RBC Life Insurance Pricing Announcement Oct. 2009

RBC Insurance has Re-Priced its Term 10 and Term 20 Plans by lowering its already competitive rates, effective October 26, 2009.

They are particularly well priced on their Term 10 and Term 20 policies, with face amounts of $250,000.00 and up for applicants age 35 to 55. The rates have been adjusted on both their standard and preferred rate plans.

Additionally, RBC introduced a new $10M brand for high net-worth clients looking for higher coverage amounts.

You can get quotes on RBC policies, as well as from other leading life insurance carriers, at our Instant Quote page, or contact us at 1-866-899-4849.

Life Insurance and Foreign Travel

Where you go and
where you’ve been
for the holiday season
can have a major impact
on your insurance premiums.
Photo by Claus Rebler

With the holiday season fast approaching, many people are looking to get out of dodge for a little rest and relaxation. However, past and future travel plans can have a big impact on life insurance premiums.

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La Capitale’s Enhanced Critical Illness Plan

La Capitale  recently announced the availability of its new Enhanced Critical Illness program as of November 17th, 2009. The policy features include:

1.  25 covered illnesses or surgeries (standardized definitions).
2.  100% return of premium after 15 years (limited to it's health option plan).
3. Three payment options,  pay for 15 years, until age 65, or for the life of the policy.
4.  Extended "Best Doctors" MD services.
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How Canadian Life Insurance Companies Underwrite Scuba Diving

Scuba divers can get
life insurance, knowing what
underwriters look for helps.
photo by Ian Myles

Canada has the largest fresh water lakes in the world, so it's only natural that our country would be a picturesque destination for scuba diving. Out of the 930,000 that get their beginner diver certification from the Professional Association of Diving Instructors annually, over 70,000 were Canadian between 2000 and 2008. However, as a high-risk sport, it can impact your ability to get life insurance, which is why we're telling you what variables Canadian life insurance companies will be looking for if you're a scuba diver, before you have to find out the hard way.

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Desjardins’ Long-term Care Plan

Our second in a series of close look assessments of three of the leading long-term care insurance plans in Canada is coming at you now. We began with Sun Life, but now we examine Desjardins Financial Security's Long-term Care Plan.

Canada Protection Plan Non-medical Deferred Life Plan

CPP’s Non-medical Deferred
Life Plan is priced very well
relative to the competition.
photo by Alan Strakey

Canadian Protection Plan's Non-medical Deferred Life Plan is underwritten by Unity Life.

The plan has only six health questions and offers discounts to non-smokers. If the insured has been declined for life insurance in the past two years, he or she can still qualify as long as they answer, "No" to all six health questions. Coverage begins after the first two years from the time the policy was issued. If the insured dies within the first two years, the premium will be returned plus 3% interest, but the death benefit will not be paid. The death benefit will be paid in the event of death by accident.

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Disability Insurance: Will You Collect?

If this happens to you,
we’ll make sure you collect.
Photo by Jon Feinstein

Disability insurance is perhaps the most fickle of all the different types of insurance in terms of being able to collect for your ailment in a timely fashion because there just seems to be too many exclusions or fine print. However, if you tread carefully and follow our simple steps, you will be on the road to collecting on your claim everytime.

Verify the definition of disability.

When analyzing your disability insurance, it's very important to understand the fine print of the contract.

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Sun Life’s Long-term Care Plan

We’re breaking down Sun
Life’s Long-term Care plan.
photo by Diana Malm

Many Canadian insurance companies carry a Long-term Care plan, but we know how hard it can be to tell the differences between them all. That's why we've taken the liberty of breaking down three Long-term Care plans from three of Canada's leading insurance providers. First in this series is Sun Life Financial:

Pros

• Rolling five year guarantee (guaranteed to remain the same for five years).
• Zero elimination period available for facility care.
• No waiting period if there's a relapse of illness within 180 days of recovery.
• Payment for the longer of 20 years or until the age of 55 is available.

Cons

• Comprehensive benefit has to be purchased for home care services.
• The client must submit receipts to claim benefits.

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Inflation Is Back

Inflation in Canada
photo by Joshua Williams

Five months of deflation, the longest period recorded in Canada since 1953, ended last month. Year-to-year inflation edged up 0.1% in October, jumping into positive territory after September’s -0.9%. No matter how small one-tenth of a per cent inflation seems to be, questions about the future still arise.

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BMO Insurance’s EasyOne Life Non-Medical Life Insurance

EasyOne is better than
Guaranteed Life Plus.
Photo by Tom Grundy

BMO's EasyOne Life Plan is available through BMO's call centre. The plan is an alternative to their Guaranteed Life Plus Plan and has the following features:

1. Coverge takes effect from day one, unlike BMO's Guaranteed Life Plus Plan.
2. Face amounts range from $2,500 to $15,000.
3. Smokers and non-smokers get the same rate.
4. Applicants must be between ages 50 to 75.

(BMO Insurance’s EasyOne Life Non-Medical Life Insurance continued...)

Cooperators Non-Medical Life Insurance Plan

Is the Cooperators Non-Medical
Life Insurance Plan for you?
by Jeff Kramer

Cooperators, which employs a captive sales force, offers a non-medical life insurance plan available with face amounts from $2,000 to $25,000.

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BMO Insurance’s Guaranteed Life An In Depth Analysis

BMO's Guaranteed Life
Plus Plan may not be all
it is cracked up to be.
photo by Eric Wardy

 BMO Insurance's Guaranteed Life Plus is only available through BMO's call centre and not through its broker network. The first of many strikes against a plan that may sound pretty decent on the surface, but underneath has many underlying issues.

(BMO Insurance’s Guaranteed Life An In Depth Analysis continued...)

Manulife’s Follow Me Life Insurance Plan

Manulife's Follow Me plan is available without medical tests to applicants who have left their company's group plan and apply within 60 days of the coverage ending.

State Farm Term 30 Life Insurance Plan: How Does it Stack Up to the Competition?

Does State Farm’s Term 30 plan
stack up to the competition?
by Isaac Bowen

State Farm is ranked the 26th largest carrier in terms of life insurance volume in Canada, as per their website, www.statefarm.ca. Their life insurance plans are available in three provinces Alberta, Ontario and New Brunswick.

A key plan in their term insurance line-up is their Select Term 30. The plan features include:

• Premiums are level for 30 policy years
• The plan is guaranteed renewable without a medical
• The plan is convertible to a permanent plan without a medical

(State Farm Term 30 Life Insurance Plan: How Does it Stack Up to the Competition? continued...)

Do Employees Prefer Health Benefit Plans or Cash?

The Sanofi-Aventis health care survey contacts over 2,090 health benefit members. It's the most comprehensive survey of its kind. The current survey, as reported by Benefits Canada, recently asked the question, Do employees prefer health benefit plans or cash?

Nearly half of all respondents said they would choose a health care plan over cash.

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Level Term Insurance vs. Decreasing Term Insurance

Wondering the difference
between level and decreasing
Term Insurance?
We’re here to help.
photo by Drew Herron

Term insurance comes with a variety of terms from five years to age 100. One variable that is often overlooked is whether the insured should go for a level term policy or a decreasing term life plan. Below is a summary of the differences between the two coverages:asd

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Term 10 or Term 20 Life Insurance? Not Sure which is Best, La Capitale May have the Answer

Term 10 life insurance is generally the most popular form of life insurance in Canada. It provides low initial premiums, but the cost can rise substantially as the insured gets older. For example, RBC's $500,000 Term 10 insurance for a 35-year-old, male non-smoker with premiums starting at $26.37/month. However, at the end of the 10th year, the renewal premium becomes $146.70/month.

Group Insurance and Health Care Spending Accounts

Employees' Satisfaction by BAIA

Health Care Spending Accounts (HCSA) are an affordable way to help employers give their employees the health care services they need without incurring any additional out-of-pocket expenses.

HCSAs can create flexibility and minimize cost increases of employee benefit plans. The employer contributes a predetermined amount of funds into the HCSA for each eligible employee. These funds are then used to pay for health expenses outside their employee group benefit plan or the traditional provincial health plan.

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BMO Insurance 20-Pay Whole Life Plan: High Premiums, But Strong Paid-Up Values

BMO Insurance offers a wide variety of permanent life insurance policies, some are very competitive, while others could leave you overpaying. BMO's 20-pay, Non-participating Whole Life plan has a high ticket price, (in some instances, up to 70% above that of its competitors) but it also has very aggressive cash values and industry leading paid-up features.

The non-participating feature of BMO's 20-pay plan means that the client does not participate in the insurance company's profits and all the values within the policy are fully guaranteed. The plan's particular asset is its paid up feature. Starting on the tenth policy year, the policy can be paid-up for a reduced face amount with no further premiums required. The reduced face amount will start at 50% and increase 5% each year until the policy's twentieth anniversary.

La Capitale Simplified Issue Critical Illness Plan

La Capitale offers a one page, six question, Simplified Issue Critical Illness Plan. The policy pays out upon the diagnosis of one of six critical illnesses: stroke, coronary artery bypass surgery, heart attack, potentially fatal cancer and coma paralysis. It's available in coverage face amounts of $10,000, $25,000 and $50,0000.

BMO Insurance Offers Three Unique Term 100 Solutions

Term 100 Policies provide premiums level for life and lifetime protection. Traditionally, Term 100 policies do not build a cash value or have paid-up values. That means that if the insured decides to discontinue his/her coverage at any point in the future, there would be no cash value returned to them and they will not have a reduced paid-up option, allowing them to keep a certain amount of coverage without paying a higher additional premium. BMO Insurance (formerly AIG Life Insurance) offers a stripped down traditional version and two enhanced plans with cash values and paid-up values.

LSM Insurance’s Quest for the Perfect Buying Experience

"Nobody likes to be sold, but people do like to buy when the value delivered is greater than the purchase price."

"We'll be here for your financial needs
every step of the way."

This is the cornerstone of the philosophy upon which LSM Insurance was founded. To this day, we continue to strive to maximize our customers' buying experience.

Health, Dental and Life Insurance in One Package from the Canadian Freelancer Union

Recently, we've been taking a look at the three insurance plans offered to the members of the Canadian Freelance Union, a division of the Communication, Energy and Paperworkers Union (Local 2040). Underwritten by ABC Insurance Services Ltd. and Greenshield Canada, we take a look at the benefits, advantages and disadvantages at the second plan offered -- Value Plus.

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