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Weekly Personal Finance Roundup For November 27, 2015

November 27th, 2015
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We rounded up recent articles below from the past week, featuring insights and advice from the brightest minds in personal finance:

The Canadian Personal Finance Blog wrote about rising food prices in Canada, revealing that Canadians paid at least 4.1% more in October than usual. The Canadian Money Saver blog wrote about how Canada's next generation is starting to side hustle.

The Globe and Mail detailed how much benefits parents would get under the proposed child benefit program, which combines three seperate programs into one. They also reported on whether you will pay more or less taxes under Prime Minister's Justin Trudeau's middle-class tax cut proposal.

Global News reporter Tania Kohut wrote a great piece for millenials which offered many great tips on how to build a bright financial future.

The Common Cents Mom wrote about three ways you can save money on Black Friday by looking around for sales and keeping your credit card safe, which will protect you from becoming a victim of fraud.

Personal Finance columnist Ellen Roseman detailed her coverage of Financial Literacy Month [November], which is ending soon.

The Freedom Thirty-Five Blog wrote about hiding your success by using this simple advice: "Live it. Don’t flaunt it."

Weekly Personal Finance Roundup For November 20, 2015

November 20th, 2015
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Featured this week on LSM Insurance was our latest post covering the basics of Critical Illness insurance.

We rounded up other recent articles below, featuring insights and advice from the brightest minds in personal finance:

Tim Cestnick of The Globe and Mail rounded up 6 tips employees should consider before year-end to save on taxes including by negotiating a home office or reducing taxable car benefits. On retirement, the paper outlined which retirement savings plans you should withdraw first.

Find out if your favourite charity runs efficiently as you think or which two charities scored an A for efficiency by checking out MoneySense Magazine's 2016 Charity 100 list.

The Big Cajun Man shared some great tips on how to avoid potential headaches that can arise from mobile banking, like identity theft or fraud. Use your mobile network and not WiFi when possible as mobile networks tend to be more secure.

The Frugal Trader explains how to save more money by trimming the fat off of your largest recurring expenses, including by looking at the top five expenses that generally come up: groceries, clothing, heat and lighting, kids activities and gas.

The Brandon Sun revealed strategies to save for your education, including by using RESPs and in-trust accounts. In addition, doing your own research and learning at an early age about personal finances also help.

The Toronto Star reported on a 30-year-old who paid off a $48,000 debt in one year be selling his car and refusing to be a slave to his debt.

Have a great weekend everyone!

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The Basics of Critical Illness Insurance

November 19th, 2015
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Life is great isn’t it? You’re working hard to support your young family. You just bought your new dream home and got the promotion you’ve been waiting for. Then BAM! You’re diagnosed with cancer. What will you do then? 

If you don’t have the proper insurance coverage in place you may find yourself in a detrimental situation.

When you’re shopping for insurance you want to make sure you cover all your bases and one very important coverage is critical illness insurance – but quite often it is overlooked by both consumers and some advisors.

One of the reasons is the cost of critical illness insurance. In the past it was a hard sell because of both its cost and newness. Critical illness coverage has only existed for about 50 years; unlike life insurance which has been around for hundreds of years.

This lack of knowledge about critical illness insurance is unfortunate because everyone should have it. The main reason being that the chances of developing a critical illness in Canada are higher than dying before the age of 65.

What You Need to Know About Critical Illness Insurance

Let’s begin by taking a look at what it is and what it does. First of all, it is important to note that critical illness insurance is a living benefit and not a death benefit. So you get the money while you’re still alive if you need it.

What is Critical Illness Insurance?

This type of coverage pays out a lump sum if you’re diagnosed with a life-threatening illness (the types of illnesses covered depends on the type of policy you get). It’s very important to note that the money paid out is tax-free and you can use it however you like.

There are absolutely no restrictions. Most people use the money to pay down debt, take a vacation or pay for private treatments.

Examples of Critical Illnesses

Below are some examples of critical illnesses that this type of policy covers.

  • Stroke
  • Heart Attack
  • Medical conditions such as multiple sclerosis
  • Certain stages and types of cancer
  • Alzheimer's disease
  • Benign brain tumour
  • Coma
  • Blindness
  • Parkinson’s disease

What About Provincial Health Care?

You may be wondering why you have to worry about needing money for treatment because we have one of the best healthcare systems in the world – so the government will take care of you. While this is true, it doesn’t necessarily mean you will get the best possible care available. 

For example, there have been amazing advancements in the treatment of various types of cancer but most government health care systems force patients to be treated by traditional methods such as radiation and chemotherapy – which have horrible physical side effects.

The Cost of Critical Illness Insurance vs Life Insurance?

Although the application process is similar for both types of insurance, critical illness insurance is more expensive. The reason why is because the chances are much higher that Canadians will make a claim on a critical illness policy than on a Life Insurance only policy.

Lucrative Critical Insurance Riders

To help compensate for the cost some Canadian insurance carriers offer some pretty lucrative riders such as a “return of premium” option. This rider insures that you get 100% of the money you paid for premiums returned if you don’t use the insurance – even if you die. 

To make sure you have proper insurance coverage for your situation, look into critical illness insurance. Ask your insurance advisor to give you the specifics about the different types of critical illness policies. But be sure to ask for specifics and find out what all your options are.


Weekly Personal Finance Roundup For November 13, 2015

November 13th, 2015
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Featured this week on LSM Insurance was our latest post revealing 7 Tricks to Reduce Group Insurance Rates for Small Business.

We rounded up other recent articles below, featuring insights and advice from the brightest minds in personal finance:

Macleans Magazine wrote an interesting piece on how to become a millionaire.

CTV News reported on how entrepreneurs are turning to crowdfunding to finance businesses.

The Toronto Star wrote about how drivers inquiring about the new snow tire insurance discount are finding it "Not as simple as it seems." One example is that some insurers are offering discounts for snow and winter tires only while others are offering a discount for all-weather tires. 

The Globe and Mail, meanwhile, warned that the "new" winter tires your buying may not be so new after all

Jonathan Chevreau wrote a great piece in MoneySense Magazine detailing savings mistakes almost all of us make, including putting a priority on saving money even when you have outstanding debts to pay off.

CityNews wrote about the "emotional" flag tribute at the Manulife Building in downtown Toronto, in honour of Canada's fallen soldiers. revealed 12 tips on how you can save money on car insurance, including by researching vehicle makes and models and by bundling your insurance together to save more.

Jock Finlayson, the Executive Vice President of the Business Council of British Columbia, wrote an interesting Memo to Finance Minister Bill Morneau in the Windsor Star.

7 Tricks to Reduce Group Insurance Rates for Small Business

November 12th, 2015
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Health insurance is a double edged sword for most businesses but more so for small businesses with a limited cash flow. On the one side, it’s a major expense just to be able to do business. On the other, it’s not something they can do away with if they want to keep key employees.

The best employees know the importance of health care benefits and if it gets cut, they’ll leave and work for another business that has a package in place. Employees are the most valuable part of a business, next to revenue, so employers want to ensure everyone is healthy.

What can they do to reduce health insurance premiums and still keep their key employees? Here are 7 tricks small business owners can use to reduce group insurance rates: 

1. Promote a Healthy Habits Incentive Walking Program

Motivate your employees to stay healthy with an incentive program. One system that’s gaining popularity is buying employees wearable tracking devices, such as Fitbits. This gets them walking more, which is one of the best ways to stay healthy and can reduce their sick days during the year.

The incentive can be something such as movie tickets for the person who took the most steps in a month or a lottery where employees put five dollars into a pot and the person who walked the most gets the money at the end of each month.

2. Preventative Care and Wellness Programs for Employees and Their Families

A preventative care and wellness program would include an employee's family. How this works is small business owners can look for free or inexpensive advice to maintain a healthy diet and simple exercise routine.

Employees can be encouraged to go to wellness seminars and reduce or avoid unhealthy habits like smoking. A more comprehensive preventative care and wellness program can be put in place that includes management for afflictions such as diabetes and asthma.

3. Teach Employees How to Use Their Health Benefits Effectively

Sometimes employees don’t realize the full value of their health benefits. If they don’t use them to the fullest, then small business owners aren’t getting the full value for their money. Small business owners can make sure employees are educated on exactly what the group insurance covers, and how they can use them.

4. Eliminate Unused Health Care Benefits

If small business owners have to cut out some benefits, they should speak with their employees to see which ones they care about the least. This way health benefits can be targeted for better effectiveness, instead of just eliminating the most expensive group benefits.

This tip also ensures that employees will stay happy at work so they won’t quit.

5. Shop Around for the Best Group Insurance Rates

Group Health Insurance is a very large business, so one way small business owners can save money is to shop around for the best rates. They can do this by doing online searches and/or asking other small business owners what they pay for health insurance.

6. Offer Employees a Healthcare Spending (HSA)

An HSA lets employees and business owners put aside pre-tax dollars via a payroll deduction to cover certain eligible medical expenses. These expenses are usually ones that aren’t covered by group insurance plans.

7. Join a Discount Benefits Program

For a small fee, these programs offer savings on certain health services such as dental visits, by connecting employees with affiliated dentists. This type of program can fill gaps in coverage from an existing group insurance policy. 

Group health care plans will always be expensive but these 10 tricks to reduce group insurance rates for small businesses can help alleviate the cost.

Weekly Personal Finance Roundup For November 6, 2015

November 6th, 2015
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Happy Friday everyone!

We were happy to have been featured on CBC Radio’s Crosstalk program this past week, where our Director of New Business Development joined the debate on shorter work days and whether they were more productive or not. Listen to the full program here.

Featured this week on LSM Insurance was our latest infographic detailing the costs of a funeral in Canada, including the sometimes forgotten expenses like thank you cards or your obituary, which can cost hundreds of dollars.

We rounded up other recent articles below, featuring insights and advice from the brightest minds in personal finance:

Personal Finance Expert Sean Cooper made headlines this week after he managed to pay off his mortgage in just three years by “Living frugally and working three jobs” according to a CBC report. Despite Cooper’s success, mortgage-payoff is “not realistic” for most Canadians.

The Globe and Mail’s Paul Taylor had some great advice on how to avoid health insurance horrors while on vacation, including how your health status and vacation plans come into play.

The Toronto Star reported on one young driver’s $6,000 car insurance shock in Canada’s most expensive car insurance market, especially if your under the age of 25.

Modest Money wrote a great piece on whether you should pay off your student loans before investing, including why it may be good to invest young because compound interest kicks in earlier.

The Boomer and Echo reported on the best ways to start over after a divorce, complete with a handy guide on how to review your finances after everything is finalized.

The Motley Fool Canada wrote that although Bombardier will seek government help from the newly-elected Prime Minister Justin Trudeau, politics are working against the company.

The Canadian Personal Finance Blog wrote about some of the concepts which are generally agreed upon by personal finance writers, including the simple concept of spending less to make more.

Have a wonderful weekend everyone!

INFOGRAPHIC: How Much Does a Funeral Cost in Canada?

November 5th, 2015

As explained in our infographic below, there many costs associated with a funeral in Canada including transportation and flowers to name a few. Young or old, you can still fund a funeral by using your life insurance to cover the costs:

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Weekly Personal Finance Roundup For October 30, 2015

October 30th, 2015
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Happy Friday everyone!

We were happy to have been featured in MoneySense magazine this past week, where our Director of New Business Development discussed estate planning and legacy building.

Featured this week on LSM Insurance was our latest article on whether life insurance agents should stop selling products of companies that compete with them. It featured some top personal finance experts who shared there knowledge and opinions on the topic.

We rounded up other recent articles below, featuring insights and advice from the brightest minds in personal finance:

November is Financial Literacy Month in Canada and Huffington Post Canada wrote a great piece on why its finally time to bring this topic into the spotlight.

The Toronto Star's Personal Finance Editor Adam Mayers revealed that the Ontario insurance discount for winter tires takes effect on January 1. Mayers said that although the plan is a good idea, the paybacks are long.

The Financial Post reported on why sneaky, Canadian snowbirds will have their financial wings clipped by a new border tracking system. Further, they reported on declines in the Canadian housing market over the next two years on a weaker economy. 

The Motley Fool Canada reported on the best ways to set goals for your investments, saying your goals should be achievable, measurable and specific.

The Globe and Mail reported on why "red tape" can be good for business, revealing that Canadian business groups spent decades calling for less regulation.

Have a safe and happy Halloween everyone!

Should Life Agents Stop Selling Products of Companies That Compete With Them?

October 28th, 2015

The exponential growth of the internet has brought about more direct selling of products online and this process is starting to move into the insurance industry as well. In fact, how insurance products are sold to consumers has many different faces today.

There are some insurance companies that are starting to sell insurance products directly to the public via the internet without using agents and brokers at all in the process. Some companies only sell insurance products via their own agents. On the other side of the distribution model spectrum, there are some insurance companies who choose not to sell directly to consumers, but continue to rely on insurance brokers to sell their products.

There are some insurance companies using all three sales channels but this trend bears the question of whether or not insurance agents should boycott the insurance companies who are not using their services but are competing with them.

How the Direct Selling of Insurance Products Affects Consumers

It’s important to make note of a few facts related to how selling directly to the public affects consumers:

• Selling directly to the consumer does not ensure that premiums are lower; and in many cases, premiums are actually higher.

• Insurance call centre employees are paid a salary and get paid regardless of how many sales they make. Insurance agents and brokers are only paid a commission when they sell an insurance product.

• Not all insurance products are viable to sell directly to the consumer. Complicated products such as universal life or disability insurance are sometimes too complicated to explain over the phone, and require in-depth explanation and discussion.

Will Insurance Agents and Brokers Become Extinct?

Are insurance agents and brokers facing the possibility of being phased out in the insurance industry? If more insurance companies start selling products directly to consumers via their websites and call centres, will they eventually go out of business?

To look into this question, we got the opinions of industry experts and insurance brokers. To discuss the issue, we asked the following industry professionals what they think:

• Nancy Allan: Executive Director, Independent Financial Brokers of Canada
• Ami Maishlish: Active contributor of For Advisors Only and Industry Veteran
• Doug Paul: Vice President Business Development at SSQ Financial Group
• Lawrence Ian Geller: Founder of For Advisors only, and CEO of L.I. Geller Insurance Agencies Ltd.
• Darlene Francis: Director, Corporate Communications and Marketing of Advocis, The Financial Advisors Association of Canada

We asked our experts six questions:

1. Do you see the life insurance industry shifting to more direct offerings?
2. Do you think the insurance companies will start separating themselves into two camps: Those that offer direct products, versus those that rely exclusively on life insurance brokers and agents to sell their products?
3. Are direct offerings good or bad for the consumer?
4. Should more direct offerings be a concern for life Insurance brokers and agents?
5. How can life insurance brokers and agents separate themselves from direct providers? What value should they be bringing to the table?
6. Do you think there will still be a place for insurance brokers /agents in the industry 10 or 15 years from now?

Insurance Companies vs. Consumers

The situation now and in the future will rely heavily on where the focus of insurance companies lies – on themselves, or on consumers. If they focus more on money, then greed rather than the best interest of consumers would take precedence.

There is no argument that insurance products, particularly life insurance products are complicated. Not only in how they are modelled, but the application process is not straight forward either – due to the wording.

Insurance companies need to consider that even if the process works well in the beginning and direct offerings prove to be financially rewarding, it could ultimately backfire. In the long run, issues could arise because consumers don’t understand the policies they purchased, and it could turn into a huge customer service mess.

Now let’s see how our expert panel responded to our questions.

1. Do you see the Life Insurance Industry Shifting to More Direct Offerings?

Our industry experts discussed how the different types of insurance will fare being offered directly via the internet. However, they all agree that consumers will still want to have access to advisors, and not allowing them to have this option will potentially put them at risk.

Ms. Allen had this to say:

“Purchasing traditional life/health insurance products doesn’t lend itself as easily to the online marketplace as P&C products. It can be difficult for consumers to assess how much, and the best type of life insurance they need, and know how to accurately answer any medical questions."

"Errors can result in a claim being denied down the road. However, studies have shown that in today’s digital world, consumers often turn to the internet to conduct their initial research, to understand their options, and compare products/prices before deciding to purchase. Many of these consumers will still turn to a life insurance broker to guide them through the application and approval process. The broker helps the client understand their options, ensures the accurate completion of the application, and – because the independent broker can shop the market – may, in fact, reduce the client’s costs by finding better insurance at a lower premium.”

Mr. Paul thinks it is more than a shift in only life insurance:

“I think this is more than a life insurance shift. Yes, over time there will be more direct purchases, especially for more simple, straightforward offerings. Having said this, there will always be consumers who choose to purchase through an advisor for advice and relationship and service. This will be more common in more complex product needs, but for some consumers it will hold just as true for simple products as well.” 

Mr. Geller sees a parallel with how successful direct offerings are:

“If the insurers see it as a successful method of distribution yes, otherwise, as with legal & general, they will return to selling through agents.”

2. Do you think the insurance companies will start separating themselves into two camps: Those that offer direct products, versus those that rely exclusively on life insurance brokers and agents to sell their products?

Ms. Allen noted that this model already exists, but she goes on to say that:

“Few, however, have taken the step to rely entirely on this platform. They recognize that there is no “one size fits all” for consumers and still look to life insurance brokers to establish the face to face relationships that help sell their products.”

Mr. Maishlish seemed to take the position that it is not possible to predict if they will - “My crystal ball is broken and the repairman has retired. In other words, I don't know but the possibility exists.”

Mr. Maishlish also brought up an interesting point that removing brokers and agents may require the need for advocates, when he said: “My primary concern is that where the good and consumer-interest focused advisor is removed from the picture at issue, the need will be created for claims advocates to advocate for consumers and clean up the mess.”

Mr. Paul’s answer was very interesting and decisive – he answered a flat out “No” when he said:

“No, I think companies will do both, in fact as new ways to distribute arise companies will explore these as well. I think consumers are more likely to be divided into camps, those that prefer the advice and service and relationship with an advisor and those that prefer the direct offering, though some will purchase both ways depending on their needs.”

Mr. Paul also makes an interesting point that direct offerings can be made by advisors on their own website or direct mail as an ideal solution for all involved.

“I believe carriers will start equipping their advisors to have a more direct offering through their business model. Why could a direct offering not be made by the advisor through their own website or through direct mail or email or links on their email signature etc. with the relationship still being managed by the advisor? I think as long as carriers do not make direct offers more attractive or better priced or not available to advisors, and ensure advisors are not negatively disadvantaged in pricing or offerings, then this could be a win-win.”

Mr. Geller also makes an interesting point when he answered, in part:

“Not in the immediate future. I suspect that many insurers will try to use both distribution methodologies until they determine whether they can use direct products only and remain as or become more profitable.“

Ms. Francis believes that “existing companies with a strong national presence will continue to operate in both direct and broker and advisor channels.” She goes on to say that because insurance products are growing in complexity, advice is crucial for consumers.

She also made an interesting point about the future of direct products:
“That being said, the direct channel may potentially leave the door open for new companies to enter the market with simple products.”

Hopefully the insurance companies will consider the problems that could arise if they sold only direct products. It could be surmised that if they did this, they wouldn’t separate into two camps, but continue to offer different channels.

3. Are direct offerings good or bad for the consumer?

From the answers we received from our expert panel, it is too soon to tell if direct offerings will positively or negatively affect consumers.

Ms. Allen talks about both the good and the bad of direct offerings. On the positive side she says:

“They provide an alternative that will suit some consumers but not others.” Because of the complexity of the wording in life insurance applications, she says “In the worst case scenario, without advice, the consumer may not accurately complete the application and then has the claim denied down the line, when he or she or the family is depending on the financial coverage.

“Insurance regulators permit direct sales but have set certain parameters for the sale of insurance online aimed at boosting disclosure. IFB has always taken the stance that, at a minimum, any client who chooses to purchase insurance online, should be able to get access to advice from a licensed life insurance advisor at any point during the process.”

According to Mr. Paul, the answer depends on the consumer, and he made this clear when he answered:

“Not as simple as that. For consumers needing or wanting advice or personalized service or a relationship, they will not as likely get what they desire from direct offerings, for consumers purchasing simple products where they believe they have the advice they need and are not looking for personalized service and relationship, then a direct offering may be more attractive to them.”

Mr. Geller has a slightly different slant, in that he said:

“Direct offerings are not, simply due to being distributed directly to consumers, either good or bad. There may be a lack of competitiveness in the product's provisions or pricing and this may not be drawn to the attention of the consumer by a direct distribution methodology and suitability of that product when compared with other products available – and would likely not be disclosed. Also, where independent agents advocate for their clients, that may not be the case for captive agents and would certainly not be the case for online or other direct sales without agent involvement.”

Mr. Geller discussed the greatest difficulty consumers may face:

“Possibly the greatest problem for consumers would come from a failure to disclose information on an application or at the time of claim, but the former may now be happening for simplified issue coverages and for applications where a paramedical examiner is relied on exclusively for the Part II medical questions.”

Ms. Francis made a significant point that in the future, consumers may run into issues when they go to collect an insurance policy thinking they’ve filled out their life insurance applications properly only to find out when they go to collect their insurance that they didn’t.

“The sale of product direct to clients who may not have the requisite understanding and knowledge may be a risk. The concern comes when consumers think they have properly filled out applications and only become aware of an issue post-crisis. We will only truly know how clients are affected by direct sales over time. It is possible that we may be creating a problem that will only materialize years down the line.”

Again, hopefully insurance companies are considering any and all potential issues that consumers could face in the future. In the end, they are all that matters – from an agent, or broker point of view.

4. Should more direct offerings be a concern for life insurance brokers and agents?

To summarize Ms. Allen’s reply, although direct offerings compete against agents and brokers, they are not for every consumer. The good news is that insurance brokers can count on the personalized relationship they have with their clients.

However, could the way insurance companies market their direct products give the wrong impression of agents to the public and interfere with the agent/consumer relationship? On this note, Mr. Maishlish had this to say:

“From a psychological perspective, and particularly from the pitches made to consumers in some "direct" sales promotions, the impression is created that advisor-sold policies are expensive, involve too much "hassle", and take too long to issue.”

Mr. Paul doesn’t think the industry as a whole should be concerned, but described specifically who should be worried – “I think the advisors that offer no advice, no relationship and no personalized service, and are just a price shopper with no added value, they should be concerned.”

Mr. Geller’s advice:

“I find that it is seldom beneficial to worry about something that is and that I (or we) can do nothing about. While it may erode the possibility of those clients from dealing with an independent agent, it is also possible that they are not people who would deal with an agent but who buy creditor insurance directly now and otherwise rely on group or association benefits.”

Ms. Francis’ opinion is that it is the consumers, as well agents, should all be worried.

“If consumer protection is key then we feel everyone should be concerned – life agents and brokers included. With increasing product convergence between insurance and securities products, along with the increased complexity of financial products, we believe direct offerings, if extended beyond very simply life products, increase consumer risk.”

5. How can life insurance brokers and agents separate themselves from direct providers? What value should they be bringing to the table?

The answers on how to distinguish themselves and the value life insurance brokers and agents can bring to the table were pretty much standard across the board, but Mr. Geller summed it up best when he said:

“They would distinguish themselves as they do now, with appropriate determination of needs and wants, by making comprehensive recommendations, with the use of product comparisons to determine the most appropriate product and with service and responsiveness. It is those who don't now do these things who may find themselves more challenged in future.”

6. Do you think there will still be a place for insurance brokers /agents in the industry 10 or 15 years from now?

The answers were solidly positive from four members of our industry expert panel:

Ms. Allen: “Absolutely. There are advantages to consumers and the companies to continue using brokers.”

Mr. Maishlish: “Definitely yes, and assuming that "direct" sales of life insurance will continue to gain a foothold in the marketplace, there will also be an increased need for "remedial advisors" to review and attempt to correct mistakes made during the course of purchase of "direct" sold life insurance.”

Mr. Paul: “Of course. There is more demand (though it may be latent) than supply, so the future bodes well for advisors that offer good advice, relationships and service, and adapt to the reality of direct offerings in the marketplace.”
Ms. Francis: “Without question – the consumer risks associated with removing the professional services provided by financial advisors is unacceptable. Consumers are increasingly in need of professional financial advice.”

Mr. Geller’s reply took a slightly different look: “I expect that there will be, as there is in the UK and Australia, but it is possible that the market will become far more bifurcated with those who can and are willing to pay for service getting it.”

Should Agents Stop Selling Products of Companies That Compete With Them?

From the answers received from our industry experts, our knowledge of the industry, and other conversations, such as this news article on, it may be too soon to evaluate the threat. Thus it’s too early in the game to take the stance that life insurance companies making direct offerings are the enemy.

Insurance companies more than likely won’t have complete control over the situation, because consumers will have a major say in how life insurance products are sold to them; so much so that moving towards solely offering direct products may backfire and create more problems in the future for life insurance companies.

Perhaps time could be better spent if advisors banded together to strengthen and solidify their role in the industry. In this regard, the future of sales channels is up to the integrity and usefulness of advisors to consumers; and agents or brokers who aren’t doing all they can for consumers should step up their game.

Weekly Personal Finance Roundup For October 23, 2015

October 23rd, 2015
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Happy Friday everyone!

Featured this week on LSM Insurance was our latest article titled What You Wear Could Affect Your Life Insurance Premiums which detailed an insurance company's decision to issue wearable technology to new life insurance policy holders.

We rounded up other recent articles below, featuring insights and advice from the brightest minds in personal finance:

After the Liberal Party's election earlier this week, reported on possible higher bond yields which would help life insurance companies. The article also pointed out a rise in marijuana stocks since the election, mostly based on the Liberal plan to legalize pot. LSM Insurance had earlier reported this year on the new Medicinal Marijuana market in Canada.

The Globe and Mail reported on nine ways your family's finances will change under a Liberal government including middle-class tax cuts, changes to the TFSA limit and an enhancement to Canada Pension Plan benefits. The Toronto Star detailed how the election will affect your savings and the CBC detailed further personal finance changes under a Liberal majority.

The blog revealed the best way to setup an RESP including ways how you can invest by setting up a GIC or term deposit with your bank. Robb Engen reveals in his piece that this is one of the simplest and cheapest ways to invest. 

The Motley Fool Canada wrote about the best ways to stuff your TFSA before it's too late. revealed the best ways to track your spending using online tools like AceMoney and Quicken--which has been the industry standard for years. These software options would be especially beneficial to the world's richest 1%, who own half of world’s wealth, according to reported on how Entrepreneurship is alive and well in Thunder Bay based on solid small business numbers which reveal that 97% of businesses in Thunder Bay are small to medium sized.

Have a great weekend everyone!

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