Canadian Life Insurance Companies:

News from 2012

Cash Back Life Insurance

January 21st, 2012
Silver Cascade by Garry Knight
Whole Life insurance
has a built-in cash value.
Photo by Garry Knight

Life insurance policies in Canada are primarily divided into two categories, Term Life Insurance and Permanent Life Insurance.

Term Life insurance policies have level premiums for a stated term, i.e. 10, 20, or 30 years. In most instances, Term Life insurance policies do not build a cash value.

Permanent Life insurance policies are sub-divided into three categories, Term 100, Universal Life insurance, and Whole Life insurance.

Some Term 100 life insurance policies do provide a cash value component, but most do not.

Whole Life insurance policies have a built-in cash value. In the case of Participating Whole Life policies, the cash value includes a guaranteed cash value and a dividend cash value. The dividend cash value is dependent on the performance of the insurance company itself.

(Cash Back Life Insurance continued...) | 2 comments

Disability Insurance for Seniors

January 16th, 2012
listening old man by Manuel Mc
Seniors can still
get disability insurance.
Photo by Manuel Mc

Most traditional disability insurance policies end the insurance at age 65.

The Edge Disability Policy, now underwritten by The Cooperators recently increased its coverage to age 75. The plan is available under issue ages of 18 to 69 and offers monthly benefits of $1,000 to $6,000 a month.

The benefit period can be for five years or until the age of 70. It is further reduced to 24 months when the insured turns 68. In the event that the insured becomes disabled at 74, the plan would pay out until the insured's 76th birthday.

(Disability Insurance for Seniors continued...) | 2 comments

BBD’s Diagnostic Specialist Access Insurance

January 11th, 2012
Even a small company can bring big benefits
BBD's new group plan
can bring unique benefits.

To kick off the new year, BBD (Benefits by Design) will be launching Diagnostic Specialist Access Insurance underwritten by Industrial Alliance Pacific. This product allows employees and their dependents who are on medical waiting lists longer than 21 days immediate access to diagnostic examinations such as CT and MRI scans and specialist consultations.

There are no medical exams or other evidence of insurability required, and every employee is eligible for the plan until age 74. The monthly cost of the plan is $14.50 per month for a single individual, $29.00 per month for a couple, and $43.50 per month for a family.

(BBD's Diagnostic Specialist Access Insurance continued...)

Head Office: 2900 John Street Suite #302 Markham, L3R 5G3
Office 1-866-899-4849, 905.248.4849 Fax 905.300.4848

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