When it comes to insurance, there's no one-size-fits-all solution. Each of us live unique lives, and each have our own unique needs and priorities. That means if you want all the coverage you DO need without overpaying for bells and whistles you DON'T want, it's crucial to find customized insurance plans for your needs specifically.

Luckily, our team at TermLite offers policies tailored just for you that adapt to your unique lifestyle and budget.

In this blog post, we'll guide you through the process of customizing an affordable insurance policy without compromising on the coverage you need. Let's dive in!

 

The Benefits of Personalized Insurance Plans

Customized insurance policies can save you a massive amount of money in the long run. By choosing a customized policy, you get coverage that fits your unique lifestyle while removing any unnecessary features that add to the overall cost.

Ultimately, a personalized policy not only saves you money, it also provides the confidence that you are properly covered exactly how you want to be. In short, rest assured knowing the coverage perfectly matches your needs and values, all at an amazing price.

 

Young lady in a colourful dress investigating customized insurance plans from her tablet.

 

Prioritize What Matters Most

The key to finding the best insurance policy for you is to focus on what you care about the most. Customized insurance plans allow you to protect on what you truly value without breaking the bank.

Our team at TermLite understands the importance of personalizing your coverage to fit your unique needs and provides customized policies that prioritize your financial stability and well-being.

With us, it’s never been easier to craft a policy that truly reflects your lifestyle and provides the right protection for what truly matters most to you.

 

 

Happy Canadians applying for a custom-made insurance plan from their home.

 

Expert Advisors You Can Trust

Navigating the insurance world can be intimidating, but you don't have to do it on your own. If you need it, a qualified, friendly, and knowledgeable licensed advisor can help you identify the types of coverage that suit your lifestyle and budget. From the initial conversation to the ongoing support, our advisors are always by your side, ensuring your policy remains a perfect fit.

Of course, if you don’t need help, that’s okay too! Our streamlined online insurance application means you can get amazing coverage from the comfort of home. You have full control to get the coverage you want, how you want.

 

A Canadian finding their customized insurance on a budget.

 

Tailored Insurance Plans for Your Lifestyle & Budget

Whether you need flexible term life insurance, personalized critical illness coverage, or affordable accidental death & dismemberment protection, TermLite has you covered. You’ll find the options and expertise to provide you with a complete custom solution that doesn’t stretch your budget.

Affordable & Comprehensive

There’s no need to sacrifice affordability for comprehensive coverage. With tailored insurance plans, you can have the best of both worlds. Our team works diligently to create a policy catered to your specific needs while remaining within your budget. 

Secure & Flexible

TermLite Insurance makes it easier than ever to access and customize insurance coverage. Our plans are designed for Canadians aged 18 to 80 and offer multiple options for term length, such as 10, 20, 30 years, or even lifetime coverage with our Term 100 plan.

No Medical Exams Required

You can also apply for coverage without any medical exams or extensive paperwork. Your medical history doesn’t have to stop you from getting the coverage you need. Finding the right policy can finally be simple and stress-free.

 

 

Young couple applying for a customized insurance policy online

 

Conclusion

Yes, today's world of insurance can feel like a complicated and overwhelming place. Everyone's needs and financial situations differ greatly. But finding the perfect policy doesn't have to be a daunting task or expensive.

With a tailored insurance plan, you can ensure that you're getting the right coverage without breaking the bank.

 


 

Financial Freedom Is Within Reach With Customized Insurance Plans by TermLite

The path to financial security, peace of mind, and freedom starts with a tailored policy from TermLite. Discover personalized coverage tailored to your individual lifestyle and finances and rest assured, you and your loved ones can achieve total serenity, no matter what life brings.

After all, with friendly and knowledgeable licensed advisors, a variety of flexible options, and tailored policies for every budget, TermLite is your trusted partner in securing your future, your way!

Protect Your Life & Future on Your Own Terms with TermLite

Get Started Now By Clicking the Button Below:

Are you in search of a life insurance policy tailored to your individual needs and lifestyle? With countless options available, choosing the right one can feel a complex and time-consuming endeavour. That's where personalized life insurance enters the picture.

This comprehensive guide will help you navigate the world of customizable life insurance policies and ensure you find the perfect coverage for you and your loved ones.

Let's get started!

 

Explore the Perks of Personalized Life Insurance

A one-size-fits-all approach falls short for life insurance policies. After all, everyone has different needs and lifestyles. Thus, personalizing your policy based on your unique preferences is essential.

This way, you'll have the coverage you need. Additionally, you'll maintain the flexibility to adjust as your life changes.

Consequently, focusing on your specific goals is critical. Doing so allows you to make an informed decision, and ultimately create a fully customized policy for optimal protection.

 

Couple talking about personalized life insurance choices.

 

Experience TermLite's Fast & Simple Online Application Process

TermLite is here to change the insurance game. Experience customizable policies, tailored to your needs. Better yet, get them at a price you can afford.

Put simply, our online application system is a game-changer. It's fast, efficient, and simple to use. Say goodbye to lengthy paperwork and waiting for medical results — that's so last century.

All it takes is a few clicks. Start by submitting your request. Then, you'll quickly receive a personalized quote. In short, TermLite makes getting your ideal life insurance policy easy and convenient.

 

Dive into Various Insurance Policy Options

Everyone's needs are unique. That's why we offer a range of policies designed to provide the ideal coverage for every situation. Whether you need coverage for a particular period, protection for a risky job or hobbies, or a plan to guarantee your family's financial future, our customizable policies are perfect for you.

Offering various customization options and add-ons allows you to find a policy that meets your specific preferences and needs.

 

Young women applying for custom-made life insurance online with ease.

 

Tailor Your Policy to Fit Your Budget

The perfect life insurance policy shouldn't break the bank. With TermLite, you can easily find a policy with premium payments suited to your budget. Plus, you won't have to sacrifice coverage quality for affordability!

You can select from a variety of available plans. Not only are these designed with flexible payment options, but they also provide comprehensive coverage in line with your budget and lifestyle.

 

User-friendly Tools to Determine Your Coverage Needs

Determining your coverage needs can be challenging. That's why our amazing engineers have created this simple to use life insurance calculator to make things easy.

In other words, you now can determine the exact coverage amount you need — FAST. Input your financial info such as outstanding debts, mortgage balance, and anticipated future expenses for your loved ones to get a better understanding of the ideal policy for your unique situation.

This innovative tool allows you to explore different policy options and coverage amounts, ensuring you make an informed choice.

(Of course, you can always get the expertise of an insurance advisor to help you. But if you'd like a jump start assessing your needs yourself, a life insurance calculator can give you an idea of what you need, and the factors that go into these considerations.)

 

Varied individuals representing the diversity in personalizing your life insurance policy.

 

Safeguard Your Loved Ones & Long-term Financial Security

Selecting the right insurance policy guarantees long-term financial security and peace of mind for you and your loved ones. When you invest time and effort into finding the right policy, you can rest assured that in the event of the unexpected, your family will be financially protected.

At TermLite, our customizable policies are designed to meet your unique needs, offering you the confidence that comes with knowing you've made the best decision for your future.

 

Ongoing Support for Your Policy Needs

After selecting your perfect customizable life insurance policy, TermLite's ongoing support comes into play. So, you continue to receive exceptional service. Also, you have the option to adjust your policy as life changes.

With this in mind, you can confidently maintain the ideal insurance coverage. Not to mention, a dedicated team stands by to assist you. In short, they'll support you throughout your policy's lifetime.

 

Eclectic individual rocking out on drum as to represent the unique nature of tailor-made coverage.

 

Conclusion

With the proper guidance and an understanding of your own unique needs, finding the perfect life insurance policy tailored specifically for you is entirely achievable.

By exploring the world of customizable life insurance options and taking advantage of innovative tools like TermLite’s simple life insurance calculator, you can make an informed decision with confidence, knowing that you have chosen the best possible policy for you and your loved ones.

 


 

Unleash the Power of Personalized Life Insurance

Ready to explore customizable life insurance policies built for your unique needs and lifestyle?

Experience the fast and straightforward TermLite online application process and embrace the peace of mind that comes with knowing you have the ideal life insurance coverage personalized just how you want it. Discover the perfect policy for you – get started with TermLite today!

Secure Your Future with Customizable Life Insurance – Get A Free Quote Now!

As a young adult, it's important to take the right steps to protect your finances for the future. Financial literacy is essential for setting up a solid foundation for our financial health and stability, and there are many tips and strategies that can help young adults achieve this.

In this article, we'll look at some of the key financial tips for young adults, from budgeting to investing and beyond. With the right information, young adults like you can make smart decisions that will help you achieve financial stability in the long-term.

Best Financial Tips: How to Protect Your Finances in Your 20s & 30s

Making smart financial decisions early on can have a lasting impact, and it's important to be aware of the various tools available to us.

Whether it's setting up a budget, investing in the stock market, or taking advantage of retirement plans, there are plenty of ways to stay on top of your financial health.

Learning how to make the right financial decisions now can help young adults become more financially independent and secure in their future.

Financial success starts with financial planning.

1. Set Personal Finance Goals

When you’re young, setting financial goals is essential. Goals provide structure and can help you stay on track and reach your long-term objectives.

When creating your goals, be sure to make them realistic and achievable. This will ensure you can actually follow through on them. Not to mention, that you don't get frustrated and give up.

Additionally, create a plan of action for how you’re going to achieve your goals. Break down your long-term goals into smaller, more achievable goals and set milestones. This will help you stay motivated and focused as you work towards achieving your larger goals.

If you have a bad credit score, that's okay. Practice self control, and in time your score will go up on your credit report.

2. Pay-off Credit Card Debt

It’s important to pay off any high-interest debt as quickly as possible. Credit cards and other loans can quickly eat away at your finances if you don’t pay them off quickly. To reduce your debt and save money, make sure to pay off your debt as soon as you can. (Or, even better, pay off the entire balance at the end of every month if you can!)

When paying off high-interest debt, try to pay more than the minimum amount due each month. This will help you to reduce your debt faster and save on interest costs. Additionally, if possible, try to pay off the highest interest loans first to reduce the amount of interest you’ll pay in the long run.

If you’re having trouble paying off your debt, you may want to look into options such as debt consolidation, which can help you reduce your interest rates and simplify your payments. Additionally, you may want to consider talking to a financial advisor who can help you develop a plan to manage and pay off your debt. With the right plan and discipline, you can quickly become debt-free and start building up your savings.

Begin saving a retirement fund young in order to achieve financial independence early.

3. Build an Emergency Fund Savings Account

Building a high interest savings account is one of the best ways to protect your finances. It can provide you with a financial safety net should you face any unexpected expenses. When setting up your emergency fund, it is important to aim to save at least three to six months’ worth of living expenses in a liquid savings account. This way, you will have ready access to your funds should you need it.

Creating a budget is also a great way to help you save for emergencies. Sit down and evaluate your income and expenses, and try to cut back on any unnecessary costs. This helps you to identify where you can save money for your emergency fund. Additionally, you may want to set up automated transfers from your checking account to your savings accounts, so that you don’t forget to make your contributions.

Lastly, it is important to remember not to dip into your savings for non-emergencies. Your emergency account should only be used for true emergencies, such as medical bills, car repairs, or job loss. If you find yourself tempted to use your rainy day savings for other reasons, it may be a good idea to set up separate accounts for different goals. This will help you stay focused on reaching your goals.

And if you don't ever end up using this money, congrats! You now have a retirement account.

A key financial skill to learn is the stock market. It can boost your monthly income helping you to keep your financial commitments.

4. Start Investing

Investing in stocks, bonds, and mutual funds can be a great way to help build wealth over time. They can provide a steady income, as well as potential for growth due to the compound interest. Furthermore, if you’re willing to take on more risk, you may want to look into investing in real estate or starting a business.

When it comes to investing, it’s important to find a strategy that works best for you. You should start by learning the basics of investing and then figure out what type of investments you’d like to make. Additionally, it’s important to diversify your investments in order to reduce the risk of loss.

Once you’ve decided what type of investments you want to make, it’s important to be disciplined in your approach. Stick to your plan and be sure to regularly monitor your investments. This will help you stay on track and ensure that you’re making the most of your investments. Additionally, staying informed on the markets can help you make better decisions when it comes to investing.

Finally, investing can be a great way to protect your finances in your 20s and 30s. With the right strategy and discipline, you can build wealth over time and ensure that your finances are in good shape.

Health insurance is one of the best ways for achieving any financial plan. Make sure insurance is a part of your financial priorities.

5. Get Term Life Insurance

There are several reasons why term life insurance is a good option for people in their 20s and 30s. First, it is generally more affordable than other types of life insurance, such as permanent life insurance. This is because it does not have an investment component and is simply designed to provide coverage in the event of your death.

Second, term life insurance can provide peace of mind for those who have financial dependents, such as a spouse or children. If you were to unexpectedly pass away, your loved ones would be left with the financial burden of paying for expenses like funeral costs, outstanding credit card debts, and living expenses. Term life insurance provides financial support to alleviate this burden. Thus, it allows your loved ones to focus on grieving and moving forward.

Finally, term life insurance is an essential part of any personal finance plan. For example, say you have a mortgage or other large debt. Term life insurance ensures you can pay your debts in the event of your death. It also ensures there's enough money for future expenses, such as your children's education or retirement.

Conclusion

These are just a few financial tips for how to protect your finances in your 20s and 30s. Taking the time now to establish a financial foundation can help you reach your goals in the future.

By planning ahead and being mindful of budgeting and saving, you can ensure you have the resources you need to thrive in your 30s and beyond!


Secure Your Future With Term Life Insurance

One of the best financial tips to secure your future is through life insurance. Life insurance is a cost-effective way to provide financial security and peace of mind that your loved ones are taken care of in the event of tragedy.

From the comfort of your own home, you can easily compare rates and find the right policy to fit your needs and budget. In short, Investing in term life insurance gives you and your future family the peace of mind to focus on your life moving forward!

Click the button below to get a quote today!

Saving for retirement is a challenge for everyone, but it can be especially difficult if you don't own a home. Without the equity from a home, you'll have to get creative in order to build up your nest egg.

In this blog, we'll take a look at how to save for retirement when you don't own a home. We'll discuss the importance of saving early and investing in yourself and your future. We'll also offer some tips on choosing the right life insurance policy to help you build your nest egg.

Let's get started!

 

Don't Own a Home? No Problem! Here's How You Can Still Build a Nest Egg.

Saving for retirement can be a challenge, but it’s not impossible. Here are some great tips for building your retirement nest egg when home ownership is not an option.

young girls find out what is simplified term life insurance while building their nest eggs

Start Saving for Retirement Early

One of the most important things you can do for your future is to start saving for retirement ASAP. That’s because the earlier you start, the more time your money will have to grow through compound interest.

Compound interest is when you earn interest on your original investment plus any previous interest earned — it's like earning money on your money!

This can cause your money to grow exponentially over time. For example, if you invest $1,000 at a 5% annual rate of return, after 10 years you'll have $1,628. After 20 years, you'll have $2,653. And after 30 years, you'll have $4,321.

As you can see from this example, compound interest can help your money grow significantly over time. That's why it's so important to start saving early!

 

girl with simple issue term life insurance stays on budget

Stick to a Budget

In addition to starting early, another key to saving for retirement is to create a budget and stick to it.

When creating your budget, be sure to factor in all of your monthly expenses including rent/mortgage payments, food costs, transportation expenses etc. Only once you know how much money you need each month to cover your basic living expenses, can you begin setting aside money for retirement savings each month.

If you're not sure how to get started, there are plenty of resources available to help you set up a budget. Once you have a plan in place, it will be much easier to make room in your budget for retirement savings.

 

term life insurance for college students is great to have when learning new skill sets.

Invest in Yourself 

Investing in yourself is one of the best things you can do when trying to build up your nest egg — after all, YOU are your greatest asset!

…But just to be clear, when we say, “invest in yourself”, we’re not saying take a day at the spa, or buy that ice cream with the chocolate caramel chunks! (...Though mental health is important too!)

What we’re saying is to grow your worth in talents. That means taking courses (especially ones that will improve or update your skillset), networking with others in your industry or field, and attending industry events and conferences.

Investing in yourself not only makes you more marketable and increases the likelihood of earning a higher salary, but it can also help you reach your retirement savings goals more quickly. 

In other words, the more money you earn, the more money you'll have available to contribute to savings each month. Cha-Ching!

 

girls are learning the advantages of term life insurance

Invest in a Life Insurance Policy

While you’re still saving up money, or you’re paying off debt, one of the best things you can do for yourself is getting an insurance policy. That's because if something were to happen to you or your loved ones, you get full financial protection without needing to pull away from your nest egg savings.

Admittedly, it can feel a bit overwhelming to know which policy you should get, as each type of policy provides different benefits depending on what stage of life you're currently in. But if you only need protection while you’re saving your nest egg, a term policy could be a great option as it provides coverage for only as long as you need it.

For most young adults and families just starting out, a term life is often recommended. Its flexibility and affordability also make it a great choice for people saving money compared to other types of policies.

However, if you’re still not sure, you could also use our handy-dandy term life insurance calculator to find out exactly what coverage is best for you!

 

Conclusion 

Saving for your retirement nest egg is a challenge, but it's not impossible — even if you don't own a home!

The most important thing is to get started early and be creative in how you build up your nest egg. Investing in yourself and taking out a life insurance policy are two great ways to do just that.

We hope this blog has given you some helpful tips on how to save for retirement when you don't own a home. Remember, the earlier you start saving, the more time your money will have to grow!

 

And to protect your nest egg savings before you retire, click the button below!

Can you travel on a budget? With our lives starting to get back to normal, many of us are eager to get out and travel the world! But for those of us on a tight budget, exploring other countries can feel out of reach.

In this article, we share some great tips to travel for cheap. From uncovering free walking tours, to finding the best deals on cheap flights, here are some cheap travel tips to save tons of your money.

Save Money with These Budget Travel Tips

Borders are open again! That means it's time to finally break free and see the world! Then again, when money's tight, is that even possible?

If the memories you make traveling are priceless, why should you need to spend all your money? Follow these budget travel tips and travel for cheap!

Budget Travel, globe trotter, traveller, globe

How to Plan Budget Travel

In order to save as much money as possible, you need to plan ahead! Before you even buy your flight ticket, there are a few things you can try to make your next trip as affordable as possible.

Let's explore a few of the ways you can plan ahead to travel for cheap.

Look for Cheap Destinations & Alternatives

Off the hop, let's assess where you should travel in the first place. Do you want to relax on a beach? Or maybe you want to climb a mountain? Perhaps you want to explore big cities full of amazing architecture?

Depending on your interests, you should be able to find cheaper alternatives. Rather than Miami Beach, try Central America's beautiful beaches. Rather than Italy, explore the architecture of Eastern Europe. There are many countries and beautiful places all around the world that can offer just as much of a vacation, without the expense.

friends, girls, best friends

Travel with Friends or Family

Traveling with friends or family is a great way to save money. You can often find discounts when you travel as a group. You can also split the cost of your hotel room, transportation, and activities such as a group tour.

Better yet, try traveling to places where you have friends or family. It could mean free accommodation (...and maybe free food!).

At the end of the day, it's just more fun to travel the world with other travellers!

Travel During the Off-Season

Another tip to travel for cheap — try traveling during the shoulder or off-season. You can often find cheaper international flights and budget accommodation options like private hostel rooms. There are also usually fewer crowds during these times, so you'll be able to enjoy your trip more.

Although the weather might not be as ideal as it is during peak season, traveling during the off season will add a ton of savings to your trip.

airport, woman, flight

Look for Discounts & Deals

Always be on the lookout for discounts and deals! That because there are often discounts available if you book your flight in advance. You can also find deals on accommodation and activities if you do some research online.

Many museums offer free admission days or student discounts. By taking advantage of these deals, you'll be able to save A LOT of money on your next trip!

Choose Your Accommodation Wisely

Accommodation can be one of the biggest travel expenses. Be strategic about where you stay and you can save a lot of money. If you're willing to sacrifice some amenities, there are often cheaper options available for those that do their research.

Airbnb is a great way to find affordable accommodations that are unique and local. You might even have the chance to meet some interesting people!

Budget Travel, women, friends, beach

Find Free Activities

One great way to travel cheap is to find free activities. Touring a city by foot is an excellent (and free!) way to see the sights. There are often free museums or historical landmarks in every city.

You can find plenty of other activities that won’t cost you anything if you do a quick Google search beforehand!

Look for Alternate Travel Methods

With a simple Google search, you might be able to find cheaper flights from budget airlines. Moreover, try looking for overnight trains. Train travel is often cheaper than domestic flights, but it would also double as your hotel room for the night!

Essentially, an overnight train can mean a free room to sleep, with a window to view the world!

passenger, train station, commuter

Maximize Your Points & Miles

If budget travel is something you want to do regularly, maximize the points and miles on your credit card. You can often get discounts or even free flights if you have enough loyalty points or miles.

With that said, be extra sure to read the fine print so you understand how to best use your points without getting taken advantage of!


How to Save Money While You're Abroad

You've finally made it! Now it's time to relax, soak up the sun, see the sights, taste the food, meet the local people—it's time to enjoy yourself. Unfortunately, at this point of your journey it's often too easy to spend money.

Even still, there are many ways to save your cash and travel for cheap! Here's some more travel tips:

Budget Travel, tree, park, nature

Find Free Walking Tours

If you're looking for a great (and cheap!) way to see a new city, look for free walking tours. There are usually walking tours available in most major cities, and you can likely contact a local tourism office to find the best ones for you and your travel party.

These tours a great way to see a city without spending a lot of money, and you'll also get some exercise!

Avoid Restaurants

With all the extra exercise you're getting from those walking tours, you might be able to rationalize that extra serving of local cuisine. However, keep in mind one of the biggest expenses while traveling can be restaurants.

To save money, try to cook your own meals. Only eat out at restaurants for special occasions. This will help you keep your expenses down while still enjoying yourself while on vacation.

Instead of going to restaurants you might be able to save money buying street food. In many international cities, street food is very cheap, however, this is not always the case. This brings us to our next point...

fruits, boats, cooking

Cook Your Own Meals

Since eating out can add up quickly, try to cook meals yourself! Not only will you save money, but you'll also get to know the local ingredients better. Plus, you could have a lot of fun shopping at a local markets to buy your own food.

With that said, you'll need to make sure your accommodations has a place to cook, as most hotel rooms don't have kitchens.

Skip Major Tourist Attractions

Skip destinations and attractions that see tens of thousands of visitors throughout the low and high season. Sure the Eiffel Tower is beautiful, but major attractions like these are often crowded and expensive.

You're likely to get a much better experience by venturing off the beaten path to find hidden gems. Not only will you save money, but you'll also get a more authentic experience that you'll remember for years to come!

mountaineering, man, trail

Go Off the Beaten Path

You can ask locals for recommendations or do your own research online. By going off the main path, you'll be able to have a more authentic experience and save some money in the process!

Take it Slow

Don't try to plan too much into one trip! Instead, try taking it slow. Slow travel lets you enjoy your surroundings more and spend less money.

When you budget travel, you can save even more by staying in one place for an extended period of time. This way, you'll have a chance to really experience everything the place has to offer without blowing your budget!

digital art, couple, silhouettes


Key Takeaways


Cheap Travel's Great, But Cheap Life Insurance is Even Better!

While you're planning your next great adventure, why not also plan for your future? Many people wait too long to get life insurance protection, and that leads to higher prices. But when you get life insurance while you're still young, you reap some incredible savings that you can keep long term!

Talk to one of our specialists today to see how much you could be saving with TermLite insurance. By safeguarding you and your loved one's finances, you might not need that vacation to give yourself the peace of mind you deserve!

Click the blue button below to get started!

Cryptocurrency, blockchain technology, Bitcoin exchange, digital wallet, what does it all mean? ...And can someone explain it in English, please?

In this post, we do just that! We explain all the crypto jargon in terms a normal human can get behind. Plus, we'll show you how to start trading digital currencies ASAP.

Let's get into it!

 

What is a Cryptocurrency in Simple Words?

Cryptocurrency is an umbrella term for all digital currencies that keep a fixed record of transactions through a type of digital ledger called the blockchain.

Unlike a traditional currency, which is minted by a central power like a government or central bank, cryptocurrency is minted in a process called mining.

Mining is when powerful computers are used to make sure all transactions in the blockchain ledger are correct. When crypto transactions are checked through this process, the crypto miner earns cryptocurrency as their reward.

Don't worry! You don't need to know how to mine in order to start trading crypto. Once we explain the basic terms, we'll show you how you invest, and what you should know before you start.

What you need to know to understand cryptocurrency such as Bitcoin, Ether, and other virtual currency in 2022

What You Need to Know to Understand Cryptocurrency

How Does Cryptocurrency Make You Money?

Although we call cryptocurrency a currency, its place in your portfolio is more like a commodity. That's because unlike physical money, which has the backing of major governments and financial institutions, the main factors that affect crypto are changes in the private marketplace.

That means the value of crypto currency is more likely to go up and down than traditional currencies. This can be due to anything from governments taking action to an unchecked hype-train going off the rails!

At the end of the day, buying crypto that will go up in value depends on the supply and demand of the crypto you trade — much like a commodity... except virtual.

What is Blockchain Technology?

Blockchain technology, often called, "the blockchain", is the place all cryptocurrency transactions are recorded. Think of it as a type of public ledger in which nothing can be changed or removed.

Don't confused it as the place you store your cryptocurrency. That's called a digital wallet. Instead, the blockchain is for keeping a firm record of all actions. It's for making sure the many cryptocurrency exchanges that happen each day have a clear history.

That means every time you buy or sell crypto assets, the blockchain saves a receipt of the transaction that never goes away. This is how cryptocurrency exchanges can be decentralized.

cryptocurrency is decentralized. That means it's managed by people all around the world.

What is a Decentralized System?

When people call a cryptocurrency, "decentralized", they mean there is no central power controlling the currency. Instead, cryptos are managed by a network of people from all across the world.

The main benefit of decentralization is that no one person has more power over the system than any other person. That means if any one person tries to fudge their numbers, everyone on the network will notice, and the fudged numbers get fixed right away.

It's worth noting, some cryptocurrencies are less decentralized than others.

What is a Digital Wallet?

Digital wallets are like secured apps you use to store your cryptocurrency. There are many options to choose. Each has their pros and cons.

But the main thing you want to look for is security. Although we call these as wallets, think of them as your own personal bank vault. And just like a bank vault, you need to make sure it's as secure as possible. That means you need the most secure password as possible. You should also store this password offline in an actual notebook.

If your wallet isn't secure, you risk people breaking in to steal your cryptocurrency. Trust us, when it comes to cryptocurrencies, you don't need to be a big player to get your digital assets stolen.

How Do You Invest in the Cryptocurrency Market? It's easy!

How Do You Invest in the Cryptocurrency Market?

What are Some Examples of a Popular Cryptocurrency?

Like digital wallets, there are many types of cryptocurrency you can buy. You may have already heard of the first cryptocurrency to hit the scene, Bitcoin, but know each digital currency has their own set of pros and cons.

You'll need to do some research to find out which cryptocurrency is best for you. Here's a shortlist of the major cryptocurrencies around today to help you get started:

1. Bitcoin (BTC)

Where else to start but the number one cryptocurrency on the market today? Bitcoin was the one that started it all. But with that said, that honour is a bit of a double-edged sword.

Since Bitcoin is the first cryptocurrency many amateur investors flock to, its market value can be quite volatile. Additionally, it can be pricey to get your foot in the door. With that said, even if (or rather when) prices go down, its name recognition alone means a rebound is always likely.

2. Ether (ETH)

As the second biggest player in the cryptocurrency space next to Bitcoin, Ether is possibly the best crypto for investors looking to start.

You might sometimes here this crypto referred to as Ethereum, however this is actually the name of the blockchain tech that records transactions made with Ether. It's not the name of the currency itself.

3. Avalanche (AVAX)

This currency is one with zeal. Though not as big as some of the others on this list, its loyal users and steady growth since its debut make it a solid choice to trade.

Patrick O'Grady, head of engineering for Ava Labs, the developers behind the Avalanche ecosystem, says he wants AVA to become the Amazon Web Services of crypto in the next five years!

Whichever crypto you end up trying first, this is one you'll want to keep a close eye on!

Making crypto purchases is very easy when you know what to look for.

4. Binance Coin (BNB)

As the third largest player by market cap next to Bitcoin and Ether, Binance Coin is another cryptocurrency you should consider. That's because this bronze medal winner is quickly growing to rival the giants that are Bitcoin and Ether.

Of course, when it comes to cryptocurrencies, what goes up doesn't always stay up. But even still, this one holds a lot of promise for investors.

5. Cosmos (ATOM)

This cryptocurrency is smallest of the currencies on this list, however it's still one worth noting. Rather than the typical method to verify transactions via cryptocurrency mining, this digital asset uses a "proof of stake" system.

That means you use your own cryptocurrency as collateral to check transactions. The main benefit of doing it this way is that it uses less computing power.

It's fair to note, being smaller than other cryptos isn't always a bad thing. For one, it's much cheaper to start trading fast, but there's also more room for this one to take off and grow big — and if it grows, your assets grow too!

6. Solana (SOL)

Solana had a great year in 2021 where it jumped from being an unknown to having one of the highest market caps of all cryptocurrencies. With that said, this success came to a sudden halt in early 2022 when its value plunged from $260 to only $22.

But even still, Solana traders can enjoy using its very own blockchain, making it a great choice over Ether.

Cryptos are a collaborative technology and you can trade them from your mobile device.

What Are the Best Crypto Exchanges & Wallets?

Once you know which currency your want to trade first, you need to pick the cryptocurrency exchange you'll use to buy and sell. You'll also need a wallet to store what you buy.

Try these well known exchanges first. Each one comes with a secure and easy to use cryptocurrency wallet.

Binance

This exchange is bigger than all other crypto companies. In addition to their own Binance Coin, you also have access to many other cryptocurrencies on the market today, including all the one we mentioned above.

They also offer Binance Academy, a great place to start if you want to learn more about trading crypto.

Coinbase

This exchange has been a staple of buying crypto since 2012. It's especially great for people looking to build their first portfolio. Pair that with its user-friendly design and engaged community, and even long-time investors will have a great time using it!

But most importantly, like Binance, you can buy a wide range of cryptos from them.

Crypto.com

This easy to use platform has over 250 kinds of crypto to start trading. Plus, in addition to its very low transaction costs, you can actually earn interest on your crypto you buy just by using this site as your wallet!

This app is definitely one worth checking out for anyone starting their journey trading virtual currencies.

Whether you pick a specific cryptocurrency or several cryptos, it will take time before your assets mature.

Bottom Line: Is Cryptocurrency a Good Investment?

Just like with any other asset, when you invest in crypto, you won't see a major return by the next day. In fact, since the value of a cryptocurrency is so unstable, you should always treat it as a high-risk investment class.

In other words, only invest in crypto if you plan on playing the long game. Since your assets will take time to mature, leave them alone for a at least of ten years.

By not dipping into your assets for at least a decade, your cryptocurrency holdings will be less affected by the ups and downs you find in crypto exchanges each day.

Plus, just like when trading a commodity, it's never smart to put all your eggs in one basket. Try to fill your investment portfolio with many different currencies. That way, you balance out any sudden changes in the market.

How Do You Protect Your Investments Long Term?

To make sure you don't harm your investments by dipping into them too early, financial planners across Canada suggest one simple solution: get insurance.

Term life insurance is a great option for investors, because you choose the length of time covered. That way, when your assets mature, and you no longer need the extra security, you are not locked into a contract.

Learn more about term life insurance, and if it's is right for you. Or, if you're ready, click the button below to get a quote in less than a minute!

"Death is not the opposite of life, but a part of it." wrote the Japanese writer Haruki Murakami.

Death is still taboo in our society, yet we need to talk about death to be prepared for it. Anticipating what will follow will ease the stress and pain for those who remain. And above all, you can prepare for your family's future with a final expense coverage. This whole life insurance policy is specially designed to help cover final expenses and any remaining debts of yours.

Every dollar that you pay for this funeral insurance is actually savings you’re putting aside: and every dollar you put aside will go where it can help the most. But do you know what the final expenses that your insurance can cover are? What are all the things you need to think about before you die?

The end of life, expected or not, is a painful period for those close to you. And unfortunately, your beneficiaries won't be able to deduct funeral expenses, probate fees, or estate administration fees because they are personal expenses. The Canadian administration considers you are supposed to buy funeral insurance to cover your end of life expenses.

But the good news is, you can anticipate and prepare for these expenses with a final expense insurance policy. You can reduce the burden of paperwork for your spouse and children now and ensure that you leave them a large sum to help cover other financial burdens or prepare for the future.. But first, let's see what the final expenses are. You may even find some you haven’t thought of before.

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Insurance myths debunked by Termlite!

A myth is a story, usually of unknown origin, repeated so many times that it became a general belief accepted by the majority. At TermLite, we aim to educate Canadians on life insurance. In this article, we will debunk some common life insurance myths and misperceptions about the industry.

Without further ado, here are eight life insurance myths and facts essential to keep in mind before you purchase life insurance.

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How do you start financial planning for your family?

You may have gotten married recently or even welcomed a newborn in your family, and the financial picture of your future is evolving. Soon the kids will become young adults, reducing your actual cash flow as they will need financial support for their studies and other needs.

What about your retirement planning? How about a plan for a comfortable retirement? Is life insurance enough to protect your loved ones? There are all topics you may be asking.

Life is made of big changes and can be unpredictable. You might want to plan a budget for your family that will allow your family to live comfortably today as well as provide financial security in the long-term.

In addition to working with a certified financial planner, this article on family financial planning can help you jumpstart your financial plan.

Fine-tune your money management with the help of this specially tailored guide for families!

1. Financial planning: for kids too

Including your kids in a conversation about money will give your family financial plan real staying power. Children's education about finances can start at a very young age as they have a notion of more or less. All too often, families treat the topic of money as a conversational taboo; however, financial literacy and responsibility (should) often begin at a young age. Family conversations about money will unify everyone around common financial goals possible to achieve through strategic spending, saving, and investing.

Teach Your Kids about Smart Money Management

Here are a few tips for teaching your children about money.

financial plan

How to start saving for tuition fees

For older kids, it may be time to start thinking about how to help fund their higher education and to learn about the concept of loans and debt. Encourage your children to kickstart college savings through part-time jobs. Help them learn about scholarships, student financial aid programs available through the federal and provincial/territorial governments, and government-subsidized student loans which can lower future tuition expenses.

Of course, you could open a Registered Education Savings Plan (RESP) - more on that later. But it's always good that your adult children have their own financial goals. Secondary education is costly in Canada, and children should be set up for success as they enter into young adulthood.

Encourage your children to have their own financial goals and search for other solutions than personal loans to finance their education. Government financial aid programs can help lower the debt you might have to otherwise take on to finance tuition fees.

Financial aid can come from a variety of sources and can include:

As your kids get closer to college age, they might have enough money to finance their studies without taking any personal loans!

Finally, here is an idea of a workshop all the family members will enjoy as it will give the feeling to everyone to play an active role in family financial planning.

 

2 Fine-tune your finances with a family budget plan

Now that everyone in your family understands the importance of financial planning, it's time to set goals and manage the family finances hands-on. And for that, a family budget is a must for many families to stay on track.

What's the ideal family budget?

Ideally, your monthly family budget should include savings to build an emergency fund and investments in different financial products. Depending on your family's income, it is typically recommended to set aside 15 to 20% of your income each month.

Get in the habit of saving money first before spending the remainder of your paycheck;  otherwise, it may be difficult to set money aside for your retirement savings or insurance products. It’s important to long-term aspects of financial planning that don’t give as much instant gratification as spending your money on immediate wants.

As a rule of thumb, your housing or mortgage should ideally not exceed 30% of your budget.

Utilities should be a minor part of your family's financial plan: a range between 5 and 7% of your budget is considered the acceptable norm.

Depending on your income, it would be wise to devote between 1-40% of your budget to a life insurance plan to protect your family. This plan allows your family to receive a lump-sum payment should you pass away unexpectedly. And while a range of 1-40% seems vague, there are a number of unique factors that determine how much insurance is enough to cover you and your family. A licensed insurance agent will help you determine what is appropriate for you.

Finally, groceries are the most challenging line in your family budget as it is variable each month. Here is a tip for budgeting your groceries: plan your meals! If you have your list of ingredients ready, you will be less likely to buy food you don't need or order last-minute, pricey take-out or delivery.

Establish a goal

Your whole family knows now that they have an active role in family financial planning. There's nothing better than setting a common goal to get everyone involved!

Pick up the family vision board and put it on the fridge or in a shared space. Everyone should be able to see it and be aware of the financial goals of the family, whether that’s finishing paying down the mortgage, saving enough for a family vacation, or paying for summer camp.

Having this goal in sight will keep motivation high!

Review your budget monthly

Track expenses to identify and plug budget leaks. What are the spending categories that were consistently higher than you had budgeted? Observing your spending habits will allow you to regulate your unexpected expenses from month to month.

If, on the contrary, you have more money left at the end of the month, it can be an excellent opportunity to invest the difference. These extra dollars could go towards a life insurance plan or disability insurance that can come in handy down the road.

According to a survey from 2019, "Canadians who actively use digital tools for budgeting are among the most likely to keep on top of their bill payments and monthly cashflow."

Free digital tools such as Mint or PocketSmith can help you track expenses for better budgeting.

Lower your expenses

Mortgage refinancing can be a great way to lower your mortgage payment or pay off your mortgage faster depending on your goals.

It might be challenging to cut back on groceries, especially with children in your care. How do you spend less with kids?

Small habits affect big-picture goals. Toys, games and clothes do not necessarily represent an obligation to spend and harm your finances. From buying groceries in bulk (thanks Costco!) to purchasing kids’ clothing and toys second-hand to, scouring the web for all-inclusive resort vacation options where kids stay free, there are hidden ways you can lower your expenses without lowering your expectations.

plan for your family

3. Family Financial Planning - Things to Consider

You may belong to what is known as a sandwich generation. Sandwich generations are defined as people responsible for both bringing up their children while caring for their aging parents. You even may still have your own expenses and/or debts to pay. So how do you take care of your nuclear family plus your aging parents? By planning your investments, maximizing your savings and investing room in registered accounts.

Here is a quick overview of registered accounts:

RRSP (retirement planning)

RRSP is your Registered Retirement Savings Plan. You will pay taxes only when you withdraw the money at the time of your retirement or when you reach the age of 71. Your RRSP termines when you reach 71, after which you can choose what you want to do with the funds.

However, it’s worth noting that RRSPs came come with a relatively steep tax penalty should you withdraw funds before maturity, although exclusions apply. As such, RRSPs are NOT meant to be withdrawn from as you would with a savings accounts or TFSA if you can avoid it.

Proactively planning for your retirement - whether you’re in your 50’s, 40’s or even 20’s can help ensure you retire down the road with enough funds to support you through retirement without financial burden on your children.

Savings in TFSA 

TFSA refers to a Tax-Free Savings Account.

As the name implies, it's a flexible, tax-free savings account ideal for a down payment for purchasing real estate. In a TFSA, you can save up to the annual limit for the year ($6,000 for 2022).

You can generally withdraw any amount from the TFSA at any time and recontribute it for the following year.

The whole point of the TFSA is to earn interest: the tax-free compounding interest allows you to build medium to long-term wealth.

RESP (Education plan)

Here’s a jarring figure: the average cost for one year of undergraduate tuition is $6,580 in 2021. By 2022, post-secondary average tuition rose up to $7,472 and is still increasing. And these amounts do not include other education-related expenses such as books or housing. RESP is the best way to secure your children's future. (You can also open an RESP for yourself if you think you may go back to school in the future.)

How much can you invest into an RESP? You can contribute up to a lifetime maximum of $50,000 and the account can stay open for up to 36 years. And one of the best things about RESP is that just like a TFSA or RRSP, it generates interest!

You can choose where to invest your savings or choose a plan that invests money for you: stocks, bonds, GIC, mutual funds offer you a wide range of investment options.

Depending on the plan you chose, the government could match 20% of the RESP contributions you make up to $500 per year per beneficiary.

college saving

RDSP (Disability)

Having a disability doesn’t mean you can’t create long-term savings. However, without proactive planning, a disability or critical illness can represent a financial burden for your family as you age. The Canadian government created this savings account to support Canadians with disabilities, critical illness and other severe health issues.

However, you can only contribute up to the age of 59. You must also be already eligible for the disability tax credit, meaning you must have an impairment in physical or mental functions that are severe and prolonged.

Life insurance plans

Among all the things you should have in your family financial plan, life insurance is a must-have for protecting your loved ones. Your beneficiaries will receive a death benefit to pay any debt you left, keep the family house, or even cover remaining medical bills, or some simply use it to maintain their standard of life.

Life insurance coverage can be permanent or temporary. At Termlite, we believe that term life insurance (temporary coverage) can be the best product  for the family finances as well as the most affordable.

Due to its low premiums, term life insurance is easier to include in the family budget as it is a cheaper solution and can be eventually converted into a permanent plan if you want the option in the future.

Term life insurance plan can also be used in lieu of mortgage insurance if you plan to invest in real estate. It has more advantages than the average mortgage insurance plan offered by your bank:

 

One last piece of parting advice: estate planning is an often-overlooked part of holistic financial planning.

To avoid complications and headaches for your loved ones, be proactive about your estate plan and prepare your last will with an attorney so that your succession is smooth for your heirs.

The loss of a loved one should be dedicated to grieving; not struggling with unexpected debt or dealing with complicated financial details.

We hope this guide about family financial planning has helped you get a clear family's financial plan. If you have any questions or wish to receive a quote for a life insurance plan, our licensed insurance advisors are ready to work with you to create a tailored insurance plan for your future. 

 

Written by Diane Taes

Young adults don’t have life insurance at the top of their priority list, which is entirely understandable. After all, when you don’t have kids or a spouse, insurance doesn’t seem like a thing you need in your life. But is life insurance a product only for those with dependents? Not at all! There are many reasons why a single and childless adult should purchase an insurance plan. From getting prepared for the future to guaranteeing that outstanding debts are covered, every young adult can benefit from insurance protection.

As time passes, Canadians seem to understand this need. According to a report from LIMRA, “almost 40 percent of life insurance buyers in Canada are younger than 35”. As many understand, having a life insurance policy is a valuable building block for a responsible financial future.

You will also start to grasp how having an insurance plan is part of having a strong financial foundation - and how smart it is to purchase it while you are healthy. Buying personal insurance at a young age generally means you are getting the lowest possible premiums, which is, by itself, an excellent reason for you to consider getting insured.

And if you need more, don’t miss this list of benefits we have gathered for you:

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