Term Life Insurance Tips

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  2. A Closer Look: Term 20 Life Insurance
    Just because Term 20 Life Insurance policies are generally straightforward, doesn't mean there aren't some nuisances.

  3. Be Careful When Replacing Your Life Insurance
    The life insurance business has some minuses. Here are six questions you should ask yourself before replacing an existing life insurance policy with a new one.

 

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Chantal Marr is a member of the Independent Financial Brokers of Canada.
Much of her success stems from her ability to listen to her clients' needs.
Read Chantal's background.

53 Comments

  1. angelo Macatula 04/08/2008 at 4:34 pm

    extend or renew my term insurance at Primeamerica

  2. Ken Gran 02/20/2009 at 9:04 am

    I am a 64 year old male.
    I do have diebetis it is well under control
    with diet and pills.
    I had a stint put in me beginning of Dec 2008.
    Doc’s say I am as good as new. Feel that way
    would like to know what a 10 year term would run me for $100,000.

    thank you

    Ken Gran

  3. LSM Insurance 02/20/2009 at 9:41 am

    Hi Ken,

    Thanks for the email. I think we should be able to help. I’ll send you a seperate email shortly.

    Regards .

  4. (Edward) James Seaborn 02/24/2009 at 10:30 pm

    Good evening. I am a 66 year old male. I just had my annual medical two months ago with the results being everything in great shape (except I am getting more ugly as the years go by.) I hope this is not a criteria for acceptance.
    Two (or) three questions, please:
    I am not sure how the term policy works. Is it that a certain amount ($10,00)for a certain period of time (eg. 10 years) and then terminated? Is the payment cost of this policy more than the Whole Life policy? Is there an age restriction for coverage on either of these two policies? I regret, and even apologize for leaving such an important matter to the extent that I have. Back to the medical aspect, I am sure I can get a copy of my medical report from my doctor if youshould require it.

    As you can surmise – I love to talk. So on this note, I will close.

    I anxiously await your response.

    Thank you.

    Yours truly,

    E. James Seaborn

  5. LSM Insurance 02/25/2009 at 9:47 am

    Hi James,

    Thanks for the note.

    The cost of a Term policy starts off lower than Whole Life plans but increases as you get older and the plan generally expires at age 80. Some companies have Term plans to age 100 but the vost gets extremely expensive in the later years.

    Whole Life plans are higher cost initially but the cost remains level for your lifetime. The insurance company usually writes your doctor to verify your healthy (they pay the doctor directly for the cost of any reports that need to be completed)

    Based on you age and health you should qualify for either plan.I will also send you a seperate email. Thanks … Lorne

  6. Billie 05/16/2009 at 11:25 pm

    Hi,

    I’m a bit young only on my mid twenties, though I already purchase a Life Insurance; which is under Industrial Alliance..Then, is it okay to transfer it to Primeamerica…
    Can you give some points please for me of what to do. Thanks alot

  7. LSM Insurance 05/17/2009 at 10:57 am

    Hi Billie,

    Thanks for the note. You can not transfer life insurance from one company to another.

    The other agent is having you replace your existing policy with a new plan. Generally this is not in your best interest especially if you have a Permanent policy with Industrial Alliance.

    If you need more coverage you are usually better off simply adding to your existing plan.

    I hope this helps. Regards … Lorne

  8. Ed 06/28/2009 at 11:02 am

    I am looking for a life insurance for the sum of about $100,000. I am turning 60 in the fall and my last term is now up. I am not satisified with the premium they were charging me. I am a diebet and I am on pills. I am still working as a long distance truck driver.Could you please get me quotes for this whether term or whole. Thank you.

  9. LSM Insurance 06/28/2009 at 12:30 pm

    Hi Ed,

    Thanks for the comment. We are happy to try and help out. I’ll send you a email now. Regards …

  10. Renee 07/20/2009 at 1:53 pm

    My husband is 62, a mild diabetic taking pills. He was also diagnosed with early stage asbestosis. Currently, he is covered by Empire Life with convertable term insurance. It is up for renewal and the premiums have tripled. Coverage offers death benefits of $300,000 on my husband, and $200,00 on myself, as it was a family plan, that originally included our three sons, who are now adults.
    Are you able to provide insurance for us? If so, please estimate the costs, and suggested coverages.
    Thank you,
    Renee MacKenzie

  11. LSM Insurance 07/20/2009 at 5:54 pm

    Hi Renee,

    You may be better off converting the existing plan to a Permanent plan as conversions can be done withour a medical.

    I will send you a separate email on this. Thanks … Lorne

  12. janet 07/29/2009 at 3:06 am

    my father is 64 yrs old an just had a feeding tube put in his stomach he is not able to swallow anything it goes stright to the lungs that y he got the feeding tube so he can be feed throu it. other then this he is doing good. what kind of insurace can we get to cover his debt lefted behind. he is thinking he owns 100,000 an still paying on things til he cant or he is gone to heaven then its me lefted to cover the rest. i need him to have some kind of pretection to give me peace of mind at the end of time. can you direct me if so please contact by email an list his name in subject robert thanks

  13. LSM Insurance 07/29/2009 at 9:01 am

    Hi Janet,

    Sorry to hear about your father.

    Traditional life insurance will likely not be an option. The Edge has a non medical life insurance policy that has no health questions.

    The death benefit is limited to a $25,000 Maximum and the insured only receices a return of premium plus 10% interest if he/she dies in the first 2 years. The plan pays out in full thereafter. Regards

  14. Roy 08/22/2009 at 6:08 pm

    Hi Lorne I am a 60 yr old male my wife is 54 yr’ old we are in Antigua W.I. spending time with my wife mother we will be back in canada soon what is the quote on term life ins for us for a $200,000 for myself and my wife I mean monthly fees please let us know we need to get some insurance.
    Thank You.

  15. LSM Insurance 08/23/2009 at 12:44 pm

    Hi Roy,

    Thanks for the note. I will send you an email now. Regards

  16. Jerri 08/28/2009 at 1:04 pm

    My husband is 66 and we need to start paing the premiums on whole life ins. purchase 19 years ago. $3000 a year will take him to age 85. Is this reasonable or would he qualify for 25 year term ins. and what would that run him? Existing polocy is for $150,000. Thank you

  17. LSM Insurance 08/28/2009 at 5:32 pm

    Hi Jerri,

    Thanks for the note.

    Term 25 coverage would not be available for someone age nearest 66. He could do $150,000 of Term 100 coverage (level premiums for life). The lowest annual premium would be $4,758.00 a year with Empire Life.

  18. carol harley 08/31/2009 at 4:02 pm

    Looking for term insurence for my son who is 50
    Is it possible to buy insurence on some one else’s life???

  19. LSM Insurance 08/31/2009 at 5:36 pm

    Hi Carol,

    Thanks for the note. Yes you can buy insurance on someone else as long as their is an insurable interest. The insurance company would require your son to complete the application and any necessary medical requirements.

    Regards … Lorne

  20. Tracy 09/09/2009 at 4:23 am

    Hi Lorne, I am a 28 year old female and I am looking to get life insurance as I’ve just had my first child. I am in perfect health, non-smoker. My main concern would be making sure my childs expenses e.g. university would be taken care of if something were to ever happen to me. I have no clue what to look for or what kind of insurance I need. With my budget I can comfortably spend between $100 and $150 per month but anything cheaper would be very welcome!

    Thanks,

    Tracy

  21. LSM Insurance 09/09/2009 at 12:35 pm

    Thanks for the note. I will send you an email now. Regards … Lorne

  22. wayne 11/02/2009 at 6:53 pm

    i already have term life insurance , but i am paying way to much. i am looking for 150,000 worth of term to life. i lost my father and then 6 months later my wife walked out. needless to say i was stressing a little. if you can beat there price, you are in.
    thanks wayne

  23. LSM Insurance 11/02/2009 at 7:12 pm

    Hi Wayne,

    I’m happy to help out. The rate will depend on your age, lifestyle, smoking status and health. I will send you a separate email shortly. Best Regards

  24. Diane 11/03/2009 at 11:50 am

    I am looking for a $5,000 – $10,000 dollar life insurance policy for my 85 year old mother. She is in good health.

  25. LSM Insurance 11/03/2009 at 12:08 pm

    Hi Diane,

    Thanks for the note. Your mother is to old for a Term plan but both traditional life insurance simplified issue (i.e no medical) whole life policies are available for your mother.

    I will send you a separate email now. Regards

  26. Muhammad 11/03/2009 at 7:35 pm

    I am 42 a non smoker, non-alcoholic male, Weighing 80 KG on height of 5 ft 10″, thinking about having a term life policy of 300,000.
    My cholesterol use to be a little bit elevated and I also have a Sleep apnea which is very well managed by use of CPAP that I use every single night and am very comfortable with it. I also have occasional acid reflux problem for which I am prescribed Prevacid that I use whenever required.
    Kindly help me getting the best possible rates

  27. LSM Insurance 11/03/2009 at 9:05 pm

    Thanks Muhammad. I’m happy to help out – I’ll send you a separate email shortly. Regards … Lorne

  1. Abdul 12/30/2009 at 11:18 pm

    Hi, i already have term life insurance for $100000 and will expire 2013, now i am 59 years, non smoker, non-alcoholic male, Weighing 80 KG on height of 5 ft 10?, thinking about having a term life policy of 100,000, My cholesterol, blood preasure are normal,no medication.
    looking for $100000 for 10 or 20 years

    Munaf

  2. LSM Insurance 12/31/2009 at 11:19 am

    Hi Abdul,

    Thanks for the note. Assuming you don’t have any other health issues and have good family history you could qualify for preferred rates.

    I will send you a separate email now.

  3. Laurie and Joan Beaulieu 02/27/2010 at 12:18 am

    we are very underinsured – have accidental death ins. on both of us for $50.000 and only l policy for regular term life for $20,000 on husband. we need a overview of our ins. and a more practical ins. policy set up.

  4. LSM Insurance 02/27/2010 at 4:51 pm

    Hi Laurie and Joan,

    Thanks for the note. We are happy to try and help I’ll send you a separate email now.

  5. Margaret 04/11/2010 at 1:46 pm

    Im 47 years ,single mom of two teenagares. I dont have any insurance .Im a non smoker ,and in good health im looking for a life insurance and disability .can you help me?

  6. LSM Insurance 04/11/2010 at 2:48 pm

    Hi Margaret,

    Thanks for the note. Several companies we work with offer combination life and disability plans. We are happy to help out I will send you an email now.

  7. Jalene 05/12/2010 at 12:18 am

    My husband is self-employed without life insurance. He is a non-smoker, non-drinker and is 58 years of age, few pounds overweight, but in relatively good health. I have life insurance thru my employer but we have never looked into life insurance for him. I do not understand the different types available or what would suit our needs. If you could forward some information to review, I would appreciate it.

  8. LSM Insurance 05/12/2010 at 10:18 am

    Thanks Jalene – We will send you a separate email now.

  9. Rozalia 06/26/2010 at 9:14 pm

    Hi,
    I,m 57 years old female a non smoker and in good health.64 kg and 156 cm.
    I,m looking for a LIFE Insurance $100.000 /20-25 yeas/ and DISABILITY Insurance $1.500/moth to 5 years benefit period.
    Occupation Class BB
    Can you help me please!!

    Tank you so much.

  10. LSM Insurance 06/27/2010 at 2:38 pm

    Thanks for the note. We are happy to help and will send you an email now.

  11. Aya 08/21/2010 at 1:24 pm

    Hi,

    Both my husband and I are 40 y.o.,non-smoker, no bad health condition…we each have 100,000 universal life with Industrial Alliance and 500,000 Term with Empire LIfe. Is a move to another company for a Term 35 an advisable ?

  12. LSM Insurance 08/23/2010 at 4:39 pm

    Thanks for the note. There are many variables before replacing an inforce policy (it is often not in your best interest). We will send you a separate email now.

  13. David P 09/01/2010 at 7:12 pm

    Hello,

    You might say I am in a unique situation: I’m a total loaner – no family, no friends. Of course my being 67 isn’t that unique, but certainly a drawback. I also not unique that I have certain health issues at my age, such as having had a Stent. Notwithstanding, I am on an extremely healthy regimen, including diet and exercise. I ride a bike 8.7 miles per day for instance. Anyway, I am simply trying to arrange things so that my estranged family of about 30 do not have to be involved at all. I have orderered a Casket from a Trappist Monestery; I’m making payments on a burial site; I’m writing my own (pro-life) Advanced Directive compared to all the pro-death ones I’ve perused. Finally, I would like to get some term life insurance. I would like to get $10,000 for 15 or 20 years; but I can’t afford more than about 50/Mo. Could you give me some specific figures? Most appreciative.

  14. LSM Insurance 09/02/2010 at 1:46 pm

    Thanks David – we appreciate your candor and we will be in touch shortly by email with a quote.

  15. valida lamirande 09/20/2010 at 2:32 pm

    I am going to be 73 in Nov. i would like to know if i can have a policy for my credit accounts so my children will not have to pay them after death..I am in good heath non smoker

  16. LSM Insurance 09/20/2010 at 2:49 pm

    Thanks Valida, We are happy to help and will send you an email now. Regards, Lorne

  17. Marilyn 01/14/2011 at 11:52 am

    I am shopping for life insurance for my common law husband. He is 57 yr. & has no health issues & a non-smoker. Not sure what plan is best. Would you send me advisement on what plan type to go with traditional, term or non-medical. I’m thinking $100,000 coverage.

  18. LSM Insurance 01/17/2011 at 10:09 pm

    Thanks Marilyn, we will send you a seprate email now. Regards,

  19. janice 02/18/2011 at 8:19 pm

    Can yo sen me some quotes for a term life and also can you advise me if a term life policy would be the best type of policy for me, seeing as how I have no health problems.

  20. LSM Insurance 02/19/2011 at 12:58 pm

    Thanks for the note Janice. Your premiums will depend on the your age, smoking status, amount and type of plan. You can contact us at 1.866.899.4849 or email us at info@lsminsurance.ca

  21. Dianne 03/02/2012 at 2:28 pm

    my husband is 62 and in great health (non-smoker). I would like to start a life insurance policy for him. Has never had a policy as he was covered by my work plan. I recently retired (after 30 years) and that coverage is no longer available to him (but remains in effect for me). Looking for something affordable.

  22. LSM Insurance 03/02/2012 at 4:54 pm

    Thanks Dianne. We are happy to help – the rates will depend on the type of plan (Term or Permanent) and the amount of coverage. We will send you an email shortly. Regards, Lorne

  23. Joanna 03/14/2012 at 12:30 pm

    Hello,

    My husband and I are looking for term life insurance for 20yrs. We are also looking for critical illness for both of us.

    I: female 34yrs, never smoked
    Hubby: Male, 37, smoke free for over 2yrs

    Also what happens to the term life insurance premiums if not claimed at the end of the term? Thanks.

  24. LSM Insurance 03/14/2012 at 1:21 pm

    Thanks for the note. Most renewable term policies do not have a return of premium option so if you do not die the premiums would go up at the end of 20 years if you want to maintain the coverage.

    Critical Illness policies can come with a return of premium. There is an extra cost associated with this rider.

  25. Julie 05/14/2013 at 10:58 am

    Hi chantal
    Ian 57 years old on high blood pressure
    I have 400,000 of term and 30,000 of Ul life
    Insurance the term policy will be expired in 2018
    So I considering buying some more life or term now maybe 70,000 life and 150,000-200,000 term
    Is this a good idea What do you recommend
    Want to leave money for my Children young adults
    and I have grandchildren also
    Ps reply soon

  26. LSM Insurance 05/14/2013 at 3:01 pm

    Hi Julie,

    Thanks for the note if you just have high blood pressure and its under control you should still be able to get life insurance at standard rates.

    A Permanent policy will ensure you have money for your Grandchildren but it’s hard to say which scenario is best without speaking with you and looking at your overall goals and needs. If you do decide to switch you should make sure your new plan is in force before applying for something new.

    Please contact us at info@lsminsurance.ca or 1-866-899-4849 if we can assist further.

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