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Life insurance in Canada: find the best policy for you

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Life insurance is a way to protect your family and future. It can do that by helping pay for funeral expenses, loans, debts, or other financial needs after you’ve passed away. Life insurance can also help keep your loved ones financially stable in the event of unexpected expenses associated with losing someone close to them.

What is life insurance?

Life insurance is a financial product that pays out a lump sum to your beneficiaries in the event of your death. It’s a way to protect your family’s future, pay for funeral costs and debts, and help ensure that you don’t leave them with empty pockets after you’re gone.

Types of life insurance

There are two main types of life insurance: term and whole.

Term insurance is a temporary policy that you pay premiums on until you need it, and then it expires. When your term policy expires, all the money in it goes back to the insurer (and usually into their pockets), so there’s no cash value built up over time like with a permanent policy.

Whole life policies are permanent plans where the money you’ve paid into them stays invested in order to grow larger over time. They’re more expensive than other types because they offer better protection against financial loss but less flexibility when making future payments—you can’t change coverage or stop paying premiums without canceling your policy completely.

Permanent and term life insurance

Permanent insurance is a long-term plan and term insurance is a short-term plan.

  • Permanent Life Insurance: This type of life insurance is generally the most expensive, but it offers more flexibility than any other type of coverage. You can use this money to buy a house or pay for college tuition without worrying about having to start over with another policy after you die. It also gives you peace of mind knowing that your loved ones will be taken care of even if something happens to you unexpectedly.
  • Term Life Insurance: If your plan only covers up to age 65, then it’s considered term coverage (also known as whole life). This type typically costs less than permanent policies because they’re shorter in duration—they will expire upon reaching age 65 or upon death, whichever comes first.*

How much money do you need for life insurance?

It’s important to know how much life insurance you need. This will depend on your age and family situation, as well as your risk tolerance.

It’s also important to keep in mind that the amount of money you need for a term policy depends on your financial goals. For example, if someone has young children or is still living at home with their parents after college graduation, they may be better off with a higher payout than someone who already has children and needs the cash for retirement expenses.

The amount of money needed depends on several factors:

  • Your age – The older you are when applying for coverage (and later renewing it), the lower amount of coverage is likely necessary because most carriers do not offer long-term policies past age 65. However, some carriers will allow younger applicants up until age 75 before making them ineligible for further coverage; this should always be explained when looking into various options available through companies like AIG Insurance Services Canada Inc..

How much does life insurance cost?

How much does life insurance cost?

The price of your policy depends on several factors, including:

  • Age and health
  • Lifestyle (living alone or with roommates)
  • Family history of heart disease, cancer, or diabetes.

You can get the right amount of coverage at an affordable price by shopping around.

With so many different policies available, it can be difficult to know where to start. To help you on your way, we’ve created a list of tips that will help you get the right amount of coverage at an affordable price.

First things first: compare prices and features. If two companies offer similar plans but have different premiums, they may still be charging more than their competitors do because they have additional features or benefits that weren’t included in their base rate (the amount charged per month). Ask for specific quotes from each company—including any extras such as life insurance substitutes or annuities—and see how much these add up before deciding which one is best for your needs and budget.

Another great way to save money is through direct-to-consumer sales channels like websites or agents who sell plans directly through thematic portals such as PolicyGenius (for seniors) or Jetcost (for millennials). These sites allow consumers access to information about all types of products without paying extra fees; however, these options don’t always include all possible options within each category so make sure there aren’t any hidden costs before making an investment decision!

Conclusion

Life insurance is an important part of your financial plan. It can help you pay for expenses after your death, like funeral costs and taxes, as well as provide for your loved ones in case something happens to you before retirement age or if illness keeps you from working at all. If you get the right amount of coverage at an affordable price by shopping around, then it’s worth every penny!

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Canada’s Denis Shapovalov wins Belgrade Open for his second ATP Tour title

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BELGRADE, Serbia – Canada’s Denis Shapovalov is back in the winner’s circle.

The 25-year-old Shapovalov beat Serbia’s Hamad Medjedovic 6-4, 6-4 in the Belgrade Open final on Saturday.

It’s Shapovalov’s second ATP Tour title after winning the Stockholm Open in 2019. He is the first Canadian to win an ATP Tour-level title this season.

His last appearance in a tournament final was in Vienna in 2022.

Shapovalov missed the second half of last season due to injury and spent most of this year regaining his best level of play.

He came through qualifying in Belgrade and dropped just one set on his way to winning the trophy.

Shapovalov’s best results this season were at ATP 500 events in Washington and Basel, where he reached the quarterfinals.

Medjedovic was playing in his first-ever ATP Tour final.

The 21-year-old, who won the Next Gen ATP Finals presented by PIF title last year, ends 2024 holding a 9-8 tour-level record on the season.

This report by The Canadian Press was first published Nov. 9, 2024.

The Canadian Press. All rights reserved.



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Talks to resume in B.C. port dispute in bid to end multi-day lockout

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VANCOUVER – Contract negotiations resume today in Vancouver in a labour dispute that has paralyzed container cargo shipping at British Columbia’s ports since Monday.

The BC Maritime Employers Association and International Longshore and Warehouse Union Local 514 are scheduled to meet for the next three days in mediated talks to try to break a deadlock in negotiations.

The union, which represents more than 700 longshore supervisors at ports, including Vancouver, Prince Rupert and Nanaimo, has been without a contract since March last year.

The latest talks come after employers locked out workers in response to what it said was “strike activity” by union members.

The start of the lockout was then followed by several days of no engagement between the two parties, prompting federal Labour Minister Steven MacKinnon to speak with leaders on both sides, asking them to restart talks.

MacKinnon had said that the talks were “progressing at an insufficient pace, indicating a concerning absence of urgency from the parties involved” — a sentiment echoed by several business groups across Canada.

In a joint letter, more than 100 organizations, including the Canadian Chamber of Commerce, Business Council of Canada and associations representing industries from automotive and fertilizer to retail and mining, urged the government to do whatever it takes to end the work stoppage.

“While we acknowledge efforts to continue with mediation, parties have not been able to come to a negotiated agreement,” the letter says. “So, the federal government must take decisive action, using every tool at its disposal to resolve this dispute and limit the damage caused by this disruption.

“We simply cannot afford to once again put Canadian businesses at risk, which in turn puts Canadian livelihoods at risk.”

In the meantime, the union says it has filed a complaint to the Canada Industrial Relations Board against the employers, alleging the association threatened to pull existing conditions out of the last contract in direct contact with its members.

“The BCMEA is trying to undermine the union by attempting to turn members against its democratically elected leadership and bargaining committee — despite the fact that the BCMEA knows full well we received a 96 per cent mandate to take job action if needed,” union president Frank Morena said in a statement.

The employers have responded by calling the complaint “another meritless claim,” adding the final offer to the union that includes a 19.2 per cent wage increase over a four-year term remains on the table.

“The final offer has been on the table for over a week and represents a fair and balanced proposal for employees, and if accepted would end this dispute,” the employers’ statement says. “The offer does not require any concessions from the union.”

The union says the offer does not address the key issue of staffing requirement at the terminals as the port introduces more automation to cargo loading and unloading, which could potentially require fewer workers to operate than older systems.

The Port of Vancouver is the largest in Canada and has seen a number of labour disruptions, including two instances involving the rail and grain storage sectors earlier this year.

A 13-day strike by another group of workers at the port last year resulted in the disruption of a significant amount of shipping and trade.

This report by The Canadian Press was first published Nov. 9, 2024.

The Canadian Press. All rights reserved.



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The Royal Canadian Legion turns to Amazon for annual poppy campaign boost

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The Royal Canadian Legion says a new partnership with e-commerce giant Amazon is helping boost its veterans’ fund, and will hopefully expand its donor base in the digital world.

Since the Oct. 25 launch of its Amazon.ca storefront, the legion says it has received nearly 10,000 orders for poppies.

Online shoppers can order lapel poppies on Amazon in exchange for donations or buy items such as “We Remember” lawn signs, Remembrance Day pins and other accessories, with all proceeds going to the legion’s Poppy Trust Fund for Canadian veterans and their families.

Nujma Bond, the legion’s national spokesperson, said the organization sees this move as keeping up with modern purchasing habits.

“As the world around us evolves we have been looking at different ways to distribute poppies and to make it easier for people to access them,” she said in an interview.

“This is definitely a way to reach a wider number of Canadians of all ages. And certainly younger Canadians are much more active on the web, on social media in general, so we’re also engaging in that way.”

Al Plume, a member of a legion branch in Trenton, Ont., said the online store can also help with outreach to veterans who are far from home.

“For veterans that are overseas and are away, (or) can’t get to a store they can order them online, it’s Amazon.” Plume said.

Plume spent 35 years in the military with the Royal Engineers, and retired eight years ago. He said making sure veterans are looked after is his passion.

“I’ve seen the struggles that our veterans have had with Veterans Affairs … and that’s why I got involved, with making sure that the people get to them and help the veterans with their paperwork.”

But the message about the Amazon storefront didn’t appear to reach all of the legion’s locations, with volunteers at Branch 179 on Vancouver’s Commercial Drive saying they hadn’t heard about the online push.

Holly Paddon, the branch’s poppy campaign co-ordinator and bartender, said the Amazon partnership never came up in meetings with other legion volunteers and officials.

“I work at the legion, I work with the Vancouver poppy office and I go to the meetings for the Vancouver poppy campaign — which includes all the legions in Vancouver — and not once has this been mentioned,” she said.

Paddon said the initiative is a great idea, but she would like to have known more about it.

The legion also sells a larger collection of items at poppystore.ca.

This report by The Canadian Press was first published Nov. 9, 2024.

The Canadian Press. All rights reserved.



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