Over the past decade, mortgage costs have grown faster than incomes. An analysis conducted by Zoocasa looked at average mortgage payments across 17 Canadian cities from 2013 to 2023 and compared the figures against average incomes. The Greater Toronto Area saw mortgage payments increase by 129.8 percent from 2013 to 2023, while average incomes rose by only 16 percent, the report said.
Do you rely on another person's income to help pay your mortgage? Then you both need to get life insurance. Most people think they only need to get life insurance when they start a family, but in reality, it is necessary if you have anyone depending on your income. It is hard enough to keep up with the cost of living now; imagine doing so without the primary income you depend on that is not your own.
It is also worth noting that you need Critical Illness Insurance. This is crucial because you’ll lose your primary income source while still needing to keep on top of the cost of living and managing your health. Critical Illness Insurance will give you a lump-sum tax-free benefit if you’re diagnosed with one of the top 20 critical illnesses. This will help replace your income to cover all your expenses, along with unaccounted-for medical expenses that are not covered by OHIP.
Securing both life and critical illness insurance is a wise step for anyone relying on dual incomes to manage the high cost of living in the GTA. These protections offer peace of mind and financial security, ensuring that you and your loved ones can maintain your lifestyle even in the face of unexpected challenges.
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