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."
There's hope
if you're declined.
Photo by Ibrahim Iujaz
When someone applies for life insurance in Canada, only one of three things can happen:
1. The policy is approved. This happens to about 80% of all applicants, although the number is much higher among younger applicants, since younger people are generally healthier.
2. The policy is issued, but on a rated basis. This means that the insured is approved, but the premiums are higher due to health or lifestyle issues.
3. The application is declined. Once again, this would be related to health or lifestyle issues, but in this instance the insured is denied insurance completely.
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What Should I Do If My Application Is Declined? continued...)
Child life policy.
Credit: Eric McGregor
For most people, a life insurance policy is a way to protect assets or maintain a lifestyle for dependents when the main breadwinner passes away. This makes such policies for children seem unnecessary and even morbid.
But insurance broker Lorne Marr argues juvenile policies can be a financial "gift" for parents to bestow upon their children, ensuring lifelong coverage at a relatively low price. A Term 20 policy begun when a child is two, for example, will be fully paid by the time the child leaves university, can be upgraded at specific milestones, and means the child is covered even if he or she later develops a serious medical condition.
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The Wall Street Journal: Nothing Morbid About Child Life Policy continued...)
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2 comments.
La Capitale
La Capitale offers a variety of term life and permanent life policies at competitive rates.
They have a special niche on their Term 20, Term 25 and Term 30 riders. These term riders are available on non-participating individual and joint permanent policies. Any rider for $100,000.00 or more will be given the premium band on a $1,000,000. This results in the insured paying substantially lower premiums on a La Capitale plan with under $1,000,000 of coverage.
Life insurance companies generally have five or six rate bands on their life insurance products. The higher the face amount, the higher the rate band and the lower the cost of insurance per thousand dollars.
For more details, call us at 1-866-899-4849 or visit our Instant Online Quote Page.
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(LSM Insurance Helps Cricketers raise funds for Haiti victims continued...)
La Capitale now offers a unique combination life and disability insurance plan.
The life insurance portion can either be a term life or a permanent policy and the insured has the option of adding a disability income benefit. The minimum benefit amount is $250.00 a month, while the maximum benefit amounts are $5,000.00 a month.
If the disability insurance is used to cover a mortgage loan or a line of credit, the maximum monthly disability benefit is 2,000.00 a month. The elimination period is 90 days, but it is retroactive to the end of the first month of the policy. The monthly benefit periods can be two years, five years, or until expiration of the coverage.
Issue ages on a 20-year term policy can be 18 to 55. On a 25-year term policy, they can be 18 to 44 and on a 30-year term policy can be 18 to 39.
For more details, you can contact us at 1-866-899-4849, or visit our Disability Insurance Quote Page.
905.248.4849
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