Financial Protection Education

TFSA, RRSP or FHSA? Follow the money in and out

The tax treatment of a contribution is only half the comparison. Withdrawals, replacement room and the date you need the money can change the decision.

Segregated funds and mutual funds: what the insurance guarantee costs

Both can hold investments that rise and fall. A fair comparison follows the underlying assets, the insurance guarantees, the fees and the date you may need to withdraw.

A segregated fund guarantee has a date, a percentage and a calculation

A 75% or 100% guarantee applies under specific conditions. Withdrawals, resets and the annuitant’s death can each change how much is payable and when.

Mortgage life insurance: who gets paid, and what happens when you move?

Compare the beneficiary, benefit amount, underwriting and portability before treating mortgage creditor coverage and an individual life policy as interchangeable.

Short-term disability: how much of your pay would actually arrive?

The replacement percentage is only the start. A waiting period, weekly cap, taxes and the transition to longer-term benefits can change the amount available for bills.

Long-term disability: the definition that can change an ongoing claim

A plan may assess your ability to do your own occupation first, then apply a broader test. Read that transition alongside benefit limits, offsets and return-to-work provisions.

Critical illness insurance: why a diagnosis may not trigger a payment

The covered-condition definition, exclusions and timing requirements determine a claim. A familiar medical name on a brochure is only the beginning of that review.

Five places disability income may come from, and why the totals may shrink

Sick leave, workplace plans, individual insurance, government benefits and savings can all contribute. Eligibility, timing and offsets determine what can actually be combined.

Final expense insurance: compare the benefit with the bill and the premiums

A small permanent policy may help with death-related costs. Its underwriting, early benefit restrictions and long-term premium commitment deserve the same scrutiny as larger coverage.

Whole life insurance: separate the guaranteed values from the illustration

The premium schedule, surrender values and dividend assumptions answer different questions. Read each before treating a whole life policy as an accessible pool of savings.

Term or whole life? Start with how long the financial obligation lasts

A temporary income-replacement need and a lasting estate need can call for different analysis. Compare the amount, duration and premium commitment before choosing a product label.

Before buying critical illness insurance, put a recovery budget on paper

Start with the expenses and income changes a serious illness could create. Then compare existing resources with the specific events a policy would cover.

Incorporated professional reviewing pension-plan paperwork at a home office desk

Individual pension plans: a retirement promise with a funding obligation

An IPP is an employer pension arrangement, not a universal extra RRSP allowance. Salary, service, actuarial work and the company’s ability to fund the plan shape the comparison.

Life insurance for children: what is covered now, and what can be bought later?

An existing death benefit, a future purchase option and cash values are separate features. Each has limits that should be weighed alongside the household’s other financial needs.

Financial protection education

Money matters explained