Life insurance is an essential insurance coverage that helps reduce financial burdens or save as savings for your beneficiary upon death. However, there have been questions about whether it is possible to borrow against life insurance Canada. It was ascertained that it is possible, but you can’t do that for all types of life insurance….
Is cash surrender value of life insurance taxable in Canada? There is no direct yes or no to the question. The cash surrender value can be tax-free and become taxable under certain circumstances. The time you receive the cash value and how you receive it determines whether it will be taxable. In this article, we…
Most medically required surgery in Canada are covered. Weight loss surgery is a major one, and some wonder if it is covered by insurance by the Canadian public health system or private companies. We will carefully explore the answer to the question, “Is weight loss surgery covered by insurance in Canada.” Is Weight Loss Surgery…
Can you borrow against your life insurance in Canada? Do you have life insurance and wonder if you can borrow it? There are two major types of life insurance in Canada: term life insurance and permanent life insurance, and they both differ in a certain way. Can you borrow from both life insurance policy types?…
If you have a dependent, one way or the, you will need to get life insurance. A LIMRA study stated that 12.6 million households in Canada own life insurance. One of the questions most Canadians planning to get life insurance ask is, “How does life insurance work in Canada.” We will explore how life insurance…
Are you asking, does life insurance pay for suicidal death in Canada? The answer isn’t straightforward, and it’s kind of complicated. I implore you to carefully read through the article as I will carefully explain if life insurance pays for suicidal death in Canada and the conditions behind it. Suicide in Canada According to statistics,…