How the Brokers of LSM Are Better than Your Average Broker

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:

Can You Get Life Insurance after Having a Stroke?

A stroke has a definite impact on the insurer's ability to obtain life insurance. Traditional life insurance policies may or may not be available depending on the severity of the stroke. Insurers will need specific information about the applicant's medical history including the type of stroke, the insured's age at the time of stroke and any permanent damage resulting from the stroke, such as impaired speech and any medications taken to treat it.

Any history of pre-existing conditions that the insured may have, like diabetes or cholesterol, can also impact a person's insurability. When a stroke is combined with a negative medical history, the applicant is much less likely to qualify for traditional insurance.

Manulife Financial’s Competively Priced GIC’s

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.

Life Insurance for Bodybuilders

Most insurance companies use body mass indicators similar to this one. When underwriting life insurance applications. This can create a stumbling block to bodybuilders whose build and health levels can be very different from inactive individuals with a similar BMI.

Bodybuilders also have to be careful when answering the questions under a traditional life insurance application. Most applications do not ask questions related specifically to steroids, or other performance enhancing drugs, but their use would fall under a more general question similar to that found in an application from Canada Life. The question may be something similar to the following:

Qualifying for Life Insurance with HIV or AIDS

Most traditional life insurance companies will not offer life insurance to people with HIV or AIDS. What they don't tell you is, there is hope.

Applicants with HIV or AIDS have three options for qualification:

1) Guaranteed Issue Life Insurance asks no health questions and has no medical tests. The premiums on these policies generally quote high and the face amounts are limited.

2) Simplified Issue Coverage also has no medical tests and generally anywhere from three to 12 health questions can be available depending on how long ago applicant was diagnosed and the type of treatment he or she is receiving.

Below you'll find the wording on three leading simplified issue applications for people with HIV and/or AIDS (Assumption Life and Canadian Protection Plan both recently changed the wording of the questions on their applications regarding HIV).

Standard Life’s Ideal Term Plus

Standard Life's 10-year and 5 Year Ideal Term Fund Plus is currently among the most compeitively priced in the industry.

The plan is fully redeemable, offers all the benefits of an insured investment, including the opportunity for a pension income split, as well as the potential to double the pension tax-credit, the potential for creditor protection and the opportunity to bypass probate.

If that weren't enough, the plan offers the following additional features:

• Minimum Investment - $25,000
• No set-up fee
• Flexible terms of 5  to 10 years
• 45-day rate basis guarantee available

For more information on this new development, or to assess your own Term Insurance needs call us at 1-866-899-4849 and visit our Term Insurance Instant Quote Page.

Bank of Montreal’s Mortgage Life Insurance Policy

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.

Bank of Montreal Mortgage Life Insurance is available directly through the insured's lender.

The policies cover the outstanding mortgage balance at the time of death, up to a maximum of $600,000. A maximum of two people can be covered under the policy and the policies are underwritten by Sun Life. The premiums on the plan are based on the insured's age and the amount of his or her mortgage balance. Premiums will not increase for the duration of the mortgage even if the insured's health changes.The cost of insuring two people with joint coverage is 50% more than the cost of insuring the older of the two.

In addition, Mortgage Life Insurance premiums are included with the insured's regular monthly mortgage payments.

Term 15 Life Insurance for Seniors

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 Life Insurance policies provide coverage, which is level for the first 15 policy years. Most plans are guaranteed convertible and renewable. However, seniors may have limitations on those conversion options, as most Term life policies only offer a conversion plan up to age 65.

The following is a list of the top four carriers for $150,000 of Term 15 coverage for a 65-year-old, male non-smoker:

Comparing BMO Mortgage, Life, and Disability Insurance Vs. Individual BMO Insurance Policies

Bank of Montreal offers a mortgage, life, and disability insurance policy, which is available through the insured's mortgage lender. The insured has the option of choosing mortgage life insurance or mortgage, life, and disability insurance coverage. Mortgage disability insurance cannot be purchased on its own.

The premiums on the mortgage, life, and disability insurance policy are added to the insured's monthly mortgage payment. Individual life insurance policies purchased through BMO Insurance provide tax-free proceeds, which can be used to pay off a mortgage, other debts or to replace lost income in the event of death.

Manulife Financial’s Critical Illness Switch Program

Manulife Financial has a unique Critical Illness Switch Program, which allows the insured to convert from a Term 10 Critical Illness plan to a Term 20, Term 75 or Term 100 plan.

There are no medical tests or questions involved with the conversion. Rates are based on the insured's current age, but the premiums are based on the original plan rate if the policy is still within the first five policy years of the initial policy issue date.