Mixed Martial Arts in Canada – What Is the Risk?

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.

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:

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 Specialist

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 south eastern Ontario and parts of Quebec on June 23, 2010 at 1:41 p.m. EST?

Luckily, the magnitude was only 5.0 according to the U.S. Geological Survey, and no major damage was reported. The epicenter was 61 km north of Ottawa.

People who felt it called it "gradual rumbling, as if construction was going on on the lower floors of buildings." One woman even felt it as high as the ninth floor of her office building and our very own Lorne Marr says he felt it as well. "It was pretty small, but I definitely felt it," he said.

The quake 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

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.

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

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:

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 are:

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 are:

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.

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's 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:

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

"Hard to insure?
My team has you covered."
- Lorne S. Marr

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.

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 it's 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's 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

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:

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. (that is, a cancer of the 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."

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.

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.

Cash Value Life Insurance

Line of Credit Insurance: Is it Worth it?

Mortgage Insurance in Canada

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 resale 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."

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.

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:

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 that 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 enrolment 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.

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 2.5 times greater chance of dying than becoming disabled prior to age 65, and a 55-year-old has a 1.5 greater chance of dying versus becoming disabled prior to age 65.

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:

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.

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 one, two, three, five, or 10-year guaranteed investment account for low-risk and high-risk equity-based funds.

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, or

2) Independent Insurance Brokers.

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

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:

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're 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:

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:

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're over or under-insured. Our Life Insurance Needs Calculator can help with that process.

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 feature.

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:

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'. This 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:

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.

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.

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's why we're 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:

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:

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?

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, dloral 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:

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.

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

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.

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.

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.

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.

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.

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 is 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.

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.

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 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 broker Lorne Marr 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.

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 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.

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're buying, you may purchase the wrong plan. This could cost you and your family thousands of dollars.

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:

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:

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)

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:

BMO Insurance’s Business Guaranteed Insurability Option

A new rider
for business owners.
Credit: Lindsey Lissau

There's 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.

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.

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:

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.

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 cognative degeneration.

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:

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:

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've had a stroke dosen'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:

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:

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.

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
 

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:

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.

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:

Why Buy Life Insurance?

Why buy life Insurance? credit: Robby McKee

Maybe you're 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:

Top Simplified Issue Life Insurance Plans In Canada

What Simplified Issue
plan will you choose
Credit: cbarbi

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:

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 (usually they will state a specific maximum) when the insured is diagnosed with less than one year to live.

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.

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:

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's 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.

Canada Protection Plan: Simplified Life vs. Deferred Life

Find the plan
that's right for you.
Photo by Ben W.

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.

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.

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:

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.

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:

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

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:

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'll be able to receive a 5% annual income base bonus every year as long as no withdrawals are made that year.

In addition, you'll 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're 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.

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.

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:

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.

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 where 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.

Life Insurance for Smokers vs. Non-Smokers

Smoker by Valentin Ottone

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.

How LSM Brokers and Clients Both Win

"Our team is happy
to advocate on your behalf."
--Lorne S. Marr

Our brokers operate under the philosophy the 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.

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...)