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Life Insurance and Depression – Updated

September 16th, 2014
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Photo by : Hartwig HKDCC BY-ND 2.0

Depression is a mental illness now being publicly addressed. Back then people never talked about this mental illness, it was thought of as a shameful thing to discuss, and those who were going through depression were embarrassed to address it.

By not addressing their depression, many fell victims to suicide which could have been prevented by seeking help.

The public is becoming more aware of depression especially when famous people have unfortunately succumbed to this illness.

For example, recently the very famous actor, Robin Williams committed suicide because he was going through depression.

The world was left in shock because no one would have ever thought Williams was battling such a mentally exhausting disease since his roles in movies proved him to to be more of a comical and happy person.

(Life Insurance and Depression - Updated continued...)

Sean Cooper|Pension Analyst and Financial Journalist

September 16th, 2014


 

Sean Cooper

Pension Analyst and Financial Journalist, www.seancooperwriter.com

1. What type of life insurance do you own?
My employer provides group life insurance and accidental death and dismemberment (AD&D) coverage. The basic coverage is  my eligible earnings times one, up to a maximum coverage of $1,000,000. This means if I make $60,000 a year, I would be covered for $60,000.

I am also automatically covered for AD&D in an amount equal to my basic life insurance. During annual enrollment, I can purchase additional life and AD&D insurance coverage in units of $10,000, up to a maximum coverage of $2,000,000.

(Sean Cooper|Pension Analyst and Financial Journalist continued...)

Sean Cooper | Pension Analyst and Financial Journalist

September 15th, 2014


 

Sean Cooper 

Pension Analyst and Financial Journalist, www.seancooperwriter.com

1. What Type of Disability Insurance do you own?
My employer provides me with group disability coverage in the event that I’m injured or ill and unable to work for an extended time. The plan comprises two parts: Short-term disability (STD), which pays a benefit for up to 6 months (this is the elimination period), and Long-term disability (LTD), which begins to pay a benefit after 6 months. For any validated medical absences, STD will replace 100% of my base salary for up to 13 weeks and 66 2/3% of my base salary for the balance of the elimination period. If I remain unable to work after 6 months, I’ll be eligible to apply for LTD benefits. LTD will be equal to 60% of eligible earnings in the event that I’m injured or ill and unable to work for an extended time. In addition, I can purchase a Cost-of-Living Adjustment (COLA) that will index my benefit to the Consumer Price Index (CPI), to a maximum 3% annual increase.

(Sean Cooper | Pension Analyst and Financial Journalist continued...)

Jim Yih | Retirement Consultant, RetireHappy.ca

September 15th, 2014


 

Jim Yih

Blogger, Fee-Only Advisor, Best-Selling Author -- RetireHappy.ca

1. What Type of life insurance do you own?
I own term insurance to fund a shareholders agreement and key man insurance. My business partners will get the business and my wife will get the value of the shares in cash.

I also own a whole life and a universal life policy that I bought back in 1992, when I first came into the business. My whole life policy has performed the best and, in retrospect, I wish I would have bought more. I also own a little more term insurance personally. I recently bought a critical illness policy as well.

(Jim Yih | Retirement Consultant, RetireHappy.ca continued...)

The Pros and Cons of Permanent Life Insurance

September 12th, 2014
money 11
Should insurance really be an investment?

Permanent insurance is not an insurance product that can be taken lightly.

It's a product that is only right for certain insurance needs and circumstances that could help or hurt you, depending on how it is used. The Globe and Mail published a piece on the "Pros of Permanent Insurance" and while all of them are true, they're only telling half of the story.

We've outlined the pros and cons of permanent insurance below, so that you have all the information and can truly select the right insurance product for you and your family.

First, the pros. Of course, we cannot outline the risks of an insurance product without also mentioning its strengths.

(The Pros and Cons of Permanent Life Insurance continued...)

The Top 5 Life Insurance Company Acquisitions

September 9th, 2014
business people 6
Canada's insurance industry has
consolidated in recent years.

With the Sept. 3, 2014 announcement that Manulife Financial has acquired the Canadian business of competitor Standard Life for $4 billion, we couldn't help but look back at the other mergers and acquisitions that have occurred in the insurance industry over the years, starting with this latest one:

(The Top 5 Life Insurance Company Acquisitions continued...)

Top 5 Term Life Insurance Mistakes People Make

September 5th, 2014
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Photo by : Alan CleaverCC BY 2.0

Sometimes it’s easy to make the following mistakes when you make a term life insurance purchase or it could be that you didn’t do it right.

Most clients are unfamiliar with life insurance and usually require the assistance of an agent to aid them in the process. In our previous article: Independent Agent vs. Captive Agent, we address the issue that agents and their clients must and should maintain a good relationship.

(Top 5 Term Life Insurance Mistakes People Make continued...) | 2 comments

Kevin Cahill | Founder of Canadian Legacy Builder

September 2nd, 2014


 

Kevin Cahill, B.Sc.(Hons), CFP, CHS, CLU, EPC
Founder, Canadian Legacy Builder

1. What type of life insurance do you own?
I own a combination of Permanent Cash Value Whole Life and Term Insurance. I am worth significantly more dead than I am alive, but I know that my debts and obligations will never outlive me. I do plan, as time evolves, to convert it all to a permanent plan, as the only effective life insurance is the one that is in force the day you die.

Every person who has ever been loved by someone leaves a legacy of some kind, but most don't know where to start or what to do. This is where Life Insurance comes in. Most of us take many basic things for granted: warm clothing, food on the table, a roof over our heads. Unfortunately, these basic necessities are not available to everyone. Yet, with insurance, I can guarantee my son will be okay financially long after I am gone.

(Kevin Cahill | Founder of Canadian Legacy Builder continued...)

Buying Life Insurance From An Independent Agent vs. Captive Agent

August 29th, 2014
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Photo by : thetaxhavenCC BY 2.0

When potential clients decide it’s time for them to purchase a life insurance policy, it's more than likely they don’t know where to start. At this point, they should decide if they want to deal with a captive agent or an independent agent.

Both have their ups and downs, but ultimately the client needs to choose one.

An independent agent is someone who has connections to multiple insurance companies, whereas a captive agent is only connected to one insurance company, therefore he or she will only sell products from that specific company.

(Buying Life Insurance From An Independent Agent vs. Captive Agent continued...) | 4 comments

The Frugal Trader|Blogger, The Million Dollar Journey

August 27th, 2014


 

The Frugal Trader
Blogger, The Million Dollar Journey

1. What Type of Life Insurance do you own?

My spouse and I have term life insurance through a large national insurance company. Our day jobs also provide term life insurance as part of their benefits package.

2. What factors did you consider when determining the coverage amount?

Life insurance is about financially protecting dependants in case household cash flow is affected after death. So the key question is, who is dependant on my cash flow and how much would they need after my death? Every situation is different. Before we had kids, both of us were working professionals with a modest home. Realistically, we would survive without one of the salaries, providing debts are paid off. In this case, we purchased enough term life insurance to cover our debts, which at the time was our mortgage, student loans, and a car loan.

(The Frugal Trader|Blogger, The Million Dollar Journey continued...)

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