, two or even three times their annual salary in coverage to secure their family’s financial future. In fact, insurance professionals recommend having 10 to 15 times your annual income in coverage. This is especially true if you have dependents and/or debt. For this reason, it’s best to assume that life insurance from your employer probably isn’t nearly enough. Your options are limited. You usually don’t have the range of policy options you’d have if you worked with Life Hub Corp. Your employer can drop it at any time. You lose your coverage as soon as your company decides to cancel coverage. They control your coverage. It’s tied to your employment status. You also automatically lose your coverage if you switch jobs, retire or quit or get fired. When this happens, you would need to go out and buy your own coverage. That can be more difficult as you get older or if you developed a health condition. Exploring Options Beyond Employer Life Insurance You might be able to convert your insurance. Conversion life insurance policies let you convert your life policy when you leave the company. The conversion usually lets you convert regardless of health within 30 days of termination. The policy choices are general limited to 1 to 3 policy types and the cost is set at a certain level due to this feature. Preferred rates are not offered which might be possible when your working with Life Hub Corp. The potential downsides of employer life insurance often outweigh the advantages. Out of all the disadvantages, Potentially the biggest one is mistakenly believing that life insurance from your employer provides enough coverage for you and your loved ones. Make sure you have all the coverage you really need by working with us. We can calculate how much coverage you really need. (You can also use our Life Insurance Needs Calculator to get a quick estimate.) Once you know how much coverage you need, it’s time to compare costs. You can get your own quotes from our quoting calculator or talk to us to get hands-on service. Know that it may be worth it to pay more for your own portable, flexible policy that you own and control. In closing, employer life insurance is a great starting point. But it almost never gives you enough protection. So take the time to figure how much coverage you really need and to consider getting your own policy.
New Disability Credit Product Feature
Empire Life has launched a disability credit rider effective November 19, 2020. This rider can work in combination with your life insurance and insure debt payments for periods of up to 24 months in the event of a qualified disability due to accident or sickness. Ask Life Hub how this rider can help you protect your financial health.
Will Covid-19 Increase Life Insurance Premiums?
A New Report From The Canadian Institute of Actuaries Puts Some Information Out For Thought A new report out today from the Canadian Institute of Actuaries (CIA) highlights data aggregated from 13 insurance companies in Canada for January to June 2020. Individual life insurance claims increased in April and May, at the height of the first wave of COVID-19, compared to the same period in 2019. The percentage of claims that could be attributed to COVID-19 also reached over 12% in April. Some of the companies surveyed provided group insurance data, but the same trend was not apparent. In general, group insurance represents a younger population, with overall healthier populations, so the impact of COVID-19 may not have been as significant when compared to individual insurance. Since the peak of claims was contained to a relatively short time, it falls within the range of volatility that the insurance industry is prepared for. However, as Canada enters a second wave of COVID-19, it is important to continue to track aggregate monthly data. “Actuaries are responsible for modelling and monitoring the reserves and health of the industry, and the CIA is assisting in continuing to track and analyze data,” says Keith Walter, FCIA, Chair of the CIA’s Research Council. “It will be very important that we do this during the second wave so that actuaries can fulfill their important function.” -A media release from the Canadian Institute of Actuaries
Ten retirement myths
We are experiencing a silver Tsunami. The leading edge of the Boomers turned 65 four years ago. On average, 1250 Canadians turn age 65 every single day. It’s part of a 20 year trend. But, most of the Boomers weren’t born in 1946-47. Most were born between 1961 -1965. That’s why you feel everyone has been turning 50. And people are living longer, much longer. With all of this happening, it’s small wonder that the media, politicians and the financial services business are all talking about retirement. That kind of focus may be good, because of what it means for savings habits and pressures on goods and services. The worry is whether Canadians are saving enough. There are lots of myths we have to watch; lots of myths we need to challenge, if we all want to be successful dealing with adequate retirement income that lasts a lifetime. We are buried in data, but starving for information that is relevant for us. Retirement planning is relevant…and for everyone, including you. The definition of retirement is changing and even though it may seem like a long way off, work that to your advantage. Starting a plan and sticking to it are the hard parts, just like diets and exercise. Every little bit helps and makes it easier if you start early enough. Harness the power of compound interest, where planning and saving a little now on a regular basis can let money work for you, 24 hours a day, 7 days a week, for decades. Your money seems to grow slowly at first, and then starts to balloon as you get older, even if you put in the same amount of money. Every year you delay means you'll need to save more money and perhaps take on more investment risk in order to reach your goals. Watch out for a series of postings covering more common myths about retirement. © 2020 by Peter Wouters. Republished with permission by Peter Wouters.