Whole Life Insurance Tips

How do Whole Life Insurance Dividends Work?

How do Whole Life
Insurance Dividends Work?
phot by Lobster Stew

Apply now for whole life insurance.

14 Responses to “Whole Life Insurance Tips”

I just turned 65 in June and existing insurance policy cancelled due to my age, did not realize it had an end date.

Unfortunately I do not have a lot of cash to make huge monthly payments.

I need approximately 50 - 100,000 insurance to leave my beneficiary in the event of my death.

Unfortunately I also have a couple of health issues which are being controlled with medication, blood pressure and cholestrol. The blood pressure is a brand new symptom but is now controlled. Also I am a smoker attempting to quit.

Can you help in any way?

thank you

doreen jones thought on July 23rd, 2008 9:17 pm
Hi Doreen,

Thanks for your questions. I’m sure we can help out.

The premiums are a function of your age, health, smoking status and plan type. I will send you some quotes in a seperate email.

You can usually qualify for a traditional life insurance plan at standard rates if your high blood pressue and cholestrol are under control with medications.

In the event you are not approved you could apply with for a non medical plan but these plans have a higher premium and the death benefits are generally limited to a return of premium plus interest in the first two policy years. Lastly regarding quitiing smoking to qualify for non smoker rates you would have to be tobacco free for 12 months - this includes tobacco substitute products like nicorette.

Best Regards … Lorne

lorne thought on July 24th, 2008 8:35 am
What do you think about the non medical life insurance plans you see on TV?

dvira thought on July 31st, 2008 6:00 pm
Hi Dvira,

You might find the article below interesting it discusses medical exams.

http://lsminsurance.ca/tips/medical/medical-tests-and-life-insurance

You should only apply for a non medical life insurance plan if you can’t qualify via the traditional application process. Traditional life insurance provides a much better value. Non medical life insurance plans carry higher premiums, lower face amounts and often have a limitation on the death benefit in the first two policy years.

Also please keep in mind the premiums can vary significantly among non medical life insurance policies.

Regards … Lorne

lorne thought on July 31st, 2008 10:06 pm
PLEAS INFORME ME ABOUT THE PRODUCTS AND PAYMENT OPTIONS

RONALD thought on November 27th, 2008 4:57 pm
Hi Ronald,

I’m happy to help out - I’ll try and contact you now.

Best Regards … Lorne

lorne thought on November 27th, 2008 7:09 pm
Hi Lorne
Well im a single mother age 24 and a mother of a 3 year old little boy. people keep telling me to get life insurance, even if im 24. i know i should, considering i am a diabetic aswell… but how do i choose the best life insurance for myself, and not having to worry about my son in the future? im kinda all new to this whole life insurance thing and really im scared about it. ya stupid i know but hey. so how do i go abouts on choosing a suitable insurance? ive already looked up many companies who have life insurance and its all confusing to me lol… so thank you for ur time and hope to hear from you soon.

sincerily
Jennifer Miller

Jennifer thought on March 8th, 2009 3:09 pm
Hi Jennifer,

Thanks for your questions. There are generally two types of insurance plans. Term Insurance where your premiums start of lower and increase as you get older and Whole Life Insurance where your premiums start off higher but remain level for life.

Your premiums are based on your age, your health, the coverage amount and the type of plan you choose. You can get an instant quote at the attached link http://lsminsurance.ca/calculators/canada/term-life.php or I’m happy to help out. My contact details are below.

Best Regards … Lorne

Lorne S. Marr CFP MBA
President
LSM Insurance
2900 John Street Suite 302
Markham, Ontario L3R 5G3
Tel: 905-248-4849 Cell: 647-388-3617
Toll Free: 1-866-899-4849 Fax: 905-300-4848
lorne@lsminsurance.ca www.lsminsurance.ca

lorne thought on March 8th, 2009 3:28 pm
What is the best age of getting insurance for kids? I want to

1. Capture the lower rates now so that they have to pay lowest possible cost of insurance.

2. Today I am in good health so family medical history won’t be an issue for them if I get the insurance for them today.

thanks

Vikas

vikas thought on April 5th, 2009 2:33 pm
Hi Vikas,

Thanks for the note. The rates on life insurance for children assuming no change in health increase marginally each year as the child ages. Many permanent policies also give you the option to have the policy paid up in a limited number of years e.g. the applicant pays for 10 years and than the insured is covered for his lifetime

Therefore the best time to take out insurance for a child -assuming it works in your budget- is as soon as possible.

Regards … Lorne

lorne thought on April 5th, 2009 4:03 pm
Jennifer,

I hope you spoke to someone about getting that life insurance in place. If you’re in Canada, I’m sure Lorne will take good care of you! Get something convertible to permanent, from a strong company. You don’t want your insurer to go belly-up… meanwhile your diabetes has gotten worse and you can’t replace the coverage at any price.

Don’t delay, and don’t put it off if you’re scared. You’ve got someone depending on you.

Jason thought on June 7th, 2009 11:06 pm
Jason,

Thanks for your comment. Yes we were able to follow up with Jennifer.

Regards … Lorne

lorne thought on June 8th, 2009 11:58 am
Life insurance for Kids, as soon as possible?

Really.

How soon: at 6, 8, 10,12,16 years old?

How much financial responsibilities do kids have at that age, should something happen to them?

Who really needs to have an insurance policy, the parent or the kid?

Raymond thought on December 3rd, 2009 6:28 pm
Life insursnce is obviously more crucial for the breadwinner. But buying insursnce on s chld 1) allows him /her to lock in at low rates for his/her lifetime 2) and guatantees against changes in their future insurability. 3) some plans can be psid up in s limited number of years and hve a tax sheltered svings component

lorne thought on December 4th, 2009 9:29 am

Whole Life Insurance Tips

How do Whole Life
Insurance Dividends Work?
phot by Lobster Stew

Apply now for whole life insurance.