Canadian insurers paid out more than $97 billion in benefits from life and health insurance products in 2020, according to the Canadian Life and Health Insurance Association’s annual fact book. The period, which included the first nine months of the coronavirus pandemic, included $420 million paid out for psychology-related claims to support mental health, up 24 […]
Two East coast companies are among the early adopters of a retirement savings platform for employers in the not-for-profit sector. Prince Edward Island Family Violence Prevention Services Inc. and Newfoundland-based Thrive previously offered their employees group registered retirement savings plans. Danya O’Malley, executive director of the PEI Family Violence Prevention Services, says lower fees was […]
The Canadian Life and Health Insurance Association is calling on the federal government to provide Canadians with access to more-secure retirement income. In its submission to the 2021 federal budget, the CLHIA recommended that Canadians in and approaching retirement have access to flexible annuity options within registered pensions, registered retirement savings plans, registered retirement income […]
Canadians received a record $103 billion in benefits from life and health insurers last year, up 60 per cent from a decade earlier, according to the Canadian Life and Health Insurance Association’s annual fact book. The benefits include $53.3 billion in pension annuity payments, $38.1 billion in health benefits for prescription drugs and supplementary health […]
A retiree faces a 50 per cent probability of receiving more income by delaying Canada Pension Plan payments, according to a new report by the Canadian Institute of Actuaries and the Society of Actuaries. The report, authored by Bonnie-Jeanne MacDonald, director of financial security research at Ryerson University’s National Institute on Ageing, investigated the financial […]
With the federal government easing the withdrawal requirements for registered retirement income funds in a bid to alleviate the harm to retirees’ portfolios caused by the coronavirus-spurred market crash, the industry is suggesting similar measures for other retirement arrangements. “Canadians who are about to turn money into income will be faced with the decision of […]
With the federal government easing the withdrawal requirements for registered retirement income funds in a bid to alleviate the harm to retirees’ portfolios caused by the coronavirus-spurred market crash, the industry is suggesting similar measures for other retirement arrangements. “Canadians who are about to turn money into income will be faced with the decision of […]
The Canadian Life and Health Insurance Association is asking the federal government to develop a strategy for access to high-cost drugs and to make flexible annuity options available for a variety of retirement savings vehicles. In its 2020 budget submission to Finance Minister Bill Morneau, the association called for the federal government to work with provincial and territorial governments and […]
As pension regulators move forward with legislation permitting annuity options for certain capital accumulation plans, the Canadian Life and Health Insurance Association is calling on the federal government to make flexible annuities available for registered retirement savings plans, registered retirement income funds and tax-free savings accounts. In March 2019, the federal budget proposed enabling advanced life deferred annuities for […]
Many Canadians are interested in learning more about how to manage their money as they make the transition to retirement, according to a new survey by Mackenzie Investments. About half (47 per cent) of baby boomers said they want to know more about how to make the transition to retirement. This age group is slightly more […]