Best Term 100 Life Insurance Plans in Canada

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

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

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

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

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

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

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

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

Life insurance in Canada and Preferred Rates

Most life insurance companies in Canada offer preferred rates.

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

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

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

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

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

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

Buying Life Insurance in Canada: Five Tips to Consider

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

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

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

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

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

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

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

Disability Insurance: Cost of Living Benefit

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

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

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

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

Life Insurance for People with HIV or AIDS

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

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

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

1) The premiums are quote high

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

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

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

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

Canada Life Disability Insurance: Sale of Business Facilitator Rider

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

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

The rider states the following:

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

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

What Makes a Good Life Insurance Broker

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

Make sure your insurance advisor is:

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

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

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

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

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

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

What to look for in a Disability Policy

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

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

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

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

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

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

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

Estate Planning: Are You Prepared?

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

 

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

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

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

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

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

Life Insurance for New Immigrants

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

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

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

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

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

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