Life insurance is an essential part of financial planning for the family. It protects the family in case something happens to a member of the family. Usually, of utmost importance is insuring the income earner member of the family.
The simplest type of life insurance is what we call "Term Insurance". Two characteristics of such type is the affordability of its premium vis-a-vis a bigger coverage. Usually, this is taken to cover the debts of the family during the income earner's productive life span.
Permanent Insurance is more expensive than a Term Insurance. However, it provides for versatility in terms of guaranteed premiums, level cost of insurance, cash value and surrender value.
Guaranteed Issue - Life Insurance
There are situations when we try to get insured and yet unable to, due to health reasons. There is still a recourse for this. You will need what we call a - Guaranteed Issue Life Insurance.
Investments - Segregated Funds
REGISTERED RETIREMENT SAVINGS PLAN (RRSP)
NON-REGISTERED RETIREMENT SAVINGS PLAN
REGISTERED EDUCATION SAVINGS PLAN (RESP)
TAX FREE SAVINGS PLAN (TFSA)