Buying Financial Insurance Policy in Canada

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Buying Financial Insurance Policy in Canada

Today people are much more afraid of living too long; not dying too soon. A steady increase in life expectancy has individuals more alarmed about outliving their money than dying prematurely
Far fewer Canadians are buying life insurance compared to 3 decades ago, and the industry must take steps to simplify products and engage younger consumers in order to boost sales,
Part of the reason that fewer Canadians are buying insurance, according to Kerzner, has been the steady increase in life expectancy over time. 75 percent of people who died before the age 65 In 1900; whereas today, 70% of people live past age 65.


One more main reason that people do not buy insurance, according to research by LIMRA, is that they believe they can’t pay for it. In reality, however, that is likely not the case: when asked what they think insurance costs, many consumers cited premiums 3 to 4 times higher than the actual cost, Further reasons that Canadians are not buying insurance include lack of knowledge, competing financial priorities and procrastination.
Look, if you have somebody who doesn’t have a health insurance, who doesn’t have a dentist or a doctor, and in order to deal with their dental or cold or flu problem, they go to an emergency room – in general, that visit will cost ten times in excess of walking into a community health center.
If you are a citizen of Canada and have been in the workforce for a decade or more, then you have to know that your income purchases less today than first year of your working career. Price rises is a part of our society and while our government try to continue to undervalue our money by printing more and more of it, inflation will certainly continue. This is not only a Canadian concern though. All around the world people are feeling the effects of inflation because of too much money printing; but more on that another time. The long-and-short-of-it all is this: your money will carry on to buy less as the years go by.

A swift 100-year calculation using the (BoC) Bank of Canada. Inflation calculator showed the cost of a fixed “basket” of consumer purchases in 1915 was $100.00. At the end of 2015 that cost was $2,083.61. In recent times, over the last 10 years prices have gone up 18.01%. Has your income gone up by the same or greater?
The answer is possibly, No.
Whether you are a six-figure earner or you make 30k in a year, your “MONEY” is losing BUYING POWER. There are several ways that you can defend your money from deflation but we will talk about two common options people take.
Option one is the stock market; put a lump of your savings into an assortment or portfolio and observe what happens. Sounds like gambling to me. But if you are prepared to leave your finances up to other factors (and people) except your own due diligence, then placing your valuable money into stocks may be a good fit for you under the following two conditions:
1. You have the stomach for volatility and,
2. Your principal objective is to see a considerable return in a short period of time… expectantly.
Another option, and this likely to be the easiest and selected mostly, is to open a bank SAVINGS ACCOUNT. No disturb involved; very soon open the account, come to a decision how much you want to save and how often, put it on auto-pilot and just watch your savings develop.
In today’s economy, bank savings accounts are not a possible savings vehicle. Most of the interest rates offered are earning below inflation rates. The miserable truth is many savers make a future taking out only to comprehend that they have lost money on an after-inflation basis.
So, what do you do if you are not savvy and confidence investor?
Buy financial insurance.
We have several insurance for almost every aspect of our lives however insurance is something many of us hopes we never need to use.
Getting financial insurance in Canada, or anywhere else for that subject, is putting your money into a vehicle that is protected long-standing from the ups and downs of the unstable economy.
Buying financial insurance safeguard your buying power and also provides a evade against inflation.
The global economy is changing but only economy that should subject to you is yours.
Seeing modern health care from the other side, I can say that it is obviously not association for the patient. It is frequently a unfortunate arrangement for doctors as well, but that does not alleviate how small the system accounts for the patient’s best interest. Just when you are at your weakest and least experienced to make all the phone calls, traverse the maze of insurance, and plead for health-care referrals is that 1/one time when you have to your life may depend on it.
Social Security is a social insurance program – it is not designed to be the same thing as a 401(k).
Life insurance became popular and accepted only when insurance companies stopped emphasizing it as a good investment and also sold it as a substitute as a symbolic commitment by fathers to the future well-being of their families.
The insurance industry must try and make things easier products in order to make them easier to realize, understand, and less intimidating, said Louise Mitchell, senior vice president, life and health, TD Insurance.
To successfully engage younger consumers, industry must utilize latest channels of interacting with clients, for example online chat tools and social media. However, Kerzner said the industry must not ignore the traditional face-to-face delivery channel in pursuing younger clients.

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