Cash Back Life Insurance

Life insurance policies in Canada are primarily divided into two categories, Term Life Insurance and Permanent Life Insurance.

Term Life insurance policies have level premiums for a stated term, i.e. 10, 20, or 30 years. In most instances, Term Life insurance policies do not build a cash value.

Permanent Life insurance policies are sub-divided into three categories, Term 100, Universal Life insurance, and Whole Life insurance.

Some Term 100 life insurance policies do provide a cash value component, but most do not.

Whole Life insurance policies have a built-in cash value. In the case of Participating Whole Life policies, the cash value includes a guaranteed cash value and a dividend cash value. The dividend cash value is dependent on the performance of the insurance company itself.

Disability Insurance for Seniors

Most traditional disability insurance policies end the insurance at age 65.

The Edge Disability Policy, underwritten by RBC Insurance, recently increased its coverage to age 75. The plan is available under issue ages of 18 to 69 and offers monthly benefits of $1,000 to $6,000 a month.

The benefit period can be for five years or until the age of 70. It is further reduced to 24 months when the insured turns 68. In the event that the insured becomes disabled at 74, the plan would pay out until the insured's 76th birthday.

BBD’s Diagnostic Specialist Access Insurance

To kick off the new year, BBD (Benefits by Design) will be launching Diagnostic Specialist Access Insurance underwritten by Industrial Alliance Pacific. This product allows employees and their dependents who are on medical waiting lists longer than 21 days immediate access to diagnostic examinations such as CT and MRI scans and specialist consultations.

There are no medical exams or other evidence of insurability required, and every employee is eligible for the plan until age 74. The monthly cost of the plan is $14.50 per month for a single individual, $29.00 per month for a couple, and $43.50 per month for a family.