I was just checking out our Key Canadian Financial Data page and realized and was shocked to notice that the inflation rate is double what you can get on a term deposit.
Inflation is at 2.52% according to the Bank of Canada.
One year term deposits are half that (from .650 to 1.40 if you have over a $1,000,000). The actual banks are a little bit hungrier for money than that and will give you 1.5% on a one year term deposit, even starting at $1000.
Given the amount of money the American government is issuing to prop up the banking system and now to car manufacturers - the Canadian government is almost certain to follow in the US footsteps, although hopefully on a smaller scale - holding your money in cash or term deposits is a guarantee of starting next year with less money than you have now.
After what happened in the stock market, there are no easy answers but several life insurance companies in Canada offer risk free tax preferred solutions Many Canadians are unaware that Universal life insurance contracts offer risk free accounts which grow on a tax sheltered basis and with minimum investment guarantees of 4% or higher. A great feature in today's low interest rate environment
If you would like more information, give me a call at 905.248.4849 to discuss your own situation.
It's no secret the stock markets are way off. The Dow Jones is under 8000 knocking off 8 years of progress.
On the other hand, life insurance companies offer guaranteed investment policies. Sounds like the perfect solution...
Life insurers have long guaranteed to return 75 per cent of a person's original capital after 10 years, or sooner if the investor dies during a period of low stock prices.
They enjoyed a flurry of sales when they stepped up the guarantee to 100 per cent and allowed investors the right to more frequent resets of their capital guarantees....
Later, in response to competition, Manulife extended the 5 per cent minimum withdrawal benefit for a lifetime, thus turning its investment funds into something closer to a company pension plan or an old-fashioned life annuity.
Investors can now be confident that a $100,000 investment will assure them $5,000 of income each year from age 65, plus they have the potential to collect a larger sum if their investments do well and thus have their income keep up with rising prices.
Assumption Life has one of the only non medical critical illness products on the Canadian insurance market. Applicants can qualify for coverage in 24 hours by answering “No” to five health related questions. There are no questions related to family health history. Applicants who have been declined or rated in the last two years will not be eligible – so applying to Assumption Life gives the insured a safety net if he/she is not approved elsewhere.
The coverage is available to policyholders aged 18 to 60 and is guaranteed renewable to age 75. The coverage increments are $10,000, $20,000 and $30,000 and are available on a single life or multi life basis.
When the Insurance Journal talked to insurance experts on the recent concerns about AIG Life of Canada, Lorne S. Marr was among those interviewed by the magazine.
Read the whole Insurance Journal article and find out what Lorne had to say about AIG Life Insurance and why the existing clients with current AIG policies should not switch.
It was great working with Jee-Yun Lee. The topic of the show was "What You Need To Know When Getting Life Insurance". Jee-Yun Lee figured out the essentials of life insurance very quickly. Jee-Yun Lee's conclusion: "Life insurance can be great if you get a policy which works for you."
RBC Insurance has introduced an easier way to get both Term and Critical Illness insurance. The company is now offering both solutions simultaneously as they have bundled the RBC Insurance Critical Illness Recovery Plan policy with Term 10 or Term 20.
Bundling Benefits:
Savings for the client
Two sales in one
Easier process: One application
One underwriter for both apps simplifies the process
Lorne's Comments:
This is nice enhancement to the RBC product line. Only one policy fee for both products is a great benefit. The $40 Term Life policy fee is permanently waived – this adds up to $800 savings over a 20-year period. On the top of this, two seperate policies are issued so the applicant saves the policy fee down the road even if he/she cancels or makes a claim on the Critical Illness portion.
It should be noted that several other insurance companies also offer bundled Term and Critical Illness, including Empire Life, AIG and AXA Assurance.
Assumption Life has made a big splash in the guaranteed issue life insurance market. Guaranteed issue life insurance is a policy which is geared towards individuals who are not in optimal health but have a need for life insurance. These policies are issued without a medical test and with limited proof of insurability. Most guaranteed issue plans limit the death benefit in the first two policy years but Assumption Life’s Golden Protection and Golden Protection Plus pay out from day one.
Four Day Work Week photo
Lorne with Jack in background
Our campaign for the 4 day work week turned up in the Globe and Mail last week as full page article in the business section. We were honoured that they chose Jack and I as the lead photo.
We were also thrilled to see that other companies are moving to a four day work week as well. Our staff is more productive than ever. Unfortunately for the moment we are finding that the four day work week doesn't apply to company owners.
Writer Kira Vermond analysed the Monday to Thursday work week in her piece "How Green is your four-day work week?". Some key findings:
34% of workers prefer a condensed work week
four-day work weeks are more difficult in a service business (that's us)
many people work part of the extra day from home
people don't necessarily go car-free on their extra day off
We at LSM Insurance will always be here to help you five days a week though. If someone is taking off Friday, somebody else is taking off Monday.
The recent fluctuations of the stock markets having left many investors running for cover. The equity markets historically produce generous returns over the long haul but many investors are spooked by the potential of losing 25% or more of their capital in any given year.
The advantages of Whole Life insurance as an investment are the following:
All premiums and death benefits are guaranteed. Non Participating Whole Life policies which do not participate in the insurance companies profits and do not receive dividends are lower in cost and are fully guaranteed. Participating Whole Life policies do participate and the insurance companies profits and do pay a dividend. The premiums on these policies are higher and the dividends are not guaranteed
All life insurance death benefits are guaranteed
In addition to the death benefit, whole life policies also have a guaranteed cash value and in the case of Participating Whole Life policies they have guaranteed cash value plus the cash value of any policy dividend. As stated above the dividend rates fluctuate with the insurance companies profits and interest rates. But the fluctuations are modest when compared with traditional equity investments.
A new study released recenly found that Canadians continue to place a high value on financial protection. Some 61 % of Canadian organizations offer group term life insurance to their employees. An additional 42 % of organizations offer disability benefits to attract and retain skilled workers.
Over 2,100 payroll professionals across the country participated in the research by completing an extensive online survey, compiled by the Canadian Payroll Association. The first of its kind in Canada, the survey ranks all 39 categories of taxable employee benefits in terms of the percentage of organizations offering them.
Life insurance companies have been front page news the last week. American International Group (AIG) one of the world's largest life insurance companies has had three quarters of staggering housing-related loses and it has lost over 90% of its stock price.
Many policyholders of AIG and other insurance companies are asking the questions how safe is my life insurance policy? It’s a reality of the 21st century that even the largest and most reputable insurance companies can become subject to financial failure. In Canada three insurance companies have gone bankrupt:
Les Coopérants on Jan 3rd 1992
Sovereign Life on January 18th 1993
Confederation Life on August 11th 1994
In each of these instances Assuris – which was founded 1990 and is not for profit organization that protects Canadian policyholders in the event that their life insurance company should fail – was called upon to deal with the insolvency. Through the three insolvencies, Assuris’ coverage has protected almost three million people representing over 10 % of Canadians.
Find out in a 2-hour presentation given by five time number one Canadian life insurance broker Lorne S. Marr on Wednesday, October 8th in Toronto.
Lorne’s seminar will only be offered once this fall. Capacity is limited to the first twenty registrants, so register today and don’t miss the once in a lifetime chance to get the inside scoop on how to make six figures and more in the life insurance business for free.
Passion, empathy, ambitious, organization and good listening skills are just a few of the seemingly contradictory traits a top broker needs. Lorne will talk about all of the attributes during his seminar.
To participate in this unique event, simply fill out our registration form.
Following the potential bankruptcy rumours swirling around AIG, Lorne S. Marr was interviewed by the Toronto Sun. Lorne was talking about Assuris, as he put it, a "safety net" for the insured.
Here is a short excerpt form the article:
"Broker Lorne Marr, president of Lorne S. Marr Insurance in Markham, said he's been flooded by e-mails and phone calls from clients and he's tried to ease their worries. Bottom line, he points out, is the insurance industry has a safety net, called Assuris, which is similar to the Canada Deposit Insurance Corp. (CDIC) that guarantees up to $100,000 in deposits in individual banks."
American International Group (AIG) has been front page news the last few days. The company has had three quarters of staggering housing-related loses and it has lost 90% of its stock price.
The questions many AIG Life of Canada policyholders are asking – how safe is my life insurance policy?
Comments from AIG Canada’s President Peter C McCarthy on Sept 15th reassured its broker network that the company is on solid financial footing. “AIG Life of Canada remains a strong, secure, well capitalized business. It is a separate legal entity that operates only in Canada and has not been affected by the U.S credit crisis,” he said.
The following are five additional reasons why you should stick with AIG:
Effective September 15, Transamerica will offer more flexible limits and options for payment for both new and inforce insurance for their clients. From now on, they'll accept pre-printed personalized cheques from an authorized bank account, money orders up to $500, Counter Cheques for an amount up to $5,000, and pre-authorized debit plan.
In times of mergers, absorbs and split-offs it’s not always easy to keep track of the top players in the life insurance industry. That's why we're bringing you the Top Ten List of World Insurance Companies. Among some other top lists we used Forbes Global 2000 special report as a source.
Our new section also contains details about each insurance company, together with their corporate history, number of clients and employees - everything that made them one of the Top 10 World Insurance Companies.
LifeAdvance T100 15-year pay plan – This new plan offers the same features and benefits as T100 LifeAdvance, but premiums are payable for only 15 years and then the policy is paid up for life.
New return of premium riders – More choices and simplified features. The ROP at withdrawal and ROP at withdrawal or expiry riders have been renamed. They’re now known as ROP15, ROP20 and ROP65. These riders have been streamlined for ease of use and to provide industry-leading flexibility.
Rate changes – All existing LifeAdvance plans have been re-priced to reflect enhancements and a competitive rate review.
Lorne's Comments:
The limited payment option is a terrific feature for clients who want Permanent Critical Illness insurance but do not want to pay into their retirement years. Canada Life is also joining several other carriers in an attempt to get standardized critical illness definitions. This is great news for the industry.
The insurance business is filled with opportunity. But this fact is tempered by the reality that over 80% of new brokers leave the industry within their first 12 months. Why is it so? What does it take for a new broker to succeed in insurance? Determine if you are ripe for success in this industry!
RBC Insurance will hold two client roundtables by their Life & Health Claims Department on September 24th and October 8th, 2008.
These events will involve small groups of clients who have had a recent claim with RBC. In a recent press release, RBC said that the information they receive directly from these clients will allow them "to better understand their perceptions, specifically with regards to their claims experience, provide us with valuable opportunities to improve on the many things that we are doing well and find ways to make our client experience even better than it already is."
Lorne's Comments:
It's great to see an insurance company investing in the improvement of the claim paying process. This is the backbone of what we do.
August 25th, 2008
Empire Life announced that effective August 25, 2008 they will significantly decrease the rates on their Optimax Participating Whole Life plan.
Transamerica Critical Adantage is a global medical care insurance providing immediate access to advice and the best care through Best Doctors.
If diagnosed with a covered medical condition, the client and their doctors or specialists have immediate access to Best Doctors, the world’s leading medical information resource. Best Doctors can provide clinical guidance and access to a second opinion to help arrive at the right treatment plan. This system draws on a global database of 50,000 peer-ranked doctors to arrange care with the world’s top experts and facilities for your client’s specific medical condition. $1 million in affordable global medical care $1,000,000 CDN in global medical expense coverage, in addition to a $10,000 CDN travel and accommodation allowance. This unprecedented coverage empowers clients to follow their desired path to healthcare, wherever it may take them on the globe.
According to the latest report by LIMRA International, Critical Illness insurance policy sales decreased by 3% between 2006 and 2007 from $84,983 to 82,397. For the industry premiums dropped from 78 million in 2006 to $77.2 million in 2007. These data were published in the August 2008 Insurance Journal.
Lorne's Comments:
The drop in sales can be largely attributed to many captive agents and brokers not properly understanding the product. Critical illness is a much more complicated form of insurance than life insurance. The underwriting is also much more stringent.
The AXA Group has introduced a new line of accumulife option funds that brings together investment managers with 12 investment options, offering funds that range from fixed income to maximum growth portfolios.
In a recent press release, AXA listed several advantages of these accumulife option Guaranteed Investment Funds. They include:
A wide range of possibilities offered through the funds and their diversification;
Very competitive management fees;
Guarantees and forms of protection not offered by mutual funds;
The international reputation and experience of fund managers: AllianceBernstein, AXA Rosenberg, Franklin Templeton and TD Asset Management.
Lorne’s Comments:
AXA’s Accumulife funds have competitive MERs when compared with other segregated funds on the market. Their fund line offers 12 funds in total; until now two of these were limited to institutional investors Global Equity and Canadian Equity, both offered by AXA Rosenberg.
Unity Life’s Plus Term is a non participating whole life policy available in Canada to applicants aged 18 to 45. The plan provides lifetime protection and is guaranteed paid up at age 65.
The policy has a guaranteed cash value available at age 65 and the cash value accumulates each year thereafter.
Below is an example of $250,000 coverage for a 41 year-old Female Non Smoker. Unity Life stacks up well against its Whole Life Paid Up at 65 competitors, especially in the cash value department.
Company
Monthly Premium
Contribution to age 65
Cash Value at 65
Manulife
$167.72
$48,303.42
$35,250
Unity Life
$184.73
$53,202.24
$100,500
Industrial Allaince
$186.75
$63,784.00
$37,850
• All three policies have a paid up death benefit at age 65.
The Manulife applicant saves about $4,900 over the 24 years but her cash value would be over $65,000 less at age 65. The Industrial Alliance plan has a higher premium and $62,650 less cash value at 65.
In a recent press release, AXA Insurance announced that they were implementing a new teleunderwriting service for obtaining medical questionnaires.:
Through BW Underwriting Services Inc., a teleunderwriter will be contacting your clients directly as needed to complete certain medical questionnaires. This third party will free you from repeated visits and from being accountable for information accuracy, and will improve the processing time overall, thus saving you precious time.
This new service is being launched gradually and will initially include the most common questionnaires requested, such as Arthritis, Diabetes, Epilepsy, Backache and Musculoskeletal Problems, Digestive System Disease, Nervous System and Respiratory Problems. Axa will eventually roll out all medical questionnaires that Underwriting needs to assess the risk.
Lorne's Comments:
AXA is on the cutting edge when it comes to underwriting. By gathering more accurate and detailed information, AXA will be able to limit the number of Attending Physcian Statements (APS) they request. The APS is the primary delay in getting a life insurance application approved.
Another added benefit is this reduces the work load on the broker – as he/she is not responsible for gathering this information and becuase the calls are recorded AXA does not require a signature from the client.
We often hear that the a primary purpose of a life insurance policy is to replace the income of a family breadwinner in the event of his or her untimely demise. But what about families with minimal debt and full grown children? Why would they need or want life insurance? In our latest article we take a look at some benefits life insurance has for maximizing wealth.
RBC raised the limits on its future income option, effective July 30, 2008. The future income option allows disability insurance policyholders to increase their disability insurance monthly benefit without providing evidence of insurability. The increase applies to all occupation classes. New applicants qualifying for a 4A classification can now add a future income option of $25,000 per month, a significant increase from the previous ceiling of $15,000 per month.
Lorne’s comments: RBC’s future income option is a great way for professionals and those in other occupation categories to enhance their coverage without providing evidence of insurability.
CBC News has again featured our four day work week initiative as a good example of how to combat high fuel costs.
Now, Nova Scotia is looking at a four-day work week for government employees as a way to save energy, the online news service says. Energy Minister Richard Hurlburt is reported to have said that his department is preparing a report on how how much the province would save in energy costs.
The article, among others, reads:
In Canada, some companies, such as LSM Insurance in Markham, Ont., have decided to offer employees a condensed work week to reduce commuting costs as gas prices soar.
Manulife’s children’s term rider, unique in the Canadian marketplace, just got even better. The rider allows a child to be covered for $10,000 at a cost of $2.50 a month. But even more important is the plan’s built-in conversion option.
On the policy anniversary nearest the insured’s 25th birthday (or earlier, at specified option dates), the insured child has the option to purchase $250,000 of new life insurance coverage without new medical evidence. That on its own is unique in the industry. Manulife goes even further, allowing $100,000 of that coverage to be critical illness insurance.
The private insurance dam has sprung another small leak with a new insurance product covering “medical administration costs”, Canada Free Press reported.
The website writes about a family doctor selling his own private insurance product.
The article recalls that Ontarians can purchase insurance to cover their doctor’s notes stating that they are too ill to attend work because they are waiting on a list to get treatment.
Long-term care insurance is used to help the insured cover the cost of care when they are no longer able to care for themselves and become functionally dependent. The cost of care can be significant. We've put together a table with typical home services and their costs in Ontario. In our latest insurance tips article you can also read Lorne's comments on costs of long-term care.
Manulife term products have a value-added option known as combined coverage.
Combined coverage offers two death benefits under a single policy, resulting in one policy fee and a 3% discount – terrific savings. In fact, Manulife combined life coverage often costs less than its competitors’ joint first-to-die plans.
An exciting day. I woke up to see our 4 day work week on the front page of the city newspaper, The Markham Economist and Sun, with my picture.
4 day work week raves
It looks like my cover as a normal Markham family guy has been blown. Next thing you know I'll be stopped for impromptu insurance sessions in the local grocer's produce section.
Globe and Mail - Fuel Costs drive
Canadians to park their Cars
Canada's national newspaper, Globe and Mail brings a lengthy report on how companies are combatting soaring gas prices. The paper interviewed our Senior Insurance Consultant, Jack Bendahan on his view of our decision to move to a four day work week.
Here's an excerpt from the article:
Life insurance broker Jack Bendahan, for example, has switched to a four-day work week and now parks his Mitsubishi Eclipse convertible at home on Fridays — saving roughly $250 a month on gas.
"There's a lot of driving in this business. I'm all over the place," said Mr. Bendahan, who also co-ordinates his appointments and plans his routes more carefully now to avoid excessive mileage. He has eased up on the gas pedal, as well.
His company, LSM Insurance of Markham, Ont., had given employees the option of compressing their work into a four-day schedule a year ago, "but I only got on board on that three months ago."
Mr. Bendahan is trying to sell his car, which takes premium gas, and is thinking about purchasing a more fuel-efficient Toyota Yaris.
CBC Radio has featured our 4 day work week as a great example of how to combat high fuel costs and save money.
Listen to the whole story!
People in Toronto work long hours and long days. In the face of ever higher gas prices and unstable financial markets, many people are working more days and even longer hours.
Here at LSM Insurance, we have moved to four-day work weeks to combat high gas prices. All the team members welcomed the initiative, saving hundreds of dollars a month in gas costs. CBC Radio has aired our story and we also let the major Canadian newspapers know about our endeavor.
We have been featured for our efforts to help employees reduce commuting, save on fuel costs, reduce pollution and enjoy life more: we have instituted a voluntary 4 day work week. And our staff love it.
CBC radio also produced a story about our four day work week in July. Listen in by pressing the play button below.
Be wary about viaticals, the Toronto Star suggests. In a recent article they write about a Toronto company promoting investments with unusually high returns and tax-free advantages. "Company websites suggest one type of investment would pay an 8 per cent annual dividend, plus an average capital growth of 15 to 20 per cent. Another would pay a higher annual return, as well as a tax-free component of 10.2 per cent. The minimum investment is $10,000," the paper reports.
As reported in the June/July 2008 issue of Insurance Journal, ACE Life is offering a new feature to help insured employees navigate their way through cancer treatments. On April 23, 2008 ACE Life announced it had added CAREpath as an option for its Spectrum group critical illness plan. The service assigns those who have been diagnosed with cancer a personal oncology nurse who can answer questions and provide advice before, during, and after treatment.
According to the Canadian Cancer Society, 3,200 Canadians are diagnosed with cancer every week. There will be more than 166,000 new cases in Canada this year with over 73,000 people dying of their disease. These stats are quoted by the Toronto Sun, in a recent article written by Terri Williams.
Desjardins Financial Security's National Health Survey results show that more entrepreneurs should turn off their blackberries and make relaxation a priority this summer for the sake of their physical and mental health.
Standard Life Mutual Funds Ltd., an affiliate of The Standard Life Assurance Company of Canada, announced the launch of the Standard Life India Equity Focus Fund, one of the first funds in Canada to capitalize on opportunities in India's fast growing economy. This fund is part of a wider launch, which also includes a T-Series for ten Standard Life existing funds, as well as the two new Portrait Portfolio fund-of-funds - Dividend Growth & Income Funds and Global Portfolio.
Equitable Life has repriced their 10- and 20-year renewable and convertible term plans to be more competitive in their target markets. They have also discontinued their term conversion credit program. Equitable Life will continue to honour conversion credits for previously issued policies.
Lorne’s comments
Equitable Life has lowered their already competitive rates for most age groups.
Industrial Alliance (IA) has obtained all regulatory authority approvals for the acquisition of National Financial Corporation, the parent company of AEGON Dealer Services Canada Inc., Money Concepts Limited and National Financial Insurance Agency Inc, the company announced in a press release.
Effective July 7, 2008, the Vital Link Basic plan (three illnesses) will no longer be for sale, and the name “Vital Link Plus” will become simply “Vital Link.” The Vital Link definitions for 22 of the 23 insured conditions will reflect new industry benchmark definitions.
Lorne’s comments
This is a good news–bad news scenario. Empire Life’s Vital Link Basic was a stripped-down critical illness plan for cost-conscious consumers. It provided a workable alternative for applicants on tight budgets.
Manulife Securities is the new trade name for a group of companies consisting of a mutual fund dealer, investment dealer and insurance agency operating across Canada, following Manulife’s purchase of Berkshire-TWC Financial Group Inc.
“We are operating as a strong national firm that offers new opportunities for independent advisors serving their clients across Canada, committed to delivering the same high-quality service we provided in the past,” explained Manulife Securities’ President Rick Annaert in a press release.
The Canadian Life and Health Insurance Association (CLHIA) welcomes the Competition Policy Review Panel's report, Compete to Win. "The life and health insurance industry is pleased that the report recognizes that it is vital for Canada to enhance its competitiveness both domestically and internationally," said Frank Swedlove, President of the CLHIA in a press release.
The Standard Life Assurance Company of Canada introduced a new website to allow group savings and retirement plan members to take ownership of their plans. Offering a so-called "retirement dashboard", the site provides members with an overview of their planning activities, their contributions, account balances, asset allocations and projected retirement assets, every time they log on to the website.
A recent StatsCan study found that businesses with under 100 employees added 185,000 jobs to the economy in 2006. These jobs were split evenly between businesses with 20 to 99 employees and those with under 20 employees. This growing number of small-to-mid-size businesses represents an expanding group insurance market and a tremendous opportunity for Canadian insurance brokers.
That is why I have written an article about five reasons why a new or experienced advisor may want to consider specializing in the group insurance market.
Do you know why you should watch out for captive agents? Are you aware that the cheapest life insurance plan isn’t always the best? Do you know why you should avoid accidental death insurance and be aware of policy exclusions? We've put together a list of seven life insurance sins you have to know of before signing a contract.
Through its Halifax Community Board, Manulife Financial will donate $10,000 to the Canadian Red Cross disaster management program in response to recent major forest fires near Porter’s Lake and Tantallon, Nova Scotia.
“Red Cross volunteers directly assisted hundreds of people and spoke in person or by phone with more than 3,000 evacuees to ensure they were safe and that any special needs were met,” said Gerard Ferguson, chair of Manulife’s Halifax Community Board. “The Red Cross needs our help to maintain its ability to provide immediate support for these types of disasters.”
The Canadian Life and Health Insurance Association (CLHIA) applauds the House of Commons Standing Committee on Industry, Science and Technology on its report on Canada's service sector, The Goods on Services. "The life and health insurance industry strongly supports the recommendations of the Committee. They have recognized the vital role that the services industry plays in the health and prosperity of our economy," said Frank Swedlove, President of the CLHIA in a press release.
AIG Life Canada has recently made the following five changes to it’s life and critical illness product lineup as of June 2008:
Changes to Yearly Renewable Term (YRT) plans on their Universal Life Dimension series
New lowered Preferred Term 10 and Term 20 rates
A new Business Guaranteed Insurability Option for business clients
New T100 Rider on all Life Dimension plans
A new 15 Pay Living Benefit 100 (CI) plan plus bench mark definitions on all CI plans
Lorne’s Analysis
These are all consumer friendly changes. The YRT COI insurance options allows clients to maximize the cash accumulation during the early years of the Universal Life plan.
Tim Cestnick, a well-known author and tax commentator has written a very informative article for the Globe and Mail on “cascading life insurance.” He explains that buying life insurance on the life of your children can actually make sense. As he points out, this strategy takes advantage of the fact that you can invest money inside a universal life insurance policy on a tax-sheltered basis. The death benefit, he continues, along with the accumulated investments in the policy, are all paid out tax-free to the beneficiaries when the insured dies.
The stigma around schizophrenia is one of the reasons Canadians don't want to talk about it. "Let's Talk About It", a provincial campaign organized by Schizophrenia Digest, will hold the fifth and final in a series of province-wide community public forums in Toronto on June 10th at the Centre for Addiction and Mental Health Centre.
According to a Toronto based poll, 92 per cent of respondents agree the cost of medications prescribed to someone with schizophrenia should be covered by provincial health insurance plans. In Toronto, 60 per cent of residents surveyed are willing to pay an extra $1 in taxes every year to ensure better treatment for people with schizophrenia.
Over 4,000 participants are expected to attend the 26th edition of Step Up for the Children with Standard Life, to be held on Saturday, June 14 on Ile Sainte-Hélène at Parc Jean-Drapeau in Montreal. The event will begin at 8:30 a.m. with the 10-km race, followed by the 5-km family walk at 10 a.m.
Unity Life has been selling insurance in Canada for over 100 years, and although they advertise less than some of their competitors they have one of the strongest term insurance lineups in the Canadian marketplace.
They are one of the only companies to offer 5, 10, 15, 20, 25 and 30-year terms. And unlike most companies, their entire term lineup is competitively priced.
On April 3, Foresters and Unity Life of Canada announced completion of the agreement under which Unity Life becomes a wholly owned subsidiary of Foresters.
This will strengthen the company’s position in the Canadian marketplace. Unity Life has a great Term Life insurance lineup and the Foresters has an innovative Universal Plan. New policyholders will also now be eligible for the following free Foresters member benefits.
In a recent press release, the Standard Life Assurance Company of Canada announced the addition of a Whole Life insurance product to its portfolio. This plan offers premiums and values that remain unchanged for the duration of the contract. It is targeted to individuals approaching retirement and looking for tax-efficient ways to maximize wealth transfer between generations.
Cigar aficionados beware! Indulging in the occasional stogie could cost you more than the $150 you paid for that box of Cuba Caimans. Most, but not all, life insurers still let you have the occasional large cigar – usually one a month.
The Canadian employment landscape is changing. Most people no longer work for large corporations or the government. More Canadians either work on contract or are in business for themselves. They must decide what type of health and dental coverage is best. Let's have a look at advantages and disadvantages of both individual coverage and group plans!
Great-West Life has four disability plans. Their Professional plan is high-end disability insurance geared toward professionals, business owners and key employees. The Boss Plus plan targets business owners who are concerned about cash flow if they become disabled. The Protector plan targets employees, and the Competitor plan offers low-cost disability coverage for people whose occupations or current work situations make it challenging to obtain coverage, such as part-time or seasonal workers.
More than 1,200 cyclists and walkers are limbered up and ready to boost Kitchener-Waterloo's heart health this weekend as they take to the streets and paths to raise $200,000 for St. Mary's Regional Cardiac Care Centre. Sponsored by Manulife Financial since 1993, this year's Bike and Hike takes place Sunday, June 1. To date, the Bike and Hike has raised more than $2.5 million for regional heart health, with $1.4 million directly benefiting St. Mary's Cardiac Care Centre.
Canada Life Assurance Company, one of Canada’s oldest and most reputable life insurance companies, has a very well-priced traditional term 10 and term 20 plans. The plans are renewable and convertible to any of their permanent policies. Both plans have a $100,000 minimum face amount; the Term 10 plan is available to applicants aged 18 to 75, while the Term 20 plan is available to applicants aged 18 to 65.
The group benefit marketplace in Canada is very sophisticated and highly competitive. The following summarizes some of the differences between group carriers in Canada. This is just a partial list; when analyzing your company’s group insurance needs, we would provide a complete analysis.
Industrial Alliance Pacific and its parent company Industrial Alliance Insurance and Financial Services Inc. offer a unique Pick-a-Term program. The plan is available on an individual or joint life basis. Applicants can be between 18 and 70 years of age, and is available in face amounts as low as $20,000.
Group insurance plans offer a full range of options. Deciding on the right benefit plan starts with choosing the right broker. The following are five reasons why LSM Insurance is the right choice for your company’s group benefit needs.
Unity Life of Canada has been selling insurance in Canada for over 100 years, and although they advertise less than some of their competitors they have one of the strongest term insurance lineups in the Canadian marketplace.
They are one of the few companies to offer 5, 10, 15, 20, 25 and 30-year terms. And unlike most companies, their entire term lineup is competitively priced. Unity Life’s Term plans come in face amounts of $50,000 to $5,000,000 and are available on a single life or joint first-to-die basis.
True group benefit specialists know how each insurance company ranks when it comes to key plan features. There are features that shouldn't be overlooked when choosing a company benefit plan. We have compiled these into a list for you. If you read our recommendations you'll be able to get the best group insurance value.
Manulife Financial and its staff and agents are donating at least RMB2million (CAD284,000) to support the relief efforts in the areas of China affected by Monday's earthquake.
The donation will primarily go to the Red Cross Earthquake Appeal and be used to provide aid to the areas of China impacted by the disaster.
The company has a total of 766 staff and agents in Sichuan Province.
In 2003, Great-West Life Assurance Company acquired Canada Life Assurance Company. The transaction brought together three of the largest insurance companies under one financial roof—Canada Life, Great-West Life and London Life Insurance Company.
Great-West Life’s Term 10 and Term 20 plans mirror Canada Life’s Term 10 and Term 20 plans, but each company brands its own plan and uses its own distribution team. They are renewable and convertible to any of their permanent policies. Both company’s plans have a $100,000 minimum face amount, and the Term 10 plan is available to applicants aged 18 to 75, while the Term 20 plan is available to applicants aged 18 to 65.
Should I buy term insurance or permanent insurance? This is likely the most frequently asked life insurance question. Many insurance and financial “experts” will give a uniform answer, but reality is not so simple. Life insurance is not a uniform product: the right insurance depends on the applicant’s objectives. In the latest addition to our Life Insurance Tips section we've tried to answer this classic question, which insurance is best, term or permanent?
Canada Life Assurance Company offers four types of disability plans: lifestyle protection plan, independence plan, overhead expense plan, and a buy/sell plan. Its flagship disability product is their lifestyle protection plan. The plan is non-cancelable (i.e., you can cancel the plan but the insurance company cannot) and is guaranteed renewable. The policy is designed for professionals, business owners and executives.
This year marks Standard Life's 175th anniversary in Canada, and to commemorate this event, Standard Life is creating a $1.75 million endowment fund to enhance its current community investment program. "Standard Life's 175 years in Canada have been marked by important achievements and major contributions to the economic and social fabric of the country," said Joseph Iannicelli, President and Chief Executive Officer in a press release.
Check out our Standard Life company profile, news, and policy reviews.
Industrial Alliance Insurance and Financial Services Inc. is continuing its wealth-management expansion with a deal to take over National Financial Corp., whose operations include Aegon Dealer Services Canada, Money Concepts (Canada) and National Financial Insurance Agency.
Industrial Alliance did not disclose the terms of the transaction with the Canadian unit of Dutch insurer Aegon Group. The deal announced Friday is the 13th takeover in the Quebec City-headquartered company's drive into the wealth-management business in recent years.
The financial services business can be invigorating and highly rewarding, but it can also sap the energy of the most seasoned advisor. The stress of the industry can adversely affect an advisor’s health and personal life. We have recently launched a newsection of articles written on how to be a better life insurance broker. The latest addition to this growing list of tips for brokers focuses on creating work-life balance. Check out our tips that will help improve your morale and enhance your bottom line.
Transamerica Life offers a Term 10 and Term 20 plan. Their Term 10 plan is available to individuals from 0 to 70 of age, and their Term 20 plan is available to individuals ages 0 to 60. Both plans are available in face amounts from $50,000 to $10,000,000 –- amounts in excess of $10,000,000 are available on a special case basis. Both plans are also renewable to 80 and convertible up to age 65. Available riders include: children’s life rider, accidental death and dismemberment benefit, and a waiver of premium on disability.
AIG Life offers Term 10 and Term 20 plans which are well priced and provide some competitive advantages. Both plans are renewable to age 85, and are convertible up to age 70. The plans also allow you add a living benefit rider, thus saving the $6.75 per month policy fee.
Empire Life is one of the few life insurance companies in Canada to offer both participating and non-participating whole life policies.
Their non-participating policy – the 20 Pay Solution – is fully guaranteed and very well priced. The plan is fully paid-up after 20 years, after which cash values are available by loan or surrender at any time. The one caveat is if the policy owner cancels his/her policy before its twentieth anniversary, the plan has no value.
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Manulife Financial has two universal life plans, Security Life and InnoVision. Security Life is available with face amounts from $50,000, and is geared toward the family market. The policy is one of the few universal life plans within the Canadian marketplace to allow withdraws from the accumulation fund without any surrender penalties.
The British Columbia and Alberta governments have introduced amendments to their respective insurance laws to live up to the spirit of the Trade, Investment and Labour Mobility Agreement (TILMA), aimed at removing trade barriers between the two provinces.
The amendments include improved coverage, better access to insurance contract information, and improved dispute resolution mechanisms, the B.C. government said in a news release, quoted by The Vancouver Sun.
Wawanesa Life, a major property and casualty carrier, offers Term 10 and Term 20 insurance, coined LifeStyle Term. The Term 10 plan is available for applicants between the ages of 18 to 70, and the Term 20 plan is available for applicants between 18 to 60 years old. Both plans are renewable and convertible, and are available on an individual, multi-life or first-to-die basis.
AXA Canada offers two universal life plans—Universal Life Protection and Universal Life Investment. The former is available on face amounts from $25,000 to $499,999, and the latter is available on amounts of $500,000 and higher.
Universal Life Protection is geared toward younger families; there are no surrender fees, but withdrawals must be a minimum of $500. Universal Life Investment is geared toward business owners and applicants over 50 years of age. This plan has two additional cost of insurance options, but also has surrender penalties on all withdrawals during the first nine policy years.
Canada Life offers two participating whole life policies: Estate Achiever, which aims to maximize the insured’s estate, and Wealth Achiever, which focuses on cash accumulation.
Unlike non-participating whole life policies, participating whole life policies pay a dividend based on the profits of the company. They offer guaranteed premiums and lifetime protection, though the dividends are not guaranteed.
AIG’s whole life plan is referred to as 20 Pay Life. It is a non-participating whole life policy, as it does not participate in the profits of the company as does a participating whole life policy.
AIG’s 20 Pay life is more expensive than competing non-participating policies, but it has features unavailable in rival plans. The main benefit of 20 Pay Life is that it starts building cash value and offers reduced paid-up insurance in the eleventh policy year. Most competing plans only offer cash values and paid-up values after the twentieth policy year. The plan also offers a host of riders, including term riders on the primary insured or a spouse, a children’s term rider, accidental death coverage, and a waiver of premium in the event of disability.
A 35-year-old male non smoker can take out $100,000 of AIG’s non-participating whole life 20 Pay Life plan for a premium of $107.67 a month. The cash value is $8,407 after 10 years and $22,420 after 20 years.
Low-income British Columbians can now receive some added pain relief as the B.C. government became the first in Canada to include registered acupuncturists under its Medical Services Plan premium-assistance program.
About 963,500 British Columbians living in households earning a combined $28,000 or less a year - including welfare recipients, students, the disabled, and seniors - are covered by the supplementary benefit.
The government estimates about two per cent of that population will initially use the treatment at a cost to the taxpayer, based on an average of five visits, of about $2.2 million, the Times Colonist wrote.
Unity Life of Canada, a Foresters Company, expands its product portfolio with the addition of Forester Passport Universal Life. This universal life product complements Unity Life's competitive term and solid permanent products and is available to Canadians nationwide through its extensive brokerage distribution network.
"Forester Passport Universal Life is designed specifically to meet the needs of the middle market," said Rob Baboth, Unity Life's Vice President, Sales and Marketing.
Desjardins Financial Security is the fourth largest life insurance company in Canada in terms of policies written; they are the largest in Quebec. They employ both a captive and an independent sales force.
Their Term 10 and Term 20 plans are offered with face amounts as low as $50,000, and the plans have a host of available riders, including disability insurance, accidental death or dismemberment coverage, accidental fracture coverage, coverage for the insured person’s spouse or children, guaranteed insurability, and a premium waiver in the event of disability.
RBC Insurance, part of the RBC Financial Group, is a newcomer to the Canadian marketplace. Their Term 10 and Term 20 plans are renewable and convertible to any of their permanent policies. Both plans have a $100,000 minimum face amount, and the Term 10 plan is available to applicants aged 18 to 70 while the Term 20 plan is available to applicants aged 18 to 60. Both plans are renewable to age 80.
RBC offers preferred rates for those who qualify on amounts over $250,000 -- non-smokers qualifying for optimum rates can get rates 25% lower than standard rates.
Empire Life’s Term 10 is available to applicants aged 18 to 75; their Term 20 plans are available for those 18 to 65. The plans are available on an individual or joint life basis, and are guaranteed renewable to age 100—Empire Life is one of the few insurance companies to offer this renewable feature.
The plans also allow for a critical illness rider, accidental death benefit, children’s term rider, and children’s critical illness rider. The children’s critical illness rider covers all children over 10 months, including legally adopted and stepchildren, all for one monthly premium. This is an exceptional value for large families. This benefit covers 15 illnesses and up to $50,000 of coverage. The cost of this coverage is $10.80/month per $10,000 of coverage.
Standard Life offers a Term 10 and Term 20 insurance plan. The Term 10 plan is available to individuals aged 18 to 70, and the Term 20 plan is available to individuals aged 18 to 65. Both plans are renewable to age 85 and they are convertible up to age 65. The plans also allow you to add a wide selection of riders, including 10-year or 20-year term life riders, critical illness insurance rider, children’s life rider, children’s enhanced protection rider, guaranteed insurability benefit, accidental death benefit, and a waiver of premium on disability.
Transamerica Life offers a Term 10 and Term 20 plan. Their Term 10 plan is available to individuals from 0 to 70 of age, and their Term 20 plan is available to individuals ages 0 to 60. Both plans are available in face amounts from $50,000 to $10,000,000 –- amounts in excess of $10,000,000 are available on a special case basis. Both plans are also renewable to 80 and convertible up to age 65. Available riders include: children’s life rider, accidental death and dismemberment benefit, and a waiver of premium on disability.
Equitable Life offers a very competitively priced participating whole life policy.
Unlike non-participating whole life policies, participating whole life policies pay a dividend based on the profits of the company. They offer guaranteed premiums and lifetime protection, though the dividends are not guaranteed.
The Co-operators are a major supplier of property and casualty insurance in Canada. They also market term 10 and term 25 life insurance plans through their captive sales force.
Both term plans are offered on an individual or joint life basis. Their term 10 is not very well priced at most age groups; however, they are one of the few insurance companies in Canada to offer a 25-year term.
Industrial Alliance Pacific and its parent company Industrial Alliance Insurance and Financial Services Inc. offer a universal life policy branded “Genesis.” Genesis is available with face amounts as low as $25,000 (or $300 per year annual premium) and issue ages from birth to age 85.
This plan allows you to choose between multiple cost of insurance (COI) options, including an increasing COI which allows the applicant to focus on cash accumulation in the early policy years. The level COI plan guarantees your rates are fixed for life, and the quick pay COI option allows for the COI charges to end after 10, 15 or 20 years. Their universal plan has a both guaranteed and market-based investment options.
Assumption Life’s Universal Life program (referred to as Odyssey) is available to applicants aged 15 to 80—the older issue limit is nice a feature. The plan does share many of the advantages available on other universal life policies, such as flexible premiums, multiple cost of insurance, and death benefit options.
The plan holds a very limited share of Canada’s universal life market share, but it is highly competitive in the 30 to 40 age range. They are also one of the only Canadian companies to offer a guaranteed cash value in their Universal Life plan. Many of their investment accounts have performed well, but their selection is limited when compared with AIG and Manulife’s Universal Life programs.
Desjardins Financial Security’s universal life plan has flexible premiums, and the investment accounts grow on a tax-sheltered basis; depending on the investment vehicle, funds can be withdrawn at any time. The investment account is paid on top of the face amount tax-free, and the funds within the investment account can be used as an emergency fund, to supplement the applicant’s retirement needs, or to offset future premiums.
AIG’s Critical Illness program provides competitively priced protection with a variety of plan options. The coverage pays out a tax-free lump sum payout upon diagnosis of a critical illness. The coverage is backed by AIG Life Insurance Company of Canada.
This plan does more than pay out money in a time of crisis—it provides additional knowledge to assist you in understanding the illness and treatment options. Living benefit clients get free access to AIG’s Best Doctors service, which provides a customized search of a global database of over 50,000 specialists who are best qualified to deal with the client’s illness.
On April 3, Foresters and Unity Life of Canada announced completion of the agreement under which Unity Life becomes a wholly owned subsidiary of Foresters and will represent Foresters in the Canadian market as "Unity Life of Canada, a Foresters Company."
The announcement follows the April 2nd completion of the sponsored demutualization of Unity Life, which recently received approval from eligible Unity Life policyholders and Canadian regulatory authorities, and a share transaction between the two parties. The $50 million in proceeds from the share transaction will be paid to eligible policyholders in exchange for their voting control and their share of the value of Unity Life.
Manulife Financial has very rich history and is one of Canada’s most reputable life insurance companies. Their Term 10 and Term 20 plans are renewable and convertible to any of their permanent policies. Both plans have a $100,000 minimum face amount, and the Term 10 plan is available to applicants aged 18 to 70 while the Term 20 plan is available to applicants aged 18 to 60.
Wawanesa Life’s Universal Life plan is referred to as Quest. The basic insurance plan provides level coverage for life. There are also two guaranteed Cost of Insurance (COI) charge options available: level monthly charges for life, and an increasing COI option. The increasing option has level monthly COI charges to age 65 or for 15 years, whichever comes first; then the COI charges increase and remain level thereafter.
The credit crunch in the United States - and to a lesser extent Canada - has been widely publicized in recent months. It’s had a huge impact on real estate and equity markets. But the explosion of long term loans and lines of credit is also having a big impact on the life insurance industry.
Traditionally, mortgages were set up with a 25 year amortization period and by making bi-weekly or weekly payments many consumers were able to rid themselves of the largest debt in under 20 years. However, as real estates vales soared in the 1990’s and the new millennium, many consumers started taking on an increasing amount of debt and extending their mortgage amortization to 30 or 40 years.
As we have reported earlier, policyholders of Unity Life of Canada have voted to sell the insurer in April to the The Independent Order of Foresters, a fraternal benefit society.
Let me add some background and comments to clarify the situation at Unity Life.
Demutualization is the process of converting from a mutual company, owned by its policy holders, to a company with common shares, owned by its shareholders. In exchange for the value of their ownership rights policy holders choose between receiving shares of the company or the equivalent in cash.
This is great news for the 15,000 eligible Unity Life policyholders. They essentially keep their coverage intact and get a free windfall.
AXA Canada’s Term 10 and Term 20 life insurance policies have a unique feature that many consumers are unaware of. AXA is the only life insurance company in Canada to offer a term insurance policy with a built-in Extreme Disability Benefit (EDB)—in some cases, the cost is less expensive than traditional term insurance policies.
The advantage of this coverage is that, not only is the insured’s family protected if he/she dies within the stated term, but the policy includes the added protection of the EDB. This feature can provide additional value to Canadians who live with long and often treacherous winter driving conditions.
RBC has four primary income replacement plans. Two of the plans are geared toward the professional market—the first is the Professional Series and their second plan is referred to as the Quantum Policy. The Professional Series is available with benefit amounts ranging from $450 to $25,000 per month. The plan is non-cancelable, meaning the insurance company cannot raise the rates or cancel the coverage. This is advantageous for the insured as they can always cancel or reduce the coverage, but RBC is bound by the terms of the contract regardless of a change in health.
Canadian Doctors for Medicare called on the federal and provincial governments to immediately take all necessary steps to stop the spread of private health insurance for medically necessary services in British Columbia.
"The recent exposé that Acure Health Corp is selling 'Medical Access Insurance' for services already covered under Medicare undermines the public health care system to the detriment of the vast majority of Canadians, and contravenes the Canada Health Act", said Dr. Danielle Martin, Chair of Canadian Doctors for Medicare.
"It is illegal in British Columbia to sell private duplicate insurance for services already covered by MSP. If it turns out that ACURE has been collecting illegal insurance premiums, the money should be returned to the consumers," said Dr. Martin.
Equitable Life’s Term 10 and Term 20 policies are available with face amounts as low as $50,000. Issue age limits are 18 to 75 years of age on their Term 10 plan, and 18 to 65 years of age on their Term 20 plan.
Equitable life offers preferred rates for those who qualify, on amounts over $250,000 for both smoker and non-smoker policies. The plans also have the following riders/benefits available as add-ons: accidental death benefit, guaranteed issue rider, waiver of premium rider, and children’s life insurance rider.
Empire Life’s universal life plan, branded “Trilogy,” is one of the most flexible universal life plans in the industry. The policy allows you to cover up to five individuals under one policy—and with the average universal life policy fee at about $90 per year, this can add up to significant savings over the life of the policy.
Canada Life’s Universal Life plan is available with face amounts as low as $25,000, and issue ages from birth to age 85.
The plan allows you to choose between multiple cost of insurance (COI) options, including an increasing COI which allows the applicant to focus on cash accumulation in the early policy years.
AXA Canada offers a blue-collar individual disability plan with a monthly indemnity from $300 to $3,500. The waiting periods on their plan range from the first day on injury-only coverage, to the 120th day on their illness protection. Benefit periods range from six months to 60 months. On their injury-only coverage, the benefit period can be extended to the age of 65.
The plan offers add-ons such as a business overhead expense benefit, hospital allowance, and critical illness benefit. AXA’s disability plan offers a built-in return of premium benefit. If the insured is less than 46 years old at the time of issue, 50% of all premiums paid (less what the plan has paid out) goes back to the policyholder. This benefit is paid out when the insured reaches 65 years of age. An enhanced return of premium of benefit feature can also be added, which will return 100% of the insured’s premiums at age 65 if a claim has not been made.
As there isn’t much information available to newcomers in the life insurance business, I’ve decided to put together a short list of potential pitfalls and mistakes that aspiring professionals should learn to avoid. This sector offers plenty of opportunities, and there’s always possibility for more growth—those who will use the advice contained in the latest article, Critical Mistakes to Avoid in the Life Insurance Business, will have no obstacles in their path to success.
Our special section for brokers now contains ten articles written for aspiring insurance professionals.
Industrial Alliance Pacific and its parent company Industrial Alliance Insurance and Financial Services Inc. has a disability insurance plan called Momentum. The base plan provides income replacement coverage from $500 to $4,000 per month in the event of a disability due to injury. The plan has three waiting period options—0 days, 30 days or 120 days, and a benefit period of 2 years or to age 60.
"Insurance is not my job, it's my passion", admits Senior Insurance Consultant Jack Bendahan, who has now decided to share with us a moving story of his. In this rather personal account of his parents' illnesses, Jack recalls the times when he found out what it meant to be vulnerable. "Life's precious. Let's talk about it", suggests Jack. By the time you'll have read his story, you may agree with him.
In addition to having highly competitive rates on both their Term and Universal Life policies. AIG offers a unique twist to its Joint Universal Life coverage. Most insurance companies offer applicants the option of a Single or Joint Life Universal Life policies, but AIG takes this a step further by offering a Joint Last-to-Die Conversion Option.
The Co-operators was founded in 1945 when a group of Saskatchewan wheat farmers decided to pool their collective resources to start an insurance co-operative. The company has made great strides over the past 60 years, and has a significant presence in the Canadian property and casualty market.
Policyholders of Unity Life of Canada have voted to sell the insurer in April to the The Independent Order of Foresters, a fraternal benefit society, The Toronto Star reported.
Some 15,000 holders of the Mississauga company's 192,000 active insurance policies will get an average of $3,300 in cash payments.
According to The Star article, more than 98.9 per cent of policyholders who voted were in favour of converting from a mutual company to become a subsidiary of Foresters. Several other major insurers have converted to shareholder companies over the past decade.
Canada Life’s Dual Solutions premium reduction allows clients to satisfy two separate needs and receive a 5% discount on each product. Depending on the size of the policies, this can translate into significant savings.
Did you know that if you choose participating whole life insurance plan, the annual dividend is not guaranteed? Why should you request an updated policy illustration? What are the dividend options available? These are just some of the questions I tried to answer in the latest addition to our Life Insurance Tips section. You probably know that whole life insurance provides coverage for the policyholder's entire life. If you want to learn more about this particular policy, read our article on The Ins and Outs of Whole Life Insurance.
Many of my clients ask me about the difference between Whole Life and Universal Life insurance policies. As it is not easy to answer if the former or the latter is the best option, I have written an article on comparison of both policies. You can read it and decide for yourself if it's going to be Whole Life or Universal Life for you. For more articles be sure to visit my life insurance tips page.
The Canadian Life and Health Insurance Association (CLHIA) commends the federal government and Minister Flaherty for the 2008 Federal Budget. "We welcome and support the continued fiscal prudence demonstrated by the Government of Canada," reads CLHIA's statement.
"In particular, we welcome the new Tax-Free Savings Account initiative. The life and health insurance industry looks forward to helping Canadians use this vehicle to invest in their future," said CLHIA President Frank Swedlove.
Assumption Life, which employs both a captive and independent sales network, has some unique term policies.
Most notable is their Term Plus plan, which is available for individuals aged 18 to 65, and for face amounts from $50,000 to $2,000,000. There are no medical exams on amounts under $250,000, and the premiums on the life and disability portion are guaranteed not to increase for the length of the term.
Many successful businesses are built upon referrals and the life insurance business is no exception. There are many effective methods, which when properly implemented are guaranteed to supercharge the referral results of life insurance brokers. In my latest guide, I will share some of my unique strategies for referral building – these strategies took me many years to perfect. This is just another addition my existing collection of articles written on how to be a better life insurance broker.
ACA Assurance’s Term 28 product is a very unique program. The plan provides for a level premium to age 28, and the coverage is convertible to a permanent plan. This plan is an affordable solution for students and parents and/or grandparents who want to set up a life insurance plan for a child.
The ACA Web site suggests it’s a good program for young workers; but in my estimation, it offers little value for a young adult in their 20s. They would be much better going with a traditional 10- or 20-year term policy. The costs are similar and the term can be extended in the future.
In 2003, Great-West Life Assurance Company acquired Canada Life Assurance Company. The transaction brought together three of the largest insurance companies under one financial roof—Canada Life, Great-West Life and London Life Insurance Company.
AIG Life has three separate universal life programs with over 400 investment options—so when you go shopping, you’d better pick a broker who knows his/her stuff.
Canada's life insurance companies are bracing for a slowdown in the U.S. economy, but their executives say they are also hoping to benefit from any shake-out due to tough market conditions, the Financial Post reported.
MARKHAM, Ontario (CA), February 13, 2008 - The first online 2008 Canadian Income Tax Calculator was released today. This tool incorporates all tax rates for all 13 provinces of Canada.
“Being a certified financial planner myself, I know just how important this tool can be for the general public,” says Lorne S. Marr, President of Lorne S. Marr (LSM) Insurance Services Ltd. The LSM insurance team is behind the creation of the first online income tax calculator for all Canadian provinces.
“The idea itself roots in my own need for a fast and reliable online tax calculator for 2008,” Lorne S Marr explains. “I could not find one that would have incorporated all 13 provinces. That is why I had our software developers work one out.”
The calculator was built by Foliovision Ltd., an international web design and WordPress SEO company located in the Slovak Republic.
“I was amazed how easy it was to use,” Mr. Marr says. “The only variable you have to input is your taxable income. It calculates the rest.”
The 2008 tax calculator is programmed to provide the tax payable, it calculates after-tax income, average tax rate, marginal tax rate, marginal rate on capital gains and marginal rate on ineligible dividends. It is also free to use.
Taxes can be surprisingly different between provinces. On an income of $80,000, you'd pay 6,700 more if you live in Nunavut as if you live in Quebec.
“I'm so happy to help people have a quick look at their tax situation, ” says Lorne S. Marr. “Taxes are so painful that it's great to see everything at a glance. Just by moving to Alberta, I'd made 15,000 more dollars overnight,” he concludes.
Lorne S. Marr Insurance Services Ltd is a full service insurance broker offering life insurance and health insurance within Ontario from Canada's top insurers in custom-tailored plans.
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If you'd like more information about this topic, or to schedule an interview with Lorne S. Marr, please call LSM Insurance at 905.248.4849 or e-mail Lorne at
Standard Life’s Universal Life plan is available to insureds up to the age of 80. Their Universal Life plan, called Perspecta, offers flexible premiums, multiple death benefit and cost of insurance options.
Transamerica Life has two Universal Life policies: Wealth Advantage which, as the name implies, is geared more toward individuals who are focused on wealth accumulation; and Estate Advantage, which is designed for income protection and estate preservation.
According to statistical data, one out of two Canadians are likely to need long-term care after they reach the age of 75. It’s important that we think of these matters in well in advance. That's why we've prepared another addition to our insurance tips section.
Canadian life insurance companies could be looking to do a little cross-border shopping, The Toronto Star reported.
The paper quotes analyst Michael Goldberg of Desjardins Securities as saying that some American life insurers have seen their financial results stung this week by the tumbling value of their mortgage-backed securities. He notes those lacklustre results are, in turn, creating potential opportunities for their Canadian counterparts.
"Weakness in U.S. lifecos may present strategic opportunities for Canadian lifecos," Goldberg wrote.
In particular, financial services giant Manulife Financial Corp. is widely speculated to be interested in expanding its U.S. footprint and is believed to be eyeing American insurers Principal Financial Group and Lincoln National Corp, The Star concludes.
Manulife Financial’s disability insurance lineup has five products. Their Proguard Series is geared toward professionals. This is their flagship policy, and includes many built-in features. The plan has elimination periods from 30 days to 2 years. Benefit periods range from 2 years, 5 years and to age 65. The insured’s benefit can range from $200 to $24,500 a month.
Union of Canada Life Insurance was founded in 1863 and presently operates in Ontario, Quebec, New Brunswick and PEI.
They are one of the few companies in Canada to offer a 5-year term policy. The policy is renewable to age 70 and convertible to age 65. The plan pricing, unfortunately, is uncompetitive.
RBC’s Universal Life plan is available in face amounts of $50,000 to $10,000,000 to applicants from birth to age 80. Similar to other universal life plans on the market, their plan offers flexible premiums, and the investment account grows on a tax-sheltered basis. The insured can choose between a level and increasing death benefit. The former is designed to maximize cash values, while the increasing death benefit pays out the face amount plus the plan’s accumulation fund on the insured’s death. The investment account can be used as an emergency fund, to supplement the applicant’s retirement needs, or to offset future premiums.
We have added detailed company descriptions to the list of our insurance and investment partners. These Canadian insurers are leaders in the industry and they provide a wide range of insurance and investment products, so it is worth cheching out our assessment of their insurance policies. Already complete with contact infos, website links and phone numbers, our guide will be regularly updated to bring you information about the latest insurance products of our partners.
Manulife Financial Corp. chief executive officer Dominic D'Alessandro called on Ottawa to allow this country's financial service players to merge, The Globe and Mail reported today.
Being an independent Life Insurance Broker, Lorne S. Marr knows all about this demanding job. He has decided to share some of his knowledge with his perspective colleagues - aspiring insurance brokers. He and his associates have launched a brand new section of articles written on how to be a better life insurance broker. The latest addition to this growing list of tips for brokers focuses on in-person meetings with Prospective clients.
Desjardins Group is now offering its investor members a brand new product: the Desjardins Enhanced Return Guaranteed Investment, CNW Telbec reported today.
"This product, which they say offers a 100% capital guarantee at maturity, is specifically targeted at caisse members that wish to participate in the growth of the Canadian financial sector, in particular the banking and life and health insurance sectors, while benefiting from a guaranteed minimum return.
With the Desjardins Enhanced Return Guaranteed Investment, investors benefit from the return on eight equally weighted securities of the major Canadian banks and the three top life and health insurance companies in the country", the press release says.
We have just redesigned our popular Insurance Tips Section, where you can find a growing collection of useful articles written by Lorne S. Marr and his associates. From now on, you can browse eight thematic categories to find the topic that interests you the most - be it Term Life, Universal Life, Critical Illness, Disability or Group Insurance. We have also prepared some Mortgage Insurance and Investment Tips for you.
Are you looking for a home mortgage? Then the latest articles in our Insurance Tips Section are here right for you. The first one tells you what to avoid when applying for a mortgage, the second one gives you some facts on mortgage insurance. For these offers from your lender promise you convenience, but this convenience comes at a price...
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