Unique Life Insurance Benefits

Unity Life, a Foresters company, offers five unique value-added benefits to all of their policyholders. This includes all of their policies issued under the Unity Life umbrella, the Forrester's umbrella, along with their Canadian Protection non-medical plan.

These policies include the following benefits:

1. Critical Illness Member Benefit If the member or somone in their immediate family is diagnosed with a critical illness, such as cancer, heart attack, stroke or Multiple Sclerosis, they may be eligible for a $4,000 grant. However, it does not cover pre-existing conditions and there is a 24-month elimination period.
2. Terminal Illness Member Benefit An interest free loan is available to the insured if they become terminally ill. To be terminally ill, there has to be a reasonable certainty of death within the next 12 months, as determined by a medically qualified physician who can provide medical proof to the satisfaction of Foresters. The total loan can be 75% of the net face amount, up to $250,000. Unlike other carriers, there is no interest charged on the loan and the loan isn't limited to 50% of the total face amount. However, there is, once again, a 24-month elimination period on this benefit.
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When Whole Life Insurance is Not a Good Idea

Don't pull your hair out
over Whole Life

Whole Life insurance offers fixed premiums, lifetime protection and the ability to have a paid up policy in a limited number of years, i.e. you're still covered, but no longer have to pay. Whole Life plans also allow you to accumulate a cash value on a tax sheltered basis. Given these benefits, Whole Life insurance is a terrific fit for many clients. However, in the following situations, Whole Life insurance is inappropriate:

1. When you have a temporary need for life insurance. There are many instances when you may only want life insurance for a short period of time, potentially to cover a business loan and/or line of credit. In these cases, Whole Life insurance isn't a good idea because you would be paying higher initial premiums in exchange for premiums that remain level for life. If the policy is only needed for 5 years, you will no doubt be overpaying. The situation compounds itself because few Whole Life policies have any cash value in the first five years. Ultimately, you will be spending a lot of money for very little benefit.
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5 Tips for Buying Life Insurance in Canada

Make sure your
broker is independent

Buying life insurance is not something that should be taken lightly, especially when your family's financial future is at stake. There are so many things to keep in mind, but we've broken it down to the five essential tips so that you don't have to wander through the Canadian life insurance market without a compass.

1. Make sure the insurance advisor you're working with is truly independent. Many insurance companies employ a captive sales force eg. Primarerica, State Farm and Cooperators employ agents that only sell their particular products. In many instances, their premiums are completely uncompetitive. An independent broker has the ability to shop the marketplace for the best possible value. Make sure you work with a broker who has access to a variety of carriers, not just two or three.

2. Make sure your policy does not have any exclusions. Many life insurance policies are issued with travel and recreational exclusions such as flying or scuba diving.

Whole Life Insurance Myths

Don't get frustrated
about these myths

People have a lot of reasons for not purchasing Whole Life insurance, but at the end of the day, the majority of reasons are just myths. Below, you'll find the most common myths people hold onto and the real truth behind them:

Whole Life policies are a ripoff. I would be better off buying Term and investing the difference. This myth comes from talk shows and magazines looking for a quick, bite-size answer to a complex question. There are many components a person must analyze when purchasing life insurance, including determining the right amount of coverage.

Whole Life policies are very expensive. Whole Life policies are more expensive than Term policies, but premiums vary sharply from one carrier to another. Case and point, $100,000 of non-participating 20-year pay Whole Life coverage for a 26-year-old, male non-smoker is $49.23/month with Empire Life and $71.55/month with BMO. You can get an instant Whole Life Quote at our free Instant Quote Page.

Canada Life Return of Premium Disability Plan

Founded in 1847, Canada Life is one of Canada's oldest and most reputable insurance providers. A leader in the disability market, they offer disability insurance plans for blue collar workers, professionals and business owners.

The Return of Premium feature ensures that you receive a benefit whether you have a disability or not. It provides 50% of the yearly eligible premium paid away on the policy on certain dates.

Their flagship plan, The Lifestyle Protection Plan, is geared toward professionals and allows you to customize the features and riders on the policy to your own insurance needs and budget. Their most popular rider is their Return of Premium feature.

Industrial Alliance’s Group Insurance Offering

Industrial Alliance has been offering group insurance since its founding over 100 years ago in 1892 and is currently the 4th largest insurance company in Canada. Their group plans are custom built to feature the following benefits:

BMO Affordable Term Life Solutions

BMO Life Assurance Company has recently tweaked its pricing on its term insurance line-up as it moved to conquer more of the Canadian life insurance market.

On April 1st, the former AIG of Canada became BMO Life Assurance. Its first distribution arm, BMO Life Insurance, which existed prior to the accquisition of AIG, is still their direct life insurance arm.

Despite what you may think, buying direct doesn't give you the lowest prices. In almost all instances, the plans offered by BMO's Life Assurance Broker Network are lower, and better yet, the brokers there are independent, free to go after the best price if BMO's company rates are out of line.

High Cholesterol and Life Insurance

High cholesterol may put you in front of him,
but don't let it hurt your eligibility

Almost 48% of men and 43% of women in Canada have high cholesterol. With high cholesterol more and more common in Canada, insurance companies have started heavily considering it when evaluating life insurance applications for eligibility.

When combined with other health issues, high cholesterol is more likely to shut you out from life insurance, but you'll probably still be able to qualify if high cholesterol is your only health issue. However, rates vary widely from company to company and we can help you compare the rates of the top 12 carriers in Canada through our free online Rates Analysis Calculator.

Almost 48% of men and 43% of women in Canada have high cholesterol.

Group Insurance: What Happens if I’m Double Covered?

With double coverage,
your spouse's plan has your back

When both spouses work outside the home it's almost certain that the couple is over-insured.

This happens when each spouse is insured through an employee group benefit plan at work, but they are also named as dependents on each other's respective plans. There's nothing to fear though, this problem is typically remedied by each insurance company coordinating the insured's benefits.

Coordination of Benefits gives insured individuals as much coverage as possible, while at the same time eliminating over-insurance. They do this by determining which insurance company will pay as the Primary Insurer and which will pay as the Secondary Insurer, with the provision stating that the insurer covering the employee who actually has the claim, automatically becomes the Primary Insurer. The primary company must pay as much of the claim as its payout limits allow.

Coordination of Benefits gives insured individuals as much coverage as possible, while at the same time eliminating over-insurance.

Life Insurance and High Blood Pressure

High blood pressure doesn't
just mean doctors

It's no secret that underwriters look at a variety of factors when determining the rates you pay, and that high blood pressure will impact your premiums, but the news doesn't necessarily have to be bad.

Not all insurance companies view high blood pressure the same way, which is why it's important to shop around for the best rates. We can help you do just that with our Free Instant Quote Page.

Though its unlikely someone with high blood pressure will get perferred rates, since those rates are given to applicants with excellent health and an equally impeccable family health history, you may still receive life insurance with a modified premium. You are likely to be denied only if your blood pressure condition isn't under control.

Not all insurance companies view high blood pressure the same way, which is why it's important to shop around for the best rates.

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RBC’s Simplified Critical Illness Term 10 Plan

If the only thing preventing you from taking the plunge and purchasing critical illness insurance is a complex medical test, then your prayers have been answered.

Thanks to RBC, you can now get a Critical Illness Policy without a medical exam.

A Closer Look: Term 20 Life Insurance

A closer look at Term 20
can save you money.

Just because Term 20 Life Insurance policies are generally straightforward, doesn't mean there aren't some nuisances that come with this coverage that deserve a closer look.

But before you even start disecting the in's and out's of Term 20 Life Insurance it's important to know how much insurance you actually need. Our free Needs Analysis Calculator can help take the worry out of that task for you.

Now you're finally ready to take a closer look at the following factors and features that come with buying Term 20 Life Insurance:

The "20" in Term 20 means that the premiums are level for the first 20 years of the policy.

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Life Insurance and Diabetes

Challenges for diabetics
don't end at the doctor's office.

A diagnosis of Diabetes means many new challenges in your life, not the least of which is trying to obtain life insurance. The insurance companies can choose not to insure you, based on your diagnosis or build in an extra premium based on your health. It's important to work with a seasoned broker who has experience dealing with diabetics. After all, getting insurance as a diabetic is difficult, but not impossible. Knowing the seven variables insurance companies will consider when determining if you qualify, could mean the difference between insured and uninsured:

Getting insurance as a diabetic is difficult, but not impossible.

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Mortgage Insurance and Post-Claim Underwriting

Mortgage insurance
can be a trap

Creditor insurance is one of the most profitable products in a bank's lineup. Often sold using high-pressure tactics, many borrowers are backed into a corner and feel like they have to make the purchase or else lose their existing loan.

What many don't know is this form of coercive selling is illegal. A company is not allowed to provide a product or service on the condition that their customer purchase an additional product from the same, or a related company.

Changes to Empire Life’s Segregated Fund Lineup

Empire Life has made important changes to its segregated fund lineup effective June 7, 2009.

These changes were sent out May 29, 2009 to their broker network via an information circular and are as a result of the increased volatility in the stock market over the past year.

Here's how the changes may affect you:

The Toronto Star Analyzes Job-Loss Insurance

On Oct. 16, 2006 BMO Bank of Montreal became the first bank in Canada to offer Job-Loss insurance through two new products that provide creditor protection against disability and job-loss for customers that have personal, studentand homeowner lines of credit.

Functioning similar to a loan, both products help customers cover their payments on regular lines of credit  in the event those become injured or disabled. The "Plus" in Disability Plus means additional coverage in the event the customers can't make their payments due to involuntary job-loss.

Of course, Job-Loss Insurance has gone through a recent upswing in popularity thanks to the recent economic slowdown. Sure, people want protection against the unexpected, but is it really worth it?

Toronto Star reporter James Daw looked at Job-Loss Insurance from Bank of Montreal and Manulife Financial in his June 2, 2009 article:

Who Should Consider Long-Term Care Insurance in Canada?

It's very tough for people to envision a future of daily ongoing assistance due to injury illness or old age.

Extensive long-term care costs an average of $5,000/month in provinces where the care isn't entirely subsidized by the government.

Reasons Why People Don’t Buy Life Insurance in Canada

life insurance by Michael P

Life insurance forms the foundation of most financial plans, yet so many continue to put it off and, for the past 16 years, I've been wrestling with that million dollar question, "Why?"

After years of experience in the industry, I'm finally ready to reveal the five most common reasons people don't buy life insurance. Unfortunately, the sad part is, much of the reluctance stems from misinformation.