5 things pensioners applying for a loan should rememberWritten by Nicholas Cameron
Are you a pensioner applying for a loan? Here are 5 things you should remember
As a pensioner, applying for loans and finance can be problematic. Some of best deals in market may be unavailable to you because you do not meet ideal criteria that lenders look for. For example, because of your situation you may no longer be able to generate income. To make up for this, you need to make sure that other aspects of your loan application are presented strongly to allow you to obtain loan most suited to you.
Your age may make you a credit risk
In general, main thing that lenders consider when reviewing a credit application is risk. Your credit history, income and age may all point to you being a high credit risk and lenders may consequently decline your application. Because of these factors, senior citizens and pensioners may experience greater difficulty in obtaining a loan. However, if you can show that you are able to service your loan for duration of term, or even prepay interest, you still have a good chance of succeeding in your application.
You need to demonstrate loan serviceability in your application
Regardless of your age and employment status, main thing you need to show is that you can actually pay back loan you wish to take out. If lender decides that you will have no difficulty making scheduled repayments for term of loan, you will probably be successful in your application. Any information you can provide regarding your assets and income will obviously be relevant.
Canada’s Aging Baby Boomers: Planning Health Insurance for the FutureWritten by Anna Dorbyk
The first of Canada’s aging baby boomers are poised to turn 65, and with this milestone birthday comes a variety of new health care concerns. In response to these changing medical needs, Canadian health care system is preparing to handle some 10 million boomers whose reasons for visiting hospital will range from hearing loss to long-term care. The aging of this Canadian demographic is inevitable, but falling into financial debt in order to pay for these services can be avoided. By thinking ahead to what medical services may be required, individuals are able to customize their health insurance accordingly.
Living in a country like Canada where health care is provided for all is an undeniable luxury. Yet, despite many benefits of Canadian health care, there are gaps that exist in coverage. These gaps dictate need for supplementary health insurance. Sadly, there are many instances where people have met with unexpected illness, but there are also many health issues that can be planned for. Aging is one such issue.
Some of most common services required by seniors include: x-rays for weakening bones, a visit to podiatrist for any number of foot related issues and testing and fitting hearing aids for hearing loss. Each of these services may be an inevitability for aging individual, but they may not all be covered by Canadian government. Provincial health plans vary from province to province with certain provinces offering a proscribed amount of money yearly for various necessities, such as a trip to podiatrist. A visit to a specialized doctor or purchase of a hearing aid can be very costly, and with little to no coverage, people are often left with a substantial financial burden. Supplemental health insurance is best way for seniors to plan for and minimize these costs.