May 30th, 2008
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.
Dr. Marla Shapiro, author, columnist and CTV's Canada AM Medical Contributor is Honorary Chair of the 2008 Manulife Bike and Hike for Heart. "Manulife is pleased Dr. Shapiro has agreed to be the event's Honorary Chair because she knows the positive impact healthy and active lifestyles have on our lives," said Paul Rooney, President and CEO Manulife Canada. "We are also very proud of our volunteers and participants for helping us raise more than $2.5 million dollars for local heart health."
Moira Taylor, president of St. Mary's General Hospital, added: "We're very appreciative for the community's ongoing support of the Manulife Bike and Hike. It's important to our continued success in providing the best cardiac care to our patients. Thanks to the efforts of the event's participants and
sponsors, we were able to accommodate more than 40,000 visits to our Regional Cardiac Care Centre last year and look forward to continuing to deliver the excellent care our patients deserve."
Starting at RIM Park, this year's Bike and Hike includes 15- and 25-kilometre courses for all ranges of cycling skills. Walkers can follow a three-, five-, or eight-kilometre trail in RIM Park. Cyclists will start at 9 a.m., while walkers start to stroll at approximately 9:20 a.m. Post-event celebrations, including lunch, will continue until closing ceremonies start around 10:45 a.m.
The Manulife Bike and Hike for Heart (originally known as The Manulife Ride for Heart) has grown and benefited from community-wide support from a diverse group of individuals and companies. For 16 years walkers, cyclists, supporters and volunteers have given their time, energy and donations to help ensure quality heart care is available in Kitchener-Waterloo.
May 29th, 2008
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.
Canada Life offers preferred rates for those who qualify on amounts over $250,000, on 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, limited waiver of premium rider, and children’s life insurance rider. The children’s life insurance rider is available in multiples of $2,500, up to $25,000. It covers all children—natural, adopted or step-children of the insured—up to the age 25; they can then convert up to five times their coverage without a medical to a permanent plan.
On the downside, the $100,000 minimum face amount makes it problematic for older applicants on a tight budget to cover a temporary insurance need, such as a mortgage or business loan.
Below are examples of Canada Life’s Term 10 rates at $250,000 of coverage:
Insured..............Standard Rates.......Preferred Rates
35-yr male N/S:...$18.00/month….........$13.73/month
45-yr male N/S:...$31.95/month….........$25.20/month
55-yr male N/S:...$73.80/month….........$56.70/month
May 28th, 2008
Illustration by Grant Hutchinson
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.
Great West Life has excellent infrastructure for processing life insurance claims on-line. This saves our clients time and money. Our brokers find, however, that they are not particularly flexible on renewals.
The Desjardins head office allows direct communication with brokers, facilitating faster, more efficient communication for our clients. Their renewal formula, however, is complicated and cumbersome to explain.
Manulife is very flexible in the small group market. A husband and wife working together in the same business can get a traditional group plan with no underwriting. Head office will not speak directly to brokers, though, who must deal with the divisional office. This slows our response time.
Encon offers a large non-evidence maximum on life insurance for groups of three and up. This can be a huge benefit for a small group with an uninsurable employee. Encon, however, uses a third-party administrator to handle claim payment.
Empire is well established in the Canadian marketplace. They provide excellent service to their in-force groups. On the downside, they offer only a 12-month rate guarantee on their premiums. Many carriers offer a 16-month rate guarantee.
Blue Cross offers excellent name recognition and a 16-month rate guarantee. White fillings are standard in their dental coverage. We think, though, that they could enhance their technology. For example, Blue Cross just recently put in place a pre-authorized system for paying premiums.
May 27th, 2008
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.
The unique feature about the Industrial Alliance Pick-a-Term plan is the applicant gets to select a term between 10 and 30 years. This is a terrific feature for anyone who wants to cover a debt for a specific period of time, such as a mortgage.
Pick-a-Term plans with terms between 10 to 15 years can be issued with a level or decreasing death benefit. The latter option allows the coverage to be issued with a lower premium—the coverage decreases at each policy anniversary but the premiums remain level for the length of the term.
Another very unique feature of the Industrial Alliance Pick-a-Term plan is the ability to add a disability rider. The coverage is offered with a benefit period of 2 or 5 years, and will end at the termination of coverage or at age 60, whichever comes first. The coverage is based on a loan balance that must be equal to or lower than the face amount of the life insurance. A monthly benefit is then specified. The benefit must be between $300 and $3,500 per month, up to a maximum of 1.5% of the loan. For example, a $100,000 loan balance allows for a maximum monthly benefit of $1,500 per month.
Below are examples of Industrial Alliance’s Pick-a-Term 10 rates at $250,000 of coverage:
Insured..............Standard Rates.......Preferred Rates
35-yr male N/S:....$21.38/month….........$16.88/month
45-yr male N/S:....$38.93/month….........$29.48/month
55-yr male N/S:....$84.38/month….........$62.55/month
May 26th, 2008
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.
Extensive experience – Our brokers have almost thirty years of experience in the group benefit business. This experience helps our clients in many ways. We have built strong relationships with our insurance partners and their group underwriters. This has a tangible impact on the premiums your company pays.
Full-service team – All inquiries are responded to the same day. After-sale service is our top priority. The account executive assigned to your group is available to you seven days a week. You always deal directly with the person who put your company’s benefit plan in place. We don’t shuffle your questions to a third party. This means fast, knowledgeable, personalized service. One of our top brokers, Joel Cadesky, was recently called on Christmas Eve at 10 pm about an employee who was hospitalized with a broken leg while in Florida. Joel made a point of speaking with the hospital administrator to ensure all necessary paperwork was in place.
We are independent group specialists – We have a team of brokers specializing in employee benefit plans. We are not aligned with any one insurance company; instead, we survey the market and choose the plan and company that best suit your needs. Group carriers frequently change their pricing and plan features, so we monitor these changes and make any necessary adjustments.
No-charge individual and personal financial planning for your employees – Each group account is assigned a certified financial planner. You not only receive first-rate group coverage – your employees also receive personalized help with their individual insurance and retirement needs.
No fees for our services – Many brokers, even without our qualifications, charge consultation fees in addition to being compensated by the insurance carrier. We charge NO additional fees; all of our services are included in your monthly premium. We are compensated directly by the insurance carrier.
May 23rd, 2008
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 line-ups 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 line-up 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.
The applicant can also add a children’s term rider, accidental death benefit, waiver of premium and indexing option. The indexing option increases the face amount and premium by 5% per year, up to 150% of the original face amount.
Unity Life also offers an E-Z Term 10 application which is available without a medical and with simplified underwriting.
Below are examples of Unity Life Term 10 rates at $250,000 of coverage:
Insured............Standard Rates:....Preferred Rates:
35-yr male N/S:....$19.58/month…....$15.30/month
45-yr male N/S:....$33.53/month…....$26.78/month
55-yr male N/S:....$75.38/month…....$57.83/month
May 22nd, 2008
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.
May 21st, 2008
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.
May 20th, 2008
life insurance by Michael P
The cost of group insurance coverage has risen sharply in recent years. That's why we've compiled a list of questions you should ask your group benefits representative to make sure he/she is really looking after your best interests. We're sure these questions will help you save on your group benefits plan.
May 19th, 2008
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.
Great-West Life offers preferred rates on amounts over $250,000 for those who qualify, on 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, limited waiver of premium rider, and children’s life insurance rider. The children’s life insurance rider is available in multiples of $2,500, up to $25,000. It covers all children—natural, adopted or step-children of the insured up to age 25, and they can convert into a permanent plan up to five times their coverage without a medical.
On the downside, the $100,000 minimum face amount makes it problematic for older applicants on a tight budget to cover a temporary insurance need, such as a mortgage or business loan.
Below are examples of Great-West Life’s Term 10 rates at $250,000 of coverage:
Insured..............Standard Rates.......Preferred Rates
35-yr male N/S:....$18.00/month….........$13.73/month
45-yr male N/S:....$31.95/month….........$25.20/month
55-yr male N/S:....$73.80/month….........$56.70/month
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May 16th, 2008
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?
May 15th, 2008
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-cancellable (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.
The plan is very flexible—providing basic injury and illness protection, and allowing the applicant to choose from a host of riders which enhance the level of protection. One unique feature is their “own occupation” feature, which ensures that the insured will be entitled to a claim under the plan as long as an injury or illness prevents them from doing their own occupation. This can be advantageous, especially for highly skilled professionals such as surgeons.
A cost of living feature can also be added which provides for the benefit to stay in line with inflation. Future income options allow the insured to upgrade coverage as their income increases, without any additional medical requirements.
Another very popular feature is their return of premium benefit, which returns 50% of the eligible premiums paid after seven years, if no more than 20% of the premiums have been paid out in claims. As an example, an individual who contributes $20,000 to their Canada Life disability plan over seven years and remained healthy for the entire period would receive $10,000 back. Therefore, the net cost of the coverage is $10,000.
Canada Life’s independence plan is geared toward the blue-collar worker. The coverage is more limited than their lifestyle plan, and is available with or without protection from illness-related disabilities. The latter is available without a medical.
May 13th, 2008
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.
May 12th, 2008
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.
May 9th, 2008
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 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 creating work-life balance. Check out our tips that will help improve your morale and enhance your bottom line.
May 8th, 2008
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.
Transamerica’s Term insurance plans are also available on an individual, multi-life or joint first-to-die basis. Individuals who are in good health and have a very good family health history can qualify for preferred rates; or better yet, those in excellent health can get the elite non-smoker rate.
Transamerica also offers Turbo Term 10 and Term 20 policies. These plans are issued very quickly and without a medical test. But the rates are higher, and the insured still has to answer all the basic health questions. The Turbo Term policies would not be available to individuals with manageable health issues—even if under control—such as diabetes.
Below are examples of Transamerica’s Term 10 rates at $250,000 of coverage:
Insured.............Standard Rates.....Preferred Rates
35-yr male N/S:...$19.80/month…......$15.53/month
45-yr male N/S:...$34.65/month…......$27.00/month
55-yr male N/S:...$76.05/month…......$56.03/month
May 7th, 2008
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.
Their Easy Term 10 plan is available without a medical; however, it should be noted that the applicant will still have to go through the traditional application process, and may require a physician’s letter.
Individuals who are in good health and have very good family health history can qualify for preferred rates; better yet, those in excellent health can get preferred plus rates.
Below are examples of AIG’s Term 10 rates on $250,000 of coverage:
Insured.............Standard Rates......Preferred Rates
35-yr male N/S:...$20.03/month…........$14.80/month
45-yr male N/S:...$33.54/month…........$25.65/month
55-yr male N/S:...$75.38/month…........$55.80/month
Unfortunately the plan name itself is confusing. AIG refers to two of their term policies as Preferred Term 10 and Preferred Term 20, but the plan name implies that all policies are issued at preferred rates when, in fact, the majority of policies are issued at standard rates (yet still carry the Preferred Term name). In addition, the plans are not available at face amounts under $100,000—this can problematic for older applicants on a tight budget.
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May 6th, 2008
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.
Both types of plan have a whole host of riders available, including term life, critical illness, accidental death benefit, and children’s term riders.
A 35-year-old male non smoker can take out $100,000 of Empire Life’s participating whole life plan for a premium of $205.65 a month. Based on the current dividend rates, which are not guaranteed, the plan has a cash value of $132,533 and a death benefit of $326,813 at age 65.
May 5th, 2008
We are proud to present our re-designed website. We hope that you'll find the navigation more intuitive, and the new content useful. Also, we look forward to your feedback. Please let us know if you like our new look and if it really makes your overall experience more enjoyable.
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May 2nd, 2008
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 InnoVision program has some key advantages for the long-term investor. It has a value bonus beginning in year five to all clients who have held their Manulife Universal Life policy for more than five policy years and every policy year after that. The plan also has additional bonuses for policyholders who make additional deposits.
Manulife Universal Life plans allow 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.
They also offer a level COI which guarantees that the rates are fixed for life, and quick pay COI options which provides for the COI charges to end after 10, 15 or 20 years. Their universal plan has a both guaranteed and market-based investment options.
Both the Security and InnoVision plans are available with preferred rates for applicants in very good health with a good family health history, but the savings are much less pronounced than on their term plans.
Their rates are very competitive at most age levels. As an example, a 45-year-old male non-smoker who applies for $250,000 of universal life level cost coverage would pay a minimum premium (i.e., the premium to keep your plan in force) of $163.93 per month with the Security Life plan, and $165.47 per month with InnoVision.
May 1st, 2008
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.
You can read the whole article here.
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