Getting Your First Life Insurance Policy

life insurance

Getting your first Life Insurance policy can seem like a daunting task. There are so many options and, of course, you want to make sure you’re prepared for it all and at the right price.

Let us start you on the first step.

Watch the video below to learn about the two types of Life Insurance and how to combine them for a better price!

When getting your first Life Insurance Policy, you first need to pick between Term and Permanent Insurance.

Term Insurance is like your car – you pay into it when you need it and when you don’t, you cancel. These policies are very affordable but aren’t worth anything and the prices will go up when you renew. Common terms are ten or twenty years.

A 35-year-old couple buying Term Insurance for a 20-year term and a $500,000 benefit, would pay roughly $70 /month together.

Permanent Insurance is a more robust option. You have a policy as long as you’re paying the premium and the price won’t go up. These policies can also accumulate a cash value that you can withdraw, invest, or use to pay for the policy itself. As you can imagine, these policies are much more expensive.

A 35-year-old couple buying Permanent insurance with a $500,000 benefit would pay roughly $400 /month together.

Here’s the trick to getting a better price: COMBINE THEM

Most of the expenses we have today, we won’t have in retirement. Because term insurance increases in price so significantly as you age, it’s generally not a good long term solution. And permanent insurance is out of many peoples’ price range.

BUT if you buy term insurance that will cover your 35-year mortgage and a permanent insurance policy that will pay a small sum of money when you pass away (to cover funeral expenses, etc.), your price will be much lower. It’s called stacking. 

In the example below, you can see that our sample couple bought insurance at age 35. They bought term coverage that they will keep until they’re 65 and don’t expect to have the same expenses. They also bought a small permanent insurance policy to cover their end-of-life expenses.

If our example couple above chose to do that, they would pay roughly $170 /month together.

Working with a Life Insurance Broker is the best way to view your options from many different insurance companies and find one that works for your lifestyle and values.

Should I Name A Beneficiary?

should I name a beneficiary

Let’s say that you’re filling out a financial form and get to the part where they ask for a Beneficiary name. Why not just leave it to your estate? It can seem like an extra piece of information to give until you understand WHY you need a Beneficiary.

You need a beneficiary to ensure that your money, whether from investments or an insurance policy, goes to the right person or entity.

Unless your lawyer advises otherwise, most people should avoid naming their Estate as the beneficiary (the default).

Funds left to the Estate may be subject to probate or other fees and could get held up. This generally takes over a year to complete. It’s not worth the headache if your loved ones would need the funds sooner than that.

As the owner of the policy or account, you choose who the beneficiary is and can make changes at any time.

Your beneficiary will not have access to your accounts or information. They will simply be given the money once you pass. This is called a Revocable Beneficiary.

The exception to this is to name an Irrevocable Beneficiary. They still cannot make changes to your account or see your information. BUT you cannot make certain changes to your own account, including changing the beneficiary, without their permission. 

Beneficiaries should always be identified by name.

Generics like “my spouse” or “my children” can be ambiguous in the future if, at death, you are in a new relationship or have step-children.

Depending on your personal situation, you may choose to name your partner, parents, or other loved ones as your beneficiary. You can name more than one beneficiary but will need to choose what percentage each party will receive.

As this article is for general information only, be sure to talk to a professional about your specific situation before making any decisions.

And remember, your beneficiary should be updated as required! Checking your policies every two years to ensure your information is up to date is a good habit.

The 123’s of Getting Your Finances in Order

how to get your finances in order

Do you feel like you have your finances in order or are you winging it? Talking about finances can be really difficult because the conversations are so emotionally charged. It’s easy to have fears, insecurities, and frustrations tied into our finances. We understand that because we’ve been there too. Rather than getting trapped in that cycle, we’ll walk you through how to get your finances in order.

Step 1: Make a Budget

Have you ever put a puzzle together without having the end picture in sight? Probably not. You know that’d make the task much more difficult than it needs to be. 

The same goes for your budget. Without seeing an accurate picture, it’s hard to understand what you need to do to reach your goal.

How to Start

Grab a piece of paper and write down how much money your household brings in each month at the top of the page. Below that, write the following headings:

  1. household
  2. transportation
  3. food
  4. entertainment
  5. clothing & gifts
  6. others


Then, go through your bank and credit card statements for the last month and pair each expense with a heading, and total them up.

Now you know how much you spend each month AND what you spend the most money on.

Add up all of your expenses. And subtract your income from expenses. That’s how much money you have left over each month.

If you’re spending more than you’re making, you need to go over your expenses and your income to see what changes you can make.

To finish off your budget, decide where you want that extra amount of money to go. Maybe debt repayment, a vacation, or one of the following.

Step 2: Make an Emergency Plan

There are SO many angles to look at this from, so we’re going to cover 3 main angles.

Make an Emergency Fund

This is priority numero uno. Your emergency fund should be at least enough to cover 3 months of expenses. And yes, that’s a big number. But this emergency fund is going to keep your budget on track, avoid stress in a financial crisis, get you through a job loss, and a lot of other 💩 that life can throw at you. 

Our suggestion is that you put a manageable amount of money aside each month, into an account that you don’t have access to via bank card, like a TFSA. 

What if something happened and you couldn’t work for a long period of time though?

Just because you don’t have an income, doesn’t mean the bills stop. Because saving enough to cover you (and maybe your partner) taking a long period of time off of work isn’t realistic for most people, get disability insurance. It replaces a portion of your income if you’re hurt or sick.

There are also insurance plans that would help financially if you couldn’t work because your child was sick.

Get life insurance

It’s not for you, it’s for your loved ones. It’ll help them pay off debt (including the house), afford the expenses of growing kids, and finance the changes in lifestyle they’ll need to make.

When we talk about how to get your finances in order, we also need to consider protecting them.

Make a will

Without a will, your loved ones may have to wait a long time and pay fees to get their inheritance. In order to avoid conflicts and ensure your family is taken care of, sit down with a lawyer and knock this off your task list.


Step 3: Make a Savings Goal

Now that you know what your financial situation looks like and you’ve made sure you’re covered if it ever took a hit, you need to make a savings goal.

Saving looks different for many people – both how you save and what you save for. It could be saving for a long-term expense like retirement, a property, vacation or large annual bills.

Whatever it is, you’ll need to refer to your budget again.

You know how much you have leftover now, so you can decide how much of that you want to put into saving. 

Make sure that you do the math on how long it’ll take to save what you need. Putting $100 aside for a new car each month might sound like a great idea until you realize it’ll take you a year just to save $1,200.

You’ve probably realized that there’s nothing glamorous about getting your finances in order.

It’s not as fancy to whip out a debit card as it is a Black Card nor is it too fun to spend your free time putting this all together. It takes discipline, a firm grasp on what you’re working towards, and boundaries.

But how good would it feel to not be phased by a surprise bill? Or to know you’d be okay if you lost your job?

These things aren’t glamorous but the freedom and security you can afford by following these steps on how to get your finances in order are much more rewarding.

Be sure to share this with your closest friends who want that same freedom!

Take control of your financial future. 

Surviving Coronavirus in Canada

Coronavirus in Canada

Feeling uneasy or maybe a bit scared by what you’re hearing in the news right now? They’re talking about market free falls, a disease that has people quarantined and likely all of your upcoming events have been canceled. People are panicking and bulk buying, and you’re trying to keep your cool while wondering what you can do to survive the Coronavirus in Canada. Knowledge is power, so let’s talk about what you have control over.

The virus is affecting our World way beyond health. 

It’s hitting our communities, lifestyles, and economy drastically. But don’t fret! There are things you can do about it. Right now, it’s important to take care of our communities and make sure that we’re prepared.

How can we support people?

Community is so important in times like these. Sharing resources is the perfect place to start. Whether you have food or coveted toilet paper, sharing is caring. Our local heroes are helping people who don’t have access to their medications and other necessities right now.
Let’s not forget those suffering in silence from their mental health, too. Those with an anxiety disorder that’s being perpetuated and domestic abuse victims who are quarantined in dangerous situations are part of that group.

Reach out to your friends and family. You may not know what they’re struggling with behind closed doors. That human connection and support are so important right now.

Buy local.

You’ll hear us talk about that a lot at Iron & Pearl. Shopping locally can make a big difference, especially right now. These businesses often don’t have online stores or second locations that they can make an income from. It’s a family behind the scenes who relies on the income that their business brings in. Buying local is critical to curbing this financial crisis.

Stock what’s necessary.

At this point, we’ve been instructed to stay home if at all possible. It’s always a good idea to have a couple of weeks’ worth of food on hand in case of an emergency. Surviving the Coronavirus is no different. It’s important to have what your family needs but it’s not necessary to buy stores out of their stock. When we do that, it takes away resources from those who haven’t been able to leave the house – mothers of young children, the elderly, and those fighting on the front lines. Look out for your neighbours.

Keep an eye on your emergency fund.

Your family has told you for years that you need to have an emergency fund. Do you have one? Many people don’t have much of an emergency fund. Either from not seeing the importance of it or because money was tight before any of this happened.

We’re hoping that you see how imperative an emergency fund can be at this point. Check out our blog post on “how to save money without making more” to read more.

Keep an eye on what you’re spending as well. As much as spending would help our economy, spending unnecessary money right now may hurt you later.

Stop looking at your investment statements.

You know they’re not looking good and so do we. Our advice still stands – don’t sell. Have you ever heard the sage advice buy low, sell high? That’s exactly what we should be remembering right now. Unless a professional who knows your specific case has told you to sell now, just hang tight.

“That’s it, we’re done.”

Don’t let yourself get to that point with your finances. There’s no doubt that some people will be hit hard financially by this market free fall. But, there have been measures put in place already. If you’ve been quarantined or laid off, look into EI benefits. They’ve made some big changes to ensure you’ll have at least some income right now.  BC Hydro and the big mortgage lenders are offering for those in a tight financial spot to defer their payments for up to 6 months. Keep in mind, you will still have to honor those payments. But, if you’re genuinely struggling to make ends meet, take hold of this opportunity.

Filling out an insurance application?

It’s going to take longer. If you’ve recently traveled, you will have to be in quarantine for 2 weeks before they can consider your application. Companies have stopped issuing travel insurance and medical tests have been suspended until further notice – making it more difficult to get many types of personal insurance. “Business as usual” may not really be. Insurers have people working from home or locked-down offices so that your questions can be answered, but buying yourself a policy will be more tricky.

Put your phone down.

We’d prefer it if you finished reading this article first 😉 but try not to stay right on top of the news. There are scary videos coming out on social media, headlines that’ll turn your stomach, and helpful Government plans that make you feel nervous about how long this will last.

Keeping yourself up to date may seem helpful, but it can also be anxiety-inducing. If you’re feeling overwhelmed or uneasy about this situation, stay home and put your phone down. At this point, helpful information may actually be harmful to you. Having Coronavirus in Canada is going to be all about preparation and education.

This is a scary time for the World. Building community and leaning on each other might just be the silver lining in all of this.

We won’t be staying quiet in our offices as this goes on! Follow us on Instagram or Facebook for consistent updates on the financial support that Canada is offering and other options available to you.

As always, reach out to us through our contact page and we’ll do our best to help.

Canada's March 18 Covid-19 Economic Response Plan

What Is Disability Insurance?

what's disability insurance

There is a type of insurance that’s painfully underrated. I’ve never understood why. It can save your life – or at least your lifestyle. It’s Disability Insurance. What is Disability Insurance? Well, we’re going to cover that in the short video below!

Disability Insurance replaces a portion of your income if you’re too hurt or sick to work.

It gives you the ability to keep paying your bills so you can focus on your recovery. Maybe you’re able to use WorkSafe or Employment Insurance. Just remember, they only pay in certain circumstances and/or for certain periods of time. If you’re self-employed or working a side hustle and not sure what you qualify for, read these 2 blog posts: What If I Get Hurt At My Side Hustle? | Government Benefits for Self-Employed Canadians

EI Insurable Earnings

With a plan like the one we walked through in the video above, Sam was able to fully recover and didn’t have to stress about paying her bills or have increased debt. Having an emergency fund to supplement her Employment Insurance and extending her personal disability insurance waiting period, so that the benefit starts later, made the insurance premium much more affordable.

Disability Insurance is a very flexible product. You can customize when it starts paying you, for how long, and how much.

You can also choose whether you’re covered for accidents, sicknesses or both.

Accident coverage is a simple concept – it will pay you if you can’t work because of an accident. Sickness coverage, on the other hand, is more robust.

Sickness coverage can replace your income from serious illnesses like cancer or other internal pains like muscle wear-and-tear.

Getting both accident and sickness coverage can cover you from *almost all angles.

What Disability Insurance doesn’t cover is medical expenses and long-term care. Those are 2 separate types of insurance.

The benefits of disability insurance shouldn’t be underestimated.

Here’s an example:

Let’s say Sam is 30 years old and makes $50,000 a year as a bookkeeper. The accident was much worse than a concussion and Sam will never be able to work again.

We’re going to make this fair and compare her after-tax income of $39,586.

Assuming Sam works the same job until she’s 65 years old and never gets a raise:

$39,586  X  35 years  =  $1,385,510

If Sam qualified for the CPP Disability benefit (permanently disabled or likely to die from the condition) and received the average $1001.15 per month benefit:

$1001.15  X  12 months  =  $12,013.80    X  35 years  =  $420,483

Let’s minus her CPP benefit from the income she’s missing out on:

$1,385,510 lost wages    $420,483 CPP Benefit = $965,027.00

That means that in the BEST CASE SCENARIO, Sam would lose $965,027.00 in income. And that’s if she never made more than she does right now.

If Sam doesn’t qualify for CPP disability and again, never gets a raise, she’ll lose out on


But Sam still needs to pay for her living expenses and might need to pay for medications or disability support now, too.

That’s why we believe that disability insurance is painfully underrated.

Remember, you are in control of your financial future. Plans like this can play a crucial role in securing your family’s lifestyle.

It takes time and effort to put in plans like this, but it’s worth it to know your family will be taken care of.

*Each policy is different. There are exclusions in all insurance policies.


What If I Get Hurt At My Side Hustle in Canada?

what if I get hurt at my side hustle?

Getting a side hustle is an awesome way to make a bit of extra cash. They can offer a lot of flexibility and, for some people, might even turn into a full-time gig. But what if you get hurt at your side hustle? You might not have all the comforts that you get with your 9-5.

There are all kinds of side hustles you can get! From driving for companies like Uber and Skip the Dishes, to using your handy(wo)man skills on a paid gig or becoming a tutor. What we’re talking about here are independent side jobs that you do on top of your j.o.b. – no boss or employee benefits and you don’t get a T-4.

As an employee, you’re automatically enrolled in WorkSafe BC (WCB) and Employment Insurance (E.I.).

If you’re hurt at your job and can’t work because of it, WCB can help and you’ll still have a paycheck. When you work for yourself, those benefits change.

You’ll still have your WCB coverage, but it’s only in effect while you’re at work as an employee. Once you’re on your own time – whether you’re using that time for a side gig or not – you’re not covered by WorkSafe.

For example, maybe you build decks for a living and your neighbor asks you to build a deck for them. But they want you to do it, not the company you work for. In that case, WCB wouldn’t cover you if you got hurt working at your neighbor’s house.

Employment Insurance (E.I.) on the other hand, might still help you.

As long as you’re an employee for a company, E.I. will still be an option whether you’re hurt on or off the job. They can help if you’re hurt, sick, or unemployed. However, they pay 55% of your income (as declared on your paystubs or T4 earnings) up to a maximum of $573/week and only for 15 weeks. If you decide to quit the company you were working for to do this side gig, E.I. goes away. 

For any side job you get that requires driving – deliveries, picking up supplies, meeting clients – you need to make sure your car is insured for business use. If you work with clients or could be liable in any business situation, you also need Liability Insurance.

Those aren’t the kind of insurance we work with at Iron & Pearl Financial, so we’ll leave you with DO NOT skip looking into this.

As a Canadian who pays into Canada Pension Plan (CPP), their disability program may be a last resort.

If you’re hurt at your side hustle, it’s best to not qualify for this. You must be permanently disabled and likely to die from your conditions.

What’s your Plan B if you get hurt and don’t have coverage?

Maybe you could sell something or ask family for help. Remember to consider how long it’ll take to sell your assets.

To make sure that you’re covered at all times, get disability insurance.

It’s the best way to have the peace of mind that you’re covered all the time.

Curious about how disability insurance works and what your options are? Book a free quick call with us. We’ll answer your questions and point you in the right direction. We’re focused on giving you the tools and education to build financial security in your life.

Remember, you’re in control of your financial future.

It takes time and effort to put in plans like this, but it’s worth it to know your family will be taken care of.

What are My Life and Health Insurance Options?

Trying to figure out what your life and health insurance options are? You have so many choices when it comes to insurance, so this question can spark some confusion. But you’re not alone!

It’s not uncommon to sit down with a new client and they tell us they’re not sure what kind of insurance they need. They just know what they want to prevent.

You can get just about anything covered by insurance nowadays. Kylie Minogue even has her tooshie covered for an easy $3M.

Getting your THINGS covered is fairly straight forward but it gets a bit more tricky when we talk about covering your PERSON.

There’s an endless list of situations you’ll want to cover but only 6 types of insurance. 

your insurance options

Life Insurance

Pick your benefit amount (within reason) and this plan will pay a sum of money to your loved ones when you pass away. That includes Mortgage Insurance, Term Life Insurance, Whole Life and Universal Life Insurance.

If you have debt or a growing family, this is a must!

Disability Insurance

It replaces your income if you can’t work while recovering from an accident or illness. Without an income, how would you pay your bills?

48% of Canadians have disability insurance and almost all of those people are covered through employee benefits, not because they bought it themselves. The other 52% only has E.I. to financially help in this situation – and that stops after 15 weeks – that’s a scary statistic!

Critical Illness

Pick your benefit amount and this plan would pay you a sum of money if you survive a critical illness like cancer, heart attack, etc. If you need to make changes around your home because your abilities have changed, this plan is a lifesaver. Use it to replace your income while you take time off work or celebrate the fact that you survived!

Health Insurance

Health Insurance can help or cover the cost of prescription drugs, dentist visits, physiotherapy and more. Getting hurt or sick can be more than losing your income; there are expenses that come with it. This coverage, as with all insurance, must be purchased before you need to use it.

There are a couple of health insurance options if you know you’ll need to use the plan immediately. But, those plans cost more and cover a lot less.

Travel Insurance

Canadians are pretty lucky to have the health coverage that we do. But, once we’re outside the border, we’re on our own! Make sure you’re covered wherever you go with travel insurance.

From surprise dental surgery to changing your flights last minute, travel insurance is super affordable for how much it can save you.

Business Insurance

Your life and health insurance options can be set up so that your small business gets the benefit. Having your business as the beneficiary will allow it to keep operating, even if you can’t. Make sure your business is covered! 

From covering the financial loss of your right-hand-worker who has to take a leave, to offering employee benefits, you have a lot of options!

Remember, YOU’RE in control of your financial future.

It takes time and effort to put plans like this in place but it’s worth it to know that your family is taken care of.

Have some follow-up questions? Book a Quick Call with us! We’re here to help 💪

What is Critical Illness Insurance?

what is criticall illness

It always surprises me how few people know about Critical Illness Insurance. Especially with half of Canadians expected to develop cancer and heart disease claiming 33,600 lives each year in this country. Do you think getting a cheque for $50,000 would help if you were diagnoses with one of these, or other serious illnesses? On that note, we’re going to talk about what critical illness is.

Critical Illness Insurance is a type of insurance policy that will pay you a lump sum of money if you survive a heart attack, stroke, cancer, and other diseases.

It’s meant to help cover the time you’ll have to take off of work, making changes in your home to adapt to your new lifestyle, or even going on vacation to celebrate the fact that you survived!

Many companies offer Critical Illness, but not all plans are created equally. For example, one company might cover 5 types of diseases where another company may cover 50 different diseases. As per usual, you’ll get what you pay for.

One of the most important things you need to know about these plans are the definitions of each condition.

That’s how the insurance company determines when they’ll pay you. For example, where one company may pay a benefit after you’ve survived a stroke, another company may require the stroke to have been life threatening to pay a benefit  And, again, it’ll be different by company.

There’s somewhat of a standard definition for each disease, but you don’t want to overlook it. This is something that your insurance agent will help you with, so make sure you ask the question.

It is, however, standard that you must survive 30 days after the diagnosis (or event in the case of heart attack, etc.) in order to qualify for the benefit. Typically, after a cancer diagnosis you must survive 90 days before qualifying. 

Can you get critical illness if you’ve had cancer or a heart attack before?

Generally speaking, if you’ve had a critical illness before, as long as you’ve made a full recover, you’ll be able to get this coverage. Just not for the illness you’ve already had. Some companies will even take the risk of covering you for that illness anyways, after a set amount of time of you being healthy (and some proof).

It’s generally a simple kind of insurance, but it gets more complicated if you have a medical condition when you apply.

We’ll use diabetes as an example. Greg had diabetes when he applied for critical illness coverage. Years down the road, Greg suffered a heart attack. Because diabetes can cause heart disease, Greg may need to go for extra tests to see whether the diabetes CAUSED the heart attack. If it did, Greg might be denied because his existing medical condition caused it. If the diabetes didn’t cause it, Greg gets his benefit to use how he’d like.

Please don’t let that detour you from looking into this coverage. You always want to be honest with your insurance agent, ask questions, and communicate with them if you do have to make a claim. But you should be aware of how the coverage works.

Can kids get covered?

They sure can! And it’s crazy how cheap it is.

You can get family coverage before you have kids and those kids could be covered for diseases or disorders they could be born with. It’s an awful thing to think of, but we’re all aware of the reality. Keep the coverage on them and they can be covered into their adult life for quite cheap.

Who is coverage like this good for?

It’s perfect for self-employed people who can’t afford getting personal disability coverage but want to have something if they were critically ill.

For families, like mine, who have had a family member suffer from a disease and worry that it’s genetic, this coverage can bring a lot of peace of mind.

It’s also good for stay-at-home parents, homemakers, and caretakers who may not qualify for disability insurance because they don’t make an income.

And it’s for people who have, in some way, experienced the devastating effects of a critical illness and the lack of financial support available to those who are suffering. Once you’ve seen that happen, you know how important it is to have a plan in place.

Do I have to pay tax on the money?

Nope! It’s treated the same way that a life insurance benefit is. It’s not taxable so you get to use all the money.

How much critical insurance should I have?

That’ll depend on a lot. When you sit down with your insurance agent, they’ll do a Needs Analysis. It goes over how much money you make, how much you spend, and what kinds of benefits you’ll already be able to get if something happened to you. From there, they can help you pick an amount that would be right for you. It’ll also depend on your budget – the higher the benefit, the more expensive.

I always suggest getting a little bit more than you think – having been in this situation myself – because there are a lot of surprise expenses. If you were sick, your partner probably wouldn’t be working – so that’s 2 lost incomes. Making changes to your home if your physical ability changes can also be very expensive. Again, the Needs Analysis form will help.

How do I buy Critical Illness Insurance?

Life Insurance agents sell this kind of coverage. That includes us! We’d be happy to answer your questions and help you find the right plan.

Remember, you’re in control of your financial future.

It takes time and effort to put in plans like this but it’s worth it to know that your family will be taken care of.

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What You Need to Know About Life Insurance

Today, we’re going to give you a summary of what you need to know about life insurance. We’re going over a lot of information here, so buckle up!

We’ll talk about:

  • What life insurance is
  • The 3 different kinds
  • Who needs this
  • The cost of insurance
  • How your agent gets paid
  • What happens when you pass away
  • Who can’t get life insurance

Life Insurance is really just a contract. It’s a contract between you and an insurance company saying that, so long as you pay your bill, they’ll give your family a benefit when you pass away. It’s a simple a concept as that!

Of course, there’s more to the contract. But the terms of the contract are for your Insurance Agent to walk you through. Each Insurance Company’s terms will be different.

There are 3 kinds of Life Insurance:

    1. Term Life Insurance
      Think of it like renting a policy. It’s cheap and for a set amount of time, but it’s not worth anything at the end.
    2. Whole Life Insurance
      This policy is more expensive but will cover you for your whole life. It also builds up a cash value that you can withdraw or use as collateral over time.
    3. Universal Life Insurance
      This policy is a combination between a life insurance policy and an investment portfolio. It’s the most expensive option but can be a great option for someone who’s investment savvy.

Insurance isn’t for everyone.

If you have debt, are self-employed, or have someone who relies on you or your income, then it’s definitely something to look into.

If you’re not quite sure or have more questions, book a Quick Call with us and we’ll do our best to answer! Please keep in mind we are only authorized to talk about Canadian Insurance options.

How much does Life Insurance cost?

Honestly, it depends on too many things to give you a straight answer. I’ve seen policies that are $10 a month and others are thousands of dollars a month. It depends on the insurance company you choose, the benefit amount (how much you’d be paid), your health, which of the 3 types of insurance policies you chose, and a laundry list of other factors.

What I’d suggest is, regardless of your budget, sit down with an insurance broker that you trust. Having a policy should never take food off of the table, but it’s better to have a policy that you can afford than nothing at all.

When do I pay my insurance agent?

You don’t! Insurance agents are paid by the insurance company.

We’re paid by commission and bonuses. It doesn’t matter what insurance company, agency or broker that you choose, it’s entirely a back end deal. You will not get a bill for your insurance agent’s time.

When you pass away a process of things will happen.

This process is one of the top things you need to know about life insurance. First, the insurance company will look into the cause of death. As long as you weren’t doing anything suspicious or illegal when you passed, and the reason falls under the contract terms, your family will be paid the death benefit.

It’s as simple as that! However, it’s not as fast as that. Make sure that you always have an emergency fund set up that your family can access to help them financially until the insurance benefit is paid to them.

If you want to make sure the benefit is paid as quick as possible, put your loved ones as the beneficiaries on your insurance policy. If you leave this portion blank, the money will go to your estate. In that case, the benefit will get locked up in probate and not released until that process is finished. And it can be a long process.

Life Insurance benefits are TAX-FREE. Your family will not need to pay tax on the money they receive from your policy.

Who can’t get life insurance?

Honestly, very few people! The industry has really evolved in the past few years. But each company is willing to take on a different amount of risk. For example, one company might not have a problem with your health concern while another sees it as a red flag and refuses to cover you.

That’s why I always suggest sitting down with a broker. We’re able to look at plans from multiple companies and can find one that’s willing to take on whatever risk you might have… the insurance might just cost a bit more.

Remember, you’re in control of your financial future.

It takes time and effort to put in plans like this but it’s worth it to know that your family will be taken care of, even if you’re not there.

This isn’t everything you need to know about life insurance. But now you’re ready to call your agent and look into options. 

We would love to be those people for you.

Curious about what happens when you apply for insurance? Click here to learn more!

what happens when you apply for life insurance

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What Does Travel Insurance Cover?

Whether it’s for work or fun, travel insurance often gets brought up when you’re going away. Not sure if you even need to get it? Visit our blog post on that on that first. If you’re sure you need it but are wondering what does travel insurance cover and are confused about the situation, you’re in the right spot! 

Travel Insurance covers you for extra expenses you might have if something bad happens on your trip.  

You’ll have the option to cover everything from cancelling your trip after you’ve paid for non-refundable hotel and airfare, to ending up in the hospital after an accident or catching a serious bug. You can even get coverage if the airline loses your luggage and leaves you with one pair of underwear. 

Now, I make light of it with the one pair of underwear thing, but people’s lives have been ruined over an out of country hospital bill forcing them to declare bankruptcy. 

However, you may already have travel insurance! 

Take a look at your Work Group Benefits plan and see if that offers anything. Your credit card or other member benefits plans that you’re a part of could also be used in this situation. Make sure you take a look at what you’re actually covered for and how much before you leave. 

For example, some credit card companies offer travel insurance, but only if you booked your trip using that credit card. Others will only cover you in certain, extreme situations and all plans have a maximum amount of money they’ll pay 

If you have multiple plans that cover you – for example, coverage through your credit card AND you’ve bought separate travel insurance – the contracts will tell you who the “First Payer is. That’s the Insurance Policy that has to pay you first. You’ll submit your bill/receipt to that company and they’ll pay you based on what the contract says. If they pay the whole thing, your second policy WILL NOT pay you. If the First Payer doesn’t cover your whole bill, THEN you can send the remainder to the next insurance company. You cannot have one bill paid by 2 companies. 

Keep in mind, most plans WILL NOT cover you if you’re intoxicated when you get hurt. 

For Canadians, each province has its own health plan. Just because you’re a Canadian resident does not mean you’ll be as covered in other provinces as you are by your own Province’s health plan. Provincial health care coverage is required for these individual plans, so make sure your account is up to date. Plan accordingly.  

Travel Insurance is there to cover the expenses of getting hurt in another Country or Province. You don’t pay into other Country’s medical systems like you do in Canada through MSP (or equivalent) and taxes, so you have to pay that Country’s full price. And it can be very expensive. 

Ending up in the Hospital or passing away and needing to transport your body home are the most expensive things you’ll want to cover. As I said, you’ll have to pay full price for any hospital and medical attention you require.  

Travel insurance covers a number of things. Here are a few benefits you might want in your plan: 

  • Emergency MedicalEvents or sickness that could land you in the hospital, Doctor’s office, etc. 
  • Trip cancellation and InterruptionGetting your money back if you have to unexpectedly cancel your trip or having to book a hotel if your flight is delayed.
  • Baggage loss, damage, or delayTo keep clothes on your back if your baggage is delayed or to replace items if it gets lost
  • Travel accident including death and dismembermentpassing away in another country is VERY expensive. Your body needs to be processed and specially transported back home. 

Travel Insurance is certainly worth it, but it’s not mandatory. The chances of having to use your insurance is quite low. The risk you’re taking on, however, is MUCH greater than if you were at home and put in the same situation. 

There are 2 MOST IMPORTANT things you need to know about Travel Insurance: 

  1. How to claim: know before you go. Your policy might require you get certain Doctor’s notes or Xray photos that will be hard to get once you’re back home. 
  2. You’ll probably have to pay the cost up front. Most often, you’ll have to pay the Dentist/Doctor/ Pharmacy bill before you leave their office. You’ll submit the receipt to the Travel Insurance company when you’re back home to be reimbursed. Make sure you have some emergency cash! 


Looking for a travel insurance? Give us a call!

Happy Travels 💃🕺 

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Looking for a guide to figuring out how much your next adventure will cost?

WITH THIS SIMPLE TOOL, I’ll walk you through creating a budget and other important things to remember when planning a trip.

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Why I Want You To Get Disability Insurance

Man with a bicycle

Let’s get right to the point – I want you to get disability insurance. And here’s why.

I was 9 years old when it happened. I remember my Aunt picking us up from school and saying that Dad wasn’t feeling well and we’d go home with her so Mom could take care of him.

It wasn’t until later that night, when we still hadn’t heard anything, that I started to worry. And it was when I was told I couldn’t see him until he felt a bit better that I realized something was really wrong.

Dad was in and out of intensive care for months and it took the Doctors about a year to stabilize him in the hospital. From there, it was another 6 months in a rehabilitation center for stroke victims…Downtown Vancouver. It was almost 2 years before he came home.

My Dad had had a massive stroke at 39 years old.

I’m telling you about it because, right away, we think of how scary it would be to have a parent almost taken away so young. And it was. But what made it really hard was Mom still having to work while she drove over an hour each way, every day from the hospital and take care of us kids.

We had an insurance plan that we thought would cover us, but it didn’t.

Yet, I still believe we all need an insurance plan. But we need better education around it.

Money wouldn’t have made my Dad’s stroke any less severe nor would it have brought him home sooner. But it would’ve made the situation easier to handle. 

It would have helped with the burden of planning childcare, it would’ve given us more resources to run my Dad’s business while he was recovering, and it would have given my Mom time off of work to manage this all.

Our family and friends were incredibly generous in how many ways they helped, but there’s only so much they can do.

This story has no request for sympathy but I hope it’s a reality check to look into your own family emergency plan.

Stats Canada says “Among working-age adults, 28% of those with more severe disabilities were living below Canada’s official poverty line (based on the Market Basket Measure), compared with 14% of those with milder disabilities and 10% of those without disabilities.”

Get Disability Insurance. It’s a flexible product and a lifesaver.

Regardless of your situation, please contact an insurance agent or broker to look over your options. 

You won’t know how badly you need it until it’s too late.

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How to Know if You’re Talking to the Right Insurance Agent

There’s one simple mistake that a lot of us make when we start looking into an insurance policy – we think each insurance agent sells all kinds of insurance. And us agent aren’t great at clearing this up from the beginning. So, here’s a very basic explanation on how it works!

There are 2 categories of insurance: People (Personal) and Things (General).

General Insurance Agents can cover you for much more than just things, but the concept makes it easy to understand. They sell car insurance, house insurance, liability coverage, prepare for expensive emergencies, etc. They’ll help you cover things you can touch, expensive emergency situations (like hotel expenses after a house fire), and situations where you could be liable. There are levels of Insurance licenses the agent will be in depending on how many programs they choose to take. The more programs they take, the more coverage they can offer you.

Personal Insurance Agents can help you protect your ability to make money. If you’re too hurt or sick to work, or if you pass away, you’re not bringing in an income. Taking care of yourself while you’re disabled or paying for funeral expenses will also COST money. Personal Insurance Agents look at what you already qualify for – from Government Benefits to Employee Benefit Plans –  and find an insurance plan that works for you.

Insurance agents want to help. So if you’re ever confused on whether you’re talking to the right ‘type’ of agent, just ask them!

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What Is Insurance For?

Today we’re talking about what Insurance is for.

Insurance covers a loss.

To keep this simple, there are 2 kinds of insurance: one covers people and the other covers things. Today, we’re going to talk about people.

Life Insurance is usually brought up when you buy your first house or start to grow your family. It’s the most common kind of personal insurance. When you pass away, it helps your family cover funeral expenses, end of life taxes, the mortgage, or just the fact that you won’t be bringing in money.

The lesser known personal insurance is Disability Insurance. I’m most passionate about this type because of my own experience(s) not having it. But, again, it helps with the loss of a paycheck. It’s used when you’re too sick or hurt to be able to go to work and pays a percentage of the money you would’ve received from a paycheck. It helps with bills that come up because you’ve been hurt, like medical expenses or child care. Disability Insurance is for covering your missed income because, most likely, your spouse isn’t going to be able to cover both their income and your missing income.

Of course, this isn’t everything you need to think about, but sitting down with a Life Insurance Broker will help with that. They’ll be able to help you make a plan and can’t charge for that time, so it’s FREE!

I hope this helps in some way. If you still have a question, please feel free to reach out!

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