Life Insurance Guaranteed Whole Life Policies

Guaranteed whole life policies have been under pressure in recent months, as many life insurance companies in Canada have responded to historically low interest rates by either raising the rates on the guaranteed whole life insurance policies or removing these policies from their product lineup.

Manulife recently removed their Guaranteed Limited-Pay Whole Life Plan from their product portfolio, and Empire Life recently increased the rates on their 20-Pay Whole Life Insurance Policy.

The following is an example of $250,000 of guaranteed whole life coverage for a 30-year-old, male non-smoker at standard rates:

Life Insurance for People Over 60

Life insurance for people over 60 can range in cost significantly from company to company.

Insured over 60 have a choice between term coverage, which starts off lower in cost and increases as the insured gets older, and permanent life insurance, which starts off at a higher cost but never increases as the insured gets older.

The following is sample pricing for 60- and 65-year-old, male non-smokers:

Desjardins Guaranteed 10-Pay and 20-Pay Universal Life Plan

Desjardins offers a guaranteed 10-Pay and 20-Pay Universal Life Plan called Precision 10 UL or Precision 20 UL. Both of these policies offer permanent life insurance and a limited payment option feature.

The premiums can be payable for ten years or twenty years, guaranteed. The policy also offers a guaranteed cash surrender value. The surrender value increases with each policy anniversary and can exceed 100% (or even 200%) of the total premiums paid. Moreover, with Precision 10 or Precision 20, guaranteed cash values can be enhanced by the benefit of additional tax-sheltered deposits.

The policies are eligible for multi-coverage discounts. Optional benefits and riders can also be added to the plan. For more details on Universal Life Insurance in Canada, please contact us at 1-866-899-4849 or visit our Universal Life Quote Page. 

50 Plus Life Insurance

Life insurance for people 50-years-old and older can range in cost greatly from company to company.

Insured can choose between term policies, which start off lower in cost and increase as the insured ages, and permanent policies, where the premiums are initially higher, but do not increase as the insured ages.

The following are two pricing examples for non-smoking males. One is for a 50-year-old, and the other for a 55-years-old. Let's assume that both of these men need $100,000 in Term 10, Term 20, and 15-Pay Whole Life Coverage.

Manulife Financial: “The Worst is Over”

Despite losses in 2010, Manulife Financial CEO Donald Guloien told the Insurance & Investment Journal that the company believes the worst is over when it comes to risk management.

For example, according to their annual report, the insurer has reduced the $400 million impact that a 1% drop in interest rates would have had on earnings.

What Is a Managing General Agency ?

Managing General Agencies (MGAs) are intermediaries that connect insurance companies with brokers. More specifically, MGAs are essentially given a contract by insurance companies to manage business for a group of brokers.

Contrary to a popular misconception, MGAs do not deal directly with clients. Rather, they supply their brokers with a variety of products from different insurance carriers.

RBC Insurance Looks to Intensify their Cross-Selling Strategy

As reported in the June/July issue of the Insurance and Investment Journal, RBC Insurance CEO Neil Skelding said that he wanted to intensify cross-sales in the RBC branch network to boost the company's income.

Normally, RBC's auto insurance clientele are their preferred base for cross selling, but Skelding announced that branch network life insurance customers will gain access to P&C Insurance.

"Our goal is offer the full suite of products to each client. We want to make sure that everyone's offered each of our products," he points out, going on to say that he does not want to encroach on RBC independent network of brokers.

Union of Canada’s Non-Medical Life Insurance Policy

Union of Canada offers a non-medical life insurance policy called Protection Plus.

The policy is available to insured people age 45 to 75, and the amount of insurance can range from $5,000 to $25,000 of coverage. The premiums on the policy are guaranteed paid-up at the end of twenty years.

Free Accident Insurance

No, the title of this article is not a typo. It's true: Union of Canada is offering free accident insurance to insureds age fifteen days to six years.

The base amount of accidental death coverage is $5,000, and there are a host of free accident-related fracture benefits, including fractures related to injuries of the foot, collar bone, shoulders, wrists, elbows, or upper arms.

Additional services are covered for accidents such as chiropractic service, dental care, or transportation.

For more details on Union of Canada's free accidental insurance plan, please contact us at 1-866-899-4849, or e-mail us at  

Term 100 Life Insurance with a Twist

Union of Canada offers a term 100 life insurance policy with a unique twist.

Called Select Life, this policy generally has the best pricing and is available in base amounts of $200,000 or higher. There are no policy fees on the plan, and the premiums are guaranteed never to increase.

What sets it apart from other Term 100 policies in Canada is that the insured has the option of taking a reduced paid-up amount of coverage equal to half the policy face amount after 15 years, assuming the insured is age 55 or older.

For more details on Term 100 life insurance in Canada, please contact us at 1-866-899-4849, or visit our Whole Life Insurance Instant Quote Page.