Changes to changes: Financial planning after the CARES Act and the SECURE Act Change is something we now very much face with the coronavirus pandemic. This is exemplified by how the CARES Act has modified the SECURE Act, which itself caused sweeping changes to retirement planning For decades, the individual retirement account has been a key element for retirement planning, and for those who did not need the money, they could take advantage of the Stretch IRA, which allowed non-spouse beneficiaries to take required minimum distributions over their lifetimes, as determined by the Uniform Lifetime Table, and to thereby leave a financial legacy for their descendants. For example, a six-year-...
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Choosing the right life insurance for you is no easy task. To make this process a bit easier, let’s look at each of the different areas of your life: these elements will reveal a lot about you. Your family life The most important thing is to choose the insurance product that works the best for your family. There are many factors that affect your insurance needs, like your family situation, work situation, loans and debts, age, health condition and your plans for the future. Life insurance is important, whether you are single or in a relationship, a home-owner or a tenant. In any situation, your family will have to take on certain responsibilities in the event of your death: your...
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You live in a progressive world with infinite possibilities and equal amounts of uncertainties. There is always the temptation to create more wealth, given the increase in consumerism and inflation, and also the inherent need to secure your family's financial wellbeing, in case you are not around anymore. This is the reason you must make wise financial decisions, such as life insurance plans, as early as possible to ensure that you and your family remain protected from life's eventualities. With a wide range of investment options from numerous providers, it is crucial to choose your financial portfolio only after careful assessment of your needs and lifestyle. Since life is erratic and the...
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Life insurance can help take care of your loved ones after you’re gone When Canadians think of retirement they may think of scrimping and savings, of RRSPs, but they don’t necessarily think of life insurance. Although life insurance can’t replace a solid retirement plan, it can supplement it, especially if you’re concerned about estate taxes and have dependents. “Life insurance can help a surviving spouse but if you haven’t saved enough to make it to the time the first spouse dies,” you might have to rely on the government or family to support you, says Steve Bridge, a money coach with Money Coaches Canada. A major benefit of life insurance is that upon death, life insurance is a payout...
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AXA AFFIN organizes COVID-19 Crowdfunding Campaign to support courageous frontliners whom are protecting the nation against the global health crisis. AXA AFFIN "Smash the Curve" COVID-19 Fundraising Campaign targets to raise RM150,000 collectively to purchase Personal Protective Equipment (PPE) for the country's frontliners. KUALA LUMPUR, Malaysia, April 27, 2020 /PRNewswire/ -- Following the outbreak of COVID-19 pandemic, the Personal Protective Equipment (PPE) used by frontline personnel was reported to upsurge by two to ten times, resulting in a major shortage of PPE supply In response to the distress over the PPE shortage in Malaysia, AXA AFFIN Life Insurance Berhad as part of its...
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We put all your important questions to the experts at LifeSearch to help you understand your options We're living through unprecedented times and naturally that comes with a lot of uncertainty. Since the UK went into coronavirus lockdown, in March, we’re having to consider things we haven’t before, including the unthinkable. Life insurance is always important but it has taken on increased significance during the Covid-19 pandemic. Rising daily death tolls may lead us to think about our own mortality, especially those with a young family or dependents. However, with household finances also under scrutiny it's more important than ever to understand the basics of life insurance and...
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As you go through life, you’re likely to have many financial goals: saving for retirement, paying for your child’s education or wedding, or having enough for emergencies. And for each of these goals, you probably rely on a specific financial product to help reach it. Here's the rub: While each product provides an efficient way to reach the goal it’s designed for — a 401(k) as a tax-advantaged way to save for retirement, for example — it’s also very likely that it isn’t flexible enough to help reach other goals. If you try to pay for your child’s college tuition using the money in your 401(k), you’ll owe taxes and a penalty. There is, however, a product that is flexible enough to help you...
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Jamie Hale went through the unthinkable at age 11. He unexpectedly lost his father, who was just 48 at time. “I was sad, so I cried a lot, right? Then you get picked on because you’re crying,” shared Jamie, recalling what a day in the life of his pre-teen self was like. “So then you realize, ‘I’ve got to be tough’ but you don’t really don’t know what tough is… because you don’t have a dad to walk you through it.” A handful of kids may have picked on Jamie, but in telling his story he focuses much more on the sense of kinship and community that helped his family work through their grief. Seared into his mind is the memory of a neighbor putting cash in his family’s...
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What is life insurance cession? When applying for a bond, your bank might ask you to temporarily hand over ownership of your life insurance policy to them as security. This is called ceding. In finance-speak, the bank becomes the "cessionary" (new owner of the policy) and you, the “cedent” (old owner of the policy), lose the right to any claim on the policy. This means that if you die or lose your ability to earn an income, Sanlam Indie will pay out to the bank first if you owe them any money, and only pay your beneficiaries with what’s left over (if there’s anything left over). How do I cede my Sanlam Indie policy? You’ll need to contact Sanlam Indie directly with the following information...
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For many people, life insurance and retirement planning are two completely separate vehicles, with retirement planning being for your own benefit while life insurance is primarily geared towards helping your beneficiaries after your death. However, life insurance and retirement intersect in a surprising number of ways: life insurance can supplement your current retirement plans, and it can still provide further benefits to you once you’ve already retired. Here’s a quick look at how the two work together. Planning for Retirement A permanent life insurance policy, in addition to providing a constant, dependable level of protection, can also be an effective tool to maximize your retirement...
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