Disability insurance works when you can’t. This insurance can provide you with a tax-free monthly income that can help you keep your financial expenses hassle-free and worry-free if you are unable to continue working due to illness or accident. Besides, insurance will pay you monthly benefits, from complete disability to rehabilitation, and even for a short period after recovery. Some insurance companies also offer partial disability insurance and disability coverage so severe that the insurance company assumes that you will be disabled.
The beginning of a child’s life is always full of opportunities. And even if your child is just born and far from knowing what to want for their future, this is the best time to start saving money for their college education.
If you’re willing to do whatever it takes to prepare your child for a better life, open a Registered Educational Savings Plan (RESP) as soon as possible to get the best results. At birth, your child will receive a Social Security Number (SIN) and be eligible to become an RESP recipient, so you can start saving immediately.
You will have plenty of time to reach the $50,000 RESP contribution limit per child.
Short-term policies are usually purchased by young families with children. If you are a young couple with a mortgage and children, you should seriously consider short-term life insurance. Without savings, it is financially more profitable to purchase a short-term plan. A short term insurance plan does not have any savings and is therefore much cheaper.
The pension plan is NOT suitable for people over 50 with low income (up to 30,000 annually).
These people are better off investing in alternative programs like the TFSA as you will NOT benefit from taxation and will NOT be able to withdraw your money without paying tax to the government.