March 31st, 2010
find out rates
for a 50-year-old, male non-smoker.
Photo by Luciano Meirelles
Term 100 life insurance is essentially a stripped-down form of whole life insurance. The premiums are level for life and the policy provides lifetime protection. Unlike whole life policies, there are generally no cash values that build within the plan. This generally translates into a lower premium than is available with whole life coverage. On the downside, if the insured cancels the policy in the later policy years, there is no return of premium. There is no built-in buffer, if the insured needs to miss premiums in the future.
The following are the top three Term 100 life insurance companies for the 35, 45, and 55-year-old male non-smokers at $250,000 of coverage:
$250,000 Term 100 coverage for a 35-year-old, male non-smoker:
Empire Life: $99.00/month
RBC Insurance: $99.23/month
Cumis Life Insurance Company: $101.50/month
$250,000 Term 100 coverage for a 45-year-old, male non-smoker:
Manulife: $160.29/month
RBC Insurance: $177.30/month
Empire Life: $186.98/month
$250,000 Term 100 coverage for a 55-year-old, male non-smoker:
Manulife: $319.79/month
Industrial Alliance: $345.15/month
Western Life: $356.90/month.
One additional note to consider with Term 100 coverage is that Universal Life policies (with a level cost of insurance at the minimum premium) often have a lower cost than Term 100 coverage. These policies are essentially equivalent in terms of the cost of insurance, but universal life plans give the insured the option to put extra money into the policy should he or she choose.
An example could be a 35-year-old, male non smoker: $250,000 of Term 100 coverage is $99 with Empire Life; whereas, $250,000 of Universal Life level-cost coverage at the minimum premium, would only be $89.93 a month with BMO Insurance.
For more details, please contact us at 1-866-899-4849, or visit our Instant Quote Page.
March 26th, 2010
disability insurance
that protects your business
Canada Life's disability plan – for business professionals and executives - is called "Lifestyle Protection" his policy has a host of riders, which can enhance the insured’s level of disability protection. One of its more unique riders is their ''Sale of Business Facilitator". This rider allows people who put a significant investment into their business, but are forced to sell it, to have additional options.
If the insured is forced to be away from his business for an extended period of time due to a total disability, the value of his or her business may significantly decrease. Selling an interest in the business may make the best financial sense for the insured and his or her family while managing a total disability. The expense associated in facilitating the sale of the business, including legal fees and accounting fees can be substantial. The sale of the "Business Facilitator Rider" is designed to help cover those costs.
The rider states the following:
“If the insured is totally disabled and sells his/her business, (in which he/she has at least 10% ownership interest) within two years of the date of receiving disability benefits, Canada Life will reimburse him or her for any independent legal and accounting fees incurred in the sale of the business. A single lump sum of up to $10,000 will be payable at the time of facilitating the sale if the insured is under age 55 and has received at least six disability benefits under the policy.”
If You have any questions, don't hesitate to call us at 1-866-899-4849 or visit our Disability Insurance Quote Page.
March 23rd, 2010
The Top Companies for Group Critical Illness
Group Critical Illness insurance sales are on the rise. As reported in the February 2010 issue of the Insurance Journal. Recent data shows that growth of Group Critical Illness sales were seven times stronger than the Group Insurance sector as a whole.
The Insurance Journal highlighted 13 of the Group Critical Illness providers in Canada. They are as follows:
ACA INA Life - The product name is the ACA Life Spectrum Group Critical Illness Plan. The plan covers a minimum of ten lives.
AXA Insurance - The product name is Critical Choice Care, with a plan minimum of ten lives.
BlueCross Life/Medavie - The product is called Enhanced Critical Illness Insurance/Life Link. The plan holds a minimum of three lives.
Co-operators - The product is Group Critical Illness. The three plans in this bracket cover three to 25 lives, 26 to 50 lives, and 50 lives and over, respectively.
Desjardins Financial Security - The product here is the Critical Illness Benefit and the plan covers a minimum of 15 lives or more.
GCI Insurance Services - The product is Vital Check and the plan covers a minimum of ten lives or more.
Great West Life - Its Group Critical Illness plan covers a minimum of three lives.
Industrial Alliance - Its Critical Illness Insurance covers a minimum amount of five or more lives.
La Capitale - Its product is known as Objective Health Security and covers ten lives or more.
Manulife - Its Group Critical Illness plan covers 25 lives or more.
Sun Life - Sun Life Group Critical Illness offers group sizes of any number.
Wawanesa Life - Their Group LTD Critical Illness plan is available to all groups and includes long-term disability.
For more details on group critical illness, you can contact us at 1-866-899-4849, or visit our Group Benefits Online Quotes Page.
March 22nd, 2010
Transamerica is the leading Canadian provider of term life insurance. They offer Term 10, Term 20, and Term 30 plans. Each of the policies are guaranteed renewable and convertible to a permanent plan without a medical.
The features below are part of the reason Transamerica life term policies (distributed through independent brokers) can be a great fit.
1. Preferred rates. That is, preferred rates on policies in excess of $250,000. Preferred rates are available to individuals who are in excellent health and have excellent family health history. They can provide premiums which are up to 30% lower than standard life insurance rates.
2. Multi-life policies. This allows a husband and wife to be insured under one policy, thus reducing the overall cost of individual insurance.
3. Term 30 plans. Their term 30 plans offer two unique features:
a) A reduced paid-up feature, which allows the insured to stop paying after a limited number of years and allowing a reduced amount of coverage paid-up for life.
b) The insured can surrender the coverage and take its cash-value.
4. Special rate for high net-worth clients. Transamerica introduced a special, discounted, band six rate for high net-worth individuals who are looking for a life insurance plan in excess of $2.5M.
For more details, please contact us at 1-866-899-4849 or visit our Term Life Instant Quote Page.
March 19th, 2010
Help Charity
with Great West Life's
Group Plan
Photo by Philippe Tarbouriech
Great West Life is a leading provider of group insurance in Canada. They also offer a very competitive Group Critical Illness Plan.
The plan is available for group sizes of three lives or more. They offer basic coverage amounts for children and dependants of $5,000. Coverage amounts on spouses can be a basic amount of 10,000 and further option amounts can be $10,000 to $250,000.
Coverage amounts for employees include $10,000 to $250,000 (depending on the size of the group) for basic plans and optional amounts can be another $10,000 to $250,000. There is no continuation or conversion option.
The special features are that when a benefit of $10,000.00 or more is paid, Great West Life will make a $5,000.00 donation to a registered charity of the claimant's choice.
For more details on Great West Life's group critical illness plan, you can contact us at 1-866-899-4849 or visit our Group Benefits Online Quotes Page.
March 19th, 2010
End up here?
Get an advance on your life policy
Most Canadian Life Insurance companies offer a Terminal Illness Benefit, which pays out a lump sum payout as an advance on the insured's life insurance policy if he or she is diagnosed by a physician as having less than one, or sometimes two, years to live.
Terminal illness coverage should not be confused with Critical Illness Insurance, which pays out a lump sum if the insured is diagnosed with a critical illness, such as cancer, stroke, or heart attack. Critical illness is used to help offset the cost of surviving a serious illness, whereas terminal illness is an advance on the insured's life
The following is a list of how some of the top life insurance companies in Canada treat a living benefit advance:
Empire Life: To qualify, the insured must be terminally ill with death anticipated within 24 months. A signed statement must be received from the attending physician confirming this. The advanced payment will be up to a maximum of $100,000 or 50% of the policy face amount.
Transamerica: For newer policies, the living death benefit is contractual. On older policies, they have a non-contractual, compassionate assistance program. If the client is diagnosed with a terminal illness and has been given less than two years to live, Transamerica will pay half the face amount up to $50,000. This is a loan on the policy at 8% interest, and the loan plus interest is deducted from the death benefit.
Canada Life: An advance of a death benefit can be requested for someone diagnosed as terminally ill. Full medical information must be supplied to substantiate the status of the condition. The maximum would be 50% of the face amount, up to a maximum of $50,000. The advance will be subject to interest.
BMO: An advance of the death benefit of up to 50% of the total insured to a maximum of $100,0000 provided that;
a) The policy is not contestable, (beyond the first 2 policy years).
b) The policy does not have joint coverage.
c) The insured has a life expectancy of less than one year as confirmed by his/her medical physician.
If you have questions, please contact us at 1.866-899-4849, or visit our Instant Quote Page.
March 16th, 2010
Talk to your insurance broker
about simplified
or guaranteed issue.
Guaranteed issue life insurance policies are available without a medical and with no health questions. One big caveat with guaranteed issue life insurance is that if the insured passes away in the first two years by a non-accidental death, the death benefit is usually limited to a return of premium. Some companies do offer interest on the return of premium, while others don't.
The three leading providers of guaranteed issue life insurance in Canada are BMO Insurance, Manulife Insurance and the Edge underwritten by Industrial Alliance.
Simplified Issue policies are an alternative to Guaranteed Issue life insurance. They also are available without a medical, but depending on the carrier, there can be anywhere from three to twelve health and lifestyle questions. Many Simplified Issue policies have coverage, which begins from day one, regardless of the cause of death. Simplified Issue policies also offer significantly lower premiums than Guaranteed Issue plans.
For more details, please contact us at 1-866-899-4849, or visit our Non-medical Life Insurance Quote page.
March 14th, 2010
Make sure your investments
only go one direction.
Photo by Balazs Gal
Empire Life has launched its own Insured annuity designed to provide an alternative to regular, low fixed income investments. An insured annuity is designed to provide a tax-efficient, lifetime income and preserves or increases the money available to your estate.
Simply, the annuity provides the income and the life insurance policy it comes with preserves the capital you already have by providing a tax-free payout in the event the holder passes away.
Normally, there are two approaches available when purchasing an Insured Annuity: Traditionally, capital is used to buy an annuity and part of the income generated goes towards a life insurance policy.
With Empire's product, the insurance policy is pre-paid with the some of the available capital that went towards it, which means all the income generated goes towards your own lifetime income.
The chief benefit of this is a larger lifetime income while the original capital is preserved and not dipped into. The income is guaranteed for life and can be continued at the same rate for the life of your spouse. Plus, it can be completely free of upkeep, so if you don't want to, or are uninterested in managing your portfolio, you don't have to. The entire income stream can be creditor protected and separated to go towards lifestyle needs, rather than unforeseen business problems. Plus, payments are guaranteed for a minimum number of years, regardless of when the death occurs.
The income generates less tax and is eligible for the pension tax credit. It can also be preserved for heirs and charitable causes.
The one potential drawback could be that the guaranteed income flow cannot be changed or cancelled, which could be a advantage or a disadvantage depending on your life situation.
If you are interested in this, or other life insurance products, please don't hesitate to give us a call at 1-866-899-4849, or visit our Term Insurance Quote Page.
March 10th, 2010
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.
March 8th, 2010
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.
March 7th, 2010
Wawanesa Life has renamed its non-medical life insurance plan: Instant Issue Life Insurance. The plan now provides 5,000.00 to $50,000.00 in face amounts, handed out in Increments of $2,500.00. The non-accidental death benefit is limited to a return of premium plus interest in the first two policy years.
The plan is a simplified-issue plan, rather than a guaranteed-issue plan, so there are no medical tests and no health tests. Wawanesa’s plan only has five qualifying questions:
1. Within the last two years, have you had a stroke, heart attack, or been advised to have heart surgery?
2. Within the last three years, have you consulted a physician for, or received treatment for, cancer?
3. Within the last three years, have you been declined for individual life insurance by Wawanesa Life or any other insurer?
4. Have you been diagnosed, treated for, or had any indication of AIDS, or AIDS-related complications?
5. Are you currently restricted by a wheelchair, bedridden, hospitalized, or confined to a nursing facility requiring full-time care?
If the insured answers "yes" to any of the above questions, coverage is not available.
For more details, you can contact us at 1-866-899-4849, or visit our Non-medical Life Insurance Quote Page.
March 7th, 2010
The best Whole Life policies
for your family
Credit: tldagny
As the name describes, whole life insurance provides for the insured's entire lifetime. The policies can generally be broken down into two types:
Participating Whole Life policies participate in the insurance company's profits. These plans provide level premiums and lifetime protection, but also have a higher cash-value and an increasing death benefit that is based on the insurance company's dividend scale.
Non-participating Insurance Policies also provide fixed premiums and lifetime protection. These policies have a lower initial premium, as the death benefit is level, and all values within the plan are generally fully guaranteed.
It is difficult to compare participating Whole Life policies because of their different dividend scales.
However, Non-participating Whole Life Policies are very easy to compare and you can get an instant quote at our Whole Life Insurance Calculator.
Below is a listing of the top five Whole Life Non-participating 20-year Pay policies in Canada, at $250,000.00 for a 40-year-old, male non-smoker.
Manulife: $204.13/month
Western Life: $208.55/month
Empire Life*: $214.20/month
Desjardins*: $226.13/month
L’Excellence: $226.35/month
*Empire Life and Desjardins have the highest guaranteed cash-values after 20 years at $51,500 and $53,900 respectively.
For more details, you can contact us at 1-866-899-4849 or visit our Instant Quote Calculator.
March 7th, 2010
You're covered until 75.
Photo by Craig Cloutier
Term to 75 life insurance coverage provides level rates and a level death benefit until age 75. Only a limited number of life insurance companies in Canada offer this type of coverage. The plan does not build up a cash-value, but is generally convertible to a permanent plan without a medical.
Below are the three providers offering Term to 75 coverage for a 40-year-old, male non-smoker:
La Capitale
Term to 75: $74.73/month.
Industrial Alliance
Pick-a-Term Level to Age 75: $76.73/month.
Co-operators
Level Term to Age 75: $82.80 a month.
La Capitale plan is actually a term 35 plan, but based on a 40-year-old's age, would cover the insured to age 75.
A Co-operators life insurance premium is $98.78 a month, but dividends are paid annually and the reduction is based on the premiums shown.
For more details on Term to 75 coverage, please contact us at 1-866-899-4849 or visit our Instant Online Quote Calculator.
March 7th, 2010
What's covered by OHIP?
Every Ontario resident is entitled to OHIP for their medical care, but Canada's "Free Healthcare" that so many envy doesn't cover everything.
The following is a simple snapshot of the Health, Dental and paramedical services it does cover: (For more specifics you can contact them at 1.800.268.1154 www.gov.on.ca)
Medical Supplies: Some assistance through the Assistive Devices Program (ADP) for a variety of devices, including electric and manual wheelchairs to a maximum of 80%. The full amount of an insulin pump is covered every five years, as of September 1, 2008. Insulin pump supplies are covered annually up to a maximum of $2,400.
Podiatry: When performed in an approved facility, you get $135 maximum (plus $30 X-Ray) per benefit year ($16.40 for the initial visit and $11.45 for every subsequent visit).
Travel: In-patient services are coverd up to $400 a day and out-patient services are covered up to $50 a day for emergencies only.
Nursing and Home Care: Based on needs.
Hearing Aids: $500 per aid every three years.
Chiropractic: Not covered.
Physiotherapy: Allowed in OHIP approved clinics and long-term care facilities for ages 19 and under, as well as 65 and over to a maximum of $12.20 per visit for 100 visits a year. All others a maximum of $12.20 per visits for up to 50 visits a year if required due to overnight hospitalizations.
Osteopathy: $155 max benefit per year: $12 for initial visit, $9.50 for every subsequent visit and $25 for X-ray. Note: Very few OHIP approved practioners.
Speech Therapy: Only when performed in hospitals.
Dental: Only surgical procedures performed in hospitals.
Eye examination: One exam every 12 months for ages 19 and under, as well as 65 and over. Those receiving social assistance or with an approved medical condition are also eligible for an eye exam every 12 months.
Intraocular Lens: Standard hard/rigid and soft/foldable IOL's are covered once per lifetime per eye.
Ambulance: $45 patient co-pay.
Accommodation: A standard ward = no charge. The daily rate for semi-private is $110 to $235 and a daily rate for a private room costs $200 to $325 (not legislated).
Lab and Diagnostic Tests: See OHIP list of eligible tests. PSA tests are covered as of January 1, 2009.
Prescription Drugs: The Ontario Drug Benefit Program covers seniors and social assistance recipients. Low income recepients and seniors are responsible for a $2 co-pay per prescription. Higher income seniors must satisfy a $100 deductable, followed by a co-payment of up to $6.11 per perscription. The Trillium Drug Program is available to all Ontario residents covered by OHIP with high drug costs in relation to your income. Eligibility requires that private insurance doesn't cover 100% of their drug costs. Approved applicants are responsible for an income based deductable, in addition to a co-payment of up to $2 per perscription. ODB drugs can fall under the full benefit or be Limited Use Drugs, where the patient must meet specific medical criteria. As of January 2008, there is a new drug status called 'Conditional Listings'. Drugs with this status are considered under the full benefit. In some cases, drugs not covered at all may be considered based on need as part of a clinical review. The benefit year falls between August 1 and July 31. The Special Drugs Program provides certain drugs at no cost to patients meeting certain clinical criteria. It is approved by a designated centre/physican for the drug. Conditions covered maybe Cystic Fibrosis, Thalassemia, HIV, end stage renal disease, growth hormone failure Schizophrenia, Gaucher's Disease and some transplant patients. Cancer Care Ontario provides some cancer treatment drugs to patients meeting specific criteria.
Source: GreenShield Canada
Individual health and dental insurance is available to protect you and your family from items not covered Health and Dental Insurance. We also offer company benefit plans for small, mid size and large businesses – you can get more details here or a Group Insurance Quote here.
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4 comments
March 3rd, 2010
Insurance for Children by wester
Desjardins Financial Security offers a Life Start 15 plan, which is geared toward the Children's Life Insurance Market. The plan has the following features:
1. It is available issue ages 0 to 17.
2. Premiums are fully guaranteed.
3. The Policy is guaranteed paid-up at the end of 15 years.
4. The child is covered for his or her lifetime.
5. There are three rate paying levels: 10,000, 25,000, and 50,000. Coverage is available for anywhere from $10,000 to $100,000.
6. There is no policy fee on the plan.
7. The plan has guaranteed cash-surrender values.
Below is sample pricing for a 10-year-old boy:
$10,000.00 of Life Start 15: $138.90/month
$25,000.00 of Life Start 15: $203.25/month
$50,000.00 of Life Start 15: $307.50/month
For your own life insurance needs, visit our Term Insurance Quote Page, or call our office at 1-866-899-4849.
March 1st, 2010
La Capitale has a 5-year GIC (maturing in May 2015) that currently has the best rates on the market.
For investment amounts less than $50,000, the rate is 3.75% in the first year and 3.25% in subsequent years with the average working out to 3.35%.
Amounts between $50,000 and $250,000 include a first year rate of 4.00% and 3.50% for following years, working out to an average of 3.60%.
The contracts available include TFSA, RRSP, LIRA, RRIF and LIF and non-registered contracts.
Your RRSP contributions can be accepted up to March 1, but this GIC promotion will continue for a certain length of time.
For more information, call our office at 1-866-899-4849.
905.248.4849
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