Disability Insurance Overhead Expense Plan With Canada Life

Canada Life offers a disability insurance plan with an overhead expense that provides non-cancellable protection to age 65 for business owners.

The plan provides reimbursement of eligible business overhead expenses while the insured individual is totally disabled. The plan is non-cancellable, meaning that the plan can't be cancelled or modified and the premiums cannot be raised by Canada Life prior to age 65 (with the exception of the health care profession rider, if selected), as long as the premium is paid to date.

Term 20 Life Insurance for Seniors

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

An increasing number of Canadians are struggling under higher debt loads. In fact, a recent article in The Globe and Mail revealed that 44% of Canadians are carrying debt into their retirement. This debt comes in the form of mortgages and other miscellaneous debts that need to be insured.

Term 20 life insurance can be an effective and economical form of managing debt. Term 20 policies
provide level premiums for 20
years and the death benefit is paid out tax-free. Most plans offer a level premium, but some carriers offer a decreasing death benefit at a reduced cost.

It should be noted that most life insurance carriers in Canada have maximum issue ages on their Term 20 life insurance plans that range from 55 to 65.

The following is a premium snapshot of the leading Term 20 life insurance providers for a 65-year-old, male non-smoker with $200,000 of coverage:

Term 100 Policies in Canada are Under Pricing Pressure

Term 100 policies provide lifetime protection and fixed premiums. Most of these policies do not have a cash value. However, some Term 100 policies do have a guaranteed cash value available in the later policy years.

These policies are generally described as lapse supported life insurance plans, meaning that the insurance company predicts that a certain amount of these policies will lapse in the later years. Normally, this status affects how insurance companies price them, making premiums cheaper in the beginning. However, fewer consumers than initially anticipated have let these policies lapse in recent months.

This, combined with historically low interest rates, has made these policies much less profitable. In many instances, insurance companies are losing money on these policies and have now pulled them from their product line-up.

Empire Life Releases its 2010 Year-End Financial results

Empire Life has released its 2010 year-end financial results.

“Our 2010 results reflect our steady commitment to growing and supporting our three lines of business, Wealth Management, Employee Benefits and Individual Insurance." said Les Herr, President and Chief Executive Officer. "As we’ve seen again this past year, this diversified balanced approach helps us generate consistent revenue and premium income in all economic and market conditions, making our company stronger.”

Manulife Financial Is Raising Term 100 Rates

Manulife Financial is raising its Signet Term 100 and Term 100 Family Term rates effective April 23, 2011.

Term 100 insurance is a hybrid permanent insurance plan that provides fixed premiums and lifetime protection, but which does not build a cash value in most cases. Whole life policies, on the other hand, provide fixed premiums and lifetime protection while building a cash value. However, initial premiums on whole life policies are much higher.

Equitable Life Participating Whole Life Insurance: Equimax

Equitable Life offers a Participating Whole Life policy called Equimax. Participating Whole Life insurance offers guaranteed cash values and dividend values. This differs from Non-Participating Whole Life policies, which just offer guaranteed values.

The following are five benefits of an Equitable Life Participating Whole Life policy:

AXA Insurance Revamps its Term Lineup

SSQ, Life Insurance Company Inc. has purchased AXA Life Insurance Inc., with the official date of the transfer being January 2012. SSQ Insurance Company Inc. is the new name chosen for the subsidiary.

AXA Insurance reduced its Term Life Insurance rates and launched a new loan insurance program.

Specifically, it reduced its Term Life Insurance rates in July of 2010, lowering its Term 10 premiums for insured persons age 50 and over.

Analysis of Canada Life Universal Life Rate Increase

Canada Life increased rates on its Universal Life Level Cost of Insurance, and Limited Cost of Insurance policies, as of February 7, 2011.

The increases followed rate hikes by Manulife, Industrial Alliance, and Equitable Life. Many Canadian insurers have had to re-evaluate the pricing of their Universal Life policies as a result of continually, historically low interest rates. As a result, clients will see the following changes:

RBC Insurance’s Disability Buy/Sell Plan

RBC Insurance offers a Disability Insurance Buy/Sell Plan that provides non-cancellable and conditionally renewable business protection for individuals in a partnership or corporation comprised of two or more partners or shareholders.

The Disability Buy/Sell Plan is designed to provide funding for the remaining insured partners or shareholders to purchase the business interest from the partner or shareholder who becomes disabled and cannot work. RBC's Disability Buy/Sell Plan offers coverage until the earliest occurrence of the following:

Standard Life’s Term 10 and Term 20 Term Policies: Now with Detatchable Riders

Effective Jan. 1, 2012, Standard Life will no longer be selling its line up of individual life insurance and critical illness policies.

However, applications received by December 31 2011 will be processed as usual and as in the past, they shall process group insurance conversions to individual life policies.

In the meantime, Standard Life still offers Term 10 and Term 20 life insurance solutions or life insurance policies. The plans are renewable to age 85 without a medical, and convertible to permanent policy with Standard Life without a medical. The conversion feature is a valuable option to applicants whose health may have changed within the term of the policy, as it allows the applicant to obtain their original policy classification at the time of conversion without medical insurability.

For example, let's say there was an applicant who applied while they were in good health and subsequently develops diabetes or angina. They would be able to convert their coverage at the same rates as someone with no health issues.

<!--more-->

The following is an example of $1 million of Term Life coverage at standard rates for a 40-year-old male non-smoker:

$1 million of Term 10 coverage with Standard Life: the annual premium is $795 per year.

$1 million of Term 20 coverage with Standard Life: the annual premium is $1,375 per year.

For more details on life insurance in Canada, please contact us at 1-866-899-4849 or visit our Term Life Insurance Instant Quote Page.