Given the problems encountered by some large financial institutions in the United States, how concerned should we be about the state of the life insurance industry in Canada? It is a fact that over the past decade the number of life insurance companies operating in Canada has decreased dramatically. This decrease is mainly due to the mergers and acquisitions of the existing companies. For example, those individuals who maintained policies issued by Maritime Life, Commercial Union, North American Life, or Aetna Life, now find themselves insured by Manulife Financial. Today, insurance is one of the most closely regulated industries in Canada. Unlike the United States, in Canada, there is a government organization that supervises all of the federally incorporated and foreign insurers to ensure that these companies operate in a prudent manner. This organization is the Office of the Superintendent of Financial Institutions (OSFI). For those companies that are provincially chartered their oversight is provided by the province in which they do business. The major life insurance companies are federally regulated by OSFI.
Most parents feel strongly about ensuring that their children are treated equally in their will. For many, this is a moral obligation, and, on the surface that would seem easy to accommodate. Often, however, this is not the case. Most estates are not totally liquid at the death of the testator and some assets are harder to divide than others. This is particularly true when a family business is involved, especially when many business owners have up to 80% or more of their wealth tied up in the family enterprise.
40% of Canadian women and 45% of men will develop cancer during their lifetime
In 2005, cardiovascular disease (heart disease, diseases of the blood vessels and stroke) accounted for 31% of all deaths in Canada
Advances in medical science means that you have a better chance of surviving a critical illness. However, a critical illness often is accompanied by a huge financial burden to you and your family. Read more
While most business owners realize the benefits of corporate-owned insurance, many do not realize that flexible life insurance products such as universal life can provide them with the protection they need as well as a source of cash for business purposes.
This information is designed to educate and inform you of financial strategies and products currently available. As each individual's circumstances differ, it is important to review the suitability of these concepts for your particular needs with a Qualified Financial Advisor.