The Globe and Mail reports that the death rate for Cancer has fallen dramatically over the past generation.

According to new data from the Canadian Cancer Society, Cancer deaths have dropped 21% in men and 9% in women between 1988 and 2007. In men that means fewer are dying when it comes to the top four cancer killers of lung, colorectal, pancreatic  and prostate. For women, the story is similar, with one major difference: colorectal, breast and pancreatic have all gone down, but lung cancer deaths have skyrocketed over the past few years. Thankfully though, even those have stabilized when it comes to the bigger picture.

So why has the cancer death rate gone into decline? The Cancer Society attributes the falling number to fewer people smoking, improved treatments and earlier detection. At the moment, slightly more men than women (52% versus 48%) die of cancer, but the gender gap is closing. In the past, more men than women smoked, but now young women are more likely to become new smokers and fewer men are smoking than ever before.

An estimated 186,400 new cases of cancer will be diagnosed in Canada this year, (that's not including the  81,300 cases of non-melanoma skin cancer that will happen this year) according to predictions from the Canadian Cancer Society.

More than two-thirds of people with cancer survive for at least five years, which makes critical illness insurance is more important than ever before. It's great news that Canadians diagnosed with the the world's most lethal cancers are living longer. Unfortunately the longer you live, the more expensive life gets, as treatment costs pile up and the loss of income from work takes its toll. This is where critical illness insurance can help.

Developed by South African heart surgeon Dr. Marius Barnard in 1983, Critical illness insurance delivers a lump sum payout upon diagnosis of up to 22 critical illnesses, including cancer, stroke and heart attack.Though the premiums are generally about four times higher than those for life insurance, the payout can be used any way the insured sees fit -- from cross-border or overseas treatment to family vacations. 

Some policies have a variety of riders that can be attached, including critical illness for children and a return-of-premium option upon death of the of the policyholder. Some policies also return all of your premiums up the close of the policy (say, age 65, 70 or 75) if you do not make a claim the entire time you have the policy. All critical illness policies in Canada also come with a feature called Best Doctors, which gives the insured personalized diagnostic and treatment advice from the world's best specialists for the illness they are suffering from, 24 hours a day and seven days a week.

It's important to note however, that most critical illness policies come with a survival period of at least 30 days, so the insured must survive with their diagnosis for 30 days before they can collect their payout. Qualifying for an individual critical illness policy can also be difficult because the insured cannot have any pre-existing conditions or have survived a critical illness recently.

However, there are some guaranteed issue policies out there that don't dig into the insured's health history. It's perfect for the hard to insure, but the face amounts are not as big as they would be on an individual plan, they tend not to cover as many illnesses as an individual plan and the premiums may be a little bit more expensive than an individual critical illness plan.

For more information on critical illness insurance, please call as at 1-866-899-4849 and visit our Critical Illness Insurance Quote Page

Survival Rates for Cancer Are Increasing and so is the Need for Critical Illness Insurance

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I found an insurance co with a much lower premium than the one I am paying. When I called my inusrance company to cancel my policy so I could buy from th enew company with the lower rate, they told me I could not. In Canada you are not allowed to change companies. Is this true?

You can cancel a policy with written notice. If replacing a policy with a new one you should complete a replacement form but this is done for your protection.

Read more questions and answers about Life Insurance FAQ.

New question in Life Insurance FAQ

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Bingham Group Services Corp. provides the only guaranteed issue disability insurance plan in Canada.

"We provide disability protection on a No Questions-Guaranteed-Issue-basis up to $3000 per month," says Paula Cook, a Bingham Group Services Corp. account manager and Certified Health Insurance Specialist. "This is singularly
unique in Canada."

Those considering this plan for their disability insurance needs will enjoy the luxury of never having to answer health questions or undergo medical tests. They will be approved right away, no questions asked, and enjoy the following benefits:

Total Disability

• Up to $3,000 per month for those age 18-64
Though you can purchase coverage up to age 64, the coverage itself actually expires at age 70.

• Total Benefits Payable
Expect 48 months of total maximum benefit and
20 months of maximum benefit per occurrence.

• 60-Day Waiting Period

Claims approved will have a 60-day waiting period during which the client will be responsible for paying her own premiums and mortgage payments.

• Monthly Mortgage Payments & Disability Premium Paid on All
Approved Disability Claims

• Pre-existing Condition

If disability is due to a pre-existing condition within the first 12 months following the effective date of insurance, the claim may be declined. If the disability is claimed after the 12-month period, the customer’s previous medical history will not be reviewed.

• Joint-Benefit

One insured person's coverage will pay the full benefit for two people under the single policy.

"This plan is ideal for any personal or family situation where there is
some medical history that has led to problems, one way or the other, in
obtaining a traditional product," says Cook. "It is also ideal if the family has simply resorted to a bank-issued product that could disqualify you from coverage through sneaky post-claim underwriting."

Post-claim underwriting is when your medical history is checked after you've already bought the policy and filed a claim. If there's any red flag in your medical history, you could get zero and the claim you made may never pay out right when you need it most.

Though Bingham Group Services Corp's disability plan avoids the prospect of post-claim underwriting, it does have other limits.

"We do have ceilings on the coverage that we are able to provide," says Cook. "These are $500,000 for the 'Life Protection' and $3,000 per month for the 'Disability Protection.' These are the current limitations that we have,
but we are working mightily to get those coverage limits raised."

Protecting You and Your Family If You Become Disabled

Post from: Life Insurance Canada

The one place you should never buy mortgage insurance, meant to cover your mortgage in the event of your death, is a bank.

Paula Cook, account manager for Bingham Group Services Corp. and a Certified Heath Insurance Specialist, has a very good reason for that.

"The Banks have fundamentally flawed products. They all have questions, or 'Good Health Declarations' in them. This leads to 'Post-Claim Underwriting.'"

What's so bad about Post-claim Underwriting? Post-Claim Underwriting means they don't check your medical history. They just ask you a bunch of medical questions and decide whether you qualify, based on your answer, right there on the phone. It's at the time when a claim is filed that things start to unravel because it's not until after the insured dies that the banks finally begin phoning around to doctors and checking into her medical history.

If they find any discrepancies, the beneficiary could be out of luck and the bank might decide the insured should've never qualified for coverage in the first place. This means the insurance policy you've been paying into for all of these months may not even be yours when you or your family really needs it. You'll probably get nothing.

In addition, the coverage declines over the life of the policy instead of remaining level. The insurance is owned by the bank, not the insured, and the insured cannot name a beneficiary. If the insured decides to leave the bank and choose a different lender, the insurance doesn't come with him; it's not portable like individual mortgage insurance would be.

A better option would be an individual, more traditional mortgage policy, but if you don't want to have to answer the health questions or go through the medical tests, Paula Cook has another option for you.

"Bingham Group Services Corp. has the only No Questions-Guaranteed Issue Mortgage Insurance Product in Canada. It is singularly unique and a radical development," she says.

"Nobody is ever declined from some meaningful scope of life insurance protection — ever. It does not matter what the customer’s medical history is and it does not matter whether they have been declined or rated before. If they want protection, then they can have it — instantly and without delay."

Mortgage Insurance: Why the Bank is Not a Good Option

Post from: Life Insurance Canada

If you ask Paula Cook, Certified Health Insurance Specialist and account manager for Bingham Group Services Corp. in Vancouver, B.C., she'll tell you that the industry statistics lie as far as how many Canadians are actually declined for life insurance.

"The 'standard answer' that you will hear from the market players is
10-15 per cent, but the 'real answer' is closer to 40 per cent," she says.

So, what happens if you are one of those unlucky 40 per cent that finds themselves declined for life insurance or rated (required to pay a higher than normal premium) on a life insurance policy? What are your options?

In Cook's opinion, the prognosis isn't good. In fact, it looks rather bleak:

"Options, by necessity, become limited. A 'decline' or a 'rating' by
one insurer begets further 'declines' and makes a customer in the life
insurance market, going forward, more complicated and problematic. Typically, a customer will have to settle for a much more limited scope of life protection, such as Accidental Death Protection, or go without."

Thankfully, there is a silver lining. Cook's own company, and many other life insurance carriers these days, offer Guaranteed Issue Life Insurance Plans. Unlike Simplified Issue Plans, which carry between three and twelve health questions, Guaranteed Issue plans have no health questions and no medical tests or any barriers to approval. If you were to buy the Guaranteed Issue plan offered by Bingham Group Services Corp., you would receive the following:

• Guaranteed issue (nobody is declined, ever, notwithstanding whatever their medical history may be)

• Meaningful full life and disability coverage
• No medical questions
• Instant issue
• $500,000 guaranteed, instant life protection

While Guaranteed Issue policies are perhaps "more limited" in their coverage scope than regular individual life insurance plans, they also mean that there can be an option for everyone and no one necessarily has to go without life insurance.

Declined or Rated for Life Insurance: What are Your Options?

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As reported in the April 2012 issue of The Insurance and Investment Journal, disability insurance sales rebounded in 2011 from a two-year lag.

After that slide, policy sales in the Canadian disability insurance marketplace rose by 12 per cent and premiums grew by 4 per cent in 2011 compared with the previous year.

Disability insurance sales experienced their first upswing in four years. The increase is in response to the solid growth of non-cancellable products, which had been in a tailspin before 2011. Non-cancellable products are aimed at professionals and mean the insurance company can not adjust the premiums or cancel the policy.

Cancellable, or conditionally renewable, disability plans differ from non-cancellable plans because they offer the insured fewer guarantees. Cancellable plans mean premiums can be adjusted and coverage can be terminated on a class-wide basis

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

Individual Disability Insurance Sales Increase in 2011

Post from: Life Insurance Canada

As reported in the April 2012 issue of The Insurance and Investment Journal, critical illness insurance sales rose for a fourth consecutive year.

Annualized new premium sales rose by 6 per cent to $103.8 million in 2011. The insurance industry sold 7 per cent more policies than they did in 2010 during this period and insurers sold 100,775 individual critical illness policies in Canada last year.

In terms of policy sales in 2011 versus 2010, the renewable term critical illness product lost steam, but limited-pay and permanent critical illness policies had very strong positive results.

For more details on critical illness insurance in Canada, please contact us at 1-866-899-4849 or visit our Critical Illness Quote Page

Critical Illness Insurance Sales Increase for a Fourth Consecutive Year

Post from: Life Insurance Canada

Guaranteed issue life insurance can be obtained without a medical exam and without answering health questions. The following are some additional guaranteed life insurance features:

1. Guaranteed issue policies can be purchased directly from insurance companies or via independent brokers.

2. The insured choose their own beneficiary. Beneficiaries must have an insurable interest, such as a spouse, child, relative, or business partner.

3. Death benefits are paid out on a tax-free basis.

4. Guaranteed issue policies are usually only available as permanent policies and have level premiums for life. This means that the premiums never increase and the coverage stays with the insured for life.

5. Face amounts on most guaranteed issued policies are limited to a maximum of $25,000. Bingham Group Services, though, offers a guaranteed issue mortgage insurance plan that pays out up to $500,000 on the insured's mortgage or line of credit balance. However, the downside is  that coverage must be linked to a mortgage or line of credit.

6. Most guaranteed issue plans have a two-year waiting period on non-accidental deaths.

For more details on no-medical life insurance in Canada, please contact us at 1-866-899-4849 or visit our No Medical Life Insurance Quote Page.

Guaranteed Issue Life Insurance Facts

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Simplified Issue life insurance can be obtained without a medical exam, but there are some health questions. The number of questions depends on the company and plan. The following are some additional simplified issue life insurance facts:

1. The policy may have a deferred benefit or an immediate death benefit. Simplified Issue policies that have fewer health questions generally come with a deferred benefit, meaning the death benefit will be limited to a return-of-premium plus interest in the first two policy years. Simplified Issue plans that have more questions are usually available with an immediate death benefit.

2. Coverage can be available on a term or permanent basis. Term policies have premiums level for a stated term, and the coverage either expires or the premiums increase after that term. Permanent policies have level premiums and coverage for life.

3. Coverage on a permanent simplified issue policy is available on a Life Pay or Limited Pay basis. Life Pay policies have premiums payable for life. Limited Pay policies can be paid up in a limited number of years. The most common type of Limited Pay is paid-up in 20 years — meaning no more payments are made after 20 years, but you are still covered after the 20th year.

4. The death benefit is generally tax-free.

5. The policy owner can choose her own beneficiary. The beneficiary must have an insurable interest, like a spouse, child, or business associate.

6. Simplified issues policies have higher face amounts and lower premiums than guaranteed issue plans.

For more details on no-medical life insurance in Canada, please contact us a 1-866-899-4849 or visit our No-Medical Life Insurance Quote Page.

Simplified Issue Life Insurance Facts

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Seniors looking into life insurance policies in Canada should carefully consider the following variables.

1. Should I buy direct or through a broker? At first glance, it seems that it would be much cheaper to buy life insurance policy directly from an insurance company rather than through an insurance advisor. However, most direct carriers of life insurance charge higher premiums than policies offered through insurance advisors. Moreover, the selection among direct providers of life insurance is much more limited, and the coverage face amounts are generally much lower.

2. Should I use an independent broker or a captive agent? If you decide to go the route of an insurance advisor, you will then have the choice of using an independent broker or a captive agent. Independent brokers are free to work with a variety of companies and can shop for the best policy at the best rate. However, captive agents are limited in the number of carriers that they can represent. In many instances, they are limited to just one insurance provider,and this provider may not have the best insurance solution or premium rate for the insured.

3. Should I buy a term or permanent policy? Term insurance policies start off lower but increase as the insured gets older. In contrast, permanent policies start off higher in cost but never rise in cost as the insured ages.

4. Should I choose a traditional life insurance or a non-medical plan? Traditional life insurance plans offer higher face amounts and lower initial premiums than non-medical policies. However, traditional policies also have a full lineup of questions and/or health tests. Non-medical life insurance policies are subdivided into guaranteed issue plans (which have no questions and no medical tests) and simplified issue plans (which have three to 12 health questions and no medical test). If the insured is at first declined for a traditional policy, this can limit their options in terms of non-medical life insurance solutions.

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

Seniors’ Life Insurance: What to Watch Out For

Post from: Life Insurance Canada