New question in Life Insurance FAQ

New question in Life Insurance FAQ:

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

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

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EU Finances to Lose their National Identity

Photo by Rock Cohen

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

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

How can I get in contact with LSM Insurance?

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

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BankRate.com: Buying child life insurance

Photo by Yolanda Fenwick

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

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

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

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

Obesity: Tight Sleep = Loose Pants?

Photo by Lisa Brewster

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

Stress Test of the European Banks: The Hidden Surprise

Photo by Doug Sheffer

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

Life Insurance in Canada: Smoker versus Non-Smoker Rates

Smoker by Valentin Ottone

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

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

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

How long has LSM Insurance been in business?

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

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ScotiaLife Financial’s Term One Insurance

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

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

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

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

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

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

Additional differences between the two policies are:

Canadian Banks and Basel Rules

photo by Michael Pick

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

(Canadian Banks and Basel Rules continued...)

Mixed Martial Arts in Canada – What Is the Risk?

Shaolin Monks by Scott Laurent

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

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

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

New question in Life Insurance FAQ

New question in Life Insurance FAQ:

Why should I buy from LSM Insurance?

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

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(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...)