“How much coverage is enough?” is one of the most common questions asked by someone considering life insurance. The problem is, there isn’t really a universal solution for everyone – rather, it depends on a wide range of factors, including your age, income, expenses, dependents and overall financial status. According to CNN Money, one rule of thumb people consider is to purchase a policy where the death benefit is 7-10 times the amount of their annual salary. However, CNN quickly recognizes that this rule of thumb is just that – it lacks accuracy. A more appropriate approach is to look at it from the reverse perspective – how much in household expenses your dependents need you to cover and approximately how long. In a Gen Y Money Q&A, The Globe and Mail explored a scenario with this approach: “…if your family needs you to cover at least $2,800 a month...
When a loved one passes away and leaves behind an inheritance, the decision of what to do with the windfall is often a very difficult one to make. While everyone has a unique financial situation, here are a few potential routes you can take to make the best use of your loved one’s. Pay off debt More often than not, reducing or eliminating your debt is the safest and most effective use of an inheritance. In the event that you have various debts, or various options for using your inheritance, consider prioritizing debt with the highest interest rate first – credit cards, car loans, etc. Depending on the type of debt you’re carrying and the other options available to you, you may also consider paying a smaller portion of debt off and utilizing some of your inheritance elsewhere. Help your children If you have children who are dependent,...
According to the Heart and Stroke Foundation’s 2014 Report on the Health of Canadians, 9 out of 10 people carry at least one risk factor for heart attack and stroke. Beyond heart-related cases, there are a myriad of potential medical emergencies that can happen at home, work, school – anywhere. Consider these five ways to be more prepared for medical emergencies: Establish emergency contacts Everyone in your household should have easy access to a comprehensive list of contact information for anyone who should be notified or consulted in the event of a medical emergency. Doctors, your provincial telehealth line (if available), your provincial poison control centre, nearby family and friends and workplaces. If you or someone you are with is experiencing a medical emergency that may be life threatening, do not hesitate to dial 9-1-1. Keep track of medication, allergies, and medical conditions If you or anyone in your household...
In the event there is a strike by the Canadian Union of Postal Workers, we will endeavor to provide continuous service to our Districts, policyholders and partners. Please read the following information to help you manage your account and to help ensure minimal disruption in service should a strike should occur. If you need to: Submit a form, change request or claim to Teachers Life Insurance: please send us the information by courier, email at insuring@teacherslife.com, or fax (416-620-6993). Make an annual payment: please register or log into the Members Site to make a convenient one-time payment by credit card. To get rebates, update your address and/or email, and access Beneficiary Change forms log into the secure Members Site. If you have further questions regarding the possibility for interrupted service, or are expecting information from Teachers Life, such as policy documents or a Premium Due Notice please contact us...
