What Should I Do If My Application Is Declined?

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.

The Wall Street Journal: Nothing Morbid About Child Life Policy

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.

LSM Insurance Helps Cricketers raise funds for Haiti victims

Nearly 200 players including under-19 and women cricket players attended the opening ceremony of a three-week cricket tournament in Toronto will be played to help raise awareness and funds for the disaster relief effort in Haiti.

(LSM Insurance Helps Cricketers raise funds for Haiti victims continued...)

BMO Insurance’s Business Guaranteed Insurability Option

A new rider
for business owners.
Credit: Lindsey Lissau

There's a new advantage to being a business owner in the market for insurance, thanks BMO Insurance and it's Business Guaranteed Insurability Option.

What is it?

It is a rider giving business owners the option of purchasing additional insurance over a ten-year span without having to go through added medical tests or questioning.

Haiti Life Insurance Cricket Sponsorship

LSM Insurance Cricket for Haiti

Following Haiti's worst earthquake in its recent history, Life Insurance Canada decided to help and contribute to this country's regeneration. Together with The Cricket Champions League the support event called 'LSM Insurance Cricket for Haiti' was launched this February at two places at the same time.

(Haiti Life Insurance Cricket Sponsorship continued...)