Assumption Life offers a great non-medical critical illness insurance plan

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.

AIG is now BMO:Lorne quoted in The Insurance Journal on AIG Life Insurance

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.

CityTV consumer investigator star Jee-Yun Lee talks life insurance with Lorne

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Jee-Yun Lee's questions about life insurance

Click the play button above to see the video!

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 is combining Term Life and Critical Illness Insurance policies

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.
 

Three Guaranteed Issue Life Solutions From Assumption Life

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.

Read the rest of the article Three Guaranteed Issue Life Solutions From Assumption Life.

LSM 4 Day Work Week Featured in Globe and Mail

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.

Read the full article attached below the fold.

Whole Life Insurance – A Guaranteed Investment in Uncertain Times

Photo by Luciano Meirelles

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.

For investors looking for a risk free alternative, whole life insurance in Canada can provide an interesting option.

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.

Universal Life: Buy Now!

(Universal Life: Buy Now! continued...)

Life and disability insurance is hot in workforce perks

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.