Debbie Guy - Life and Health Insurance Advisor

Cottages are amazing places where generations of families gather and build memories together. Unfortunately, it is about to get more expensive to keep the cottage in the family. Here is a blog about the proposed changes to the capital gains inclusion rate and how it affects the family cottage.
https://dglifeinsurance.ca/changes-to-the-capital-gains-inclusion-rate-how-does-that-affect-the-family-cottage/

Happy New Year!
The kids are back at school, and we are getting back our regular routines and maybe some new ones. It is the new year and there is no better time than now to start thinking about protecting your family and to make getting life insurance a priority. Purchasing life insurance often gets moved to the bottom of your “To Do” list. Discussing your mortality and life insurance is often uncomfortable for many people. If you reframe your thinking, it can help to initiate the conversations that need to happen.
Life insurance can have numerous functions depending on the type of coverage you choose. The death benefit provides a tax-free lump sum of money to your loved ones. This can help protect your family financially in the event of your death. Life insurance can also be used to protect and preserve the wealth and assets (like vacation properties) you have earned. As well, it can act as an investment tool to provide you a return after certain period of time. Accumulated savings in specific life insurance products can be sheltered from tax if they form part of the death benefit or tax deferred if withdrawn prior to death within government limits.

Why it is important to buy life insurance now:
• Things could change in your health at any time and make you ineligible to purchase life insurance or make purchasing life insurance more costly in the future.
• Insurance premium rates increase with increase in age (the younger you are the more affordable the cost). It is a good idea to lock in your rates when they are low.
• In the worst-case scenario, you could pass away with no coverage in place. Your family would then have no financial protection, this could cause them significant financial and emotional stress.

What if you can’t afford that much now?
Often people’s budgets can limit the amount of insurance they can purchase, especially when you are younger and just starting out in your career. It is important to know that you can always revisit your policy and change or increase the amount and type of coverage in the future. Term life insurance is very inexpensive at a young age (less than a dollar a day) and can be converted to permanent insurance in the future. It is better to have some protection now versus none at all.

Talk to a life insurance advisor now to find the right solution for yourself. Don’t wait. Cross “purchasing life insurance” off your “To Do” list today.