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Posts from the ‘Insurance’ Category

Jan 8

Doing the Perm / Term Squirm Part 2: An Introduction to Permanent Life Insurance

If you’ve read my first article in this series, you probably know more than you really want to know about term life insurance. It’s now time to talk about the other side of the equation: permanent coverage. To recap, while term insurance is a simple tool with a few add-on features, permanent life insurance is like a swiss army knife that can do pretty much everything except make your bed and laugh at your jokes. Of course, whether this is worth the extra costs that can go along with these features and whether it is the best tool for your situation is an entirely different question. Sometimes, permanent life insurance can be a game changer. Sometimes, it can do a pretty good job but there might be other products or solutions that do an even better one. Sometimes, the wrong permanent policy can even leave you worse off than when you started. This article (and my ensuing) articles are designed to help you make informed insurance choices.

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Nov 26

The Perm / Term Squirm: Deciding Between Permanent and Term Life Insurance Policies Part 1 – Term Life Insurance

Just so you know, I’m a big fan of life insurance, both permanent (“perm”) and temporary (“term”) policies. On the other hand, it is also important to pick the right policy for the report; sometimes a perm policy with lots of bells and whistles is the perfect solution but in others, buying a simple, inexpensive term policy is the way to go. In the end, it’s about figuring out what policy fits your needs and budget, rather than your advisor’s. Just don’t automatically assume that your insurance agent is on the take if she sings the praises of universal life or he extolls the merits of a participating whole life policy.

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Nov 19

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Maximizing Your Charitable Donations: Give Like Santa, Save Like Scrooge

Most of us that donate don’t do it for the tax savings. Although there are some tax benefits to funding cancer research or donating to a charity for disadvantaged youth, it’s seldom about the money; we give because we want to make a difference. On the other hand, if our government offers tax relief to reward our charitable intention, it seems to me a little churlish to not take them up on their offer. The rest of this article explains how to do just that.

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Aug 5

Who Gets the Airmiles? Changes to Who Gets What When a Relationship Fails in B.C.

Although most marriages commence with a ceremony where both partners solemnly vow, “until death do we part,” life sometimes has other ideas. As a lawyer, financial planner and divorce survivor, I know far more about the law in British Columbia on how assets are divided when love is replaced by other far less pleasant emotions . . . or at least I did until the rules changed a few months ago.

Fortunately, I’ve been able to bone up a bit since then, although no one really knows what some of the new rules really mean until they have been given a good test drive by the courts. With this giant caveat firmly established, here is a hopefully brief summary of some of the new rules that apply to financial matters and how they will affect spouses and common law partners who are no longer quite so fond of the sight of each other.

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