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: