How the Brokers of LSM Are Better than Your Average Broker

LSM Guarantees our
brokers are of higher quality
than our our competition across Canada.

A recent article in The Globe and Mail exposes the bonus and vacation structure used to incentivize brokers by the insurance companies that employ them. In most cases, such carrot-dangling means brokers are not acting in the best interest of their clients, referring their customers only to plans from the insurance companies that give out the best bonuses -- not the best plan that suits the client's needs and economic situation. The article makes plain the following:

Manulife Financial’s Competively Priced GIC’s

Manulife's Competively Priced GICs

Manulife Financial offers competively priced GIC rates.  Available for all contract registration types - non-registered, RSP/LIRA/RLSP, TFSA and RRIF/LIF/LRIF/PRIF/RLIF contracts.  

The minimum amount is only $2500, or $10,000 if monthly interest is selected, and a variety of interest options are available. They range from monthly, semi-annual, annual or annual compound-interest paid at maturity. 

Manulife also offers a laddered GIC option. A terrific investment choice for investors who want guarantees but diversity among their interest based investments.  The laddered based approach allows a portion of the investment to mature each year and is reinvested at competitive long-term rates.

Benefits: 

• Your principal investment is 100% guaranteed 
• A portion of your investment matures each year and can be reinvested into five or ten year terms or withdrwan.  This gives increased protection against changing interest rates.
• In most interest rate enviorements longer term GICs yield higher returns than short term GICs.
• GIC investments can renew automatically into attractive long-term rates, with minimal time commitment on the part of the investment. 
• Manulife's GIC are consistently among the most competitive in the industry and are ideal for investors looking for guaranteed growth.  For more information on Manulife's GIC's, or other investment options, call us at 1-866-899-4849.

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Since its foundation, LSM Insurance have been always client-focused. As independent brokers, we try to analyze your financial needs and prepare tailor-made insurance products to fit them.

Mortgage Insurance: Why you should choose LSM Insurance

When Charlotte Hutcheson had children, like most parents, her priorities instantly changed:

We naturally went into “protective” mode and everything we lived and breathed beyond that point was in consideration of our girls first. The “what if’s” began to enter our minds…. “What if one of us becomes ill or dies?" We could not begin to completely enjoy this journey with our daughters without the security of knowing that in the event of a tragic accident or sudden illness, the remaining parent would be taken care of, and be able to focus on being a supportive parent.

Upon re-evaluating her family's mortgage insurance coverage, she realized that her and her husband had been putting their hard earned money into something that wasn't necessarily going to protect them in their hour of need. She was a victim of post-claim underwriting.

How Critical Illness can Help Those with Cancer

Critical Illness Insurance
can cover expensive cancer drugs.
Photo by Okko Pyykko

Cancer can be devastating not just because of the possibly fatal diagnosis, but also due to the often exorbitant costs of the medication used to treat it. Of course, medication is free in Canada as long as you stay in the hospital, but as soon as you are discharged the cost of the expensive medication reverts to you.

According to CTV News, this is why the Canadian Cancer Society is calling for more coverage for what they term "catastrophic drugs." The cost of one course of cancer drugs can be equal to an annual salary at a shocking $65,000.

While some Canadians have drug coverage from private insurers, in many cases the lifetime payout cap is actually lower than the cost of many newer and more effective cancer drugs, so they cannot be purchased on a drug plan without dipping into your pocket.

The Canadian Cancer Society asserts that most Canadians are grossly unprepared for these costs and it's only when they get sick that they are confronted with the stark reality that Canada's universal healthcare system doesn't pay for everything.

Canadian Protection Plan is Moving

In an effort to serve their clients better, Canada Protection Plan is moving into new offices. The move will be complete as of Nov. 8, 2010.

The new address and contact info is as follows:

Canada Protection Plan
250 Ferrand Drive, Suite 1100
Toronto, ON,
M3C 3G8

Toll free telephone # 1-877- 447- 6060
Telephone # (416) 447- 6060
Facsimile # (416) 447-9881

All clients of CPP should update their records accordingly.

Unity Life Term Life Insurance Enhancement

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

Effective on October 1, 2010, Unity Life of Canada (a Foresters' Company) announced four changes to its Term 10 and Term 20 product line up.

1. They are re-pricing the rate on their Term 10 and Term 20 plans effective October 1 in certain key markets.

2. They are offering higher face amounts on their non-preferred Term 10 and Term 20 policies. The new issue limit on Unity Life's non preferred Term 10 and Term 20 policies is A  $100,000 minimum to a $249,999 maximum.

3. They're allowing a new occasional cigar smoking allowance on Term 10 and Term 20 policies. Unity Life's criteria will now allow non-smoker rates that account for occasional cigar smoking. Of course, this allowance is subject to certain requirements being met:

Industrial Alliance & Industrial Alliance Pacific Guaranteed Withdrawal Benefit Plan

Invest your money
in a Guaranteed Withdrawal Benefit.
Photo by Duckie Monster.

Industrial Alliance and Industrial Alliance Pacific Guaranteed Withdrawal Benefit Plan are available throughout Canada. There are 54 funds available.

• The policies are available on non-registered accounts up to age 80.
• Available as an RRSP and a locked-in retirement accounts.
• The minimum initial deposit is $25,000 and the minimum deposit per fund is $25. The minimum withdrawal amount is $100.
• Maximum withdrawal amounts depend on the monthly value.
• There is a 75% guarantee of funds at maturity and 100% guarantee of funds of death.
(Industrial Alliance & Industrial Alliance Pacific Guaranteed Withdrawal Benefit Plan continued...)

Great West Life: Guranteed Withdrawal Benefit Plans

Look into a Guaranteed Withdrawl Benefit
and see your investment rise.
Photo by Balazs Gal

Great West Life offers the full family of Guaranteed Withdrawal Benefit Plans, including 28 funds in total. These segregated funds are offered throughout Canada and are available as RSPs, spousal RSPs, RRIFs, and RIFs and non-registered accounts.

The minimum initial deposit for the funds is $25,000 for policies with the lifetime income benefit. The minimum deposit per fund is $50.00. The policies have both maturity and death benefit guarantees. They are available on a front-end load, low load, and deferred sales charge basis. There are no deposit fees.

Some special features of these funds include the following:

Protecting Yourself from Life Insurance Scams: Nine Points to Consider

Ask your broker to slow down
if you feel like you're being pressured.

1. Don't let yourself be pressured. You control the pace of the deal and how much or how little information you need to purchase a life insurance policy. Make sure you get all the facts before making a decision.

2. Ask for the history or testimonials from your broker. Verify that your broker is qualified to provide the advice he or she is giving. A good way to confirm, is to speak to past clients or ask for any testimonials that they may have.

3. Make notes from your meeting. It's easy to forget what was said during the meeting. Make sure that you make notes on the promises or guarantees that were made by your agent.

$456m Fine: A Costly Mistake for Great-West Lifeco

“C$456 million fine;” that was the sentence that Great-West Lifeco Inc. heard from judge Morissette on Monday, October 1st. But what happened that resulted in such an unprecedented fine to one of the leading life insurers in Canada?

Optimistic Prospects for Insurance Dividends?

Photo by Duckie Monster

During the last financial crisis, insurance companies were hit just as hard as investment bankers or securities firms. Most insurance companies had to cut back on their dividends in 2009. This year, however, it seems that the tides turned – at least in the U.S. We talked about the Canadian insurance market in earlier articles: Canadian Insurers Will Take A Stress Test and Manulife’s Roller Coaster Ride .

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

Does Empire Life Insurance pre pay the full amount of the policy in cases of terminal cancer?

No company will pay the full face amount in the event of a terminal illness. It will depend on when the policy was issued and the contract provisions usually if the insured is diagnosed with less than one or two years to live by a doctor the insurance company will advance up to 50% of the death benefit - the maximum is usually capped at $100,000. The attached article discusses the issue in more detail http://lsminsurance.ca/canadian-life-insurance-companies/2010/03/insurance-terminal

Read more questions about Life Insurance FAQ.

EU Finances to Lose their National Identity

Photo by Rock Cohen

Immediately after the decision of European Commission in early September, the Council of Ministers of finance of the European Union approved that in 2011, four Pan-European bodies of financial control may be created with the intent to control and regulate systematic risks, the banking sector, the insurance and pensions sector and the securities’ markets. The European Parliament’s voting on the creation of “megaregulators” is to take place today.

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

How can I get in contact with LSM Insurance?

Feel free to call us at 1-866-899-4849,
e-mail - or if you’re looking for a quote, you can get one right away using our Instant Quote System (http://lsminsurance.ca/application).

Read more questions about Life Insurance FAQ.

BankRate.com: Buying child life insurance

Photo by Yolanda Fenwick

Eileen McGeough bought life insurance for her two children after her neighbour's teenage son was killed in a car accident almost 20 years ago. The sudden death and watching the family struggle in the aftermath left McGeough feeling vulnerable. At the time, the young mother knew she wouldn't have the money on hand to bury one of her own children. For $15 a month per child, life insurance gave her some peace of mind.

"You don't think about these things until something happens," says Caledon, Ont.-based McGeough. "I just got scared and thought, God forbid, should anything happen it would be one less thing you'd have to deal with."

"People used to use it as an education fund, but it's less likely these days," says Lorne S. Marr, founder of LSM Insurance in Markham, Ont. With the introduction of the Canadian Education Savings Grant in 1998, which matched 20 per cent of a family's contribution to a Registered Education Savings Plan (RESP), the popularity of child life insurance waned.

(BankRate.com: Buying child life insurance continued...)

Obesity: Tight Sleep = Loose Pants?

Photo by Lisa Brewster

We often stress that lifestyle is an important factor determining your insurance premiums. Recent research finds that changing your baby’s lifestyle during his or her earliest years can have a significant impact on his or her health later on.

Stress Test of the European Banks: The Hidden Surprise

Photo by Doug Sheffer

A little over a month ago, European banks had to undergo a stress test to determine how well their capital holdings were structured and to what extent they were dependent on capital tied to volatile countries like Greece, Spain or Portugal. Despite the results being reassuring at first, analysts noticed after a while that there were significant omissions of information in the original reports: the banks’ capital structure is indeed much more exposed to credit risk than was believed.

Life Insurance in Canada: Smoker versus Non-Smoker Rates

Smoker by Valentin Ottone

If you smoke and are looking to buy life insurance in Canada, you can expect to pay a much higher premium than a non-smoker. On Term policies the premiums can be more than double on permanent plans the difference in rates is less pronounced.

The insurance definition of a smoker is male or female who uses nicotine, including cigarettes, cigars, chewing tobacco, a nicotine patch and nicotine gum.  Remember that to qualify for preferred rates, the insurance company can look back up 12 months.

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

How long has LSM Insurance been in business?

LSM Insurance has been in business for over 17 years. We are located in Markham, Ontario, but are connected to brokers across Canada.

Read more questions about Life Insurance FAQ.

ScotiaLife Financial’s Term One Insurance

Visit Scotia Bank for a
new insurance option.
Photo by MoToMo

ScotiaLife Financial's Term One Life Insurance is available to Scotia Bank Group customers. Life Insurance coverage amounts can range from $50,000 to $1,000,000. Additional policy details on Scotia Bank’s plan are:

BMO Guaranteed Life Plus vs. The Easy One Life Insurance Application

You don't need to visit BMO
to buy their plans.
Photo by Paul.

BMO Insurance offers two non-medical life insurance policies. Both plans are sold via their call center and not through their broker network.The first plan is BMO's Guaranteed Life Plus, which is a Guaranteed Issue Plan. Individuals age 40 to 75 will qualify immediately, whether or not they have a serious health issue.

BMO's Easy One life plan is a Simplified Issue Policy and is available to individuals aged 50 to 75. There are no medical tests, but the individual must confirm they do not have a serious illness.

Additional differences between the two policies are:

Canadian Banks and Basel Rules

photo by Michael Pick

Embedded contingent capital. This may sound to you like a term from another planet, but it is a concept which is slowly coming after our banks. The Basel Committee listened to Canadian wishes and considers implementing this new regulatory feature in order to help preserve the stability of the world’s banks. Federal Finance Minister Jim Flaherty is “pleased” Canada’s advice was taken into account.

(Canadian Banks and Basel Rules continued...)

Mixed Martial Arts in Canada – What Is the Risk?

Shaolin Monks by Scott Laurent

Mixed martial arts are a sport with over a 100-year modern tradition. Its rules allow a wide variety of combat techniques to be applied in a single match. Thus, martial artists with different backgrounds can fight each other in the ring. This sport is full-contact and can be traced all the way back to ancient Rome.

Lately, doctors had something to say about this during the Canadian Medical Association’s general annual meeting in Niagara Falls. The doctors overwhelmingly expressed the opinion that this sport should be outlawed. Their arguments are that MMA is a dangerous sport with a large probability of injuries – much larger than boxing, for example.

(Mixed Martial Arts in Canada – What Is the Risk? continued...)

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

Why should I buy from LSM Insurance?

LSM Insurance is committed to providing innovative and reliable insurance solutions. We have been in business for over 17 years and work with over 13 different insurance carriers that provide a whole host of term and permanent life insurance programs. We take a holistic approach when looking at your insurance needs and always try to exceed your expectations.

Read more questions about Life Insurance FAQ.

(New question in Life Insurance FAQ continued...)

BankRate.ca: Student accident insurance

Insurance offer round the clock coverage
This type of insurance not only covers accidents that happen at school, but anytime anywhere, even during summer holiday. Coverage is 24/7.

"It's a fairly niche product and there are not a lot of companies that offer it in Canada," says Lorne S. Marr, founder of LSM Insurance in Markham, Ont. "It tends to be sold through direct marketing and there is not a lot of broker networking involved."

Most programs in Canada are underwritten by Vancouver-based Industrial Alliance Pacific (IAP) and Hamilton, Ont.-based Reliable Life Insurance.

Reliable Life Insurance operates the parent-friendly website, InsureMyKids.com, where families can choose from a variety of plans -- Bronze, Gold, Silver and Platinum. The IAP Kids Plus program includes the Active Plan, as well as the cost-conscious Value Plan.

(BankRate.ca: Student accident insurance continued...)

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

Is Life insurance tax-free?

Life insurance death-benefits are tax-free. the premiums on life insurance policies are generally paid with after-tax dollars, rather than pre-tax dollars. However, with Permanent Life insurance policies, there is cash value that grows (within the tax exempt limits of Canada) on a tax-sheltered basis. This money can then be used to offset future premiums. The net-effect premiums are then once again being paid with pre-tax dollars, rather than after tax dollars.

Read more questions about Life Insurance FAQ.

BMO’s Children’s Life Insurance Plan

It's a good idea to insure your kids.
Family by Ted Bongiovanni

BMO Insurance offers a children's life insurance plan sold directly via its call center and not its broker network. The plan is called the “Headstart in Life Plan.”

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

What is Universal Life insurance?

Universal Life insurance is an unbundled form of Permanent Life insurance, which means the life insurance and the investment component are separate. Most insurance companies allow the insured to choose from a wide variety of investment options and the investments can grow on a tax-sheltered basis.

Read more questions about Life Insurance FAQ.

Empire Life’s Term 100 Policy

Empire Life Term 100 policies are available with or without cash values.

These are some additional features of the policy:

* It is available throughout Canada.
* Issuing ages are 0 to 85.
* It Uses age nearest pricing
* The policy fee on the plan is $60.00 per year, but if the insured has an existing policy with Empire, the policy fee is reduced to $30.00 annually.
* The minimum face amounts of $25,000 or $500 of annual premium.
* The policy is available on a Joint first-to-die or last-to-die basis or on a multi-life basis.
* There are no preferred rates on the policy.

What Are the Different Types of Life Insurance Policies Available in Canada?

 Deciding on life insurance?
Here are your options.

There are variety life insurance policies available in Canada – the best type of plan depends on the insured’s needs and budget. The following is only a snapshot of the different types of plans:

Life insurance is generally grouped into two major types – temporary insurance and permanent insurance.

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

How is Term insurance different from Whole Life insurance?

Term insurance premiums start off low, but increase as the insured ages. Term insurance policies do not have a cash value. Whole Life insurance policies have a higher initial premium, but the coverage is level throughout the insured’s lifetime. Whole Life plans can often be paid-up in a limited number of years and have a built-in cash value.

Read more questions about Life Insurance FAQ.

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

Is Mortgage insurance through the bank a rip-off?

In most instances, individual life insurance offers a much better value than mortgage insurance through a lender. Individual life insurance policies provide level coverage, the plan is portable, if you decide to switch homes or move to another bank, and the insurance company allows you to choose your own beneficiary. There are also substantial discounts to non-smokers and people who have a healthy lifestyle. Mortgage insurance through the bank offers declining coverage, the bank is the insured’s beneficiary and there are generally no discounts given to non-smokers or people with a healthy lifestyle

Read more questions about Life Insurance FAQ.

Disability Insurance vs. Critical Illness Insurance

Should you go with Disability
or Critical Illness?
Photo by Chelsea Oakes

Disability insurance, also known as income replacement insurance, provides a monthly benefit to the insured if he or she become disabled and can no longer perform a normal day's work as per the definition of disability in the policy.

Disability insurance definitions are generally broken down into the following three categories:

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

Hi: I am a canadian, and recently I have joined the Australian army. I will be deployed to Afghanistan (War zones) for about 8-10 months in the next few years. Could you let me know if there are any term-life (or accidental life) insurance policies that would cover war-zone death. If so, could you provide me with term-life quotes for $250,000 and $500,000? I am 31 years old, healthy.

Thanks for the note. You will likely be best suited by a simplified issue policy. Please see response from Canada Protection Plan one of our suppliers.

"CPP will not discriminate against anyone in the armed forces."

Let me know if you need anything else.

Read more questions about Life Insurance FAQ.

Term Life Insurance vs. Universal Life Insurance

The difference between
Term and Universal Life.
Photo by Larry Vincent

Term Life insurance policies are used to cover a temporary insurance need, such as a mortgage or a line of credit. Whereas, Universal Life insurance policies are generally used to cover long-term insurance needs.

The following is a summary of some of the additional differences between a Term Life and a Universal Life policy.

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

Should I buy Life insurance online?

Generally, we don’t recommend it. Most online life insurance providers offer their own proprietary product. Whereas, an independent broker offers insurance from a variety of carriers. Life insurance can be complicated and can play a huge role in your family’s financial future. We believe that working with an honest and reliable independent broker will ensure you make the right decision.

Read more questions about Life Insurance FAQ.

LSM Insurance: Disability Insurance Specialists

LSM can provide for all
your disability insurance needs.

LSM Insurance has been offering customized disability insurance solutions to Canadians since 1993. We have unique expertise in offering the following disability insurance solutions:

1. Disability policies for key employees or business owners

2. Insuring the hard to insure, individuals who have had past or current health issues.

Term Life Insurance Disadvantages

There are Term Life
disadvantages you may
not be aware of.
Photo by Tim Samoff

Term life policies have many advantages and can be a very effective way to cover everything from short to mid-term life insurance needs, such as a mortgage or a line of credit.

However, less than 2% of all Term policies ever pay out - either because the insured outlives the term, or the plan becomes too expensive. Use caution because Term life policies do have many disadvantages that are often misunderstood.

The following are five Term Life insurance pitfalls you should be aware of:

RBC Insurance: Life Insurance Multi-Line Discount

!0% off and your
insurance costs go down.
Photo by Joshua Williams

RBC Insurance now offers a multi-line discount to new term life insurance applicants. The 10% discount was previously only available via their call center and career sales network, but the 10% off has been extended to their brokerage network.

Applicants who have existing home and/or auto insurance with RBC insurance will get a 10% discount on all new Term 10 or Term 20 applications. To qualify, their advisor must mention their home or auto insurance policy number within the special instruction section of their application.

Please Rob Me! Social Over-sharing and Insurance

Earlier this year, social networking sites like Twitter and Facebook stirred the home insurance waters unexpectedly. Confused.com, a price comparison website, announced its suspicion that users of social networking sites may soon be required to pay a higher premium. This is because insurance companies believe that these people are exposing themselves to a heightened risk of being robbed – by making their location information public.

(Please Rob Me! Social Over-sharing and Insurance continued...)

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

How do I know my Life insurance policy will pay out?

Life insurance policies generally have a two-year contestability period, which means the insurance company can contest the claim for the first two policy years if there is misrepresentation on the application. The insurance company can also contest claims for the life of the policy in the event of fraud.

LSM Insurance is very active all throughout the claims paying process. We walk the claimant through any necessary paperwork and follow-up with the insurance carrier to make sure the process is as seamless and as trouble free as possible.

Read more questions about Life Insurance FAQ.

Manulife’s Roller Coaster Ride

Roller Coaster
by Lloyd Morgan

As we mentioned in an earlier article, Canadian Insurers Stress Test, the whole industry underwent a thorough examination of its stability and health. The results of this test were to determine what measures should be taken to prevent potential business failures. One of the most discussed precautions was a regulatory increase of minimal capital reserve ratios and its impact on the insurers, most notably Manulife Financial.

(Manulife’s Roller Coaster Ride continued...)

Group Benefits: Understanding Healthcare Spending Accounts [HSCA]

HCSAs are a great way
to supplement group plans.

Health Care Spending Accounts [HCSA] are used to supplement the coverage provided by a traditional benefit plan. The employer contributes a defined amount of funds into an HCSA for each eligible plan member. These funds are then used to pay for health and dental expenses not otherwise covered by your group benefit or provincial health plan.

Below are four benefits which HCSA can cover:

Term Life Insurance for Seniors

There are many Term Insurance
options for seniors.
Photo by Craig Cloutier.

If you are a senior looking for Term life insurance, consider the following: Term life insurance policies for seniors are generally broken down into two categories.

1. Traditional life insurance policies, which ask a series of health questions and require medical tests. This usually includes a blood test, urine sample and/or ECG test.

2. Simplified issue term policies have a series of health questions, but no medical tests. Simplified issue term life policies for seniors can be further broken down into Deferred Life policies and policies which pay out an immediate death benefit. Deferred Life term policies have a fewer number of questions. In most instances, ten questions and the face amounts on these plans are generally limited to $100,000. Simplified Issue term policies have an immediate death benefit, but a larger number of questions -- usually 30. Still, the coverage takes effect from day one.

The following is a snapshot on the pricing of a traditional $100,000: A Term 10 policy for a 65-year-old, male non-smoker versus a Simplified Issue Term 10 policy.

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

Can I get Life insurance if I’m sick?

Yes, life insurance is available to people who are sick. Depending on the type of illness, the insured may still qualify for traditional life insurance plans that require medical tests and health questions. Otherwise, non-medical life insurance plans fall in the two categories mentioned above: Simplified Issue insurance (where there are no medical tests and three to 12 health questions) or Guaranteed Issue coverage (where there are no medical tests and no health questions).

Read more questions about Life Insurance FAQ.

(New question in Life Insurance FAQ continued...)

Health Benefits Under a Group Benefit Plan

 Group Plan health benefits aren't
just limited to dental care.
Photo by Andy Smith

The Health Benefits coverage within a group plan can customized to include the following features:

1. Coverage for paramedical practitioners, such as chiropractors and massage therapists.

2. Private duty nursing care.

3. Ambulance services.

4. Prescription drug coverage.

5. Coverage for hospital stays and associated expenses.

6. Vision care.

7. Dental expenses.

8. Coverage for expenses incurred while outside of the insured’s province of residence.

9. Survivor benefits.

10. Other medical expenses not covered under provincial health care plan.

For more details, contact us at 1-866-899-4849, or visit our Group Benefits Online Quotes Page.

Whole Life Insurance for Seniors

There are a variety
of life insurance
options for seniors.
Photo by Manuel Mc

Whole Life policies for seniors can generally be broken down into three categories:

1. Traditional Whole Life policies, which ask a series of health questions and require a medical test.

2. Simplified Issue Whole Life policies, which ask a shorter number of health questions and have no medical tests.

3. Guaranteed Issue Whole Life policies, which have no health questions and no medical tests.

Traditional life insurance policies will offer the highest face amounts and lower premiums, whereas Simplified Issue Whole Life policies are geared towards people who have health issues, but are able to answer no to the series of health questions. Generally, they range from three to 12 questions.

Guaranteed Issue life insurance is only a good fit if the insured would not qualify for traditional or simplified issue plans and is geared toward individuals with the highest level of health issues.

The following is pricing for a 65-year-old, male non-smoker on the three types of coverage.

1. Traditional life insurance: a $10,000 Whole Life policy with AXA would be $42.81 a month.

2. Simplified Issue policy: $10,000.00 of coverage with Canada Protection Plan would be $56.80 a month.

3. Guaranteed Issue policy: $7,600 of coverage of BMO Insurance's guaranteed Life Plus Plan is $75.00 a month.*

*The BMO Insurance plan has a death benefit that is limited to a return-of-premium if the insured passes away by a non-accident in the first two policy years. The BMO policy also pays out an additional $38,000 if the insured dies by accident.

For more details, you can contact us at 1-866-899-4849, or visit our Non-medical Life Insurance Quote Page.

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

Can I get Life insurance without a medical exam?

Yes, there are an increasing number of non-medical life insurance providers in Canada. The two types of non-medical life insurance policies are, Simplified Issue coverage and Guaranteed Issue coverage.

Read more questions about Life Insurance FAQ.

Industrial Alliance Whole Life Insurance Facts

Axis is Industrial Alliance's
Whole Life plan.
Photo by Lobster Stew

Axis is Industrial Alliance's non-participating Whole Life policy and has the following features:

What You Need to Know About the Canada Protection Plan

Canada Protection Plan’s policies are underwritten by Unity Life and they offer a full range of Whole Life, Term Life, Non-Medical and Simplified Issue life insurance solutions.

The one key component to keep in mind is the difference between Simplified Issue and Guaranteed Issue coverage.

Simplified Issue plans are available without a medical, but do have a series of health questions. Canada Protection Plan's Simplified Issue policies have anywhere from six to 34 health questions depending on the type of plan.

Group Critical Illness versus Individual Critical Illness Coverage

The difference between Group
Critical Illness and
an individual policy.

Group Critical Illness policies are generally tied into an employee's group benefit plan, whereas individual Critical Illness coverage is taken separate from a company benefit plan.

The following summarizes the major differences between group and individual Critical Illness:

Five Canada Protection Plan Secrets

Exposing the secrets of CPP.

Canada Protection Plan is one of Canada's leading providers of Simplified-Issue Non-Medical Life Insurance Policies. Their policies are available without a medical but depending on the plan, there are a series of anywhere from six to 34 health questions.

Unemployment Below 8%

Photo by
Guillermo de Loizaga

In the past several months, employment figures have been exceptionally positive in Canada. In June alone, the Canadian economy created almost 100,000 jobs, arriving at an unemployment rate of 7.9%. This is the first time in over a year that the unemployment figure dropped below the magical 8%. These numbers greatly surpassed the predictions of economists and brought in a wave of optimism translating even into a relatively significant strengthening of the Canadian dollar.

(Unemployment Below 8% continued...)

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

How our insurance brokers paid?

Life insurance brokers are generally paid a commission by the insurance company for each policy sold. This cost is built into the premium, so the consumer does not pay any type of surcharge. In fact, buying life insurance via direct distribution channels (where a commission is not generated) is often more expensive because the fixed cost of employees salaries and necessary infrastructure is higher than the distribution costs under the commission-driven broker network.

Read more questions about Life Insurance FAQ.

Life Insurance Companies Question IFRS

Photo by James Jordan

Canadian life insurance companies are lobbying the federal government and regulatory bodies to steer the accounting principles/reporting requirements in their favour. In summary, they want an amendment of International Financial Reporting Standards (IFRS) which Canada has already agreed to comply with but plans to effect no sooner than 2013.

Canada Protection Plan’s Non-Medical Term Policies

Canada Protection Plan offers a variety of non-medical term life insurance policies. They offer Term 10, Term 20 and Term 100 coverage on both a deferred and an immediate basis.

The company's deferred policies have a limited number of health questions and no medical tests. In addition, the death benefit is limited to a return of premium plus interest for accidental deaths in the first two policy years.

Their immediate coverage for non-medical term plans include, Simplified Term and Simplified Term Plus plans. These offer additional discounts, but also additional health questions.

The following is a summary of pricing of Canada Protection Plan Term 20 policies for a 50-year-old male non-smoker applying for $100,000 of coverage:

The Ins and Outs of Group Critical Illness Coverage

Your company can benefit
from Group Critical Illness.
Photo By Lindsey Lissau

Group Critical Illness coverage can be an excellent complement to your company's existing benefit plans. The coverage can be built into your existing benefits policy or can be used as an add-on to an existing benefit plan.

The following are some of the primary features of group Critical Illness coverage:

Canadian Insurers Will Take Stress Test

Pencil Bridge by Horia Varlan

In the shadow of the large stress test on European banks (with results expected this Friday), Canadian insurance industry is preparing for its own domestic version. Despite the positive outlooks in the light of succeeding recovery from the financial crisis, Canadian life insurance companies are lagging behind expectations with their Q2 results, some even booking a loss, opening thus speculations about the financial health of the industry.

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

How much Life insurance do I need?

We have an online calculator that makes this process easy right here: http://lsminsurance.ca/calculators/canada/needs-analysis.html. The formula breaks down as, Existing Assets, (including all the life insurance that’s currently in-force) minus Current Liabilities and Income Replacement Needs, equals The Amount of Insurance Needed for Adequate Coverage.

Read more questions about Life Insurance FAQ.

Wawanesa Life: Lifestyle Term 30

Wawanesa Life recently introduced a Term 30 policy.

The plan is available in all provinces except Quebec. The premiums on the policy are level for 30 years, and the plan is renewable and convertible.

The policy is available on a single-life and joint-life basis, but multi-life term policies are not available.

The minimum issue is $10,000 and the minimum annual premium is $150 a year.

Great-West Life: Critical Illness Policy

Oasis is Great-West Life's CI Policy.
Photo by bruceley.

Great-West Life's Critical Illness policy Oasis is available throughout Canada and is available as a stand-alone policy.

Face amount can be as low as $10,000 and the maximum face amount is $2 million.

Up to $2,500,000 may be available with individual consideration. The premium options are available as a 10-year term, a 5-year tern, a 10-year term, or a limited pay Term 75 where the policy is paid-up at the end of ten or 30 years.

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

Is there a time limit for the beneficiary for claiming an amount after the an insured dies?

So long as the information on the initial application is correct there should be no time limit on collecting the claim. The insurance company will need a death certificate and the beneficiary(s) will need to sign a claimants statement.

Read more questions about Life Insurance FAQ.

Globe and Mail: Relaxed summer policies

Welcome to the summer, workers of the world - July is officially in the house. Sundresses and cargo shorts have elbowed out business suits and ties. Desk lunches have been ditched for sunny patios. And half the office leaves at the stroke of noon every Friday.

You could call it the Great Summer Slide, thanks to both official summer policies - almost half of Canadian companies offer their employees flexible summer hours, according to a May AON Consulting survey of 477 companies - and unofficial slackdom.

(Globe and Mail: Relaxed summer policies continued...)

LSM Insurance Ready to Serve Canada’s Chinese Speakers

Meet William Shung,
the newest member of
the LSM Insurance team.

The number of people who claim a Chinese dialect as their mother tongue has been on the rise since 2001. As of the 2006 census, 1,034,000 people claim it as their first language, which is up 18% since 2001. Chinese is also the number one language spoken among visible minorities in Toronto, as 420,000 people report it as their first language.

Recognizing this upswing, LSM Insurance has diversified our talent pool with the addition of William Shung.

Able to serve your insurance needs in both English and Chinese, William was born in  Johannesburg, South Africa. As former life insurance and long-term care advisor for the Knights of Columbus – the world's largest Catholic fraternal service organization – he is well versed in the changing needs of Canada's aging population. He holds both an Elder Planning Counselor and a Fraternal Insurance Counselor designation and is able to advise on a variety of insurance plans including life, long-term care, critical illness and disability.

Universal Life Insurance for Estate Planning

Universal Life is perfect
for estate planning.
by Zach Suggs

Universal Life insurance can be an ideal solution for estate planning purposes.

Universal Life policies offer the following six benefits to your estate: 

1. An immediate tax-free estate from day one in the form of a life insurance benefit.

2. Funds may be protected from creditors under certain circumstances and bypass probate fees and delays.

3. A wide range of investment choices.

4. Tax-deferred growth on investment earnings.

5. Tax-free payments on all life insurance proceeds, including on all life insurance proceeds at death.

6. Death benefit to beneficiaries requires no settling costs or legal fees.

For additional details, you can contact us at 1-866-899-4849, or visit our Universal Life Quote page.

The Best Life Insurance Tip

Don't prematurely
cancel your policy.
Photo by Tudor

We have offered many life insurance tips to our visitors over the years. However, one of our most popular recommendations is to always complete a full physical before canceling your existing life insurance policy.

This tip recently came to light after a client canceled his life insurance policy, refused to take this advice and was subsequently diagnosed with coronary artery disease.

The client wanted to reinstate his policy, but because of his new health status, he was unable to re-activate the coverage and obtaining new coverage was much more expensive or unavailable with many carriers.

Proving how important it is to go for a full physical before canceling your existing insurance policy.

For more details on life insurance, please contact us at 1-866-899-4849 or visit our Instant Quote Page.

Understanding Long-term Disability Insurance

Long-term vs. Short-term Disability.

Disability insurance replaces an insured person's income in the event that he or she becomes disabled due to injury or illness.

Most group policies break down disability insurance into short-term and long-term disability coverage. Short-term plans generally cover the insured from the first day of disability up to the 120th day. Whereas, most long-term group disability policies can cover the insured from 120th day up to age 65.

Both short-term and long-term disability plans can work in tandem on an individual policy, so once short-term expires, long-term kicks in. You also may be eligible for government benefit programs, such as Workers Compensation or Employment Insurance.

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

Why should I buy Life insurance?

Life insurance can be used for a number of reasons. Below is a sampling of six of these, but there are many more:

1. Income Replacement
2. Paying off a mortgage or a line of credit
3. Final Expenses
4. Emergency Fund
5. Money used to fund your child’s education
6. Estate preservation and creation. (Life insurance is seen by many as an unselfish act because the money is not used for the insured, just their loved ones.)

Read more questions about Life Insurance FAQ.

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

What is Term insurance?

Term insurance policies cover the insured for a stated term. The most common type of term policies are Term 10 and Term 20 policies. For example, on these plans the premiums are fixed for 10 years or 20 years and they rise substantially as the insured ages. Most Term policies are renewable and convertible, meaning the coverage can be renewed and/or converted to a permanent plan without a medical.

Read more questions about Life Insurance FAQ.

Term 10 versus Term 20 Life Insurance

Confused about Term plans?
Don't worry.
Photo by Lee

Term 10 and Term 20 life insurance are a classification of life insurance product often touted as good starter plan for those buying life insurance for the first time. Ever wonder what the differences between the two plans really are?

• Term 10 Life insurance policies offer level rates for 10 years, but Term 20 policies offer level rates for 20 years.

• Term 10 policies are generally used to fund short-term insurance needs, while term 20 policies can be more attractive for funding longer temporary insurance needs.

Clients often ask which is the best way to go. The answer depends on how long you need the insurance for. If the life insurance is just needed for a 10 year period, then the Term 10 plan would be the best fit. But, if the insurance is needed for longer, a 20-year policy would likely offer a much lower overall cost.

Transamerica Life Multi-life Term Coverage Key Benefits

Transamerica Life's Term Select Policies are available as 10-year, 20-year, and 30-year terms. Transamerica's term select policies, allow multi-life coverage with the following key benefits:

The Cooperators Versatile Term 25 Insurance and Understanding Preferred Rates

Can you still get preferred rates?
Photo by John Verive

The Cooperators offer a Term 25 plan, sold through its advisor network. It has very competitive pricing at most age brackets. The plan also has Preferred Rates available to non-smokers. One of the primary variables in the qualification of preferred rates is how long has it been since the insured has last smoked?

The following is a summary of their preferred rate criteria in terms of tobacco use:

Non-smoker 1: The insured cannot use any form of tobacco products at all for the last 60 months.

Non-smoker 2: The insured cannot of used any tobacco product at all for the last 24 months.

Non-smoker 3: The insured cannot of used any tobacco product a all for 24 months.

Non-smoker 4: The insured cannot of used any tobacco product a all for 12 months.

* tobacco products; include cigarettes, marijuana, nicotine product or nicotine substitute

For additional details on term life insurance rates in Canada, please contact us at 1-866-899-4849 or visit our online life insurance Instant Quote Page.

Canadian Life Insurance Companies Cover Death Due to Earthquake

Did you feel the quake?

Did you feel the earthquake that hit the U.S. eastcoast on August 23, 2011 at 1:51 p.m. EST?

The U.S. Geological Survey recorded a 5.8 magnitude quake for 45 seconds just 135 Km southwest of Washington D.C. at a depth of 6 km.

"This is one of the largest earthquakes on the east coast in quite a while, in many decades at least," USGS spokeswoman Lucy Jones told CNN. "It's not unprecedented. But it's one of the largest we've had there."

According to John Ebel, director of the Boston College Weston Observatory, "It's not an unexpected location for an earthquake."

Unlike earthquakes that occur along a fault line, the Virginia earthquake occurred in the middle of a tectonic plate, due to pressures building up along the edges of the plate, Ebel told The Boston Globe.

A quake felt so close to home, really puts in perspective just how vulnerable we are in Canada to natural disaster, even though one of this size only happens once a decade. It makes you think, how prepared are you and your family for the big one?

Along with regular emergency preparedness, part of your preparation should include life insurance.

Simplified Issue Critical Illness Insurance By Manulife Financial

Sign and convert Manulife's Term 10 C.I. plan
into a permanent plan without a medical exam.
Photo by Joe Hall.

Manulife Financial offers a Simplified Issue Critical Illness plan to applicants who have been approved for Preferred Rates on life insurance coverage with Manulife.

Any applicants who have been approved for Health-style I or Health-style II rates (Manulife's equivalent to preferred rates) can qualify for a simplified issue version of their Lifecheque Program.

The maximum face amounts are much smaller than traditional Manulife Lifecheque coverage. The plans are available as a 10-year term, and convertible to a permanent critical illness plan without the need for a medical. The plan includes all of the same covered illnesses as those found in Manulife's traditional critical illness coverage. 

For more details, please contact us at 1-866-899-4849, or visit our Critical Illness Quotes Page.

The Edge: Non-Medical Guarantee Issue Life Insurance Plan

The Edge has combined rates for smokers
and non-smokers.

The Edge, Non-Medical Life Insurance plan which is underwritten by Industrial Alliance, recently lowered its rates for most age bands and face amounts.

The Edge policy targeted at final expenses offers face amount of $5,000, $10,000, $15,000, $20,000.00, and $25,000.

The plan is a Guaranteed Issue Life Insurance product, meaning there are no health questions, and no medical tests. The policy uses blended smoker/non-smoker rates on the one hand, but does distinguish between males and females on the other.

The plan is available up to age 85 and provides coverage for the insured’s entire life. In addition, premiums can be adjusted on a class-wide basis.

Below is sample pricing for $15,000 of coverage:

Wawanessa Life Quick Issue Critical Illness Insurance

No medical tests with the Wawanessa Life
Simplified Issue Critical Illness Plan
Photo by Think Panama.

Wawanessa Life offers a Simplified Issue Critical Illness Plan. The plan is
available as a Term 10 that includes a level term to 75 with return of premium.

It can be issued between ages of 18 and 60 and comes in face amounts from
$10,000 to $100,000.

As an added bonus, the Term 10 version of the policy is convertible to permanent critical illness coverage.

Transamerica Life Term Life Conversion Feature

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

Transamerica Life offers Term 10, Term 20, and Term 30 policies. The Term 10 and Term 20 policies are renewable to age 80 and the term 30 policy is renewable to age 100.

Each of their term policies is convertible to a permanent plan to age 71, without a medical. The conversion feature allows the insured to convert any of their permanent plans at the same classification that original policy was issued at. This can be especially beneficial if the insured's health has changed during the length of the term.

Transamerica's conversion feature compares very favorably with many of its competitors. The following is a list of the maximum conversion age of six other Canadian life insurance companies:

• Unity Life's term plans: convertible to age 65
• Industrial Alliance term life plans: convertible to 65
• Western Life's term plans: convertible to 65
• Standard Life's term plans: convertible to 65
• RBC's term life plans: convertible to age 70
• Canada Life's term plans: convertible to age 70

For more details please contact us at 1-866-899-4849, or visit our term life Instant Quote Page.

Six Great Life Insurance Deals

Save money with
the best life insurance deals

Quite often people are presented with "Can't Miss Deals." Life insurance is generally not thought of as one of those opportunities, but those deals are out there. Don't believe us? Just take a look at these six life insurance deals:

How to Get the Best Deal on Burial Insurance

Don't gamble on burial insurance.
Photo by Mitch Huang

To have to bury a loved one is surely the hardest thing one can go through. Why add to the agony by paying those outrageous funeral expenses out of your own pocket?    

Burial insurance covers the expenses related to final expenses. Most burial insurance policies range from $5,000 to $25,000 of coverage.

By committing to the following four variables, you can make sure you get the best possible deal on burial life insurance:

Calgary’s Population Surge Increases Need for Life Insurance

Find out the fine print of Term Life.

A recent 2009 Calgary civic census report revealed that Calgary's population grew from 1,042,892 in April 2008 to 1,065,455 in April of the following year, representing an increase of 2.16%.

Ten communities within Calgary’s population have increased by more than 1,000 persons. Two communities -- Sage Hill (242.31%) and Silverado, (100.31%) -- grew by more than 100%.

The population surge has fueled the city’s urgent need for life insurance. Life insurance helps protect individuals in the following way.

Understanding Term Insurance

Good thing Term insurance
has a conversion option.
Photo by Ivan Emelyanov.

Term insurance is used to cover temporary insurance needs. Term insurance policies come in a number of denominations: 10-year terms, 20-year terms, 30-year terms or term to age 100 coverage.

The following is a snapshot summary of the main features of term life insurance:

Comparing Non-Medical Life Insurance Simplified Issue Plan

Don't get frustrated,
find a non-medical plan that's right for you
Photo by Tim Samoff.

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

Simplified issue life insurance policies are available without a medical and have anywhere from 3 to 12 health questions. This chart below compares three of the leading simplified issue non-medical life insurance BMO insurance, assumption life, and Canada Protection Plan underwritten by Unity Life.

Critical Illness Insurance Eases Financial Burdens of Breast Cancer

A breast cancer diagnosis can be a shock,
but Critical Illness Insurance can
cover the cost of fighting it.
Photo by Victor Bezrukov

In addition to the ravages of the disease, it's no secret that breast cancer patients face a gargantuan financial burden.

As reported by the Vancouver Sun, The Canadian Breast Cancer Network has released a survey that "firmly places breast cancer as an economic as well as health issue."

Of the 400 women polled, 80% say they have "experienced some kind of financial hardship from the disease." These include, lost income because they've had to take time off work for treatment and recovery, as well as many out-of-pocket expenses related to getting well. The network went on to characterize this unfortunate reality as a "double whammy" for the women battling the disease.

Government Bans Banks from Selling Insurance Online

The Canadian government has banned banks from selling insurance through their corporate websites.

Reuters has reported that the government has committed to keeping banking and insurance to distinct realms of financial planning by deeming life, property and casualty insurance illegal for banks to sell on the web. Instead, they can link to subsidiaries that deal in these unauthorized products.

Non-Medical Life Insurance and Diabetes

You can still get
insurance with diabetes.
Photo by Kamila Gornia.

The number of non-medical life insurance carriers in Canada has increased substantially in recent years. These carriers have also become much more liberal in terms of underwriting criteria for applicants applying for insurance.

Many non-medical life insurance carriers offer simplified-issue plans, which have no medical tests and only three to 12 health questions. The key with these policies is to pick a plan where the insured can answer, "No" to as many questions as possible.

In terms of diabetes, most simplified-issue plans surprisigly do not ask a question related to diabetes. The insured should generally qualify for coverage from day one. If the diabetes is well controlled, the insured may also qualify for a traditional life insurance plan, but should consider applying for simplified-issue plan first. In the event the insured is declined for a traditional insurance plan, this could disqualify him or her from many simplified-issue plans.

For more details, please contact us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote page.

CIBC Mortgage Life Insurance Points to Consider

The pros and Cons of
CIBC mortgage life insurance.
Photo by Mark Schaffer

CIBC's Mortgage Life Insurance plan is underwritten by Canada Life. The policy provides up to $750,000 of coverage. Some additional benefits of the policy include:

1. Premiums are included with the mortgage payment. This can add a layer of simplicity for many consumers, but, at the same time, it may be difficult to see exactly what is your insurance premium and what is your mortgage payment. Of course, this information can be requested by CIBC.

2. As stated above, coverage can be obtained for up to $750,000

3. If your CIBC mortgage is $500,000 or less, you can generally obtain coverage without a medical. (meaning, if you can answer no to all the health questions on the insurance application) the coverage will be immediately approved. As with any insurance application, it is important that you pay close attention to the questions. An incorrect answer could affect the payout of your claim

4. Affordable Rates - In younger ages and for smokers, the premiums can be very affordable. Premium rates are based on your age at the date of application, and remain unchanged throughout the mortgage amortization period, unless the mortgage principal amount is refinanced, or the mortgage is transferred to another property.

Comparing Mortgage Life Insurance Rates Among the Big Five Banks

Mortgage life insurance
does not stack up against
an individual life plan.

Most Canadians who take out a mortgage with one of the big five banks are also offered a mortgage life insurance policy which will pay off the insured's mortgage if he or she dies during the mortgage period.

On the surface, this seems like a very good deal, but when further analyzed the pricing offered by big five banks for this policy is generally much higher than an individual life policy. Individual life insurance also comes with additional benefits, including:

Term 15 Life Insurance

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

Term 15 is Renewable
to age 75 or 80.
Photo by Ben W

Term 15 life insurance offers a hybrid type policy for those, who are wavering between Term 10 plans and Term 20 policies. The premiums are fixed for 15 years and most plans are renewable to age 75 or 80. Additionally, most policies are convertible to a permanent plan without a medical.

The following are the pros and cons of Term 15 coverage:

The Pros
1. Affordable life insurance.
2. Most policies are convertible without a medical should the insured’s needs change.

The Cons
1. Premiums increase significantly as the insured ages.
2. There are only a handful of life insurance carriers in Canada who offer Term 15 coverage and, in some instances, the premiums are only marginally lower than 20-year term policies.

The following is sample standard rate pricing for $250,000 of coverage for a male non-smoker Term 15 coverage:

1. Industrial Alliance: $30.38/month.

2. Unity Life: $37.13/month.

3. Primerica: $43.23/month.

For more details, please feel free to visit our website and while there, visit our Instant Quote Page or contact us at 1-866-899-4849.

Term to 75 Life Insurance in Canada

Term to 75 life insurance
ends at age 75.
Photo by Ricardo Liberato

Term to 75 life insurance offers level premiums up to age 75 and, depending on the insurance company's conversion premium, the plan can be converted to a permanent policy without a medical. However, Term to 75 is a double-edged sword, carrying advantages and disadvantages.

The advantages of a Term to 75 policy;
1. Lower premiums than a permanent plan.
2. A hybrid of Permanent and Traditional Term 10 or Term 20 life policies

The disadvantages of a Term to 75 policy;
1. There are a limited number of insurance companies in Canada offering Term to 75 coverage, so the pricing is not always competitive.

2. Insured persons in their 50s and 60s are likely better off with a Term 10 or Term 20 plan. With those Term plans, there is more selection and better pricing available.

3. Since Term to 75 policies end at age 75, the insured is likely to find it difficult and expensive to obtain new life insurance once they reach that age.

The following are premium values for $300,000 of coverage meant for a 40-year-old male, non-smoker on the Term to 75 Plan.

1. Industrial Alliance: $300,000.00 Term to 75 pick-a-term coverage is $90.99 a month.

2. Cooperators Life Insurance Company: $300,000 level Term to age 75 Participating Plan is $98.01 a month.

For more details, you can contact us at 1-866-899-4849 or visit our Instant Quote Page.

BMO Insurance adds ETFs to its Universal Life Dimesion Plan

Make money with
ETF investments.
 Photo by Duckie Monster

BMO Insurance has paired its Universal Life Dimension Plan with an Exchange Traded Funds investment opportunity. It is offering ten exclusive ETF market indexed accounts with 19 different market indexes to choose from.

ETFs are open-ended funds that are listed and traded on a stock exchange as another investment option. Each fund is a grab-bag of securities, which may consist of stocks, bonds or other assets such as, commodities.

The asset mix of an ETF generally aims to track the performance of a market index and can broadly be classified into equity, bond and commodity ETFs.

When ETF investments are tied to a universal life policy, you are credited with an interest amount mirroring the net rate of return on the underlying ETF investment - minus a Universal Life fee. (Currently 3% on Life Dimension and 2% on Life Dimension with a Low Fees Option).

Participating Whole Life Dividend Scales in 2010

Capitalize on the success
of your insurance provider.
Photo by Balazs Gal.

Participating Whole Life policies differ from non-participating Whole Life policies in that they offer both the cash value and a dividend, which allows the insured to share in the profitability of the insurance carriers.

Dividend rates tend to be tied to long-term interest rates, and while dividend rates from different life insurance companies are at a historical low, they fair very favourably compared to other interest-based investments.

Below is a summary of 2010 dividend scales for four different life insurance carriers, who offer participating whole life plans:

1. Canada Life 2010 dividend scale is 7.4%

2. Great-West Life 2010 dividend scale, 6.9%.

3. London Life 2010 dividend scale, 6.9%.

4. Manulife 2010 dividend scale is 7%.

*Historical rates for Manulife's Performax par product. 2010 rate is for Performax Gold Performance Credit.

For more details on participating Whole Life insurance policies in Canada, please contact us at 1-866-899-4849, or visit our Whole Life Insurance Instant Quote page.

Mortgage Insurance for Seniors

It is harder for seniors
to get mortgage life insurance.
Photo by Luciano Meirelles.

Most Canadian seniors have at least 75% of their net-worth locked up in their home. Those older ladies and gentlemen looking for mortgage insurance face many additional challenges that other individuals seeking life insurance coverage may not.

Group-Life Conversion: Individual Polices are Best

When leaving the group, it's
best to strike out on your own.

Group-life conversions are available to employees that have a group-life coverage policy and are terminating employment.

Most group policies allow the insured to convert up to two times their salary, or a maximum of $200,000, of coverage to an individual policy without a medical. On the surface, this seems like a good deal. After all, the insured doesn't have to worry about the hassle of a medical. But these policies really only provide value to individuals that are hard to insure, i.e. someone with significant health and or lifestyle issues. The reason for this, life insurance companies build a buffer into the premium on a group-life conversion.

LSM Insurance: Non-Medical Life Insurance Specialists

LSM insurance has been providing non-medical life insurance solutions for over 17 years. We work with a variety of carriers that provided insurance solutions for the hard-to-insure.

Approximately 4% of life insurance applications in Canada are declined each year, due to medical or lifestyle issues. This represents over 30,000 applications and over $8 billion a year in face amounts.

 

LSM insurance can help those hard to insure in a variety of ways:

BMO Easy One Life Insurance Pricing

Old Man by mrhayata

BMO Insurance's Easy One application is sold directly by BMO Insurance and is not available via its independent broker channel. The plan provides lifetime protection and immediate coverage. The insured must answer a health declaration verifying that they do not have a serious illness. The coverage amounts are $2,500, $5,000, $10,000 and $15,000.

Group Insurance and Best Doctors

Best Doctors can help.
Photo by thinkpanama.

Many group insurance policies in Canada include a Best Doctor Benefit. This allows employees covered under a health insurance plan, including their dependents, to benefit from this service. The service enables members who are faced with a serious critical illness condition to obtain guidance on their diagnosis and treatment from the world's top physicians -- regarded by their peers as experts in their field.

Best Doctors was founded in 1989 by doctors affiliated with the Harvard Medical School. They continue to give the insured access to the expertise of top physicians in over 400 sub-specialties of medicine in the United States, Canada and around the world.

How can Best Doctors help?

Co-operators Participating Whole Life Policy

Co-operators has a plan for kids.
Photo by Kipp Jones.

Co-operators offers a participating Whole Life policy to insured’s up to age 80. The policy is available with a minimum face amount of $10,000 and is only available on a single-life basis. Joint-life and multi-life policies are not available. However, they do have a participating Whole Life plan for children called, Estate Foundation – face amounts on this plan can be as low as $5,000.

The current dividend scale on both plans is 1.9%. The adult version offers three payment options: payable for life, payable for 20 years, or payable to age 65. The plan has two dividend options:

1) Paid-up additions

2) Accumulate with interest.

For more details on participating whole life insurance policies in Canada, please contact us at 1-866-899-4849 or visit our Whole Life Insurance Instant Quote Page.

A Head-to-Head Comparison of Assumption Life Non-Medical Plans

Which Assumption Life plan
is right for you?
Photo by Ben W

Assumption life offers three simplified insurance policies under their non-medical life insurance umbrella.

The first is Total Protection, which has a limited number of health questions and no medical tests. The premiums on Total Protection are higher and the death benefit has a two-year waiting period on non-accidental deaths.

Their flagship plans, Golden Protection and Golden Protection Plus, are also available without a medical but, have an increased number of health questions. Both plans offer coverage from day one, a living benefit feature at no additional cost, an accidental fracture rider, immediate coverage with no waiting period, and a built-in accidental death benefit feature.

The difference between the two coverage plans is as follows:

Disability Insurance Sales Down 6% in Canada

Disability sales decline.
Photo by Sarah May Scott

The Insurance Journal highlighted in the it’s April 2010 issue that disability insurance sales declined 6% in 2009 when compared with 2008. (Source: Limra International) Disability insurance premiums in 2009 still totalled $70,592,860 and the amount of disability policy sales in Canada was 59,228 down 10% from 2008.

Non-Medical Life Insurance: Should I Buy Direct or Through a Broker?

Non-medical categories? Photo by Petras Gagilas

Non-medical Life Insurance can be divided into two categories.

1) Guaranteed Issue coverage where there are no health questions and no medical tests and

2) Simplified Issue coverage where there are generally three to twelve health questions and no medical tests.

Most Non-medical life insurance plans sold directly through insurance carriers like Manulife and BMO are guaranteed issue plans.

On the plus side, your acceptance is guaranteed, but the downsides are, the face amounts are generally much lower, the premiums are higher and the coverage usually is sold on a deferred basis. This means that if the insured passes away from a non-accidental death in the first two years, the death benefit is limited to a return of premium. In some instances though, it's a return of premium without interest.

Whole Life Insurance Sales are on the Rise in Canada

Whole Life on the rise. Photo by wlodi

LIMRA International recently reported an increase in Whole Life insurance sales by 10% in 2009 over 2008's results.

Whole Life sales, as reported in the Insurance Journal, saw the strongest sales growth of any life product category tracked by LIMRA. By comparison, Universal Life insurance sales dropped 7% in 2009. This is likely in response to recent volatility in the stock market. During periods of volatility, consumers often flock towards guaranteed products.

Wawanesa Life Non-Participating Whole Life Policy

Wawanesa Life Non-Participating Whole Life Policy is actually a Term 100 policy, with a quick pay option.

Traditionally, Term 100 policies offer premiums payable for life. The Wawanesa plan offers a traditional life pay Term 100 plan, but also offers two quick pay policies. A 15-Pay plan, where the insured is covered for life and the policy is paid up at the end of 15 years, and a 20-Pay policy where the insured is covered for life and the plan is paid up at the end of 20 years.

The minimum face amount on the policy is $10,000 Joint life and multi-life policies are not available. The plan does offer guaranteed cash values after 10 years on his 15-Pay and 20-Pay plans.

There's an automatic premium loan feature on the plan, which allows the insured to take on a loan on up to 93% of the cash surrender value.

For more details please contact us at 1.866.899.4849 visit our Whole Life Quote Page

Non-Medical Life Insurance for Insulin-Dependent Diabetics

Type 1 diabetics can be
diagnosed as children.
Photo by Wester

Traditionally, insulin-dependent diabetics would have a very difficult time obtaining life insurance.

Most life insurance policies available to such individuals were available on a deferred basis, meaning if the individual passed away in the first two policy years, the death benefit would be limited to a return of premium plus interest.

However, many life insurance carriers are taking a much softer stand on insulin-dependent diabetes and there have been many advancements in the non-medical life insurance market.

Term Life Insurance Rates and Renewal

Make sure
your health hasn't changed
photo by thinkpanama

Term life insurance rates have been decreasing consistently over the last decade. There are two reasons for this:

1. People are living longer.

2. Competition is heating up among insurance carriers.

Canada Life, RBC Insurance, and BMO Insurance have all recently reduced their term life premiums. Many Canadians can save significantly on their current term plan by looking into a new term policy. A new term plan can be especially beneficial to the following people:

1. People who qualify for preferred rates. Preferred rates are given to individuals who are in very good health and have very good family health history. They can be up to 35% lower than standard rates.

2. People whose life insurance policies have just been renewed. Insurance companies also build in a buffer when your term life policy is renewed. They are factoring in that the insured's health may have changed and increase the premium by a much larger amount than a new policy would cost for equivalent coverage. (assuming good health based on the insured's age at the time of renewal)

Segregated Funds versus Mutual Funds

Grow your money
by investing
Photo by Duckie Monster

Segregated funds and Mutual funds have many different features, but are also similar in a lot of ways, like the following:

1.Both invest in stocks, bonds, and money market funds.

2.Both have good growth potential.

3.Both provide investment diversity

4.Both can be purchased as part of a registered or non-registered investment.

Segregated funds do generally carry a higher management expense ratio, (MER) but also carry four distinct advantages:

1. They have a guaranteed at maturity. Money invested in a segregated fund has a guaranteed payout of 75% upon maturity.

2. Guarantee upon death. At death, the amounts invested in a segregated fund are 100% guaranteed. (Some plans do have certain age limits.)

3. Potential creditor protection. Designation of one or more preferred beneficiaries within that class can potentially protect the insured's funds from seizure by creditors.

4. Avoid Probate Fees . Upon death, all funds are payable directly to the named beneficiary and do not become part of the estate, avoiding estate fees.

For more details, please contact us at 1-866-899-4849.

Travel Underwriters: Online Claims Submission Feature

This may have been avoided
with Travel Insurance
Photo by Daniel Lobo

Travel Underwriters recently announced a great new addition to its claims paying procedure.

Travel Underwriters announced that they will be offering a new online claims submission feature, which will be available in both English and French. It's an additional way for the insured to begin the claims process.

Clients or customers can either call Travel Underwriters' toll-free number, or start their claims process online. For more details, please contact us at 1-866-899-4849, or visit our Travel Insurance Quote Page.

Cost Plus Coverage for Group Benefits

Try Cost Plus Coverage
with your group benefits plan
Photo by Lee Chisholm

Cost Plus Coverage is a tax-efficient way to provide coverage for medical expenses that are not covered, or only partially covered, by an employee benefits plan. Adding coverage to an existing group plan for these expenses may be cost prohibitive, but covering them on a one-off basis may be more feasible.

The four main advantages of Cost Plus coverage include:

1. Covers otherwise uninsured expenses.

2. Premiums are deductible business expenses.

3. Benefits are non-taxable income for the employee-

(Not applicable in Quebec).

4. Claims paid do not effect the experience of the group.

For more details, please contact us at 1-866-899-4849, or visit our Group Benefits Online Quotes Page.

Three Types of Disability Insurance Contracts

The three categories of disability

Disability insurance contracts can be broken down into three categories:

A. Guaranteed renewable.
B. Non-cancelable.
C. Cancelable.

A. Guaranteed renewable policies; are policies that cannot be canceled or changed, but the premiums may be changed by the insurer. Premium increases or decreases are based on a entire block or a group as whole. The premium changes cannot be applied to selected individuals.

B. Non-cancelable: Non-cancelable policies are disability policies that cannot be canceled or changed, nor can the premiums be increased for the life of the policy. The only person who can adjust a non-cancelable disability policy is the insured.

C. Cancelable: Cancelable policies mean the insurer may take action that results in policy changes, premium changes, or cancellation of coverage, but only for the entire block of business or group as a whole. These changes cannot be applied to selective individuals.

For more details, please contact us at 1-866-899-4849, or visit our Disability Insurance Quotes Page.

Partial Disability Benefits Versus Residual Disability Insurance Benefits

Partial vs. Residual Photo by Pablo Prez

There is often a lot of confusion surrounding the difference between a partial disability insurance benefit and a residual disability benefit.

Partial disability insurance benefits are paid to an insured person, who experienced a loss of time or duties as defined in their policy due to a partial disability, such as an injury that affects only one part of the body. The Insured person will be eligible for a flat percentage of their monthly benefit, generally a maximum of 50%. The insured does not have to prove a loss of earnings to qualify for this benefit.

Residual disability benefits, which are less common, cover an insured person who experiences at least a 20% drop in earnings due to less than total disability. The monthly benefit amount is based on a percentage loss of income.

For more details, please contact us at 1-866-899-4849 or visit our Disability Insurance Quotes page.

A.M. Best Ratings for 2009-2010

Most credit scores
of insurance companies
are stable
Photo by Balazs Gal

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

A.M. Best is a credit rating company for the insurance and banking sectors. Consumers use it to assess the financial strength and credit worthiness of their lending institutions. The following are the ratings for March 2010 and the fourth quarter of 2009:

If you need help with your own insurance needs, feel free to contact us at 1-866-899-4849 or vist our Term Life Instant Quote Page

BMO Insurance’s Well Woman Cancer Insurance Versus Critical Illness Insurance

Should you get
BMO Well Woman Insurance?
Photo by Ivan Emelyanov

BMO Insurance's Well Woman Insurance covers the insured, if they are diagnosed with cancer of the breast, fallopian tubes, cervix, ovaries, uterus, vagina or vulva. The plan provides cash on diagnosis, a monthly income benefit for a year and cash, while the insured is in hospital, or when they require surgery. The total cash payout would be between $25,000 or $50,000.

Additional benefits of the plan include:

1. The plan offers guaranteed acceptance, and no medical exam for women age 18 to 55, as long as they can pass the signed declaration of health.(please see below)

2. The insured has access to Best Doctors.

3. In the event the insured stays healthy and the claim is not made, they can surrender their policy at any time after 20 years, or when they reach age 70, whichever comes first, they will receive a full refund of premium.

The signed declaration of health in the policy is worded as follows:

"I declare that I have never been diagnosed with the covered female cancers. (breast, fallopian tubes, cervix, ovaries, uterus, vagina, or vulva) or with any other cancer. I acknowledge receipt of the Well Woman Brochure and declare that I have read and understood the terms of the plan coverage, including the exclusions. I declare that I have not previously been declined for female cancer coverage for reasons other than family history. I understand that no benefit is payable, if I am diagnosed with a covered female cancer in the first six months following the effective date of my policy, but in such event, I will receive a full refund of premiums paid."

Other variables to consider when comparing Well Woman insurance to critical illness insurance.

1.Traditional critical illness insurance covers up to 25 critical illnesses.

2.Traditional critical illness insurance can cover both a husband and wife under one policy.

3.Traditional critical illness insurance can be combined with life and disability insurance thus offering additional savings.

4.There are discounts to non-smokers.

5.Permanent policies are available, i.e., policies which remain for the insured’s lifetime.

For a more detailed comparison, please contact us at 1-866-899-4849 or visit our Critical Illness Quotes Page.

The Edge – Injury and Illness Disability Plan

Get The Edge on Disability Insurance.

The Edge introduced  a conditionally renewable disability plan in 1993 and has since made several modifications and enhancements to that policy.

The policy is underwritten by RBC Insurance and is available on a injury-only basis or it's available with injury and illness protection. Their injury-only coverage comes without a medical and the premiums are significantly lower than that on the injury and illness plan. The latter covers disability in the event that the insurance can't work due to an injury or an illness and is available to those age 18 to 64.

The plan is guaranteed renewable to age 70, but premiums can be adjusted at the discretion of the insurer on a class-wide basis i.e., an entire group of policy holders sharing similar characteristics would experience an increase. The plan allows the insured to choose between benefit periods of five years and to age 70 and an elimination period of zero days, 30 days or 120 days on the injury-only coverage.

For more details and pricing you can contact us at 1-866-899-4849 or visit our Disability Insurance Quotes Page.

Term 10 or Term 20 Life Insurance: Which Is Better?

Which is Better?
Term 10 or Term 20
Photo by Larry Vincent

Term 10 and Term 20 life insurance policies provide premiums, which are level for 10 years or 20 years. RBC Insurance recently offered consumers the opportunity to combine Term 10 and Term 20 life insurance policies under one plan. As an additional benefit, they are waiving the policy fee, which is $40.00 a year, or $3.60 a month and they allow the insured to combine the coverage amounts in a policy banding strategy.

RBC Insurance has five banding levels, one at $100,000.00, one at $250,000.00, one at $500,000.00, one at $1 million, and one at $2.5 million. As the insured increases their banding level, the cost of insurance per $1,000 reduces.

For more details, please contact us at 1-866-899-4849 or visit our Instant Quote Page.

CMHC Mortgage Loan Insurance Versus Mortgage Life Insurance

Mortgage Loan insurance is often required by lenders when a home buyer makes a down payment of less than 20% on the purchase price of a home.

Mortgage loan insurance protects the lender against mortgage default and allows consumers to purchase homes with a minimum down payment of 5%, including interest rates comparable to those with a typical 20% down payment.

To obtain mortgage loan insurance, lenders pay an insurance premium. Typically, the lender will then pass this cost on to the consumer. The premium is based on a percentage of the home's purchase price, as financed by the mortgage. The premium can be paid in a single lump sum or could be added to the consumer's mortgage and included in the monthly payments.

Mortgage Loan Insurance should not be confused with Mortgage Life Insurance, which guarantees that the remaining amount of a mortgage will be paid at the time of death.

The following are calculations of Canadian Mortgage and Housing Corporation mortgage insurance based on a purchase price on a home of $500,000: A $50,000 down payment would result in CMHC costs of $9,000, whereas the same $500,000 home with a $20,000.00 down payment would result in a total CMHC costs of $14,880.

For more details on Mortgage Life Insurance costs, please contact us at 1-866-899-4849 or visit our Term Life Instant Quote Page.

Cash Value Life Insurance

Permanent policies can be subdivided into the following three categories: Whole Life, Universal Life and Term 100 coverage. Whole Life and Universal Life plans generally build a cash value. Whole life policies offer more guarantees than Universal Life policies and can be further sub-divided into participating and non-participating policies.

Participating whole life policies have a guaranteed cash value and a dividend value.  The dividend within a participating whole life policy can fluctuate based on the companies’ responsibility. 

The non-participating power of Whole Life policies is fully-guaranteed and only offers a guaranteed cash value. 

Universal life plans unbundle the life insurance and cash value component out of a permanent life insurance policy. Universal life policies offer a wide variety of investment options ranging from a no-risk, fixed rate investment to  an equity based investment. 

For more details, you can visit our Permanent Life Insurance Quote Page or our  Universal Life Quote page or contact us at 1-866-899-4849.

Line of Credit Insurance: Is it Worth it?

1. The coverage is not portable. If you move your line of credit from one institution to another, the coverage is not portable. If your health has changed, it may be you have difficulty re-qualify the coverage. 

2. Non-smokers and smokers are priced at the same rate. With individual life insurance, non-smokers receive a discounted premium when compared with smokers. 

3. Preferred rates are not available. For individuals in very good health, line of credit insurance offers an even worse value.  Preferred rates are available through most life insurance carriers for applicants who are in very good health and have good family health history. Preferred rates can translate into savings of up to 30%. 

4. Coverage is not convertible. Line of credit insurance does not offer a conversion feature. Once the line of credit is paid off, the coverage terminates without value.  Individual term life insurance policies are generally convertible – meaning the insured can exchange the plan without a medical (at the best possible classification) to a Permanent plan.  This can be a huge benefit, if the insured has had a change health and otherwise may find it difficult to qualify for new insurance.

5. Cash value features are not available on Line of Credit insurance. Individual life insurance policies can be sold on a term basis or a permanent basis. Permanent policies have an investment component attached to the plan, allowing the insured to have a return of premium feature.

For more details, please contact us at 1-866-899-4849 or visit our Instant Quote Page.

Mortgage Insurance in Canada

Mortgage Insurance through a lending institution is essentially, decreasing Term Life insurance.  In other words, the value of the life insurance decreases as the insured's mortgages decreases, but in most instances, the rates go up based on five-year spans. 

A more effective and cost effective alternative to mortgage life insurance, through a lending institution, is individual life insurance.

Individual life insurance can be tailored to the amount of your mortgage, or the insured can combine their life insurance needs with their debt protection needs.  The latter approach generally makes more sense – as it provides a more complete insurance solution.  Individual life insurance for a mortgage, can either be Term or Permanent insurance.  Term insurance policies are  fixed for a  stated term, such as a 10, 20, or 30-year term. Whereas,  a Permanent policy can provide level premiums for the insured's lifetime. Permanent policies can also build a cash value and can be paid up in a limited number of years. 

Additional benefits of individual life insurance coverage versus mortgage life insurance:

• The coverage is portable – if you move homes or switch to another bank.

• The insured chooses the beneficiary, rather than the bank.

• The individual plan pays out double in the event both spouses die.

• One can combine Term and Permanent insurance needs under one plan.

• Coverage can be maintained even after your mortgage is paid-off.

For more details, please visit our Instant Quote Page or contact us at 1-866-899-4849

Buying Life Insurance in Canada: Five Big Mistakes to Avoid

Avoiding the mistakes!
photo by Bruce

When buying life insurance in Canada, avoiding the following five mistakes can save you and your family thousands of dollars.

(Buying Life Insurance in Canada: Five Big Mistakes to Avoid continued...)

Mortgage Insurance Keeps Owners in their Homes

Mortgage insurance
keeps you in your house

Mortgage insurance has revolutionized the housing industry, reports the Montreal Gazette.

First introduced 35 years ago, mortgage insurance means that people can own their home for as little as a 5% cash down payment, thanks to a relatively low premium tacked on to the initial value of the loan.

"We just would not see the strong housing market, new and re-sale alike, that we have enjoyed for the past decade without mortgage insurance," Ajay Soni, senior broker with Invis, a national lender, in Vancouver, told the Gazette.

"Without it, Canadians would still face either the need for 20% down payments or substantial second mortgages at high interest rates. It has shaved years off the time families must scrape and save for a down payment."

The prevalence of mortgage insurance is extremely widespread. In 2008, 400,000 residential loans were insured. Four out of ten new and resale homes carried mortgage insurance as part of the safety net on the loan. This type of insurance plan is meant to protect the lender in the event that the borrower is unable to pay their mortgage and defaults on the loan.

As an example, suppose you took out a $200,000 mortgage with maybe less than 10% down. If the premium was 2.5%, then you would actually borrow $205,000. Barrowers do not have to do anything to apply for mortgage insurance, it is assessed at the discretion of the lender who will most likely use the borrower's credit rating, their ability to pay and the value of the property to determine if it is necessary. They will then tack the premium onto the cost of the mortgage.

As a rule, borrowers should be spending no more than 32% of their gross income before taxes on housing costs including property taxes and utilities and no more than 40% of gross income on debt of all kinds including car loans, student loans and credit card debt. The loan can be approved in less than five minutes thanks to technology, so there is no complicated paper work to be filed.

Ironically, despite last year's recession and the fact that 95% of properties in Canada are insured with mortgage insurance, only 44% went into default by October. That is because the Canadian Mortgage and housing corporation will do everything possible to help you keep your property, such as defer payments or temporarily reduce them.

"We are in the solutions business when it comes to housing," says Mark McInnis, vice-president underwriting, servicing and policy at CMHC.

Chamber of Commerce Group Insurance Plan

The Chamber of Commerce group insurance plan covers more than 25,000 different firms. Their clients include one-person firms, home-based businesses, and even farms. The plan offers several unique value-added features including:

1. Pooled benefits, which stabilize your firm's rates of renewal.

Chamber of Commerce Group plan
may fit your team.
Photo by Lee Chisholm

2. Coverage is guaranteed renewable.

3. You and your employees can call the Chambers of Commerce customer service center toll-free.

4. Health and dental payments are typically paid in less than 48 hours after a claim is received.

The plan benefits can include the following features:

1. Extended healthcare - which includes prescription drugs, paramedical services, and eye examinations.

2. Group Term Life Insurance - which can either be a flat amount or a multiple of salary.

3. Critical Illness Insurance - A lump sum of $30,000 is paid out in the event of a critical illness.

4. Best Doctors - Unlimited access to best doctor services is included in every group.

5. Dental Care - Including cleanings twice per year, x-rays, and orthodontics. Four firms with 10-plus employees.

6. Disability Coverage - Coverage can start from day one and income can be replaced up to age 65.

7. Accidental Death and Dismemberment - Doubles the amount of insurance if death is caused by accident.

For more details on the Chamber of Commerce plan, or any of the other group insurance carriers in Canada, please contact us at 1-866-899-4849 or visit our Group Benefits Online Quotes Page.

Life Expectancy Table

Everyday we live
is another to see the sun.
Photo by Bruceley

Have you ever wanted to know how long you have left to live, or where your life expectancy lies? Insurance carriers certainly do. All of them across Canada use tables such as the one below to determine how much you pay in premiums for your life insurance plan. Risk factors such as obesity, disability and smoking decrease your life expectancy in the eyes of all carriers to varying degrees, which will therefore raise your premiums.

Group Insurance and Short-term Disability Coverage

Short-term disability coverage
is a great added bonus
to group insurance plans.
Photo by Lee Chisholm

Group insurance policies offer a variety of components, one of the most common being short-term disability coverage.

This type of insurance provides the employees with a means to continue their financial obligations in the event of a short-term disability, resulting from an accident or a sickness. The primary features of a short-term disability policy include:

1. Replacing a percentage of the employee's income in the event of an accident or sickness. This percentage could be 50%, 60%, 66.6%, or even 70%.

2. Short-term disability benefit payments are usually paid-out on a weekly basis.

3. The benefit period is generally limited to 120 days. It is also often integrated with long-term disability coverage.

4. These benefits provide 24-hour coverage.

5. The benefit can be taxable or non-taxable.

6. Many plans have a Disability Management Program.

7. The benefit is integrated with any disability benefit from unemployment insurance.

For more details, please contact us at 1-866-899-4849, or visit our Group Benefits Online Quotes Page.

Group Insurance: What is a Rate Guarantee?

Rate guarantees means rates are frozen
for a certain period of time.

Group insurance carriers offer a rate guarantee within their contracts. This is the period of time that, the insurance company guarantees to the employer, there will not be an increase in the final premiums determined during the underwriting process.

The total cost to the employer will increase if there are new employees added to the group plan, but not by more than the rates given to the employer at the time of enrollment or renewal. The employer will be provided a complete set of rates for all age classifications, including those for employees and spouses, employees and children and employees and families. Any new employee may not increase the total group premium by more than the amount set forth in these rate charts.

Most insurance companies offer a rate guarantee of 12 months, but some offer up to 16 months, while others may offer no guarantee at all.

Insurance companies that offer a rate guarantee cannot change the group premium until the end of their promised guarantee.

Prior to this increase, the insurance company will notify the employer of the new rates, usually at least 30 days prior to the increase. This gives the employer the opportunity to explore other options if the new rates are unacceptable.

Unlike individual health insurance, group insurance is not individually underwritten. The insurance carrier buffers this risk by examining claims of the group during the policy year. Other factors also influence the group premium, including the size of the group and the participation levels of individuals within those groups.

For more details on group insurance plans in Canada, please contact us at 1-866-899-4849, or visit our Group Insurance Quote Page

Life Insurance versus Disability Insurance in Canada

disability insurance

Life insurance and disability insurance cover two distinctly different needs. Life insurance protects the insured family in the event of death, whereas disability insurance protects the insured in the event he or she is no longer able to work due to an injury or illness.

The need for disability insurance is often underestimated and, in many ways, exceeds the need for life insurance. The risk of becoming disabled prior to age 65 is considerably higher than the risk of dying. An average 30-year-old has four times greater a chance of becoming disabled than dying prior to 65. An average 40-year-old has a 2 and half times greater chance of becoming disabled than dying prior to age 65, and a 55-year-old has a 1 and half times greater chance of becoming disabled than dying prior to age 65.

Some additional differences between the two plans are as follows:

• Life insurance is available on a temporary basis, or for the insured’s lifetime. Most disability plans stop at age 65.

• Disability insurance is also generally more stringent with underlying requirements,especially financial underwriting.

• Disability policies are often issued with exclusions for pre-existing conditions. Life insurance generally does not exclude pre-existing conditions, but may charge an additional fee, or decline coverage based on lifestyle and health issues.

For more details on life insurance in Canada, please visit our Instant Quote
Page. For disability details, you can get a quote online at our Disability Insurance Quote Page. We are also happy to answer any questions by phone at 1-866-899-4849.

Insurance: One of Canada’s Last Remaining Tax Havens

Life Insurance policies in Canada offer Canadians a great opportunity to defer and offset future taxes.

Permanent life insurance policies offer the following tax benefits:

1. The cash-value within a permanent life insurance policy can grow on a tax-sheltered basis, up to certain maximum amounts as set by the government.

2. When cash-values are used to offset future life insurance premiums, the premiums are being paid with pre-tax dollars rather than after-tax dollars.

3. Life insurance cash-values can be paid out on top of the life insurance death benefit and all proceeds are paid out tax-free.

4. Life insurance can be a cost-effective method of offsetting taxes on RSPs, RIFs or other investment properties

For more details please contact us at 1-866-899-4849, or visit www.lsminsurance.ca

BMO Insurance – Affordable Critical Illness Protection

Effective April 8, 2010, BMO Insurance has reduced the rates on its Critical Illness Term 10 and Term 20 policies.

BMO Insurance's living benefit term 10 and 20 plans – are among the most affordable rates in the industry and cover 25 conditions, including loss of independence. Loss of independence is automatically built into the plan. Meanwhile, many companies have this feature only available as a rider and charge an extra fee.

Additionally, BMO’s Critical Illness Term 10 and Term 20 plans are convertible to their Term 75 and Term 100 plans.

For more details, you can contact us at 1-866-899-4849 or visit our Critical Illness Quotes page.

Critical Illness Insurance: Is It Really Necessary?

 
Critical Illness insurance
can support you if you get one.
Photo by thinkpanama.

When determining whether a Critical Illness plan is really necessary, Canadians may want to consider the following stats:

1. Home care expenses. Registered practical nurses, average cost $45.00 to $50.00 an hour. Personal support workers, average cost $22.00 to $28.00 an hour.

2. Equipment and home renovations. Wheelchairs, $500 to $10,000. Scooters, $1,000 to $8,000. Home renovations, including ramps, bathrooms and kitchens: $10,000 and over. Vehicle modifications to include wheelchair accessibility are 8,000 to 15,000.

3. Hospital upgrades. Standard ward room to semi-private, $180 to $225 a day. Standard ward room to private, $220 to $250 a day.

4. Cost of cancer drugs: The average cost of cancer treatment with newer cancer drugs is 65,000. (75% of cancer drugs approved by Health Canada since 2000 and taken at home cost more than $20,000 annually.)

Sources include: Canadian Cancer Society, Best Doctors, Inc. and BMO Insurance.

Critical Illness pays out a tax-free lump sum payment if the insured suffers a critical illness. The applicant can use this money to offset some of the above costs, or any other out of pocket expenses. For more details on Critical Illness coverage, please feel free to contact us at 1-866-899-4849 or visit our Critical Illness Quotes Page.

Universal Life Insurance: Increasing Versus Level Death Benefits

Your Family is your biggest investment,
so try Universal Life

Universal life policies began increasing in popularity in Canada during the 1980s with the introduction of rising interest rates. Consumers at that time wanted to take advantage of rising interest rates within a tax sheltered environment and Universal policies afforded them that opportunity.

Universal Life insurance unbundles permanent life insurance and separates the cash value component from the life insurance component of the policy.

Further changes have been made to Universal life plans over the past two decades, including a wider variety of investment options. Many companies offer numerous investment vehicles within their Universal Life plans.

BMO Insurance offers over 400 different investment options within its Universal Life program, including a whole range of equity-based funds.

Universal Life policies also provide the insured a choice between a level death benefit and an increasing death benefit.

With a level death benefit option, the death benefit remains level throughout the policy and the insurance risk charges decrease as the insurance company deducts the policy cash value from the face amount, when setting its annual risk charge.

On an increasing death benefit option, the death benefit equals the face amount plus any cash accumulation within the policy. Under this option, the risk charges remain level, but the death benefit increases each year according to the value of the investment account.

For more details, please feel free to contact us at 1-866-899-4849 or visit our Universal Life Quote Page.

Universal Life Insurance: Understanding Your Policy Investment Options

Watch your investment grow.
.Photo by Balazs Gal

Universal Life insurance is an unbundled form of permanent life insurance.

The life insurance component is separated from the investment component within the policy. The investment component with most Universal Life plans can range from a safety investment, such as a daily interest account or a  1, 2, 3, 5 or 10 year guaranteed investment account for low-risk and high-risk equity-based funds.

Many Universal Life policies also offer a minimum guaranteed return within the guaranteed investment accounts. Empire Life and Transamerica both offer minimum interest rate guarantees in excess of 4%. This can be a very attractive feature in today's low interest-rate environment.

Additionally, funds which are contributed below the maximum limit set by the government grow on a tax-sheltered basis and can be paid out on top of the face amount tax free to the insurer's beneficiary.

For more details, please contact us at 1-866-899-4849 or visit our Universal Life Quote page.

BMO Insurance: Bundle Up and Save

BMO Insurance allows applicants to add a Term 10 or Term 20 rider to any of their traditional, Whole Life or Universal Life plans and they won't charge an additional policy fee, making their term insurance rates even more affordable. Policy fees are a built-in cost associated with an administration of a life insurance policy and can range from $30 to a $100 a year.

BMO normally charges a $75.00 a year policy fee on their term plans. By adding a 20-year term rider on a husband and wife to a Whole Life or a Universal Life plan, the family would be saving $1,800. over the 20-year period.

For more details, please contact us at 1-866-899-4849 or you can get an instant online quote at the attached link. Instant Quote

BMO Term Insurance: Should I Buy Direct, or Through an Independent Broker?

Foucault pendulum
by Svein Halvorsen

BMO Insurance offers a variety of competitively priced term insurance policies sold through two distribution channels:

1)Direct; applications are completed online or by phone.

2)Independent Insurance Brokers; applications are completed by brokers.

The following is a comparison of buying a BMO term policy Direct or through Independent broker:

• Face amounts: Direct $25,000 to 5,000,000. Independent Brokers, $100,000 to 10,000,000.

• Issue ages: Direct, 18 to 64. Independent brokers, 18 to 75.

• Plans available: Direct, 10 years to a maximum term of age 85. Independent Brokers, 10, 20 and 30-year terms or Term 100.

• Premium payment method: Direct, monthly. Independent brokers, monthly, semi-annually, or annually.

• Can coverage be renewed beyond the initial term? Direct, no. Independent Broker, yes.

• Are joint life policies available? Direct, no.  Independent Broker, yes.

Additionally, the independent broker channel can compare policies with other carriers to ensure you get the best possible value. BMO Direct Insurance advisors only offer BMO products.

The following is a price comparison between BMO Direct and the plan sold through Independent Brokers:

For a 40-year old male, non-smoker with $500,000 of coverage.

Term 10
BMO Direct is $57.31/month.
BMO Independent Brokers: $37.35/month.

Term 20
BMO Direct, $79.39/month
BMO Independent Broker, $63.90 a month.

Term 30
BMO Direct: $107.35/month
BMO Independent Broker: $119.70/month.

BMO's term plans sold through independent brokers also offer also offer preferred rates to individuals, who earn very good health and have very good family health history. In the case of a $500,00 Term 30 for a 40-year-old, non-smoker receiving preferred rates the monthly premium reduces to $93.15 a month.

For more details, please contact us at 1-866-899-4849, or visit our Instant Quote

Life Insurance Plan for Teachers

Lesson by Judy Baxter

As kids, many students are surprised when they see their teachers outside of the classroom shopping for groceries or eating at a restaurant. "You mean teachers have lives?" is often whispered by the students. Well, teachers do have lives and they need a life insurance policy to support them.

The following are some key points to consider about the Toronto District School Board's group life insurance plan for teachers:

1. The plan originated in 1971 and is underwritten by Canada Life.

2. Plan face amounts can range $35,000 to $200,000.

3. There is a built-in terminal illness benefit, which pays out up to 50% of the life insurance amount in the event of a terminal illness. Terminal illness is generally defined as the insured being diagnosed by a doctor with less than one year to live.

4. The Toronto District School Board pays the cost for the first $35,000 for the full-time teachers, and, in the case of part-time teachers, the board pays a pro-rated cost. For coverage in excess of $35,000 the cost is paid by the teacher through a payroll deduction.

5. At retirement, the insured can convert their group life coverage without evidence of insurability into a new life insurance policy within the first 31 days of retirement. There is a buffer built in to the premium cost, which factors in that the insured may not be in good health.

For details on life insurance policies in Canada, and how they may work in conjuction with group life coverage please contact us at 1-866-899-4849 or visit our Instant Quote Page.

La Capitale Fixed Term Critical Illness Riders

La Capitale has rolled out a new critical illness rider on all their term life insurance and permanent life insurance products.

The Fixed Term Critical Illness rider offers $25,000 in critical illness insurance for what could be as little as $11.81/month. (The quote is the rate for a 35-year-old, male non-smoker.)

It covers 25 potential illnesses or surgeries, carries additional benefits  for four other conditions and gives carriers access to the Best Doctors medical database if they are diagnosed with a serious medical condition.

If you are interested in this or other life insurance plans call us at 1-866-899-4849 or visit of Life Insurance Quote Page.

Best Term 100 Life Insurance Plans in Canada

find out rates
for a 50-year-old, male non-smoker.
Photo by Luciano Meirelles

Term 100 life insurance is essentially a stripped-down form of whole life insurance. The premiums are level for life and the policy provides lifetime protection. Unlike whole life policies, there are generally no cash values that build within the plan. This generally translates into a lower premium than is available with whole life coverage. On the downside, if the insured cancels the policy in the later policy years, there is no return of premium. There is no built-in buffer, if the insured needs to miss premiums in the future.

The following are the top three Term 100 life insurance companies for the 35, 45, and 55-year-old male non-smokers at $250,000 of coverage:

$250,000 Term 100 coverage for a 35-year-old, male non-smoker:
Empire Life: $99.00/month
RBC Insurance: $99.23/month
Cumis Life Insurance Company: $101.50/month

$250,000 Term 100 coverage for a 45-year-old, male non-smoker:
Manulife: $160.29/month
RBC Insurance: $177.30/month
Empire Life: $186.98/month

$250,000 Term 100 coverage for a 55-year-old, male non-smoker:
Manulife: $319.79/month
Industrial Alliance: $345.15/month
Western Life: $356.90/month.

One additional note to consider with Term 100 coverage is that Universal Life policies (with a level cost of insurance at the minimum premium) often have a lower cost than Term 100 coverage. These policies are essentially equivalent in terms of the cost of insurance, but universal life plans give the insured the option to put extra money into the policy should he or she choose.

An example could be a 35-year-old, male non smoker: $250,000 of Term 100 coverage is $99 with Empire Life; whereas, $250,000 of Universal Life level-cost coverage at the minimum premium, would only be $89.93 a month with BMO Insurance.

For more details, please contact us at 1-866-899-4849, or visit our Instant Quote Page.

Life insurance in Canada and Preferred Rates

An excellent family health history
is key to receiving
preferred rates.
Photo by Mark Evans

Most life insurance companies in Canada offer preferred rates.

Preferred rates are given to those individuals who are in excellent health and have a very good family health history. Preferred rates are generally further divided into preferred and super-preferred rates. The latter is given to those individuals who are in exceptional health and have an excellent family health history. Life insurance companies will look at many variables when analyzing whether an applicant qualifies for preferred rates, including smoking/tobacco use, height and weight, blood pressure, cholesterol, driving record, family health history, risky sports and occupations, {including flying}, and past substance abuse.

Below is a more detailed snapshot, comparing how life insurance companies view build, Cholesterol and Blood Pressure in terms of qualifying for standard, preferred or super-preferred rates:

For build
Standard rates would be individuals 6' tall and under 260
Preferred rates, individuals 6' and under 225
Super-preferred rates, 6' tall and under 210 pounds

For Cholesterol\HDL ratio
Standard rates, 250\6.5
Preferred rates 230\5.5
Super-preferred, 210\5.0

For Blood pressure readings
Standard 145\90
Preferred 135\80.
Super-preferred, 125\75

For more details, you can contact us at 1-866-899-4849, or visit our Online Life Insurance Instant Quote Calculator.

Buying Life Insurance in Canada: Five Tips to Consider

 Good Brokers have access
to many plans and companies.
photo by lindsey lissau

When buying life insurance policy in Canada, there are several variables to consider. The following five tips can help you make sure you make the right decision in terms of your life insurance planning:

1. Determine if you are over or under-insured. Many Canadians, when purchasing a life insurance policy, will simply pick a number out of thin air. By taking a look at your current needs (your income replacement needs) and subtracting existing assets, including life insurance you already own, you can make a more informed decision about whether you are over or under-insured. Our Life Insurance Needs Calculator can help with that process.

2. Select a life insurance company which is a member of Assuris. Assuris will protect the consumer in the case of a life insurance insolvency. They pay out the greater of either 85% of the policy or $200,000 of policy face amount.

3. Select a company that offers preferred rates. Preferred rates are available to individuals who are in excellent health and have an excellent family health history.

4. Work with an independent broker. Independent brokers have access to a wide variety of carriers. Unlike captive agents, they are not limited in the companies and plans they can choose from.

5. Never cancel an existing life insurance policy until you have had a complete medical.

If you have any additional questions, please do not hesitate to contact us at 1-866-899-4849, or visit our Instant Quote page.

Disability Insurance: Cost of Living Benefit

Most disability plans allow the insured to include a 'Cost of Living Benefit' on his or her policy. This feature is usually available as a rider and is an extra cost above the basic premium.

The purpose of the rider is to provide financial security by offering an increasing benefit. If a disability strikes and the insured is out of the workplace for an extended period of time, an increasing benefit can become a crucial features.

If the insured is receiving disability benefits for an extended period of time (without any inflation protection) the disability benefits may not stretch as far as initially anticipated. The cost of living rider helps reduce the impact of inflation by providing yearly adjustments to the monthly income benefit during the duration of the insured's disability. Plan specifics vary from company to company, but in a nutshell, the following will take place: During the disability, the insured's monthly benefit will be adjusted annually based on a percentage change and/or the consumer price index.

If you have any questions, please call our office at 1-866-899-4849, or visit our Disability Insurance Quote Page.

Life Insurance for People with HIV or AIDS

Still get life insurance with AIDS.
Photo by Okko Pyykko

As of 2005, there were 58,000 Canadians living with HIV/AIDS. Traditional life insurance is generally not available to people who have immune system abnormalities, including HIV/AIDS.

However, life insurance coverage is available from guaranteed issue providers and many simplified life insurance providers.

Guaranteed issue coverage has no medical tests and no health questions. So, the HIV question is not asked. There are three caveats with guaranteed issue coverage:

1) The premiums are quote high

2) The available face amounts are low and the coverage has a two-year waiting period. Meaning, that if the insured passes away in the first two years by a non-accidental death, the death benefit is limited to a return of premium, and in some instances, interest.

Simplified issue life insurance also has no medical tests, but has three to 12 health questions. The premiums are lower and the face amounts are higher. Some simplified policies pay out immediately and others have a two year waiting period. The two leading providers of simplified life insurance coverage in Canada are Assumption Life and Canada Protection Plan. Canada Protection Plan deferred life and deferred term policies have the most favorable questions in terms of HIV and AIDS history.

They read as follows Deferred Life “within the past three years, have the insured been treated for unusual chronic infection, including HIV and AIDS.” On Canada Protection Plans Deferred Term plan, which offers face amounts up to $100,000.00 of coverage, the question is even more favourable: “Within the past three years, has the insured been diagnosed with or started treatment for unusual chronic infection or immune system abnormality, including HIV or AIDS.”  Canada Protection is no longer accepting new business for applicants with HIV or AIDS.

For more details, you can contact us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote Page.

Canada Life Disability Insurance: Sale of Business Facilitator Rider

disability insurance
that protects your business

Canada Life's disability plan – for business professionals and executives - is called "Lifestyle Protection" his policy has a host of riders, which can enhance the insured’s level of disability protection. One of its more unique riders is their ''Sale of Business Facilitator". This rider allows people who put a significant investment into their business, but are forced to sell it, to have additional options.

If the insured is forced to be away from his business for an extended period of time due to a total disability, the value of his or her business may significantly decrease. Selling an interest in the business may make the best financial sense for the insured and his or her family while managing a total disability. The expense associated in facilitating the sale of the business, including legal fees and accounting fees can be substantial. The sale of the "Business Facilitator Rider" is designed to help cover those costs.

The rider states the following:

“If the insured is totally disabled and sells his/her business, (in which he/she has at least 10% ownership interest) within two years of the date of receiving disability benefits, Canada Life will reimburse him or her for any independent legal and accounting fees incurred in the sale of the business. A single lump sum of up to $10,000 will be payable at the time of facilitating the sale if the insured is under age 55 and has received at least six disability benefits under the policy.”

If You have any questions, don't hesitate to call us at 1-866-899-4849 or visit our Disability Insurance Quote Page.

What Makes a Good Life Insurance Broker

Make sure your broker is attentive.

When choosing a life insurance broker there are a number of different variables to look at. If a broker doesn't possess the five characteristics below, it is unlikely he or she will remain in the business over the long run. The life insurance industry has a very high turnover ratio, especially in the agent/broker's first two years.

Make sure your insurance advisor is:

1. Persistent. While it may seem to some a negative quality to have an agent contacting you continually about your life insurance. Passive persistence is a necessary quality in sales related occupation – especially the life insurance industry. Advisors who are unable to systematically follow-up with prospective clients are unlikely to have long-term success. Life insurance is a product that is often put on the back burner, so systematic follow-up has an even higher importance in our industry.

2. Competent. Sadly, there are far too many Life insurance advisors who lack a standard level of competence. Incompetence can leave your family in the cold at their time of need.

3. Honest. It goes without saying that a good life insurance advisor is honest. But, as in any industry, there are always a handful of bad apples – ask your advisor if you can speak to any existing clients, or if he or she has any testimonials.

4. Has good back office support. A good agent/broker has a strong back office team that can assist him or her with administrative issues such as changing beneficiaries, changes in pre-authorized banking details or change of address. A good back office team can also assist with reports for semi-annual or annual reviews and provide updates on any product changes.

5. Has a complete product shelf. Captive agents are usually limited to one or two carriers, whereas independent agents are free to offer products from a variety of insurance carriers. Having said that, most independent agents only work with two or three companies. It is important that you deal with an independent broker who deals with a wide variety of carriers and is not restricted by any quotas.

For more details, you can contact us at 1-866-899-4849 or visit our Instant Quote Page

What to look for in a Disability Policy

The right kind of disability.
Photo by Sarah May Scott

When buying a disability insurance – consumers should look for the five features below. It should be noted that many of these features are only available to a select number of occupations, i.e. professionals such as lawyers, doctors, engineers or company executives.

1. Non-cancelable coverage. This means the insurance company cannot cancel your coverage or adjust your premiums on a class-wide basis. This ensures that the coverage will remain in effect until the insured turns 65. The premiums are guaranteed to never increase.

2. 'Own occupation' definition. This allows a professional that has significant investment in their occupation, including years of training and acquired experience, to work in another occupation while they are totally disabled and still receive their disability benefits. The 'own occupation' rider modifies the definition of total disability under a basic plan, so you'll be considered totally disabled even if the insured is engaged in other gainful occupation.

3. Residual disability benefit. This benefit allows those who are not totally disabled to receive residual disability payment. The insured can choose between receiving a partial disability payment for loss of time or duties, or the residual disability benefit - if they suffer a loss of income. The insured can choose the greater of the two.

4. Cost of living benefit. This is usually a rider that can be added to most disability policies, which makes sure the monthly benefit stays in line with inflation.

5. A future income option. This allows the insured to increase his or her coverage at different points in the future without evidence of insurability. However, it does require that the insured provide income evidence to justify the increase.

For more details, please contact us at 1-866-899-4849 or visit our Disability Insurance Quote Page.

Estate Planning: Are You Prepared?

Protect your family. Photo by tldagny

Discussing and planning for your death can be an emotionally burdensome process, but not planning for your final arrangements can be equally straining and stressful for the loved ones you leave behind. That is why we are revealing the most common questions asked by those considering their own funerals:

 

1. Who would look after my funeral arrangements, if I passed away tomorrow?

2. What would I regret most about my final arrangements, if I passed away tomorrow?

3. What do I expect my funeral costs to be?

4. Where will the money for my funeral come from?

If you'd like more information on how the right life insurance policy can protect your loved ones when you're gone, don't hesitate to call us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote Page.

Life Insurance for New Immigrants

Get insurance even
if new to the country.
Photo by Ibrahim Iujaz.

Most life insurance companies in Canada will provide life insurance to permanent residents or landed immigrants, but the following criteria will generally need to be met:

1. The applicant needs to be either a Canadian citizen, or have a permanent residence card. If the applicant has not received the permanent residence card, most insurers will require a letter of acceptance.

2. There are no minimum residency requirements in Canada, but the applicant must live in Canada on a permanent basis.

3. The applicant should have a permanent social insurance number, but many insurance companies will accept the application if it is currently being applied for.

4. If the applicant has been in Canada for less than one year, most insurance companies will do a blood profile tests with Hepatitis B and C screening along with the other medical requirements, which would be based on their age and coverage amount.

For more details, you can contact us at 1-866-899-4849, or visit our Instant Quote Page.

Group Critical Illness Insurance Sales

The Top Companies for Group Critical Illness

Group Critical Illness insurance sales are on the rise. As reported in the February 2010 issue of the Insurance Journal. Recent data shows that growth of Group Critical Illness sales were seven times stronger than the Group Insurance sector as a whole.

The Insurance Journal highlighted 13 of the Group Critical Illness providers in Canada. They are as follows:

ACA INA Life -  The product name is the ACA Life Spectrum Group Critical Illness Plan.  The plan covers a minimum of ten lives.

AXA Insurance - The product name is Critical Choice Care, with a plan minimum of ten lives.

BlueCross Life/Medavie - The product is called Enhanced Critical Illness Insurance/Life Link. The plan holds a minimum of three lives.

Co-operators - The product is Group Critical Illness. The three plans in this bracket cover three to 25 lives, 26 to 50 lives, and 50 lives and over, respectively.

Desjardins Financial Security - The product here is the Critical Illness Benefit and the plan covers a minimum of 15 lives or more.

GCI Insurance Services - The product is Vital Check and the plan covers a minimum of ten lives or more.

Great West Life - Its Group Critical Illness plan covers a minimum of three lives.

Industrial Alliance - Its Critical Illness Insurance covers a minimum amount of five or more lives.

La Capitale - Its product is known as Objective Health Security and covers ten lives or more.

Manulife - Its Group Critical Illness plan covers 25 lives or more.

Sun Life - Sun Life Group Critical Illness offers group sizes of any number.

Wawanesa Life -  Their Group LTD Critical Illness plan is available to all groups and includes long-term disability.

For more details on group critical illness, you can contact us at 1-866-899-4849, or visit our Group Benefits Online Quotes Page.

Insured Annuity: A Great Alternative and a Low Interest Rate Environment

In an insured annuity
your money goes nowhere
but up
Photo by wlodi

An insured annuity is a strategy that provides an alternative to today's low interest rate fixed investments, including GICs, T-Bills and Guaranteed Investment Accounts.

They provide a tax-efficient lifetime income and guaranteed income from the original principal investment.

How does it work?

The applicant deposits a lump sum into a lifetime annuity and takes out a equivalent amount of Permanent Life Insurance. A small amount of the income the applicant receives is taxable and a portion of this money can be used to pay the cost of the life insurance policy. The life insurance pays out to the insured’s beneficiary tax-free. A twist to this option is choosing an increasing death benefit, allowing the insured's beneficiaries to receive a death benefit in excess of the applicant's initial investment.

For more details please contact us at 1.866.899.4849, or email us at

Burial Insurance – Is it A Good Deal?

Burial insurance, otherwise known as funeral insurance, is essentially a permanent life insurance policy – the premiums are fixed and the plan provides lifetime protection.

Burial life insurance policies pay out a lump sum tax free death benefit that can be used to cover the cost associated with final expenses. Funeral expenses have doubled over the last 15 years with an average price of $7,500 (including announcements, floral decorations, etc...)

Pre-planning funeral expenses can result in saving the insured's loved ones significant amounts of grief as well as saving countless arguments among family members.

There are generally three types of permanent life insurance policies:

1. Traditional permanent life policies, which can take the form of a Whole Life, Universal Life or a Term 100 plan. These policies require a medical exam and ask a full host of health questions.

2. Simplified issue life insurance plans which have no medical tests, but ask three to 12 health questions.

3. Guaranteed issue coverage which has no health questions and no medical tests.

Traditional life insurance is generally least expensive, while Guaranteed Issue life plans are going to be the most expensive and usually have a two-year waiting period on the death benefit.

For more details you can contact us at 1-866-899-4849 or visit our Non-Medical Life Insurance Quote Page.

Transamerica’s Term Life Insurance Solution

Transamerica is the leading Canadian provider of term life insurance. They offer Term 10, Term 20, and Term 30 plans. Each of the policies are guaranteed renewable and convertible to a permanent plan without a medical.

The features below are part of the reason Transamerica life term policies (distributed through independent brokers) can be a great fit.

1. Preferred rates.  That is, preferred rates on policies in excess of $250,000. Preferred rates are available to individuals who are in excellent health and have excellent family health history. They can provide premiums which are up to 30% lower than standard life insurance rates.

2. Multi-life policies. This allows a husband and wife to be insured under one policy, thus reducing the overall cost of individual insurance.

3. Term 30 plans. Their term 30 plans offer two unique features:

a) A reduced paid-up feature, which allows the insured to stop paying after a limited number of years and allowing a reduced amount of coverage paid-up for life.

b) The insured can surrender the coverage and take its cash-value.

4. Special rate for high net-worth clients. Transamerica introduced a special, discounted, band six rate for high net-worth individuals who are looking for a life insurance plan in excess of $2.5M.

For more details, please contact us at 1-866-899-4849 or visit our Term Life Instant Quote Page.

Great West Life Group Critical Illness Plan

Help Charity
with Great West Life's
Group Plan
Photo by Philippe Tarbouriech

Great West Life is a leading provider of group insurance in Canada. They also offer a very competitive Group Critical Illness Plan.

The plan is available for group sizes of three lives or more. They offer basic coverage amounts for children and dependants of $5,000. Coverage amounts on spouses can be a basic amount of 10,000 and further option amounts can be $10,000 to $250,000.

Coverage amounts for employees include $10,000 to $250,000 (depending on the size of the group) for basic plans and optional amounts can be another $10,000 to $250,000. There is no continuation or conversion option.

The special features are that when a benefit of $10,000.00 or more is paid, Great West Life will make a $5,000.00 donation to a registered charity of the claimant's choice.

For more details on Great West Life's group critical illness plan, you can contact us at 1-866-899-4849 or visit our Group Benefits Online Quotes Page.

Guaranteed Issue Life Insurance: Understanding the Two-Year Wait Period

Talk to your insurance broker
about simplified
or guaranteed issue.

Guaranteed issue life insurance policies are available without a medical and with no health questions. One big caveat with guaranteed issue life insurance is that if the insured passes away in the first two years by a non-accidental death, the death benefit is usually limited to a return of premium. Some companies do offer interest on the return of premium, while others don't.

The three leading providers of guaranteed issue life insurance in Canada are BMO Insurance, Manulife Insurance and the Edge underwritten by Industrial Alliance.

Simplified Issue policies are an alternative to Guaranteed Issue life insurance. They also are available without a medical, but depending on the carrier, there can be anywhere from three to twelve health and lifestyle questions. Many Simplified Issue policies have coverage, which begins from day one, regardless of the cause of death. Simplified Issue policies also offer significantly lower premiums than Guaranteed Issue plans.

For more details, please contact us at 1-866-899-4849, or visit our Non-medical Life Insurance Quote page.

Life Insurance for Highly Taxed Canadians

Protect your investment
with whole life.
Photo by Duckie Monster

The average Canadian payed $37,700 in taxes (42.6% of their income) in 2009, compared to 20% in 1999. Many highly tax Canadians approaching their retirement or in their retirement have set aside non-registered investment funds to leave to their children or a favourite charity.

Although it's unlikely they may need the money, they are still concerned about the safety of the investments. As a result of being in high marginal tax bracket the annual taxes paid on the growth of these non-registered investments can dramatically reduce the value of the total investment. This can potentially reduce the inheritance of their heirs and impact their legacy.

Solution
Whole Life insurance can be used to preserve the value of non-registered assets to ensure the full value is received by your heirs.

By transferring the growth of non-registered investments each year into life insurance, or to pay the premium towards the life insurance policy, you can minimize the amount of overall taxes paid.

A tax advantage with permanent life insurance allows for the accumulation of cash-values inside the policy (within certain legislation limits) without paying income tax on this growth. The death benefit also grows on a tax-free basis and is also paid out to the beneficiaries tax-free upon death.

For more details on how life insurance can be used to minimize taxes, please contact us at 1-866-899-4849 or visit our permanent life insurance Instant Quote Page.

Insurance Journal: Group critical illness insurance sales improving

"The most recent data available shows that the growth of group critical illness sales was seven times stronger than the group insurance sector as a whole." These findings were published by the Fraser Group, an organization that has compiled statistics on the group insurance market in Canada for several years.

Ken Fraser, president of Fraser Group, says that the product is currently enjoying increasing momentum. "Our limited research indicates the rate of new sales is quite strong, around 10%, at least up to 2008. The total market shows net sales after cancellations of l.5%," he reports.

It is important to put these results in perspective: Fraser has been tracking group critical illness insurance (CI) sales for only a short time. "Up to recently, the amount of premiums has been negligible compared to traditional group life and health products. Currently, we estimate total market premiums at $25 or $30 million annually (because group insurance is renewed each year), which is only 0.1% of the total group benefits market," Mr. Fraser says.

A Fraser Group study published in 2008 found that the number of group CI policies was growing faster than total new premiums. This shows that sales come from programs with a low average premium, Mr. Fraser continues. These include programs directed at smaller employers or set up on a voluntary basis (optional programs). In these programs, only some of the employees opt for the CI guarantee in their group plan.

The group CI product was fairly immune from the economic slowdown, Mr. Fraser continues. "Group insurance is based on people who have a job. Many people who lost their jobs didn't have benefits to begin with. The group insurance industry lost maybe 2% to 3% in revenues in 2008 compared to 2007. On the other hand, claims are going down because the economy has dropped, mainly for health and dental coverage".

Group critical illness insurance product comparative table 1

Despite the increase in sales, insurers are reluctant to disclose sales results in this sector. The distribution network is sending mixed signals: some trumpet success while others see a slowdown taking shape. (See inset text p.l6).

Members of LSM Insurance team say that product sales at their firm soared by over 25% in the past twelve months.

"About a third of our groups are going with the critical illness coverage. The group CI market is working well for our brokers because more and more people are looking at critical illness products," they say.

In group insurance, unlike individual products, there is no rigorous risk selection. An employer and its workforce can obtain guaranteed basic protection regardless of medical family history. In addition, group coverage in critical illnesses guaranteed and can be provided at a discounted premium. Often, the savings can be 30% below that of an individual policy, the LSM Insurance website states.

The economic situation has even spurred sales. In a way, the economic situation is helping us because people want to make sure they get the most for their employee benefits dollar. The organization giving the benefits wants to create the most value for their members to make employees happy. That is why we are getting a lot of inquiries on that product," they add.

It is necessary to point out that during a recession, people are more anxious. They feel more vulnerable to illness and want to get proper protection. Employers that add this protection offer employees peace of mind that boosts productivity. They can then keep key employees on board.

Group critical illness business is also thriving at Groupe Sage, a Quebec-based managing general agency specializing in employee benefits. President Denis Plante pins this trend on a combination of two factors. "The cost is very low and clients are becoming increasingly familiar with the products."

Group critical illness insurance product comparative table 2

Aside from the low price, this new interest in the group CI product is fuelled by the success of the individual product, Mr. Plante continues. The need for the group guarantee is also reinforced by the fact that many Canadians have had their applications for individual Cl turned down. "Risk selection is difficult in individual critical illness. Company owners that were refused are very receptive to our arguments about the possibility of insuring without proof of health," he explains.

A typical Sage offering: a group of 500 employees, each of whom has guaranteed mandatory coverage of $5000. Employees can access an additional optional guarantee to increase their coverage to between $10,000 and $100,000, depending on their means. "We often see top managers purchasing $50,000 in coverage," he says.

In 2010, Sage will highlight the optional guarantee by systematically offering it to all groups. The firm also plans to significantly develop the market for mandatory and optional guarantees alike, thanks to an agreement with a niche insurer.

Insurers were noticeably silent when asked about their results. Let's take a look at the RBC Insurance product. A strong selling point is that, it provides individual coverage that employees can transfer when they leave their job. They then keep their coverage at the same price without having to give proof of good health, LSM team explains. (Note: This product is not included in the Group CI Product Comparative Table since it is sold to individuals within a group.)

Although the company's product is winning some praise from distributors, Ian Jack, Living Benefits Actuary, product development and pricing at RBC Insurance stops short of calling it a wave. He would only refer to increased awareness and calls the product "an emerging competitor".

Mr. Jack confirmed though that RBC Insurance is a market leader and named GreatWest Life as one of its main competitors. He refused to disclose sales results in the niche, but says the company's target is primarily companies below`500 lives, but it is also active in the over 500 life market.

"It is sold by a relatively small number of advisors. The product requires a unique sales process, and following the sale there may be additional administrative requirements that some advisors are unable or unwilling to provide," Mr. Jack says.

He points out that comparisons with group contracts or premiums are generally inappropriate. The product is an individual contract, although the risk selection is not as complete.

ACE INA, a CI specialist, declined to disclose its sales volume or its 2010 objectives, but it is surfing on a wave with its Spectrum product, Eddy Levy, Vice President, Sales and Marketing, Accident & Health confirms. "The interest is rising. It's reflected in production that we received from advisors in this niche. Our business block in group critical illness increased from 15% to 20% between 2008 and 2009," he says.

One of Spectrum's key strengths is its flexibility, Mr. Levy adds. "Employers can pay for mandatory minimum coverage of $10,000 and offer employees the option of additional protection. That's the way we sell it."

The concept is appealing, because it is generally quite affordable. Overall, the plan costs are fairly low because it is very rare to see programs that provide each employee with coverage of $100,000, Mr. Levy explains. Group Cl protection at ACE INA averages at around $20,000 to $25,000 per life insured.

Sun Life Financial mirrors the trend even if the average for its product line is higher at $25,000 to $50,000 per employee on average. "Very few employees ask for a coverage amount that exceeds the guaranteed issue protection because they do not want to complete the medical questionnaire," Alain Gobeil, Account Manager, optional guarantees at Sun Life, says. This explains the low average coverage. A Munich Re survey in 2006 found that average insurance coverage for the individual CI product was about $94,500 and the average annual premium about $1200.

Many sources say that Sun Life has energized this market, long populated with small niche players, by becoming one of the first large lifecos to openly promote it. The campaign began in April 2008. "We put in place a dedicated structure for this niche," says Mr. Gobeil, who played a central role in this effort.

As for the results of this campaign, Sun Life is keeping its sales figures to itself. "We do not publish our results. It is still a very new business sector," Mr Gobeil says. He did confirm that 2009 was the best year so far in the critical illness insurance niche. "2010 looks even better because some clients approached in 2009 had put off their decision until this year," he adds.

Group critical illness insurance product comparative table 3

 by Alain Thériault

20 Reasons Why Canada is Investor’s Ace

Day 179 by Mitch Huang

Canada has repeatedly demonstrated good economic prospects during the last 12 months; no wonder investors start to overweight Canadian investments in their global portfolios. Scotia Capital in the latest issue of Capital Points mentions 20 advantages of Canadian economy.

1. The Bank of Canada will be probably among the first major central banks to call off record low interest rates implemented to fight the recession. Most of the experts believe, it will be part of the June announcement. It is encouraging to see that the Bank is confident enough to return back to normal regime.

2. Strong Canadian dollar. CAD appreciated 22% on year to year basis to USD and it is on a good way to reach parity with the American counterpart. CAD will be a safe haven for many investors.

3. The same situation is when concerning CAD vs. AUD. Looney is already some 5% over the Australian dollar, however Reserve Bank of Australia is already finishing its tightening cycle, while BoC has not begun yet.

4. Canadian stellar fiscal responsibility in the debt troubled world. Fiscal deficits are projected to be chopped down to 1% in the next five years; total debt-to-GDP ratio is now around 2/3 of OECD average, not to mention the US or even Japan alone.

5. Corporate revenue is becoming fuelled by our strong recovery. Companies need money now.

6. Natural resources are still wanted and they will be wanted even more. Well, we have them…

7. Corporate tax should fall down to highly competitive 15% in 2012. While others will have to raise taxes to repay huge bailouts, foreign investors will be knocking on our door.

8. Productivity growth has a good potential to start going up, while our southern neighbour will face quite the opposite – its peak is unsustainable.

9. Canadian real estate bubble is almost forgotten. That's not the situation in countries like USA, UK, Ireland or Spain.

10. Non-financial corporate balance sheets are sound and fit. Leverage wasn't a big hit in Canada.

11. Our banking system was ranked the healthiest in the world by the World Economic Forum. Again.

12. No quantitative easing in Canada!

13. We may be not a dream country for free market worshippers, however our regulatory system is quite modest and flexible, compared to our friends, who are on a good way to make it much more rigid in upcoming years.

14. Tax incentives on equipment investment. Combine with #7 for greater effect.

15. In the light of election "rampage" of the last several years it may sound crazy, but yes – Canadian political situation is not very risky for investors.

16. With the already mentioned fiscal stability, the risk of sovereign default is still kind of a myth, when talking about Canada.

17. All the opportunities in idea and seed financing are not fully recognized. But there is a lot of potential.

18. Effective venture capital paperwork in the Federal Budget.

19. Diverse and young population with lot of connections.

20. Last but not least – well educated population.

Empire Life’s Insured Annuity

Make sure your investments
only go one direction.
Photo by Balazs Gal

Empire Life has launched its own Insured annuity designed to provide an alternative to regular, low fixed income investments. An insured annuity is designed to provide a tax-efficient, lifetime income and preserves or increases the money available to your estate.

Simply, the annuity provides the income and the life insurance policy it comes with preserves the capital you already have by providing a tax-free payout in the event the holder passes away.

Normally, there are two approaches available when purchasing an Insured Annuity: Traditionally, capital is used to buy an annuity and part of the income generated goes towards a life insurance policy.

With Empire's product, the insurance policy is pre-paid with the some of the available capital that went towards it, which means all the income generated goes towards your own lifetime income.

The chief benefit of this is a larger lifetime income while the original capital is preserved and not dipped into. The income is guaranteed for life and can be continued at the same rate for the life of your spouse. Plus, it can be completely free of upkeep, so if you don't want to, or are uninterested in managing your portfolio, you don't have to. The entire income stream can be creditor protected and separated to go towards lifestyle needs, rather than unforeseen business problems. Plus, payments are guaranteed for a minimum number of years, regardless of when the death occurs.

The income generates less tax and is eligible for the pension tax credit. It can also be preserved for heirs and charitable causes.  

The one potential drawback could be that the guaranteed income flow cannot be changed or cancelled, which could be a advantage or a disadvantage depending on your life situation.

If you are interested in this, or other life insurance products, please don't hesitate to give us a call at 1-866-899-4849, or visit our Term Insurance Quote Page.

Travel Interruption Insurance: Recover Your Travel Expenses

Get your money back on vacation
with Travel Interruption Insurance
Photo by Daniel Lobo

Picture, if you will, a 51-year-old woman who, while travelling on a tour in India, suddenly became unconscious and had to be hospitalized for three days. She had travel insurance, so she received the medical care that was needed and her hospital bills were paid. However, by the time she was discharged, her tour had moved on to Delhi.

She rejoined her tour, but unfortunately was not well enough to continue. As a result, she returned early to Canada and did not get to enjoy the rest of her trip.

That is where her Trip Interruption insurance came in handy. Without Trip Interruption coverage, she would have been out-of-pocket $2,578.00 for expenses such as catch-up costs, unused tour costs, unused prepaid hotel costs and airfare to return home early.

Travel Interruption insurance can be an excellent compliment to your emergency medical travel insurance plan. So if your trip is ruined due to medical circumstances, at least you will get your travel expenses back.

To find out more about Trip Interruption Insurance, contact us at 1-866-899-4849 and for basic travel insurance needs, get a Travel Insurance Quote here.

An Estate Planning Alternative Other Than Life Insurance

Don't worry,
life insurance can pay estate taxes
Photo by Tim Samoff

According to The Globe and Mail, Ontario ranks third as the most affluent province in Canada behind Alberta and the new leader Vancouver. Though income lowered across the country between 2008 and 2009, these three provinces were able to better hold onto their wealth. With so many wanting to maintain their wealth into the next generation, there is an increasing need for estate planning solutions.

As each year passes, it gets harder to hold onto the money you already have as the rich really do get richer and most Canadians' income stagnates. Many think as their wealth increases their need for life insurance decreases.

However, the largest burden on their estate can be the taxes they owe upon their death. This may force the sale of all of their assets, perhaps below fair market value, in order to pay the tax. Their family may be forced to sell a cottage or a vacation property to pay the taxes owing on those assets increasing value. This can potentially reduce their legacy and limit the amount of cash left for their heirs or their favourite charity.

Life insurance is one way to offset these taxes. Without life insurance, the other options include:

1. Save. You can try and accumulate enough liquid assets to leave in the estate to pay taxes the owing.  But those assets also attract taxes now and potentially at death.

2. Sell assets. The estate can sell assets to pay the tax liability.

3. The estate can borrow against the value of the assets in the estate to pay the tax liability.

For more details on estate planning solutions, please contact us at 1-866-899-4849 or visit our Whole Life Instant Quote Page.

What Should I Do If My Application Is Declined?

There's hope
if you're declined.
Photo by Ibrahim Iujaz

When someone applies for life insurance in Canada, only one of three things can happen:

1. The policy is approved. This happens to about 80% of all applicants, although the number is much higher among younger applicants, since younger people are generally healthier.

2. The policy is issued, but on a rated basis. This means that the insured is approved, but the premiums are higher due to health or lifestyle issues.

3. The application is declined. Once again, this would be related to health or lifestyle issues, but in this instance the insured is denied insurance completely.

The first step to take when someone has been declined for life insurance is to find out why he or she has been declined. Insurance companies will likely not provide these details to your broker due to confidentiality legislation. The insured can get this information mailed to his or her doctor by providing authorization to the insurance company.

Once the insured finds out why he or she was declined, he can verify if there was an error in the decision and/or if the insured's health issues can be readily rectified.

If it is a condition that is unlikely to stabilize or disappear, the insured can look at non-medical life insurance solutions. Non-medical life insurance can take the form of guaranteed issue coverage, which is available without a medical and without health questions, or simplified issue coverage, which is available without a medical, but with anywhere from three to twelve health questions. Simplified issue plans however, can offer coverage from day one and offer lower premiums and higher face amounts than guaranteed issue life insurance plans.

For more details, please contact us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote Page.

The Wall Street Journal: Nothing Morbid About Child Life Policy

Child life policy.
Credit: Eric McGregor

For most people, a life insurance policy is a way to protect assets or maintain a lifestyle for dependents when the main breadwinner passes away. This makes such policies for children seem unnecessary and even morbid.

But insurance brokers of LSM Insurance, a leading provider of on-line life and health insurance solutions, argues juvenile policies can be a financial "gift" for parents to bestow upon their children, ensuring lifelong coverage at a relatively low price. A Term 20 policy begun when a child is two, for example, will be fully paid by the time the child leaves university, can be upgraded at specific milestones, and means the child is covered even if he or she later develops a serious medical condition.

"It's an added bonus you can do for a child," they say, noting such policies are recommended for parents who are fully insured themselves. "The idea behind it is to get low premiums and protect their insurability," agrees Marie-Claude Poulin, a life insurance product-development analyst at Industrial Alliance. "It is easier to insure someone as a kid than when they are 35."

The cost differential alone can be substantial. A C$100,000 policy on a two-year old is C$290 a year, or C$5,800 over a 20-year term. The same policy on a 25-year-old is C$423 a year, or C$8,460. A 45-year-old would pay C$1,034 a year.

But the biggest advantage is that the policy is in place before any health issues surface, an important consideration in an era in which autism and child diabetes are on the rise. This could also be attractive for families with a hereditary conditions such as cancer and heart disease. Some policies even include a guaranteed insurability rider that allows coverage to be increased by C$300,000 or C$500,000 without evidence of insurability, at any age.

While parents may shy away from the idea of preparing for their child's potential death, accidents and illnesses do happen. In these tragic cases, LSM professionals say, the insurance policy not only helps pay the C$10,000 to C$15,000 cost of a funeral, but the remaining funds could allow the parents to take an extended leave from their jobs to mourn.

"Maybe it gives them six months to get their lives back on track."

Parents also frequently take time off work if a child is struck with a severe illness and needs constant care. In these cases, a relatively new product which combines life insurance and critical-illness insurance is available.

Industrial Alliance launched its "health duo" policy in early 2009, combining a whole life policy with critical illness coverage for a child until age 30. The policy allows parents to withdraw 50% of the face value to pay for expenses, if their child is diagnosed with a critical illness. Later, the critical-illness coverage can be converted to permanent life insurance without proof of insurability. The cost is only slightly higher than a regular juvenile policy, Poulin says, and includes clauses that increase coverage after age 15, if the child is claims-free.

For more details, you can contact us at 1-866-899-4849 or visit our Instant Quote Calculator.

La Capitale: Term Insurance Riders with a Unique Difference

La Capitale

La Capitale offers a variety of term life and permanent life policies at competitive rates.

They have a special niche on their Term 20, Term 25 and Term 30 riders. These term riders are available on non-participating individual and joint permanent policies. Any rider for $100,000.00 or more will be given the premium band on a $1,000,000. This results in the insured paying substantially lower premiums on a La Capitale plan with under $1,000,000 of coverage.

Life insurance companies generally have five or six rate bands on their life insurance products. The higher the face amount, the higher the rate band and the lower the cost of insurance per thousand dollars.

For more details, call us at 1-866-899-4849 or visit our Instant Online Quote Page.

LSM Insurance Helps Cricketers raise funds for Haiti victims

Nearly 200 players including under-19 and women cricket players attended the opening ceremony of a three-week cricket tournament in Toronto will be played to help raise awareness and funds for the disaster relief effort in Haiti.

(LSM Insurance Helps Cricketers raise funds for Haiti victims continued...)

Combination Life Insurance and Disability Insurance in One with La Capitale

La Capitale now offers a unique combination life and disability insurance plan.

The life insurance portion can either be a term life or a permanent policy and the insured has the option of adding a disability income benefit. The minimum benefit amount is $250.00 a month, while the maximum benefit amounts are $5,000.00 a month.

If the disability insurance is used to cover a mortgage loan or a line of credit, the maximum monthly disability benefit is 2,000.00 a month. The elimination period is 90 days, but it is retroactive to the end of the first month of the policy. The monthly benefit periods can be two years, five years, or until expiration of the coverage.

Issue ages on a 20-year term policy can be 18 to 55. On a 25-year term policy, they can be 18 to 44 and on a 30-year term policy can be 18 to 39.

For more details, you can contact us at 1-866-899-4849, or visit our Disability Insurance Quote Page.

Wawanesa: Instant Issue Life Insurance

Wawanesa Life has renamed its non-medical life insurance plan: Instant Issue Life Insurance. The plan now provides 5,000.00 to $50,000.00 in face amounts, handed out in Increments of $2,500.00. The non-accidental death benefit is limited to a return of premium plus interest in the first two policy years.

The plan is a simplified-issue plan, rather than a guaranteed-issue plan, so there are no medical tests and no health tests. Wawanesa’s plan only has five qualifying questions:

1. Within the last two years, have you had a stroke, heart attack, or been advised to have heart surgery?

2. Within the last three years, have you consulted a physician for, or received treatment for, cancer?

3. Within the last three years, have you been declined for individual life insurance by Wawanesa Life or any other insurer?

4. Have you been diagnosed, treated for, or had any indication of AIDS, or AIDS-related complications?

5. Are you currently restricted by a wheelchair, bedridden, hospitalized, or confined to a nursing facility requiring full-time care?

If the insured answers "yes" to any of the above questions, coverage is not available.

For more details, you can contact us at 1-866-899-4849, or visit our Non-medical Life Insurance Quote Page.

The Best Whole Life Insurance Plans in Canada

The best Whole Life policies
for your family
Credit: tldagny

As the name describes, whole life insurance provides for the insured's entire lifetime. The policies can generally be broken down into two types:

Participating Whole Life policies participate in the insurance company's profits. These plans provide level premiums and lifetime protection, but also have a higher cash-value and an increasing death benefit that is based on the insurance company's dividend scale.

Non-participating Insurance Policies also provide fixed premiums and lifetime protection. These policies have a lower initial premium, as the death benefit is level, and all values within the plan are generally fully guaranteed.

It is difficult to compare participating Whole Life policies because of their different dividend scales.

However, Non-participating Whole Life Policies are very easy to compare and you can get an instant quote at our Whole Life Insurance Calculator.

Below is a listing of the top five Whole Life Non-participating 20-year Pay policies in Canada, at $250,000.00 for a 40-year-old, male non-smoker.

Manulife: $204.13/month
Western Life: $208.55/month
Empire Life*: $214.20/month
Desjardins*: $226.13/month
L’Excellence: $226.35/month

*Empire Life and Desjardins have the highest guaranteed cash-values after 20 years at $51,500 and $53,900 respectively.

For more details, you can contact us at 1-866-899-4849 or visit our Instant Quote Calculator.

Is Buying Life Insurance Online Less Expensive?

It may be risky
to get insurance online
Photo by Duckie Monster

In answer to the title, the short answer is, "no." The long answer is, it may cost you more money than buying life insurance through traditional channels.

There are four reasons for this.

1. Some websites only offer their own in house plans. This can result in paying a significant premium above those offered by independent brokers. Independent brokers work with a variety of companies and can shop for the best possible solution at the best possible price.

2. By not getting a thorough understanding and analysis of the plan you are buying, you may purchase the wrong plan. This could cost you and your family thousands of dollars.

3. If you have health issues and are declined, you may limit yourself in the types of non-medical life insurance policies you could qualify for.

4. Your policy may have certain limitations and exclusions, which may not be fully explained to you. This could result in paying premiums into a policy that may never pay out.

In summary, use the Internet for educational purposes, but when you are ready to take things to the next step, make sure you contact an experienced and qualified independent broker.

For more details, you can contact us at 1-866-899-4849 or visit our Instant Quote Calculator.

Life Insurance Disability Waiver versus Disability Insurance

The Life Insurance Disability Waiver is a rider which can be added to most Term Life or Permanent life insurance policies. Generally, the Disability Waiver option waives the insurance premium in the event that the applicant becomes disabled.

There are three caveats with the Disability Waiver rider:

1. The amount of coverage is limited to only waiving the life insurance premium. In some instances, this may only be $20.00 or $30.00 a month.

2. The coverage generally has a four to six month waiting period. Meaning that the applicant will have to wait  4 to  6 months until his or her premium is waived.

3. The definition of disability changes to 'Any Occupation' after two years. Under this definition, total disability means the inability to work at any occupation. Therefore, if you are a computer consultant and your disability prevents you from performing your regular occupational duties, but you can still gainfully work at another occupation - You will not receive a cent!

Traditional disability insurance is not tied to a life insurance policy and applicants can usually qualify for anywhere between 50% to 70% of their net income. Professionals can get plans with a 'Regular Occupation' definition throughout the length of the contract. Under this definition, total disability means the inability to work at your regular occupation due to injury or illness. The premiums on traditional disability policies are also usually more favorable on a cost per $100.00 of monthly indemnity ratio.

One instance where Disability Waiver Riders may make sense is, where the applicant would have a hard time qualifying for traditional disability insurance due to occupational and/or health related issues.

For more details, you can contact us at a 1-866-899-4849, or you can visit our Online Disability Quote Page.

The Best Term to 75 Life Insurance Rates in Canada

You're covered until 75.
Photo by Craig Cloutier

Term to 75 life insurance coverage provides level rates and a level death benefit until age 75. Only a limited number of life insurance companies in Canada offer this type of coverage. The plan does not build up a cash-value, but is generally convertible to a permanent plan without a medical.

Below are the three providers offering Term to 75 coverage for a 40-year-old, male non-smoker:

La Capitale

Term to 75: $74.73/month.

Industrial Alliance

Pick-a-Term Level to Age 75: $76.73/month.

Co-operators

Level Term to Age 75: $82.80 a month.

La Capitale plan is actually a term 35 plan, but based on a 40-year-old's age, would cover the insured to age 75.

A Co-operators life insurance premium is $98.78 a month, but dividends are paid annually and the reduction is based on the premiums shown.

For more details on Term to 75 coverage, please contact us at 1-866-899-4849 or visit our Instant Online Quote Calculator.

What Does OHIP Cover?

What's covered by OHIP?

Every Ontario resident is entitled to OHIP for their medical care, but Canada's "Free Healthcare" that so many envy doesn't cover everything.

The following is a simple snapshot of the Health, Dental and paramedical services it does cover: (For more specifics you can contact them at 1.800.268.1154 www.gov.on.ca)

Medical Supplies: Some assistance through the Assistive Devices Program (ADP) for a variety of devices, including electric and manual wheelchairs to a maximum of 80%. The full amount of an insulin pump is covered every five years, as of September 1, 2008. Insulin pump supplies are covered annually up to a maximum of $2,400.

Podiatry: When performed in an approved facility, you get $135 maximum (plus $30 X-Ray) per benefit year ($16.40 for the initial visit and $11.45 for every subsequent visit).

Travel: In-patient services are coverd up to $400 a day and out-patient services are covered up to $50 a day for emergencies only.

Nursing and Home Care: Based on needs.

Hearing Aids: $500 per aid every three years.

Chiropractic: Not covered.

Physiotherapy: Allowed in OHIP approved clinics and long-term care facilities for ages 19 and under, as well as 65 and over to a maximum of $12.20 per visit for 100 visits a year. All others a maximum of $12.20 per visits for up to 50 visits a year if required due to overnight hospitalizations.

Osteopathy: $155 max benefit per year: $12 for initial visit, $9.50 for every subsequent visit and $25 for X-ray. Note: Very few OHIP approved practioners.

Speech Therapy: Only when performed in hospitals.

Dental: Only surgical procedures performed in hospitals.

Eye examination: One exam every 12 months for ages 19 and under, as well as 65 and over. Those receiving social assistance or with an approved medical condition are also eligible for an eye exam every 12 months.

Intraocular Lens: Standard hard/rigid and soft/foldable IOL's are covered once per lifetime per eye.

Ambulance: $45 patient co-pay.

Accommodation: A standard ward = no charge. The daily rate for semi-private is $110 to $235 and a daily rate for a private room costs $200 to $325 (not legislated).

Lab and Diagnostic Tests: See OHIP list of eligible tests. PSA tests are covered as of January 1, 2009.

Prescription Drugs: The Ontario Drug Benefit Program covers seniors and social assistance recipients. Low income recepients and seniors are responsible for a $2 co-pay per prescription. Higher income seniors must satisfy a $100 deductable, followed by a co-payment of up to $6.11 per perscription. The Trillium Drug Program is available to all Ontario residents covered by OHIP with high drug costs in relation to your income. Eligibility requires that private insurance doesn't cover 100% of their drug costs. Approved applicants are responsible for an income based deductable, in addition to a co-payment of up to $2 per perscription. ODB drugs can fall under the full benefit or be Limited Use Drugs, where the patient must meet specific medical criteria. As of January 2008, there is a new drug status called 'Conditional Listings'. Drugs with this status are considered under the full benefit. In some cases, drugs not covered at all may be considered based on need as part of a clinical review. The benefit year falls between August 1 and July 31. The Special Drugs Program provides certain drugs at no cost to patients meeting certain clinical criteria. It is approved by a designated centre/physican for the drug. Conditions covered maybe Cystic Fibrosis, Thalassemia, HIV, end stage renal disease, growth hormone failure Schizophrenia, Gaucher's Disease and some transplant patients. Cancer Care Ontario provides some cancer treatment drugs to patients meeting specific criteria.

Source: GreenShield Canada

Individual health and dental insurance is available to protect you and your family from items not covered Health and Dental Insurance. We also offer company benefit plans for small, mid size and large businesses – you can get more details here or a Group Insurance Quote here.

Desjardins’ Life Start 15 Plan

Insurance for Children by wester

Desjardins Financial Security offers a Life Start 15 plan, which is geared toward the Children's Life Insurance Market. The plan has the following features:

1. It is available issue ages 0 to 17.

2. Premiums are fully guaranteed.

3. The Policy is guaranteed paid-up at the end of 15 years.

4. The child is covered for his or her lifetime.

5. There are three rate paying levels: 10,000, 25,000, and 50,000. Coverage is available for anywhere from $10,000 to $100,000.

6. There is no policy fee on the plan.

7. The plan has guaranteed cash-surrender values.

Below is sample pricing for a 10-year-old boy:

$10,000.00 of Life Start 15: $138.90/month
$25,000.00 of Life Start 15: $203.25/month
$50,000.00 of Life Start 15: $307.50/month

For your own life insurance needs, visit our Term Insurance Quote Page, or call our office at 1-866-899-4849.

BMO Insurance’s Business Guaranteed Insurability Option

A new rider
for business owners.
Credit: Lindsey Lissau

There is a new advantage to being a business owner in the market for insurance, thanks BMO Insurance and it's Business Guaranteed Insurability Option.

What is it?

It is a rider giving business owners the option of purchasing additional insurance over a ten-year span without having to go through added medical tests or questioning.

Why does it exist?

It is meant to be there for a growing business as it increases in value. As a business matures, more insurance maybe needed for the following:

• Pay additional cost. For example, the Capital Gains Tax that is brought about when the business owner dies and is succeeded by partners or family.

• Fund Buy-Sell Agreements.

How do you know if you need additional insurance for the future of your business?

The amount of additional insurance needed is directly related to your business' Net Earnings. Once Fair Market Value at the issuing of the first policy has been identified, The Business Guaranteed Insurability Option and the Maximum Option Amount can be calculated.

How do I calculate Fair Market Value?

Fair Market Value = The Weighted Average* of Business Net Earnings (BNE) over the previous three years (adjusted for non-recurring items and management bonuses) X 10

The Weighted Average = BNE of the current year X 3 + BNE one year before the current year X 2 + BNE two years before the current year X 1 = total divided by six.

If you have any questions, or would like to get a quote for a different plan, please call us at 1-866-899-4849 or go to our free, no obligation Instant Quote Page.

BMOs Accidental Death Benefit Program

photo by Stephane Tougard

BMO Insurance offers a series of plans which are available directly through their call centre and via direct mail campaigns. Among these direct plans is their Accidental Death Program. It's a stand alone accidental policy and applicants can qualify for $50,000.00 to $250,000.00 of accidental death protection without a medical. The premiums on the plan are as follows:

(BMOs Accidental Death Benefit Program continued...)

Reinsurance and Life Insurance

Reinsurance companies
put up the capital
to support insurance companies.
Photo by Scott

Reinsurance allows life insurance companies to transfer some of the risk on a life insurance application to a separate reinsurance company.

The reinsurer and the insurance company enter into an agreement which specifies how the reinsurer will pay the insurance company's losses. The reinsurer is paid a reinsurance premium by the insurance company. This is necessary when insurance companies are taking on large amounts of risk. An example would be a life insurance company that issues $1000 - $500,000 face amount policies, or even $1000 - $1,000,000 face amount policies . The total amount of risk underwritten is $1.5 billion, so by using a reinsurance company, the life insurance carrier is spreading out this risk and making room to take on more business.

The top five reinsurance companies, as listed on Wikipedia, are:

1. Munich Re - Germany (US 31.4B)

2. Swiss Re - Switzerland (US 30.3B)

3. Berkshire Hathaway/General Re - USA (N.A.)

4. Hannover Re Base Re - Germany (US 12B)

5. SCOR - France (US 6.9B)

For more details on reinsurance companies in Canada, please contact us as 1-866-899-4849, or for a free life insurance quote visit our Term Insurance Quote Page.

Haiti Life Insurance Cricket Sponsorship

LSM Insurance Cricket for Haiti

Following Haiti's worst earthquake in its recent history, Life Insurance Canada decided to help and contribute to this country's regeneration. Together with The Cricket Champions League the support event called 'LSM Insurance Cricket for Haiti' was launched this February at two places at the same time.

(Haiti Life Insurance Cricket Sponsorship continued...)

Insurance for Professional Athletes

Lance Armstrong by Robert Montalvo

Professional athletes have unique life and living benefit insurance needs.

Their occupation and their incomes present a unique risk for insurers. Just as an example, the highest earning Olympic athletes in the 2010 Olympic Winter Games are:

1. Shaun White USA Snowboarding - $8 million US (Tie)

2. Kim Yu-Na South Korea Ice Skating - $8 million US (Tie)

3. Lindsey Vonn USA Alpine Skiing - $3 million US

4. Ted Ligety USA Alpine Skiing - $2 million US

5. Apollo Anton Ohno USA Speed Skating - $1.5 million US

6. Bode Miller USA Alpine Skiing - $1.3 million US

7. Gretchen Bleiler USA Snowboarding - $1 million US (tie)

8. Lindsey Jacobellis USA Snowboarding - $1 million US (tie)

9. Hannah Teter USA Snowboarding - $1 million US (tie)

10. Maria Riesch Germany - $1 million US (Tie)

*Source: Forbes

Now with outstanding performances by Alexandre Bilodeau, Maelle Ricker, Kristina Groves, Jon Montgomery, Tessa Virtue and Scott Moir, Canadian Olympians are sure to join their ranks as sponsors get on the bandwagon of their podium success.

Life insurance can be available to them, but the following

Criteria must be met:

• The insurance company will require Canadian citizenship or landed immigrant status.

• They must be a Canadian residents for taxation purposes.

• They must have a Canadian mailing address (more than just a Postal Office Box).

• They must have a valid social insurance number.

• They must have the intention to return to Canada if playing outside of the country.

All life insurance applications will also need to go through reinsurance. Reinsurance is purchased by an insurance company (Insurer) from a Reinsurer as a means to transfer risk (loss or losses). For example, if an Insurer sells one thousand policies, each with a $1,000,000 policy limit.  (The amount the Insurer could pay on the policy) Theoretically, the Insurer could lose $1,000,000 on each policy - totaling $1 billion.  As a result, it is better to pass some potential risk to a reinsurance company.

Obtaining critical illness coverage, can present a greater challenge for athletes. The maximum issue amounts from the five companies surveyed was $1,000,000. In addition to meeting the life insurance underwriting criteria, coverage would likely have an exclusion for paralysis, coma, loss of vision, and a general loss of an independent existence.

None of the five companies surveyed would offer disability coverage, but coverage may be available via specialty carrier at much higher premiums and more with restrictive features than traditional plans.

For more details, you can contact us at 1-866-899-4849, or visit our Instant Quote Calculator.

Understanding ‘Age Nearest’ Life Insurance Pricing

Why the long face?
Now your age can save you money
on insurance
Credit: Sergio

Virtually all life insurance companies in Canada offer 'Age Nearest Pricing'. 'Age Nearest' translates into the applicant being priced by the insurance company at the age nearest to their next birthday. For example, someone who's born on July 1st would be priced at their next birthday for any application which is issued after January 1st.

Most insurance companies do allow the applicant to backdate his or her application up to six months to 'save age' and thus lower his or her premium, but the applicant must pay for any back premium.

Sun Life was one of the last Canadian companies to offer 'Actual Age' pricing, versus 'Age Nearest' pricing, but they just changed it on their Sun Term products, and in a recent communication said it would be following suit on its other life insurance programs.

For more details on age nearest pricing, please contact us at 1-866-899-4849, or you can visit our Instant Quote Page.

What Driving Can Mean for Insurance

Driving can effect your rating.
Photo: by Marco Gomes

It may surprise you to learn that the mere fact you have a driver's liscense can impact your qualification for life insurance.

This is because insurance companies know that motor vehicle accidents are the leading cause of death among young people, due largely to exccessive speed and the presence of alcohol. For older drivers, (65 and over) driving can indicate to an insurance company the beginnings of underlying cognitive degeneration.

As a result, the following factors are examined by underwriters when the applicant is known to be a driver:

• Current age

• Types of infractions

• How many DUIs?

• Any other suspensions and how many?

• Did you have an accident and if so, how many?

• Any other risk taking avocations?

The underwriters will analyze the number and types of violations. They will want to know the date of both your last violation and your last suspension and they will want to know the length and reason for your suspension for a chance at being fast tracked.

DUI's cannot be considered for a minimum of six months following a license suspension. If there are additional infractions, the wait time extends to 12 months. A few minor infractions will get you standard rates. An average case means an extra $2.50 to $5.00 on your monthly premium for every $1000 of coverage for a minimum of three years. Multiple DUI's are an automatic decline.

If you want to explore your own insurance needs, visit our free Term Insurance Quote Page, or call 1-866-899-4849.

Any Occupation Definition for Disability Insurance

Any occupation means
permanently disabled.

The 'Any Occupation' disability insurance classification is the least liberal, and generally the least expensive, type of disability insurance. A typical 'Any Occupation' definition may read as follows:

"Total disability means that, due directly to injury or sickness, the insured is unable to perform the important duties of any gainful occupation for which he/she is reasonably qualified, based on his/her education, training, or experience, and the insured is receiving the appropriate care and attendance of a physician who is licensed to practice in Canada."

The 'Any Occupation' definition of disability asks the question: Could the insured work in his or her own occupation or another gainful occupation? If the answer is no, then the insured is considered totally disabled. Although there are policies that feature the any occupation definition from day one, it is primarily found as the second part of a limited regular occupation definition.

For example, many group plans offer a 'Regular Occupation' definition for the first two years of the plan, and then switch to any occupation definition.

For more details, feel free to contact us at 1-866-899-4849, or visit our online Disability Insurance Quotes Page.

RBC Insurance’s Quantum Series Disability Plan

We've found a disability plan for
professionals

RBC Insurance's Quantum Series Disability Plan is an affordable disability insurance solution for professionals.

The plan uses a unique loss of income definition for disability. Under this definition, if the insured is not able to earn any income because of an injury or sickness, the full benefit is payable. If the insured’s earnings were reduced directly due to an injury or illness, a percentage of the benefit is payable.

Below are two examples of pricing:

Example 1
A 45-year-old, male non-smoker, who works a pharmacist, making a Net Income $100,000 a Year, qualifies for a maximum monthly Benefit of $5,100/ month).

Based on a 90-day elimination period and a benefit period up to age 65, the monthly premium is $153.75/month

*The above individual qualifies for RBC Insurance’s 4A, i.e. their highest classification.

Example 2
A 35-year-old, female non-smoker, who works as a salesperson, with no service, repairs or delivery duties, who is making a net income of $55,000/year.

Based on a 90-day elimination period and a benefit period up to age 65, along with a cost of living rider, which increases the monthly benefit by accounting for the cost of living, the monthly premium is $126.36/month.

*The above individual qualifies for RBC Insurance’s 3A classification, but salespeople can also qualify for an upgraded classification and lower premium if certain criteria are met.

For more details, you can contact us directly at 1-866-899-4849, or you can visit our online Disability Insurance Quotes Page.

How to Still Qualify for Life Insurance After a Stroke

A stroke doesn't have to wall you off
from life insurance
Photo by Lisa Brewster

Just because you have had a stroke doesn't necessarily mean you will always be disqualified for an individual life insurance plan. Of course, Guaranteed Issue or Simplified Issue plans that include little to know medical plans will always be an option.

The underwriters will base their ruling on the following criteria:

• Current age

• Date of diagnosis and age of onset

• Current symptoms/extent of neurological deficit

• Cause of stroke

• Treatment

• Medication

• Number of strokes

• Smoking history

• Whether or not you lead an active lifestyle

• Blood pressure and cholesterol readings

• Any concurrent serious impairment you may have

Make sure you submit all of your medical records with testimony from all of the doctors involved in your treatment. It is important you also record any lifestyle modifications and how active you are able to be. This will help get you on the fast track towards approval.

You also must keep in mind that you will not be able to apply until 12 months after your last stroke. Multiple strokes usually means a decline and the average price rating is between 150-200% if you are approved. Keep in mind that the more recent the stroke and the younger the applicant - the higher the rating.

If you like to obtain pricing for your own life insurance needs, visit our free online Instant Quote Page, or call us at 1-866-899-4849.

A Synopsis of Guaranteed Life Insurance Policies in Canada

The best and worst GI Plans
laid out just for you.
Photo by Colin

Guaranteed issue life insurance coverage is available without a medical and there are no health questions - acceptance is guaranteed. However, because of the generally high premiums, limited benefit amounts and numerous coverage restrictions, this type of coverage should generally be thought of as a "Last option life insurance plan."

Simplified issue life insurance plans have no medical tests, but generally include three to 12 health questions. Simplified Life plans have lower premiums and higher coverage levels than Guaranteed Issue plans.

Traditional life insurance plans have medical tests and a full range of health and lifestyle questions. Most people qualify for traditional life insurance and it is the most affordable type of life insurance.

The following is a snapshot comparison of the main guaranteed issue life insurance carriers in Canada:

1. BMO Insurance Guaranteed Life Plus - The plan is available to those age 40 to 75. Five premium bands are set at either $20.00 a month, $30.00 a month, $45.00 a month, $60.00 a month, or $75.00 a month. Five times the death benefit is paid out if the insured dies by accident prior to age 85. The regular death benefit is limited to a return of premium with no interest in the first two years.

2. Manulife CoverMe Available to applicants age 40 to 75. Coverage available $5,000.00 to $20,000.00 Five times the death benefit, if the insured dies by an accident prior to 85. If the insured dies by accident in the first two policy years, the return of premium plus 10% interest.

3. CARP Guaranteed Issue Life Insurance
The plan is available to applicants age 50 to 80 and includes benefit face amounts of $2,500 to $25,000. If the insured dies by accident in the first two policy years, the insured receives a return of premium plus 10% interest. The policy is paid up at age 100.

4. The Edge Guaranteed Issue Plan. The plan is available to applicants age 50 to 85. It also includes $2,500.00 to $25,000.00 of coverage. In addition, the plan offers a return of premium plus 10% interest if the insured dies in the first two years. The Edge is underwritten by Industrial Alliance and rates vary from province to province. Premiums can adjust on a class wide basis. You can add a critical illness benefit to the plan or an accidental death and dismemberment feature of up to $500,000.00 of coverage.

Below is a pricing comparison of the four plans for a 60-year-old female non-smoker:

• BMO Guaranteed Life Plus - $10,150 of coverage is $60.00 a month

• Manulife Cover Me - $10,000.00 is $38.50 a month.

• CARP Guaranteed Life Insurance - $10,000 is $38.76 a month.

• The Edge - $10,000.00 is $65.23 a month.

You can get more details by visiting our website or by visiting our non-medical life insurance quote page Non-medical Life Insurance Quote or contacting us at 1-866-899-4849.

Group Life Conversion Option

Strike out on your own
with group conversion.
Photo by Lee Chisholm

Most employee benefit plans  provide group life coverage, which allows the applicant to convert their group plan, without a medical evaluation, to an individual life plan upon the termination of their employment. This can be a good value to applicants who have serious health issues, such as a history of cancer, stroke or heart disease, which can make individual coverage difficult to attain.

The insurance company does buffer itself by charging a much higher premium on group life conversion. This extra premium is meant to mitigate its risk that the applicant may not be in good health at the time they convert their coverage. Be aware that most group conversion plans are priced 50 to 100% higher than equivalent individual life insurance coverage. There are also limitations on the face amounts and the type of plans group life policies can be converted to. Most group plans have a maximum conversion amount of two times the employee's salary up to $200,000.

In addition, policies are often limited to a one year term. Some insurance companies will allow the applicant to try and obtain individual life insurance coverage via a group alternate, but if he/she is not approved (as long as it is within a certain time period) they can proceed with the group life conversion option.

The wording and requirements for group conversions differ from company to company, so it is crucial your broker is familiar with your insurance carriers group conversion guidelines.

For more details, you can contact us at 1-866-899-4849, or you can get a term life quote by visiting our Instant Quote Calculator.

Desjardin’s Harmony New Generation: Critical Illness Insurance for Children

Protect your kids
and get piece of mind
photo by Kipp Jones

Heaven forbid the unexpected happens: Lung Cancer, Leukemia, Cystic Fibrosis. Critical Illnesses can befall children as well. As parents, we would do anything for our kids, but what if the medical expenses were already taken care of and we could concentrate on being our child's soft place to fall?

Now you can with Desjardin's Harmony New Generation Critical Illness plan for children. The parent [policyholder] receives a lump sum payment that can be used to stay by their child's side. Harmony New Generation also provides a refund of premiums for children that are not diagnosed with a critical illness which can free up funds to help them realize their dreams and aspirations.

The features on the plan include:

• No Policy Fees

• Permanent plan with ROP and optional death benefit

• Premium duration: lifetime or 20 years

• Covers 28 or 31 illness

• Recovery Cash Advance

• Prompt Recovery assistance services, which includes Best Doctors

If your interested in evaluating the finest Critical Illness plans in Canada, check out our free, Critical Illness Instant Quote Page, or call our office at 1-866-899-4849.

Group Life Insurance Versus Individual Life Insurance

Don't worry,
We're making it easier to decide
between individual and group insurance.
Credit: Kim S

Group Life Insurance provides coverage to plan members of an employee benefit plan, whereas Individual Life Insurance is taken out on an individual basis and applicants are not required to be part of a company medical plan. The following is a summary of the pros and cons of each plan:

Group Life Insurance Pros:
1. The employee is usually covered for a basic amount, i.e. one or two times their salary as part of their company benefit plan.
2. There are no medical requirements for basic group life coverage.
3. Optional group life coverage can often be obtained with minimum medical requirements, but there are maximums on the amount of coverage that the employee can obtain.

Group Life Insurance Cons:
1. The coverage ends when the employee leaves the company.
2. Coverage can be converted to an individual plan upon termination or retirement, but usually at a much higher premium than an equivalent individual life plan.

Individual Life Insurance Pros:
1. The insured can choose between a term or a permanent policy.
2. Preferred rates are available to applicants in excellent health with excellent family health history.
3. Individual life insurance offers much higher benefit face amounts than group life policies.

Individual Life Insurance Cons:
1. The applicant must medically qualify for an individual life insurance policy.
2. Depending on the applicant's lifestyle or travel plans, the policy may include certain exclusions.

For more details on group life coverage, please visit our Group Benefits Online Quote Page or for details on our individual policies, you can contact us at 1-866-899-4849 or visit our  Individual Insurance Instant Quote Calculator.

RBC Insurance Announces More Options for Term 10 and 20 Insurance

RBC Insurance has announced more options on its Term 10 and 20 policies at no extra charge.

These extra features include an exchange privilege and a conversion privilege.

Exchange Privilege

• The ability to exchange a Term 10 to a Term 20 without providing additional evidence of insurability.

• The exchange may occur any time prior to the 5th policy anniversary or your 60th birthday.

Conversion Privilege

• Convert your Term policy to a Permanent policy at no extra change.

• The conversion may occur up to a maximum age of 71.

If you'd like to evaluate your Term Insurance options, visit our free Term Insurance Instant Qutoe Page, or call our office at 1-866-899-4849.

Group Insurance Controlling Drug Care Costs

Prescription drugs
on the rise
Credit: Okko Pyykko

Drug costs are on this rise, According to an article in the Globe and Mail, government subsidy has tripled and the public cost has doubled. Good thing drug plans are the most significant cost component of a group insurance plan.

The following four variables can help control the cost of drug plans and keep your company’s group premiums in check:

1. The deductible - Employers and employees can share some of the cost.

2. Co-insurance - Different drugs or drug groups can be reimbursed at different percentages to help control costs.

3. Exclusion -  Certain drugs or classes of specific drugs can be excluded.

4. Synopsis - Have your advisor create a synopsis of the policy, so you can understand, and manage your drug plan for maximum effectiveness and profitability. Some insurance companies can provide statistical reports that include details on the most commonly used drugs. It is important to ensure the reports comply with federal and provincial legislation as well as CLHIA guidelines on the confidentiality of information.

For more details on group insurance and controlling group insurance costs, feel free to visit our Group Benefits Online Quote Page. You can also contact us at 1866-899-4849.

Why Buy Life Insurance?

Why buy life Insurance? credit: Robby McKee

Maybe you are one of those people who sees life insurance as an endless money pit with no immediate benefit. After all, what exactly are you paying for? It can not be seen or grasped in your hand. For people like you, the question immediately becomes -- Why Buy Life Insurance?

Life insurance is a selfless and intangible asset. Life insurance proceeds do not benefit the insured, and the benefit cannot be seen. Having said that, life insurance can impact the lives and well being of your family for generations. The proceeds from a life insurance policy are paid out TAX FREE and the reasons to buy life insurance are numerous:

1. Replace lost income. Should the insured die and have a spouse and/or dependents, large amounts of money are needed to replace this lost revenue.

2. Mortgage protection. Canadians are under an increasing amount of debt and life insurance provides tax free proceeds to cover those debts. (Mortgage Life Insurance vs. Personal Life Insurance)

3. Final expenses. Final expenses can range anywhere from $10,000.00 to $25,000.00

4. Estate preservation. Life insurance can be a great tool for offsetting taxes on a RRSP, RRIF or other non registered investment including stocks, a cottage and investment property.

5. A tax shelter. Life insurance holds many unique tax advantaged features.

For more details, please contact us at 1-866-899-4849 or visit our Instant Quote Link.

Top Simplified Issue Life Insurance Plans In Canada

What Simplified Issue
plan will you choose
Credit: cbarbi

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

Simplified Issue life insurance is available without a medical, but unlike Guaranteed Issue, there are some health questions. Simplified Issue life insurance plans have anywhere from three to 12 health questions. The more health questions the insured can answer “no” to, the lower the premium and the higher the death benefits. Most simplified issue plans also offer discounts to non-smokers.

Below is a snapshot comparison of the top Simplified Issue life insurance plans in Canada. On all of the plans except Wawanessa Life, coverage takes effect from day one:

1. Assumption Life Golden Protection. Coverage starts from day one with Built-in and paid guaranteed cash values.  The plan insures applicants up to age 85. It also includes multi-life discounts and is very well priced among applicants over 50. There's a face amount up to $50,000.00.  The plan pays out double in the event that the insured dies by accident. $25,000.00 of coverage for a 55-year-old, female non-smoker is $65.57 a month.

2. Canada Protection Plan Simplified Life Underwritten by Unity Life. The plan is available in a life-pay option or a 20-pay option. There is a free transportation benefit. Face amounts are as high as $50,000.00 with built-in guaranteed cash values. The plan is very well priced for smokers and non-smokers, but does not cover insulin dependent diabetics. $25,000.00 of coverage for a 55-year-old, female non-smoker is $60.26 a month.

3. Wawaneesa Life Final Expense Plan. With only five health questions, the policy is paid up after 20 years or at age 85. There is an automatic loan provision available in year three. The death benefit on this plan is limited to a return of premium (plus interest) in the first two policy years. No discount is available to non-smokers. $25,000.00 of coverage for a 55-year-old, female non-smoker is $89.44 a month.

4. Industrial Alliance Perspective.  Features a multi-life discount with coverage available from day one. There is discount for non-smokers and face amounts are limited to $35,000.00. Insulin diabetics do not qualify. $25,000.00 of coverage for a 55-year-old, female non-smoker is $72.05 a month.

You can get more details by visiting our website, by visiting our Non-medical Life insurance Quote Page, or contacting us at 1-866-899-4849.

Life Insurance in Canada and the Terminal Illness Benefit

What's the difference?
Critical Illness and
Terminal Illness Benefit.

Many life insurance companies in Canada offer a terminal illness benefit as a built-in feature in their life insurance policies. It's important that terminal illness coverage not be confused with Critical Illness coverage.

A Terminal illness feature means that the insurance company will generally allow the insured to access up to 50% of the face amount when the insured is diagnosed with less than one year to live.

The terminal illness benefit will be deducted from any future death benefit payout's, and is often subject to interest. Critical Illness coverage is different from terminal illness coverage, since Critical Illness is designed to help the insured with ongoing costs related to battling a critical illness.

For more details, on terminal illness coverage please contact us at 1-866-899-4849, or visit our online Critical Illness Quote Page

Life Insurance Beneficiary Designations

Learn beneficiary distinctions.
Help yourself protect your family.
Credit: Ted Bongiovanni

Life insurance beneficiary designation can either be revocable or irrevocable.

A revocable beneficiary can be changed by the owner of the policy without the signature of the beneficiary.

An irrevocable beneficiary gives the beneficiary extra ordinary powers, so that policy changes can only be made with the signatures of the owner of the policy and the beneficiary.

This is a very important distinction and because of this, irrevocable beneficiaries are often included as part of a divorce settlement. Policy changes, such as decreases in coverage or accessing any cash surrender value, require the signature of the irrevocable beneficiary on the policy.

Beneficiaries, whether revocable or irrevocable, can also be divided into either primary beneficiaries or contingent beneficiaries. Primary beneficiaries are the person, who would receive the proceeds, if the insured were to die. The contingent beneficiary takes effect if the insured and the beneficiary were to die simultaneously.

An example of this might be a husband who names his spouse as the beneficiary, but names his children as contingent beneficiaries. This will insure the policy proceeds are paid out immediately should the husband and wife die together.

It's important that if a beneficiary is a minor, a trustee be named. The trustee should be someone with whom the insured has a strong relationship and has a solid financial background. He or she should also be someone who is of sound mind, and preferably not entering their senior years.

If you have any questions, please do not hesitate to call us at 1-866-899-4849, or you can get a quote at our Instant Quote Page.
 

HSBC Term 10 and 20 Solutions

HSBC Insurance offers Term 10 and Term 20 coverage within a maximum issue limit of $250,000.

The plans are sold directly through the HSBC website and there are no medical tests. But, as always, this convenience comes at a price, as the plans are generally priced much higher than comparable traditional Term Life plans sold through independent brokers.

Below is pricing for a 50-year-old, male non smoker:

10-Year Life Term Insurance: Guaranteed Level Term

20-year Term Life Insurance: Guaranteed Level Term

If you have any questions, or would like a comaprative survey, please visit our Term Life Instant Quote Page, or contact us direct at 1-866-899-4849.

BMO Insurance Offers LifeProvider

Get free medical advice
with LifeProvider.
Photo by Jane Liu.

Family. Work. Relationships. Life.

It can get overwhelming at times, even when it's going well. But it can all be thrown into chaos when there is an illness, or a family member suddenly requires special assistance, or a loved one passes away. Luckily, there are still places where you can turn. BMO Insurance is offering a Universal Life policy called LifeProvider.

As a LifeProvider policy holder, you will have access to a full range of counselling, guidance and referral services, right along with your family members, for as long as you keep your policy - at no additional cost.

• These services mean a friendly voice on the line to guide you to dependable social and community services.

• They mean a registered nurse, on call around-the-clock, to give you a leg up in times of injury or illness.

• They mean an online wellness resource library that you can access anytime.

• They also mean the comfort of professional counselling when coping with loss.

• And much more!

Best of all, it's completely private. All contact is held in the strictest of confidence, so you can rest assured that your privacy will be protected.

If you're interested in BMO's LifeProvider, or any other universal plan, please visit our Universal Life Quote Page and call our office at 1-866-899-4849.

Canada Protection Plan: Simplified Life vs. Deferred Life

Find the plan
that's right for you.
Photo by Ben W.

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

Canada Protection Plan is a Canadian company, which is a leading provider of non-medical life insurance solutions, underwritten by Unity Life.

They offer simplified life plans and deferred life policies.

The difference between these policies is as below;

The Simplified life policy
-Plans provide coverage from day one
-offers a wider range of health questions
-Simplified is not available to diabetics requiring daily insulin injections or applicants with chronic kidney disease. These individuals would qualify for the deferred life plan.

The Deferred life Policy
-The number of questions is much more limited (only 6 health questions)Therefore, individuals with more significant health issues can qualify for the deferred life plan.
-The death benefit is limited to a return of premium plus 3% interest in the first 2 policy years for accidental deaths.

• Both plans are available without medical tests and doctors reports.

• They also offer a choice of life pay or 20-year pay payment options.

• Both plans also feature accidental death, hospital cash and a children's term benefit option.

For more details on Canada Protection Plan's, non-medical policy, or any of the other non-medical life insurance plans in Canada, please contact us at 1-866-899-4849, or visit our Non-medical Life Insurance Quote Page.

Non-Medical Final Expenses Plan: 5 Questions and You Qualify

Applying for life insurance
just got easier
 

Wawanessa Life has a non-medical final expenses policy that makes applying for life insurance easy.

The plan features include:

• Applicants 45 to 75 can apply

• No medical Tests

• Four coverage increments

Premiums are guaranteed level and the plan is paid up in 20 years.

Just answer the following five health questions:

1. Within the last two years, have you had a stroke, heart attack or been advised to have heart surgery?

2. Within the last three years, have you consulted a physician for, or received treatment for cancer?

3. Within last three years, have you been declined for life insurance by Wawanessa Life or any other life insurer?

4. Have you been diagnosed, treated for, or had any indication of AIDS or an AIDS related complex?

5. Are you currently restricted to a wheelchair, bedridden, hospitalized or confined to a nursing facility?

If you answer "Yes" to any of the above, coverage will not be available.

The plan is very well priced for smokers, since smokers and non smokers pay the same rate.  The premiums for $25,000 for a 60 year male $132.48 a month for a female $108.07 a month.

For more details you can contact us at 1-866-899-4849, or visit our Non-medical Life Insurance Quote Page.

Why Life Insurance Can Be Ideal for Final Expenses

Grandma's hand
Photo by Jimmy Davao

No one wants to leave their family holding the bag when they pass on, not with bills, debts and funeral expenses. This is why Life Insurance can be an ideal fit for final expenses. The following benefits are hard to ignore:

1. The death benefit is paid out tax-free. Life insurance proceeds are paid with after-tax dollars. Hence, the  benefits are paid out on tax-free basis.

2. Funeral expenses in Canada are on the rise. According to Reuters News Service, the average funeral in Canada can cost anywhere between $8,000 and $10,000.

3. Many life insurance policies set-up for final expenses are available for less than $1 a day.

4. Life insurance can be set up with a gradually increasing death benefit, giving the insured an edge against inflation.

5. Many life insurance policies are now available without medical tests. The one caveat is, these policies generally have a higher premium than traditional life insurance policies.

If you have any questions or would like a quote, please contact us at 1-866-899-4849 or visit out traditional Life Insurance Quote Page, or our Non-medical Life Insurance Quote Page.

Long-Term Care Insurance: An Under-Served Market

Are advisors missing an opportunity
with Long-term Care insurance?
Photo by Edwin Kelly Tofslie

Recent statistics compiled by the Life Insurance Marketing Research Association [LIMRA], and published in the January 2010 issue of the Insurance Journal,  have shown that there were only 7,847 long-term care policies sold in 2008 - marking a decline compared to the previous year. In total, there were only 60,000 long-term care policies in-force in Canada at the end of 2008, accounting for $80 million in annual premiums.

Since there are 85,000 advisors licensed to sell insurance in Canada, the Journal's stats reveal that the average advisor sells less than one long-term care insurance policy per year.

One reason for the low buy-rate could be the fact that Long-term Care costs are on the rise:

Extensive long-term care costs an average of $5,000/month in provinces where the care isn't entirely subsidized by the government. Combine that with increasing cutbacks in service delivery nationwide, and the costs will only go up.

You can get a free analysis of the different Canadian long-term care insurance policies by getting our Long-term Care Insurance Report or visiting our Long-term Care Quote Page. Additionally, you can contact us at 1-866-899-4849 for more details.

5 Reasons It Makes Sense to Insure Children with Life Insurance

It may make sense to insure your kids
photo by Kipp Jones

Putting a life insurance policy on a child may seem like just something insurance broker parents do to collect an easy commission. After all, they have no dependents and they're expected to out live those that raise them. Not so fast, there is a method in the perceived madness. 

The following are 5 reasons why insuring a child can make sense:

1. Allows parents and grandparents to leave a financial legacy to their children and grandchildren

2. Affordable premiums guaranteed for life

3. Policy can be have limited pay periods i.e. Plan can be Paid-up insurance after 20 years

4. Any dividends, under a participating whole life policy can grow tax sheltered within the policy

5. Dividends can be used to increase coverage and cash value and accumulating cash value will allow for future borrowing needs

For more details contact us at 1-866-899-4849, or visit our Whole Life Instant Quote Page.

Canada Protection Plan Deferred Term Life Policies

 Don't Despair.
You can still qualify for life insurance
even with a poor health history.
Photo by Drew Herton

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

Canada Protection Plan, underwritten by Unity Life, is one of the leading providers of simplified-issue term life policies. Their Deferred Term 10, Term 20 and Term 100 policies are only available without a medical and have a limited number of health questions.

The applicants can qualify for the plan, even if they have been treated for some of the following ailments:

Heart disease, stroke, bypass surgery, coronary artery disease, high blood pressure not controlled by medication, chronic liver disease, Alzheimer's disease, dementia, multiple sclerosis, suicide attempts, chronic respiratory conditions (requiring the administration of oxygen), diabetes (requiring daily insulin injections), angina, or severe chest pains.

The policies are available in Term 10, Term 20 and Term 100 type plans.

The following is sample pricing for a 45-year-old, male non-smoker at $100,000.00:

Deferred Term 10 coverage: $40.95/month.

Deferred term 20 coverage: 55.35/month.

Deferred term 100 coverage: $170.19 a month.

The premiums on the above plan are fixed for the stated term. The death benefit in the first two years is limited to non-accidental death with a return of premium plus 3% interest.

For more details, please contact us at 1-866-899-4849, or visit our Non-medical Life Insurance Quote Page.

Empire Life Announces Enhancements to Class Plus Plans

As of December 31, 2009, Empire Life has introduced additions to its Class Plus investment product.

The first being the extension of the bonus period past the first 15 years to the lifetime of the annuity. Now, you will be able to receive a 5% annual income base bonus every year as long as no withdrawals are made that year.

In addition, you will be able to receive your Lifetime Withdrawal Amount a full year earlier. Previously, you could only get it the year after you turn 65 and now you can receive it the year of your 65th birthday.

The new enhancements apply to contracts currently in-force and new Class Plus contracts. If these new rules appeal to you, feel free to give our office a call at 1-866-899-4849.

La Capitale’s Exceptional RRSP Rate (5-year + GIC)

Retirement should be easy.
Credit:  tldagny

La Capitale is ushering in a great five-year RRSP Rate with a GIC. The package matures in May 2015.

Rates

• 3.75% in the first year.

• 3.25% in subsequent years.

• 3.35% is the average rate.

• $500 is the minimum investment.

• $500,000 is the maximum investment.

The plan is available for registered and non-registered accounts, if you are interested please call our office at 1-866-899-4849 to investigate this, or other RRSP possibilities. 

Blue Cross Disability Insurance: It Can Happen to You

Disability can happen to anyone,
young or old.
Photo by Pablo Prez.

According to the Toronto Sun, Paul Thomas was enjoying a day at the beach in July 2009, when navigating the sloping Simcoe WaveDeck proved to be too much for him to handle. The 47-year-old severed a tendon in his left leg and suffered a partially broken kneecap when he fell after trying to descend from the deck's first wave and up to its next highest level.

"I haven't been able to work at all," Thomas told reporters. "It's just devastated my life."

The Sun article went on to detail Thomas's plans to file a lawsuit against Toronto City Hall likely for pain, suffering and lost wages. All things he wouldn't have to worry about had he invested in disability insurance before his accident.

One option could be Blue Cross's Global Vision Disability Plan, which offers accident plans for the worksite or at home, or you can find the disability plan that will best suit your situation and budget by visiting our Disability Instant Quote Page. You can also contact our office by calling 1-866-899-4849.

Life Insurance and Natural Disaster

Thousands of Canadian Haitians are holding their collective breath waiting for word on the fate of their friends and family, while the rest of us are counting are lucky stars that the same potential fate didn't befall us.

Haiti Earthquake by UNDP

According to the United Nations Environment Programme's Global Environment Outlook, earthquakes are among the most expensive natural disasters, along with floods and windstorms. Earthquakes accounted for 30% of all damage by natural disasters from 1950-2001. Howver, they account for only 9% of the human cost, paling in comparison to famine, which killed 42% of people, but accounts for only 4% of the total damage over those years.

While only 75,252 lives were lost per year in the 90s, as opposed to 86,328 annually in the 80s, an average of 211 million people a year touched by natural disaster in the 90s -- up from 147 million in the 80s.

There are three times more natural disasters now than there ever were in the 1960s and the economic impact has increased by a factor of nine over the same period.

With the prevelence of natural disasters skyrocketing and the amount of lives effected increasing by the decade, one can't help but think of how to protect their family's future in case they find themselves caught in nature's fury.

The good news is, all five major Canadian insurance companies we surveyed will cover death in the event of a natural disaster. The one caveat is, the natural disaster cannot occur in a place that already has a travel exclusion--like a war zone.

Get your own free insurance quote at our Term Life Instant Quote Page, or call the office at 1-866-899-4849.

Guaranteed Issue vs. Simplified Issue: A Snap-Shot Comparison

Guaranteed-Issue, Simplified Issue
What's the difference?
Credit: Lee

There is much confusion when it comes to non-medical life insurance. Many people assume that non-medical life insurance means that there are no health questions whatsoever. Some policies do fall into this category. However, non-medical life insurance can generally be broken down into two categories:

1. Guaranteed-Issue Coverage, where there are no health questions, and no medical tests.

2. Simplified-Issue Coverage, where there are a limited number of health and lifestyle questions and there are no medical tests.

The chart below offers a snapshot comparison between the two life insurance plans:

If you have any additional questions, you can contact us at 1-866-899-4849, or visit our Non-medical Life Insurance Quote Page.

Business By Design’s Retirement Plan for Small Business

Business By Design's unique retirement plan
may be the answer for your team.
Photo by Lee Chisholm.

Only 5% of small businesses in Canada offer a Group RRSP to their employees, which is why Business By Design has partnered with Standard Life to offer a unique group retirement benefits plan for small to mid-level business owners and their employees. The plan is marked by clear investment choices, streamlined implementation and simple administration. It is known as, Express.

Streamlined implementation process

BBD will help choose a plan that suits the needs of your business and assist in submitting your application and your employee enrollment roster to quickly get the ball rolling with little effort on your part.

Monitored Avenue Portfolio Program [MAPP]

You don't need to become a hotshot stock brocker or an investment expert because Stanadard Life manages your investment portfolio for you. Included are Standard Life's pre-packaged Avenue Portfolios, so the guesswork is taken care of.

Time saving administrative tools

Contributions, reporting and administration have entered the digital age and can all be done online in under 15 minutes per payroll period. Skip the intermediary and receive full control over your own program.

No hidden fees

There is no nickle and diming from the administrative sponsor. It's all included. You pay one Investment Management Fee [IMF] to cover the entire administration cost.

The benefits of a large scale group retirement plan for a small business

Included with BBD's plan is Standard Life's award-winning Plan for Life communication and education program. printed materials, online rate calculators and tools and support from qualified telephone specialists.

Those interested in the plan need only meet these requirements:

• Your business must have a minimum of two employees.

• It must have a minimum of $10,000 in annual cash flow.

For more information on Express or any other Retirement Benefit options, feel free to contact our office at 1-866-899-4849.

Term 100 Coverage versus Universal Life Insurance

Universal Life vs. Term 100.
Confused? Don't be.
Photo by Larry Vincent

Term 100 coverage is a very straight forward form of permanent life insurance. The premiums are level for life and the coverage remains fixed for life. Most Term 100 policies have no cash values.

Universal Life coverage is available in many formats. The cost of insurance can go up on an annual basis, allowing for higher cash accumulation in the later policy years, or you can get a level cost of insurance where the premiums and the cost remains level for life (similar to a term 100 plan).

Universal life policies, with a level cost of insurance, offer applicants the ability to put extra funds in an accumulation fund. These values can be used to generate a paid-up policy in a limited number of policy years.

The premiums on Term 100 coverage are very similar to Universal Life coverage, with a level cost at the minimum premium.

Below are examples:

$250,000.00 - 40-year-old male, non-smoker
Manulife Term 100: $117.50/month.
Assumption Life Universal Life - Level Cost at minimum premium:$120/month (Assumption Life plans also have a built-in Guaranteed Cash Value at the minimum premium)

$250,000.00 - 50-year-old male, non-smoker
Manulife Term 100: $225.77/month.
Manulife Life Universal Life - Level Cost at minimum premium:$228.65/month

$250,000.00 - 60-year-old male, non-smoker
Manulife Term 100: $437.76/month.
Manulife Life Universal Life - Level Cost at minimum premium:$449.42/month

For additional details, you can contact us at 1-866-899-4849, or visit our Universal Life Insurance Instant Quote Page.

Life Insurance for Smokers vs. Non-Smokers

Smoker by Valentin Ottone

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

Life insurance companies generally classify an applicant as a smoker if he or she has used and form of tobacco during the last 12 months. The difference in premium can be substantial.

In many instances, a smoker will pay double the cost for equivalent coverage than a non-smoker would.

Below is a look at the top life insurance companies at $250,000 of coverage for a 40-year-old male.

We have broken down five different forms of coverage: Term 10, Term 20, Term 30, Term 100, and 20-Pay life insurance.

You can get additional details by contacting us at 1-866-899-4849 or visiting our Instant Online Life Insurance Quote Calculator.

How LSM Brokers and Clients Both Win

Our brokers operate under the philosophy, that clients want to buy but don't want to be sold. Our brokers and clients both win because our team follows the principals below:

1. Under promise and over deliver. By following this mantra, clients never feel cheated. Our brokers know they can deliver on their word.

2. Independent analysis. Our brokers are not skewed in their advice and are not limited by company quotas. They work with over 13 different carriers, which insures that our clients get the best possible value.

3. Strong relationships with underwriters. Our brokers are not simply order takers. They work with underwriters from the major insurance carriers to ensure each application is looked at on its own individual merit.

4. Back-end support. Our brokers are equipped with industry leading technical and administrative support.

5. Commitment to excellence. This one is for our brokers. It means that our brokers will grow with our clients, many of whom are happy to refer them with the confidence of knowing that they will be passing along the name of an individual who provides top notch service.

If you have any questions or would like to meet with an LSM broker, please contact us at 1-866-899-4849 or e-mail us at

Underwriting Guidelines: Alcoholism is Not a Barrier to Life Insurance

A dependence on alcohol does
not have to bar you or your family
from the benefits of life insurance.
photo by "phogel"

Occasionally we take a look at those factors that mean the difference between approval and denial when it comes to qualifying for life insurance. Today, as we come back from the no doubt champagne fueled festivities that rang in the new year, we reveal that an alcohol addicted past is not necessarily a barrier to insurance -- at least, not according to the underwriting guidelines of Manulife Financial.

(Underwriting Guidelines: Alcoholism is Not a Barrier to Life Insurance continued...)