Life Insurance
Seventeen articles on life insurance in Canada, from how much you need to how each type of policy actually works.
How Much Life Insurance Do I Need? A Needs-Analysis Guide
A plain-language Canadian guide to figuring out how much life insurance you need. The needs-based approach, why rules of thumb fall short, and the four categories to weigh.
Are Life Insurance Payouts Taxable in Canada?
A plain-language Canadian guide to whether life insurance payouts are taxable. The general tax-free rule for death benefits, and the narrow exceptions that can trigger tax.
Corporate-Owned Life Insurance and the Capital Dividend Account
A plain-language Canadian guide to how corporate-owned life insurance and the Capital Dividend Account work: the notional account, the ACB credit, and the tax-free capital dividend.
Funding a Shareholder Agreement with Life Insurance
A plain-language Canadian guide to funding a shareholder (buy-sell) agreement with life insurance: the problem it solves, criss-cross vs. corporate structures, and the tax layer.
Joint Life Insurance in Canada: First-to-Die vs Last-to-Die
A plain-language Canadian guide to joint life insurance. How first-to-die and last-to-die policies work, what they do well, their real limitations, and how they compare to two individual policies.
Key Person Insurance: Protecting Your Business
A plain-language Canadian guide to key person insurance. What it is, why a business needs it, how the corporation owns and receives it, and the tax picture.
Life Insurance and Divorce in Canada: What to Review
A plain-language Canadian guide to life insurance when a relationship ends: beneficiary designations, irrevocable beneficiaries, court-ordered coverage, and why Quebec's rules differ.
Naming a Beneficiary: Individual vs Estate
A plain-language Canadian guide to naming a life insurance beneficiary. Naming a person vs your estate, probate and creditor effects, minors, and Quebec's Civil Code rules.
Participating Whole Life vs Universal Life Insurance: A Plain Comparison
A plain-language comparison of participating whole life and universal life insurance in Canada. How each is structured, who bears the investment risk
Renewing a Term Life Policy in Canada: Pitfalls to Avoid
A plain-language Canadian guide to renewing a term life insurance policy. Why premiums jump, guaranteed renewability, your four choices at term-end, and the conversion deadline.
Term vs Permanent Life Insurance: How to Choose by Age
A plain-language Canadian guide to choosing between term and permanent life insurance. The core difference, what each does best, and how to match coverage to your stage.
The Life Insurance Contestability Period in Canada Explained
A plain-language Canadian guide to the two-year contestability period in life insurance. What it is, why it exists, what it means for honest applicants, and how to make sure a claim is paid.
The Life Insurance Medical Exam: What to Expect
A plain-language Canadian guide to the life insurance medical exam: why insurers ask for one, what the paramedical visit involves, what's tested, and how to prepare.
Universal Life Insurance in Canada: Premium Flexibility and Investment Options
A plain-language Canadian guide to universal life insurance. How premium flexibility works, the investment-linked account options, the risks, and how it differs from whole life.
Using Life Insurance to Cover Capital Gains Tax at Death
A plain-language Canadian guide to using life insurance to cover the capital gains tax at death. The deemed disposition, why the cottage is exposed, and the forced-sale problem.
Whole Life Cash Surrender Value Explained
A plain-language Canadian guide to whole life cash surrender value. How it differs from cash value, why early values are low, what's guaranteed, surrender as a last resort, and tax.
Whole Life Dividend Options: Understanding Your Participations
A plain-language Canadian guide to the four dividend options on a participating whole life policy: cash, premium reduction, accumulate at interest, and paid-up additions.