ICYMI - Life insurance costs are on the rise because of COVID-19. Here's how you can still get coverage
Here’s what’s happening — and how you can still find policies you can afford.incredibly low interest ratesCanadian law requires insurance companies to only make investments that a “reasonable and prudent person” would make in order to “avoid undue risk of loss.” It also limits their ability to invest in real estate and stocks.
In short: When interest rates are low, insurers see less profit from their investments, so they need to increase their premiums to make up the difference.Ostro points out that Sun Life is only hiking forms of permanent insurance — expensive lifelong policies that often act as investment vehicles and tax shelters.
Even if you can afford a permanent policy, it’s worth looking at your investment options. You may find it more lucrative to buy a term policy and then invest your remaining budget in an RRSP or TFSA.The life insurance industry is trying to meet the increased demand for their services with safety and social distancing in mind. Online brokers likemake it easy to compare quotes and buy a policy without the need for physical documents or face-to-face visits.
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