It was great working with Jee-Yun Lee. The topic of the show was "What You Need To Know When Getting Life Insurance". Jee-Yun Lee figured out the essentials of life insurance very quickly. Jee-Yun Lee's conclusion: "Life insurance can be great if you get a policy which works for you."
Prescription drugs
on the rise
Credit: Okko Pyykko
Drug costs are on this rise, According to an article in the Globe and Mail, government subsidy has tripled and the public cost has doubled. Good thing drug plans are the most significant cost component of a group insurance plan.
The following four variables can help control the cost of drug plans and keep your company’s group premiums in check:
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Why buy life Insurance? credit: Robby McKee
Maybe you're one of those people who sees life insurance as an endless money pit with no immediate benefit. After all, what exactly are you paying for? It can not be seen or grasped in your hand. For people like you, the question immediately becomes -- Why Buy Life Insurance?
Life insurance is a selfless and intangible asset. Life insurance proceeds do not benefit the insured, and the benefit cannot be seen. Having said that, life insurance can impact the lives and well being of your family for generations. The proceeds from a life insurance policy are paid out TAX FREE and the reasons to buy life insurance are numerous:
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What Simplified Issue
plan will you choose
Credit: cbarbi
Simplified Issue life insurance is available without a medical, but unlike Guaranteed Issue, there are some health questions. Simplified Issue life insurance plans have anywhere from three to 12 health questions. The more health questions the insured can answer “no” to, the lower the premium and the higher the death benefits. Most simplified issue plans also offer discounts to non-smokers.
Below is a snapshot comparison of the top Simplified Issue life insurance plans in Canada. On all of the plans except Wawanessa Life, coverage takes effect from day one:
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What's the difference?
Critical Illness and
Terminal Illness Benefit.
Many life insurance companies in Canada offer a terminal illness benefit as a built-in feature in their life insurance policies. It's important that terminal illness coverage not be confused with Critical Illness coverage. A Terminal illness feature means that the insurance company will generally allow the insured to access up to 50% of the face amount (usually they will state a specific maximum) when the insured is diagnosed with less than one year to live.
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Learn beneficiary distinctions.
Help yourself protect your family.
Credit: Ted Bongiovanni
Life insurance beneficiary designation can either be revocable or
irrevocable.
A revocable beneficiary can be changed by the owner of the policy without the signature of the beneficiary. An irrevocable beneficiary gives the beneficiary extra ordinary powers, so that policy changes can only be made with the signatures of the owner of the policy and the beneficiary.
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