Search Blogs
    • How much coverage is enough?
    • Date: December 20 , 2018
    • “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...
    • Continued
    • Money after life: What to do with an inheritance
    • Date: November 21 , 2018
    • 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,...
    • Continued