Protecting Your Net Worth (For Canadians): What Insurance Do You Need?
Release Date: 10/02/2024
Surviving Stock Market Crashes: Real-World Experiences and Strategies for Canadians
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Have you ever felt that knot in your stomach watching the stock market tumble, especially after you’ve just invested some of your hard earned money? Have you ever wondered how seasoned investors with large amounts invested handle those gut-wrenching portfolio drops? Well in this episode, we're tackling market volatility head-on. Our guest Marc Beavis is a seasoned investor who’s lived through multiple major crashes over the decades, and he shares powerful mindset shifts and actionable strategies to help you stay calm, stay invested, and stay on track—even when the headlines scream...
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Build Wealth Canada Podcast
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Build Wealth Canada Podcast
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Are You Overpaying on Your Mortgage? New Mortgage Rules, the Impact of Tariffs, and the Fixed vs Variable Rate Mortgage Dilemma
Build Wealth Canada Podcast
If you own a home, are thinking about buying or selling a home, or have a mortgage renewal coming up, today’s episode is here to help you make the best financial decisions in this changing market. Ultimately my goal is to save you some money when it comes to all this, or at least make things less stressful for you. We’re bringing back our trusted mortgage expert and best-selling author, , to first, break down the potential impact that the new US tariffs may have on our mortgage and real estate market here in Canada. Sean also goes over the new mortgage rules that you need to be aware...
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Planning Your Own Retirement: A Rare Peek into a Canadian Financial Planner’s Playbook
Build Wealth Canada Podcast
Have you ever wondered how financial planners in Canada plan their own retirement once they decide to retire? Our guest today is a recurring guest that we’ve had on the show many times. He’s a fee-for-service financial planner with decades of experience in the industry, and while he’s not retired yet, he’s gotten to that age where he’s getting really close, and so it makes sense for him to do a more thorough financial plan for himself, for his own retirement. And so, I thought it would be useful for us to look under the hood, and hear his thought process when planning his own...
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How to Optimize Your Investments and Taxes for 2025 (for Canadians)
Build Wealth Canada Podcast
With the end of the year arriving and the new year starting shortly, there are certain deadlines that you should be aware of every year, from an investment and tax optimization perspective. There are also some elements to keep top of mind as the new year begins. These happen every year, so even if you are listening to this episode years from now, it will still be relevant to you, as these are things to think about and reevaluate every year. Think of this episode as a checklist that you can use every year to help ensure that you aren’t missing anything from an investment, tax, and government...
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The Complexities of Transitioning Your Savings Into Income in Retirement (For Canadians)
Build Wealth Canada Podcast
Today, we tackle one of the most intricate financial puzzles faced by Canadians: transitioning from accumulating wealth for retirement to effectively managing it during the decumulation phase—when you’re actually living off your investments. In this episode, we’ll explore why this shift can be so complex, even for seasoned savers and investors. You’ll gain insights into balancing financial security with enjoying your retirement lifestyle and sustainably spending the wealth you’ve worked so hard to accumulate. We’ll also discuss both hands-on and passive approaches to managing...
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Build Wealth Canada Podcast
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Protecting Your Net Worth (For Canadians): What Insurance Do You Need?
Build Wealth Canada Podcast
We all spend decades accumulating and growing our net worth, along with many hours of research and studying to optimize our investments and minimize our taxes as Canadians. But what if a single incident wipes all that out? or even just a large portion of it out? Wouldn't it be completely irrational to not eliminate that risk? The best solution that I can think of for accomplishing this is insurance, so I thought it would be helpful to come up with a checklist that you can use of the different types of insurance available for us Canadians, so that you can go through it, one by one, and decide...
info_outlineWe all spend decades accumulating and growing our net worth, along with many hours of research and studying to optimize our investments and minimize our taxes as Canadians. But what if a single incident wipes all that out? or even just a large portion of it out? Wouldn't it be completely irrational to not eliminate that risk?
The best solution that I can think of for accomplishing this is insurance, so I thought it would be helpful to come up with a checklist that you can use of the different types of insurance available for us Canadians, so that you can go through it, one by one, and decide which types make sense for you, to protect your net worth.
After that, we do a minor pivot to talk about dental insurance and medical insurance for us Canadians. I have been spending an obscene amount on dental care with our two kids. It's super expensive, it stresses me out, and so I wanted to learn more about what the options are for us Canadians when it comes to dental coverage, along with getting medical coverage for things that aren't covered by the government, here in Canada.
Today’s Guests:
To help me with this, I brought back one of our popular returning guests, Laura MacKay. Laura is the co-founder and COO of policyme.com, Canada's fastest-growing digital insurance company.
In 2021, she was named one of the Women of the Year by Bay Street Bull. She has a Bachelor of Mathematics from the University of Waterloo, and her degree focused on Actuarial Science, which included learning about mortality risk, the basis of life insurance pricing and valuation.
Laura is also joined by her colleague Natalie Dupley, who comes from the not-for-profit sector. Natalie is now a licensed insurance advisor that works with Laura, and specializes in life, accident, and sickness insurance.
Links from the Episode
About Laura's Company: PolicyMe.com
Educational Guides from the Episode:
Types of Dental Insurance Plans in Canada
The Canadian Guide to Health Insurance Plans
What is Life Insurance: Meaning & Comprehensive Guide
Questions Covered:
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To kick things off, can you take us through what insurance us Canadians typically need, so that we don’t miss out on any critical coverage that we should have?
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One type of coverage that I think isn’t always thought about for us Canadians is health and dental insurance, particularly since we’re used to having most of our medical expenses covered by the government. Can you take us through some common misconceptions about health and dental insurance, as well as who it would be most useful for?
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When I think of cases where I need insurance, it’s typically for very sudden and time sensitive events like a car crash, or dental procedure that I need done as soon as possible. But what about having insurance for things that are less sudden like therapy and mental health, or things like braces or corrective eye procedures like LASIK surgery? How does having private insurance work in those cases?
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When it comes to this type of insurance, how do we determine if it’s more financially sensible to pay-out-of-pocket for these healthcare costs vs purchasing a Health & Dental Insurance plan?
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Before we continue with more educational questions, I wanted to give you a chance to speak about PolicyMe, what you do, and I realise that you also specialise in health and dental insurance so perhaps you could speak about that?
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What are the key components to look for when evaluating this type of insurance?
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When it comes to health and dental insurance plans, is this something that also covers you when travelling? Or would that be separate?
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Of all the things covered under a Health & Dental plan, what areas of coverage do most Canadians prioritise or care about? and what are some areas of coverage that you think are underutilised (or that Canadians can stand to benefit from more)?
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What are some of the most common questions that Canadians ask when it comes to health and dental insurance?
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Can you tell us more about PolicyMe, how you differentiate yourselves, and what you offer?