Whole Life Insurance Tips

How do Whole Life Insurance Dividends Work?
Whole life insurance provides coverage for the policyholder’s lifetime. The policies can be divided in two categories: participating and non-participating.

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25 Comments

doreen jones 07/23/2008 at 9:17 pm

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
LSM Insurance 07/24/2008 at 8:35 am

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
dvira 07/31/2008 at 6:00 pm

What do you think about the non medical life insurance plans you see on TV?
LSM Insurance 07/31/2008 at 10:06 pm

Hi Dvira,

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

link to lsminsurance.ca

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
RONALD 11/27/2008 at 4:57 pm

PLEAS INFORME ME ABOUT THE PRODUCTS AND PAYMENT OPTIONS
LSM Insurance 11/27/2008 at 7:09 pm

Hi Ronald,

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

Best Regards … Lorne
Jennifer 03/08/2009 at 3:09 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
LSM Insurance 03/08/2009 at 3:28 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 link to lsminsurance.ca
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
vikas 04/05/2009 at 2:33 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
LSM Insurance 04/05/2009 at 4:03 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
Jason 06/07/2009 at 11:06 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.
LSM Insurance 06/08/2009 at 11:58 am

Jason,

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

Regards … Lorne
Raymond 12/03/2009 at 6:28 pm

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?

LSM Insurance 12/04/2009 at 9:29 am

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
Jerome 03/26/2010 at 11:14 am

I’m currently 25 years old and remember purchasing whole life insurance 10 years ago. I still have 15 years to pay my premium and I’m covered for life. I have been told that I also have an option for withdrawing the money after 25 years if I want to. Is this true? Not sure if I made a wise decision to jump on a whole life insurance at an early age. However, it’s the cash value that I can have after 25 years that got me. Please advise. Thanks.
LSM Insurance 03/26/2010 at 11:35 am

Hi Jerome,

Thanks for the note. There is definetly some value into locking into a 15 year old rate you are protecting against future health changes.

Non particpating whole life policies have a guaranteed cash value and participating whole life policies have a guaranteed cash value and dividend. You can withdraw the guaranteed cash value as a loan or on surrender. Dividends you can withdraw with or without a loan on the policy or if you surrender the plan.

The cash value will differe from policy to policy but you can request an inforce illustration which projects future cash value from your broker or the insurance company. I hope this helps!
Arezoo 02/02/2012 at 2:51 pm

Hello
I have Term 20 joint life insurace started about 7 years ago. I didn’t know at the time that I could have Wholelife insurance that I could get the premium back when I get 65 (assuming not to die by 65 years old). Is it possible to switch that to whole life and whether it is wise to do so? I am 37 right now and joint with my husband who is 43. We also have a 9 year old son. Thanks!
LSM Insurance 02/02/2012 at 5:58 pm

Thanks for the note. Your policy should allow you to convert the coverage without a medical. It may make sense to convert all or part of the coverage depending on your budget and if you have a Permanent life insurance need.
Francis 03/15/2012 at 1:50 pm

My wife (50) and I (55) just cancelled a term life insurance because we prefer whole life (non term) policy. We’re non alcohol tasting/non-smokers with no known health/medical issue. Could you give a quote and advise. Thanks.
LSM Insurance 03/15/2012 at 5:22 pm

Hi Francis,

We are happy to help. Your old Term plan may have a conversion provision that allows you to convert without a medical. The premiums will depend on the type of Whole Life Plan and the Face Amount.
maria 04/28/2012 at 8:57 pm

hi.i got a whole life insurance that i will pay for 10yrs. i just want to know if after paying for 10yrs, am i still covered for life? thanks.
LSM Insurance 04/29/2012 at 8:36 am

As a rule of thumb Whole Life policies never expire. If you have a guaranteed Whole Life 10 Pay policy. The premiums stop after 10 years and the plan is paid up meaning you remain covered for life.

You would have to check tyhe policy to see if it specifies this.
WL 07/20/2012 at 6:05 am

Thanks for sharing your tips in whole life insurance.
Cao 07/31/2012 at 8:38 pm

Hi!I’m 44,my wife 42,Kids 14,11. what kind of life insurance we should buy.Thanks for the advice in advance.
LSM Insurance 08/01/2012 at 12:07 pm

The rates will depend on your smoking status, type of Whole Life plan and the amount of coverage.

Whether it is a Participating or Non Participating, limited pay or life policy.

We will send you a separate email now.

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Whole Life Insurance Tips

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25 Comments

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