Term Insurance | Life Insurance Canada

Primerica Term Life Sales Decrease in 2009

December 30th, 2009

As reported in the December 2009 issue of the Insurance Journal, sales of Primerica term life products have been decreasing.

The company's recent prospectus filed on November 5, 2009 states that Primerica sold more than 115,000 policies in the six months ending June 30, 2009, compared with more than 121,000 policies in the first six months of 2008.

The prospectus also indicates a slight decline in the average size of new policies along, with a slightly higher lapse rate. (The rate of which people cancel their policies)

You can get a free term life insurance quote at our Instant Term Insurance Quote Page, or feel free to call us at 1-866-899-4840.

Life Insurance: Underwriting and Bariatric Surgery

December 21st, 2009

We all know that North America is the heaviest continent in the world and for those who've tried dieting and exercise countless times with no success, often the only option they see for themselves is Bariatric Surgery. Even celebrities have gone under the knife, people like Carnie Wilson, Randy Jackson and Sharon Osbourne -- just to name a few.

However, even with such an invasive surgical procedure, you can still get life insurance. It's very important to be aware of the following underwriting guidelines because insurance companies will be basing their verdict on the factors below:

(Life Insurance: Underwriting and Bariatric Surgery continued...)

BMO Guaranteed Life Plus Pricing

December 16th, 2009

BMO Insurance's Guaranteed Life Plus is only available through BMO's call centre and not through its broker network. The plus with the plan is there are no health questions, but the plan does not pack a lot of insurance for your premiums dollar.

The death benefit on non-accidental deaths is also limited to a return-of-premium in the first two policy years.

The plan is available in five pricing increments and the table below lists the price at age groups spanning 40 to 75 for both males and females. If the death is accidental, the insured receives five times their coverage. Although smokers and non-smokers pay the same rates, the benefit a smoker receives is significantly lower than that received by a non-smoker. You can see how the benefits break down in our two charts for men and women below:


your age	$20		$30		$75		$100		$120
40-41	$2,900	$6,150	$4,800	$10,100	$13,500	$27,750	$18,050	$36,700	$21,850	$44,400
42-43	$2,650	$5,950	$4,450	$9,700	$12,500	$26,500	$16,700	$35,100	$20,200	$42,500
44-45	$2,450	$5,650	$4,100	$9,200	$11,500	$25,150	$15,400	$33,350	$18,650	$40,400
46-47	$2,250	$5,350	$3,750	$8,700	$10,550	$23,750	$14,150	$31,450	$17,150	$38,150
48-49	$2,050	$5,000	$3,400	$8,150	$9,600	$22,150	$12,950	$29,400	$15,700	$35,700
50-51	$1,900	$4,750	$3,200	$7,650	$8,950	$20,850	$12,150	$27,800	$14,700	$33,600
52-53	$1,750	$4,350	$2,900	$7,050	$8,100	$19,150	$11,000	$25,500	$13,300	$30,800
54-55	$1,550	$3,950	$2,600	$6,350	$7,250	$17,300	$9,800	$23,150	$11,900	$28,000
56-57	$1,400	$3,600	$2,350	$5,800	$6,650	$15,700	$9,000	$21,000	$10,900	$25,400
58-59	$1,350	$3,250	$2,200	$5,250	$6,200	$14,250	$8,400	$19,150	$10,150	$23,100
60-61	$1,300	$2,950	$2,150	$4,850	$5,950	$13,050	$8,050	$17,500	$9,700	$21,150
62-63	$1,300	$2,750	$2,100	$4,450	$5,750	$12,000	$7,850	$16,100	$9,500	$19,450
64-65	$1,100	$2,450	$1,900	$3,950	$5,200	$10,650	$7,100	$14,400	$8,550	$17,350
66-67	$950	$2,100	$1,600	$3,450	$4,500	$9,250	$6,100	$12,500	$7,400	$15,100
68-69	$850	$1,800	$1,400	$2,950	$3,950	$8,050	$5,400	$10,850	$6,500	$13,150
70-71	$750	$1,600	$1,250	$2,600	$3,550	$7,100	$4,850	$9,550	$5,850	$11,550
72-73	$650	$1,400	$1,150	$2,300	$3,200	$6,250	$4,400	$8,450	$5,300	$10,150
74-75	$500	$1,150	$900	$1,900	$2,550	$5,200	$3,500	$7,050	$4,250	$8,500


your age	$20		$30		$75		$100		$120
40-41	$6,350	$11,600	$10,250	$18,600	$28,250	$50,000	$37,600	-	$45,400	-
42-43	$5,900	$10,750	$9,500	$17,250	$26,200	$46,550	$34,900	-	$42,100	-
44-45	$5,450	$9,950	$8,800	$15,950	$24,300	$42,950	$32,300	-	$39,050	-
46-47	$5,050	$9,150	$8,150	$14,650	$22,450	$39,400	$29,900	$50,000	$36,100	-
48-49	$4,700	$8,350	$7,550	$13,300	$20,700	$35,800	$27,600	$47,150	$33,300	-
50-51	$4,400	$7,650	$7,050	$12,150	$19,350	$32,600	$25,850	$43,200	$31,200	$50,000
52-53	$4,000	$6,850	$6,500	$10,950	$17,750	$29,400	$23,650	$38,850	$28,550	$46,850
54-55	$3,700	$6,150	$5,950	$9,850	$16,300	$26,450	$21,750	$34,950	$26,250	$42,150
56-57	$3,450	$5,550	$5,550	$8,900	$15,050	$23,600	$20,150	$31,450	$24,300	$37,800
58-59	$3,200	$4,950	$5,150	$8,000	$14,000	$20.950	$18,700	$28,150	$22,550	$33,550
60-61	$2,950	$4,450	$4,750	$7,150	$12,850	$18,550	$17,150	$25,200	$20,750	$29,800
62-63	$2,750	$4,000	$4,400	$6,300	$11,900	$16,100	$15,850	$21,500	$19,150	$25,850
64-65	$2,500	$3,550	$3,950	$5,600	$10,700	$14,200	$14,300	$19,000	$17,200	$22,800
66-67	$2,200	$3,100	$3,550	$4,850	$9,250	$12,300	$12,500	$16,400	$15,000	$19,700
68-69	$1,950	$2,650	$3,150	$4,200	$8,250	$10,700	$11,000	$14,350	$13,200	$17,200
70-71	$1,750	$2,300	$2,800	$3,700	$7,300	$9,400	$9,700	$12,550	$11,700	$15,050
72-73	$1,550	$2,000	$2,500	$3,200	$6,400	$8,050	$8,500	$10,800	$10,200	$12,950
74-75	$1,300	$1,650	$2,150	$2,700	$5,650	$7,050	$7,550	$9,450	$9,100	$11,350

For more details on non-medical life insurance, please contact us at 1-866-899-4849, or vist our Non-medical Life Insurance Quote Page.

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Buyer Beware: Online Life Insurance Websites and Preferred Rates

December 16th, 2009

Numerous websites offer so-called preferred rates when quoting online life insurance rates. Many of these websites use preferred rates as their default premium in their instant quote calculators, even though less than 30% of all applicants qualify for these preferred rates.

Numerous variables can disqualify individuals from online carriers' preferred rates. These variables include:

1. Prior tobacco use

2. Height and weight

3. Cholesterol

4. Blood pressure

5. Driving record

6. Family history

7. Past substance abuse

8. Hazardous sports and occupations

9. Travel

The difference in premium between preferred and standard rates can be significant. Case and point, a 40-year-old, male non-smoker would pay $62.55 a month for 500,000 of term 20 coverage under standard rates with Equitable life. Whereas, the preferred rate would be 44.55 a month.

When online providers give the preferred rate up front, they hope to lure customers into the application process. Another problem with the online carriers is that they do not have a clear understanding of which carriers best meet risk profiles, (i.e. some insurance carriers specialize in working with diabetics or people with blood pressure or cholesterol histories.)

It's the job of the insurance broker, to best match the insured with the most appropriate plan and insurance carriers for a client's own indvidual needs and medical situation.

For more details, please visit our Term Life Instant Quote Calculator, or contact us at 1866-899-4849.

Canadian Tire Life Insurance: Conveinence Comes at a Price

December 15th, 2009

Canadian Tire started offering term life insurance, underwritten by Canada Life, in 2005. In March of 2009, they tweaked the details of the plan and began rolling out a new marketing campaign, complete with TV commercials.

On the plus side the plan is available with no medical tests but does have a series of health questions. The convenience of not having to meet with a nurse comes at a steep price.

Canadian Tire's term life plan is nearly double the cost of competing Term plans. As illustrated below, Canadian Tire's Term 5 Life Insurance Plan is twice as much as the competing term 10 plans. With competitors, you can get double the term for half the price.

Moreover, Canadian Tire premiums are only level for five years and the plan is not convertible without a medical to a permanent plan. The following is a list of rates showing how Canadian Tire Term Life Insurance stacks up with the competition:

(Canadian Tire Life Insurance: Conveinence Comes at a Price continued...)

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TD Life Insurance Leaves Something to be Desired

December 15th, 2009

TD Term life insurance has been offering life insurance for approximately 10 years Now their offering plans through their TD Life Insurance division and Transamerica Life.

The TD life plans are available on a Term 10 basis. The Transamerica policies are the same policies offered by Transamerica independent brokers, but TD agents are unfortunately limited to only selling Transamerica’s Term 10 and Term 20 policies. The application process breaks down like this:

(TD Life Insurance Leaves Something to be Desired continued...)

Term Life: Unity Life Updates Risk Structure

December 13th, 2009

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

Unity Life has updated their Preferred Term risk structure effective immediately!

They've gone from six risk classes down to four, making Class D their new Standard rate.

Also, Risk Classes E and F are now terminated, since these are borderline rates and only need to be applied at issue on a case by case basis. This means they will no longer be available for quoting, but Unity Life maintains that over 80% of their non smoker applicants are approved for preferred classes A, B and C.

To see what other term life companies across Canada are offering, visit our Term Life Instant Quote Page.