Guaranteed Issue Life Insurance Facts

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.

Simplified Issue Life Insurance Facts

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.

Seniors’ Life Insurance: What to Watch Out For

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.

Desjardins Insurance’s Disability Insurance to Cover Loans

Desjardins Insurance offers a disability plan to cover loans. The plan allows the insured to have their loan protected in the event of a disability caused by an accident or an illness.

The benefit is paid to the insured rather than to his or her creditors, and it is not coordinated or integrated with other insurance or government plans like traditional disability insurance plans.

The policy is available as a Term 10, meaning the premiums are level for the first ten policy years. The plan is also renewable to age 65, which means premiums are level until age 65. It should also be noted that the premiums on this policy are non-guaranteed and can potentially rise.

Women and Life Insurance: Interesting Facts

It should be no surprise to anyone that women live an average of five years longer than men, but it may surprise people that only 40 per cent of women have ever breached the topic of life insurance with their partners.

This is according to The Toronto Star's Moneyville Blog and a survey from TD Insurance. Thankfully, more women are at least buying life insurance today. According to a study conducted by Nielsen in 2010, women accounted for 10 to 15 policies out of every 100 sold — and that was only a few years ago.

Now that number has jumped to between 25 to 30. In fact, women comprise 15 per cent of all life insurance policies in the country. Even their intention to buy insurance is higher than that of men, outstripping the male gender by 25 to 19 per cent.

One reason for this is that more and more women are joining the workforce, becoming financially productive and in some cases even becoming the primary breadwinners in their families.

Which Life Insurance Companies Have the Best Rate?

When it comes to which life insurance companies have the best rate, the answer is the product of the following variables:

1. The Type of Plan – Life insurance can be divided into term policies and
permanent policies, and permanent policies can be further divided into term
100, universal life, and whole life insurance policies.

Most life insurance companies in Canada have been raising their rates or removing their term to 100 policies and universal life level-cost policies from their product line-up. Therefore, it's very important for you to shop around to find out which company offers the best rates on a particular plan — especially a permanent one.

2. Face Amount – Generally, life insurance becomes less expensive on a cost-per-thousand-dollars basis when the insured increases the policy face amount. The reason is that life insurance companies have different standing levels.The higher the standing level, the lower the cost per thousand dollars, and each insurance company starts a standing level at different points.

3. Gender – Males will pay more for life insurance than females, but each insurance company has its own tables in terms of pricing differences between males and females.

I.A. Excellence: Five Key Benefits to Dealing with Them

If you're thinking about buying insurance from A.I. Excellence, these five points in their favour may push you over the edge.

1. They've been in business for over 50 years.

2. I.A. Excellence is part of the Industrial Alliance group of companies, which is among the most solid financial institutions within Canada.

3. Their life insurance lineup includes Term, Whole Life, and Guaranteed Issue Life Insurance.

Desjardins Insurance Multi-Coverage Discount Option on Term Life Policies

Desjardins Financial Services offers a unique, multi-coverage discount option on their term insurance lineup.

Desjardins offers Term 10, Term 20, and Term 30 policies. All coverages are guaranteed renewable and convertible as well as available on a preferred rate basis for individuals who are in very good health and have a very good family health history.

Foresters Removes its Term to 100 Product from its Portfolio

Foresters has withdrawn its Term to 100 product from its policy repertoire. 

Beginning May 1, 2012, Term to 100 will be withdrawn from its product lineup. According to the company, historically low interest rates are to blame.

"Low interest rates have diminished the viability of this product. Rather than raise prices to unrealistic levels, we have decided to withdraw Term to 100," announced Foresters.

No-Medical Simplified Issue Critical Illness Plan

Industrial Alliance offers two no-medical simplified issue critical illness plans.

Both plans cover the following four illnesses:

• Cancer
• Coronary Artery Bypass Surgery
• Heart Attack
• Stroke

Both plans are available without a medical exam to applicants aged 18 to 60. The minimum issue limit is $10,000, and the maximum issue limit is $100,000.