Parents across Canada will be sending their children off to college or university in a few short weeks. For many, this will be the first time their child is leaving home. When considering what your child needs before they leave home, you may want to consider buying them a life insurance policy if they are not already insured.

Purchasing a policy for a young adult has certain advantages. By purchasing life insurance when you are healthy, you can take advantage of cheaper premiums. If you choose to purchase whole or universal life insurance coverage, you are also starting a solid financial investment for your child. This will give your child a head start on an investment plan for their future. You can also choose term life coverage, which will cover the debts incurred by your child in case of death.

While most government student loans will be forgiven in the event of an unexpected death, students generally have other debts that will not be. The majority of young adults incur debt in the form of credit cards, car loans, etc. that will still be owed. Term life coverage can offset these debts, as well as funeral expenses. Parents can purchase a term life policy which will cover their child during their university/college years until the child is in the workplace and able to afford their own insurance.

Buying whole life insurance for your college-aged child has a lot of advantages. Acquiring coverage while the insured person is in good health means that the premiums will be lower. The premiums for whole life cover can also be spread out over a long period of time. A parent can therefore cover the costs while their child is in school, and then allow the child to take over the payments. This will give your child the advantage of lower premiums because it was bought early on. Whole life policies also have a cash value, so your child will have a head start on financial planning. This can be especially helpful throughout your child's life.

You may also want to consider the benefits of purchasing universal life coverage. This will allow you to obtain coverage for your child which is flexible. Your child can adjust his/her policy as their needs dictate, such as getting married, having children, buying a home, etc. This type of life insurance allows your child the benefits of having a policy that builds up cash value, but is less rigid than whole life.

It is advisable to discuss these options with your child to determine which type of policy fits their needs and your budget. Take advantage of their current good health status, in order to save them money in the future. Consult with one of our representatives who can assist you with any questions or concerns.

As wedding season is here, many couples are facing not only decisions about wedding planning, but also about how to spend their money as a married couple. Combining finances and financial planning can be a tricky and daunting task. It is important for every couple to sit down and thoroughly discuss financial issues before combining their finances and agree on common financial goals.

Combining your finances with someone else brings with it new responsibilities and concerns. The money you spend is no longer just "yours", rather it now "ours", making you accountable to another person regarding your spending habits. Worrying about someone else's spending can be stressful, especially when it doesn't conform to your idea of how to spend joint money. In order to make this financial transition a little smoother, we’ve included some helpful ideas regarding shared money.

• Establish 3 bank accounts. With this system, each person has their own bank account, plus a joint account for household expenses, etc. This allows the couple to both contribute to the relationship, while maintaining some financial independence. Decide how much money each of you will contribute to the joint account every pay period, with the remaining balance to go into your personal account. You can also set up a fourth account, for joint savings if you wish.
• Decide on a budget as a couple. Make sure that your financial priorities are the same; one person may want to save for a house, while the other wants an expensive vacation, or new vehicles every few years. Devising a budget as a couple means that you must first decide on how much to save, what you are saving for, etc. Only after you decide what percentage of your incoming money you plan on saving can you then divvy up the rest.
• Discuss issues such as children, retirement, etc. Having children is not only a major step in life, but brings with it certain financial issues. Your financial planning for the future will be a lot easier if you have an idea of when you plan on having children, how much you plan on saving for future education, etc. Retirement is also a major event that requires certain financial planning to be put in place early. By discussing these issues early on, you can avoid financial pitfalls later.
• Cover all your bases. Major purchases, such as a home, bring with it certain additional expenses which need to be considered. For instance, are you factoring in how much you will need to spend for lawn care, general maintenance, etc? Do some research about what your major purchase will entail, and make sure that this purchase fits your budget. If you plan on owning vehicles, consider the cost of gas, insurance, maintenance, parking, etc.
• Communicate with each other regarding major expenditures. If you are spending money in the joint account, apprise each other beforehand in order to make sure you do not overspend. You may decide that purchases that benefit you as a couple such as furniture or electronics, will be purchased from funds in your joint account. Discuss these purchases before actually buying the items, in order to ensure that enough money is in the account, and that you are both in agreement.

By deciding together as a couple what your financial goals are and what your ambitions are, you can avoid some common pitfalls. Remember, as your family grows, and your assets accumulate, to consult with your insurance broker to make sure you have sufficient life insurance coverage that reflects your new status.

The Government of Newfoundland and Labrador has released a consumer protection document regarding the sale of insurance. Known as The Principles for the Sale of Insurance, this document details the consumer's rights which must be provided to the purchaser of any insurance policy. A copy of this document must be provided to the purchaser of any policy and with any renewal or cancellation notice. The government has asked that the insurance industry comply with this request by July 1, 2007.

For those residents of Newfoundland and Labrador who are considering purchasing insurance, or those who already have existing policies, we have listed the main points of this document. It is important for all residents to closely read and understand this document, as it outlines your consumer rights and obligations.

• The consumer's interest takes priority over the interests of the insurance company and/or their agents, brokers and representatives.
• The consumer's right to privacy shall be protected as outlined in the Personal Information Protection and Electronic Documents Act. The consumer's personal information shall only be used for the purpose in which it was collected. Written consent must be obtained for use of your information in any other regards.
• Coverage cannot be canceled, be refused renewal of policy, or be charged an increase in premium for an incident in which no claim was paid.
• The consumer has the right to the knowledge of which insurance companies the agent, broker and/or representative represents. The consumer must also be made aware of any present or potential conflict of interest the agent, broker, and/or representative may have.
• The consumer has the right to know the ownership and financing arrangements between agents, brokers, and/or representatives and the insurance companies that they represent. This includes disclosure of any and all compensation arrangements for the product which is purchased, as well as the amount of commission paid out.
• If insurance coverage has been denied, the consumer has the right to be informed in writing of the reason(s) why. This also applies to policies that are cancelled or not renewed.
• The consumer is entitled to be made aware of the complaint resolution process of the insurance company.
• Upon purchase or renewal of any insurance policy, the customer must be provided with the following:

I. The full range of deductibles available, and the cost of coverage with each of the deductibles.
II. All of the different types of coverage available, the costs of each different policy, and any discount that may be available.
III. The total amount of the premium for all quotes obtained for the policy being sold. Upon request, a detailed breakdown by coverage of the premiums quoted must be provided. The consumer is also entitled to all of this information in writing if they so request.

If you are not a citizen of Newfoundland and Labrador, but are interested in finding out your province’s own statutes on insurance, Life-Quotes.ca has information listed for each province. You can also contact us directly with your questions.

The gap between the life expectancy between men and women is growing. In 1920, women outlived men by an average of one year. Today the average difference has grown to over 5 years. The main cause of this discrepancy in lifespan can be attributed to attitude towards healthcare and preventative medicine.

Part of the reason that men live shorter lives than women is lack of a healthy lifestyle. They are more likely to engage in unhealthy behavior and less likely to regularly access medical care. It has been estimated that 60% of men are overweight or obese, which if not dealt with, can cause serious health problems. Men also have traditionally been employed in more dangerous occupations, exposing themselves to more work related injuries and illnesses, but yet often do not have sufficient health insurance coverage.

Recent studies show that more than half of premature deaths in men are preventable. By following a few basic health tips, men can improve their health and increase their chances of living a long, healthy, productive life.

Healthy Diet:  By simply cutting down on foods that are high in fat, salt, and/or sugar, you can decrease your cholesterol and lower your blood pressure. Try to incorporate more healthy foods, such as fruit, vegetables and whole grains into your diet. When you do eat foods that aren't healthy, try to stick to smaller portions.
Regular Exercise: 20 minutes of exercise 3 times a week can help improve your health. As well as helping to maintain a healthy weight, regular exercise is important for cardiovascular health. Team sports is a great way to great exercise and have fun at the same time.
Avoid getting sunburnt: Men need to use sunscreen just as much as women do. Even if you are not prone to sunburn, by protecting your skin from high UV rays will decrease your chances of getting skin cancer.
Hydration: Drink at least 8 glasses of water per day to ensure that you are hydrated.
Regular Doctor Visits: Get a physical at least once a year. Even if you don't feel sick, it is important, especially as you get older, to get examined on a regular basis. For men who are older, it is important to regularly get screened for prostate cancer. The earlier health problems are caught, the better chance of successfully treating it. Discuss these health concerns with your doctor and set up an appropriate schedule for testing.

A health calculator can be helpful in assisting you to live a healthier life. Standardlife.ca offers a health calculator, which provides information, quizzes and articles in order to help you live a healthier, longer life. Improving your health can also mean better life insurance rates.

Wealth Management Mistakes, And How To Avoid Them

We all dream of that day when we retire, and can finally relax and spend our time pursuing our long-awaited plans. With this is mind, it is important to understand your finances, and avoid making potential mistakes that can impact on your financial future. By taking control early on, you can ensure that your retirement years will be well provided for. This list of ten common financial planning mistakes will help you better prepare for your future.

Do not leave your assets unprotected. Your savings, investments, etc. can easily be wiped out due to illness, death, fire, or accident. As you accumulate assets, you need to ensure that you have adequate insurance that reflects your needs. Death or prolonged illness can quickly deplete your savings, leaving you in a financial crisis. Make sure you re-evaluate your coverage on a regular basis, and make sure that your policies reflect your current needs.

Do not mismanage your cash flow. Realistically devise a budget, and stick to it. It can be easy at times with a steady cash flow to spend more and save less. You need to remember that in the future, you will not be receiving a paycheck, and need to save in accordance. Impulse purchases of large items, such as cars, vacations, etc. can easily deplete your savings, thereby affecting your financial future. It may also be beneficial to consult a financial planner in order to devise your budget and investments. A financial planner can also help you invest your assets in such a manner that will minimize your taxes. During your years of employment, it is also wise to carry disability insurance, thereby protecting your assets in case of an accident.

Do not mismanage your debt. While debt is a normal part of life, too much debt can be financially detrimental. Your debt should not exceed your liquid assets, which is the combined total of your cash accounts, brokerage accounts and the cash surrender value of your life insurance policies. If your debt does exceed your liquid assets, it is advisable to try and consolidate your debt at a lower interest rate. Mortgages offer the advantage of a tax break on the interest, which will also help you.

Do not ignore your finances. Financial mistakes can easily be made simply by neglect. Commit time on a regular basis to review your financial status and investments. By simply paying attention, you can avoid any errors and rectify and mistakes.

Do not misjudge your risk tolerance when investing. The stock market can be highly profitable, but it also carries a higher level of risk. Once capital is generated, it must be protected and preserved. Realistically evaluate how much risk you can safely assume when investing in the stock market. Rebalance your portfolio periodically. If you are not comfortable with your current status of stocks and bonds, you may wish to move into a more secure investment practice. In the event that you do suffer a loss with your stocks, try to minimize the loss when you do your taxes.

Do not spend unexpected windfalls of money foolishly.  If you come into unexpected money, such as an inheritance, lottery winning or stock options, resist the urge to go on a spending spree. Consult with a professional on the taxation issues concerning the money, and plan accordingly in order to maintain as much of the money as possible.

Do not fail to maximize retirement plan benefits. The majority of participants do not put the majority contribution allowable into their company retirement plan. By doing so, you will have further savings for when you retire, as well as the tax benefits. Depending on where you work, you may also be able to take advantage of "nonqualified plans", which allow you to defer paying the taxes until a future date. It is important to remember that if the company you work for goes bankrupt, nonqualified assets are not protected. If you are planning on rolling over your retirement plan to an IRA, make sure you thoroughly understand all the taxation issues, in order to prevent taxation penalties.

Do not neglect to realistically plan for how much you will be spending once you retire.  You need to assess whether your current financial plan will adequately provide for the type of retirement you envision. In order to do this, you need to carefully assess on how much money will be coming in, how much you plan on spending, and whether your assets reflect this. By determining how much you plan on spending early on, you can then make changes if necessary in your financial strategy.

Do not forget to plan your estate. Failure to plan your estate ahead of time can lead to financial problems or tax problems later on. It can also leave your loved ones without financial security. Make sure that your estate includes consideration for potential disability as well as death. Include the name of the person who you wish to have power of attorney. It is wise to make sure that your plan is current, and make the necessary changes, such as beneficiaries, immediately.

Do not leave your heir(s) unprepared. Discuss with your family what your intentions are regarding their inheritance. If you are planning on leaving significant sums of money to your heirs, you may wish to teach them how to be financially responsible. When dealing with children, or young adults, setting up trusts may be a wise decision. You may want to set up trusts in installments, where they will receive certain sums at certain ages. By clearly stating your intentions orally and in writing, you can also avoid family fights later on.

By having a well thought out financial plan, you can avoid having to worry about money when you retire. Remember, the earlier you start planning for retirement, the less of a burden it will be later on. Consult with your insurance broker about your coverage, and whether it is sufficient for your plans and needs.