Living Benefits

How Young Professionals Can Set Themselves Up for Financial Success

Starting your professional career can be equal parts exciting and terrifying. Having a steady stream of income for the first time is a great feeling but knowing what to do with the money can be confusing. Below are 5 strategies that all young professionals should employ to make sure their finances stay on track.

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Critical Illness Insurance

More and more Canadians concerned about the financial costs of major disease are turning to Critical Illness Insurance to gain peace-of-mind and protect their savings.  Critical Illness Insurance provides a lump sum payment to the beneficiary who has contracted or suffers from a major disease. This allows them to “soldier on” in the short-term and pursue treatment without the concern over immediate expenses.

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The Importance of Critical Illness Insurance in Retirement Planning

There are a number of obstacles that could potentially de-rail a comfortable retirement. These include marriage breakdown, a stock market crash, and being sued. Another huge obstacle would be the diagnosis of a life threatening critical illness affecting you or your spouse. While it might be difficult to insulate yourself against some of the threats to retirement security, Critical Illness insurance goes a long way to mitigate the financial disaster that could result from a change in health as we approach retirement.

Considering that the wealth of many Canadians is comprised of the equity in their homes and the balance of their retirement plans, having to access funds to combat a dreaded illness could put their retirement objectives in jeopardy. Imagine that you are just a few years into or approaching retirement and you or your spouse suffers a stroke. The prognosis is for a long recovery and the cost associated with recovery and care is projected to be substantial. Statistics show that 62,000 Canadians suffer a stroke each year* with over 80% surviving* many of whom would require ongoing care. Since 80% of all strokes happen to Canadians over 60 those unlucky enough could definitely see their retirement funding jeopardized.

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The importance of including family caregivers in the cost of cancer

Employers must acknowledge the role of family caregivers to get a true picture of the costs of cancer care, according to a University of Alberta …

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Workers unprepared for financial impact of disabilities

Most Canadian workers would suffer severe financial hardship if they were forced out of work with a disability. In fact, 76% believe that should they …

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Five Financial Products You Should Own

By Brenda Spiering 1. Registered Retirement Savings Plan (RRSP) As soon as you begin your working life, you should have a Registered Retirement Savings Plan …

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Protecting Your Family

Let’s face it, raising a family today can be financially challenging.  The cost of living continues to increase, housing costs are rising along with education …

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Caring for Aging Parents

Canadians aged 85 and over represent the fastest-growing segment of the senior population. Start thinking about how you’ll care for your loved ones in this …

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1 in 3 Canadians Will Become Disabled Before the Age of 65

What you need to know about your Group Long Term Disability Having a source to replace your earned income in the event of an illness …

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Start a family conversation about elder care

BY David Wm. Brown and Sarah Brown Starting a conversation about someone’s age is a sure way to be the least popular person in the room. …

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