Life Insurance

Life Insurance - in the event the insured dies the policy pays out a tax free amount to the beneficiary. There are three types:

  1. Term Insurance - Insurance coverage for a stated term. This a great way to cover temporary insurance needs

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  2. Whole Life - provides permanent coverage with a guaranteed death benefit and level premiums. Plan gains value over time and is subject to investment gains and loses

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  3. Universal Life - provides permanent insurance with an optional tax sheltered investment component. Death Benefit can be level or increasing making this an excellent option for estate preservation and maximization

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If you need more information on the above policies, check out our insurance tips:

  1. Life Insurance for Children
    LSM insurance providing insurance advice and solutions for your children.

  2. Life Insurance - What The Experts Own
    What kind of products are actually used by the leaders in the world of finance and insurance business? We've asked them 5 questions to find out.

  3. Inspiring Life Insurance Stories
    The most inspiring insurance stories to ever grace the desks at LSM Insurance.

  4. General Life Insurance Tips
    General life insurance tips including a crucial article on making sure your family gets paid by the insurance company.

  5. Non Medical Life Insurance
    LSM insurance has been providing non-medical life insurance solutions for over 17 years.

  6. Whole Life Insurance Tips
    Adventages and disadvantages of Whole Life Insurance. Check out what Lorne S. Marr has to say about this kind of insurance policy.

  7. Life Insurance for Women - Two Steps to Right Insurance
    LSM insurance providing insurance advice and solutions for women.

  8. Term Life Insurance Tips
    Tips about term life insurance tips, including how to avoid getting ripped off when buying term insurance.

  9. Universal Life Insurance Tips
    How to turn the flexibility in Universal Life policies to your advantage.

  10. Group Insurance Tips
    Advantages of group insurance, including employee retention and lower premiums. Does Group Insurance make sense for your company?

  11. Critical Illness and Disability Insurance Tips
    Canadians are more likely to experience critical illness than to die before age 75. So get the right insurance now while you're healthy.

  12. Life Insurance Medical Tips
    What kind of life insurance to buy if you are in shape and what kind of coverage to seek if you're not.

  13. Mortgage Insurance Tips
    Mortage insurance versus life insurance: why mortgage insurance is almost always a much worse deal.

  14. Investment Tips
    Tax saving and investment tips. How you can buy your insurance almost tax free in many cases.

  15. Find Out What Your Provincial Health Plan Covers
    Find out what your provincial health plan covers - our resources cover the overview of all the provincial health care plans.

  16. Disability Insurance – What The Experts Own
    We decided to dig a little deeper and went back to the well by asking our experts, "What kind of Disability Insurance Do They Own?"

  17. Life Insurance Questions - We've Got The Answers
    The most common questions about life insurance, answered by industry experts.

life insurance testimonials
I couldn't be more pleased with the service LSM team has been providing to my family for years. I recommend to anyone to call LSM Insurance when seeking help with your insurance needs. (1 of 84)

30 Comments

  1. Richard W. Flynn Jr. 08/08/2008 at 6:48 am

    I have been divorced and would like to cancel my policy. I would like someone to contact my ex-wife on her policy. If you have any questions, you can contact me by phone also at 812-486-9141

  2. LSM Insurance 08/08/2008 at 8:32 am

    Hi Richard,

    Thanks for the note. You would have to contact your broker of record or your insurance company to process this request.

    I have attached a link to our website which provides the contact details for the different life insurance comapnies in Canada. link to lsminsurance.ca

    I hope this helps. Regards … Lorne

  3. Nabil Najem 08/31/2008 at 3:10 am

    I would like to have a copy of my policy #1A00172590 by email or mail.

    thank you,
    Nabil Najem
    7 Rue D’alencon
    Gatineau (Quebec)
    J8T 4N5

  4. LSM Insurance 08/31/2008 at 9:54 am

    Hi Nabil,

    Thanks for the note. To get a copy of your policy you would have to contact your broker of record or your insurance company to process this request.

    I have attached a link to our website which provides the contact details for the different life insurance comapnies in Canada. link to lsminsurance.ca

    All the best! Lorne

  5. Bechara Yammine 09/09/2008 at 5:55 pm

    Hi, I saw in TV a advertisement about AIG’s Insurance they take a person without any questions or health questions and for 20 years or more maybe for life mean permanent, $ 25000 for $ 25 Dollar per month is that true??? and how can i get the agreement, or the more information, and if there is a office in Ottawa?????? thank you with advance.

  6. LSM Insurance 09/09/2008 at 6:41 pm

    Hi Bechara,

    The link for the plan you are looking for is here
    http:­//www.aigassurance.ca/glp.asp?Ad_Id=WGOAGKWSB00E

    There are several other insurance carriers which offer non medical life insurance plans with potential more coverage and or a lower cost – including Unity Life, Industrial Life, Assumption Life and Wawanessa Life.

    I have attached a link to an article you may find interesting on non medical life insurance

    link to lsminsurance.ca

  7. ALEJANDRO G. MARTINEZ & TONI C. MARTINEZ 09/30/2008 at 8:45 pm

    I need answers to questions on insurance I purchased several years ago and been paying auto deduct from bank. Please contact me

  8. LSM Insurance 09/30/2008 at 10:20 pm

    Hi Alejandro,

    Thanks for the note. You would have to contact your broker of record or your insurance company to answer any specific questions on the policy. I can try and answer any general questions you have.

    I have attached a link to our website which provides the contact details for the different life insurance comapnies in Canada. link to lsminsurance.ca

    I hope this helps. Regards … Lorne

  9. naomie lyons 10/09/2008 at 9:21 pm

    hi

    i just moved due to the storm (gustuave). i am in a financial bind. i can’t afford to pay my insurance and my daughter’s. my husband is not working now due to him having to move me up to a new location. when it came time for him to go back to work (offshore) they put someone else on the crew. he hasn’t worked in 3 weeks. i don’t have the money to keep up the ins. and it is automatically deducted out of my account. do you have any suggesstions? can i use my daughter’s ins. for collateral ?

    thanks
    naomie

  10. LSM Insurance 10/10/2008 at 7:59 am

    Hi Naomie,

    I am sorry to hear about the unfortunate news. I hope things turn around for you and your family. If your life insurance policy has a cash value you can use it to offset your premiums for a period of time via a policy loan. You would have to verify this with your broker or the insurance company directly.

    I have attached a link to our website which provides the contact details for the different life insurance companies in Canada. link to lsminsurance.ca

    I hope this helps. Regards …

  11. scott 02/08/2009 at 3:23 pm

    hi , i am wondering if i am able to purchase a life insurance policy for my mother, insuring a proper burial and all that really expensive stuff that goes with the funeral homes.
    is it possible to insure from a third person as myself on my mother “god forbid” death.
    she is near 68 and a smoker with the possiblity of parkinsons recently discovered.
    thank you
    scotty

  12. LSM Insurance 02/08/2009 at 6:51 pm

    Hi Scott,

    Thanks for the note.

    Yes you can be the owner on a life insurance policy for your mother. We have quite a bit of experience in insuring people with Parkinsons I would be happy to help out.

    Lorne

  13. Angie 02/13/2009 at 1:00 am

    Hi Lorne,

    I have an Empire Life Insurance – ULI trilogy with my husband for 1,000,000.00. We pay monthly premiums of $320.00. Do you think this is an good policy as the premiums seems high.

    However, we do not have to take anymore medical test once the policy is set-up.

    We also looking to set-up an ULI policy with cash surrender value at age 18 for our new born for education purposes, so she has funds avaliable for university…is this the best option? What policy and insurer would you reccommend?

    Thank-you in advance
    Angie

  14. LSM Insurance 02/13/2009 at 9:22 am

    Hi Angie,

    I’m happy to work out a comparison quote for you and your husband but it is hard to say without seeing the policy. I can have a local broker contact you to review your policy.

    Regarding a UL policy to cover educational expenses an RESP would be your best bet for this. These plans receive a 20% government grant. Assuming you have already maximized your contribution for the grant ($2000 per year per child) you could look at overfunding (i.e putting in more than the minimum premium) a Universal Life policy. Empire Life has a good policy as does Manulife and Transamerica. Once again we are happy to help out with a quote.

    Thanks … Lorne

  15. Isaac 02/24/2009 at 11:40 am

    Hi Lorne,

    I am 28 male currently working and living in Banff, Alberta with my common-law partner. I am totally new to the life insurance and I wonder if you can explain to me:

    1) How does the life insurance benefit me,
    2) I am familiar with the RRSP investment. Is the life insurance investment withdrawable?
    3) If so, when and under what kind of circumstance I will be able to withdraw from the life insurance?

    Thank you,

    Isaac

  16. Linda King 04/21/2009 at 6:30 pm

    Can you tell me when Westbury Canadian Life was bought by RBC or has it always been under the RBC umbrella. Is Copoloff Insurance Agency or Canadian General Life also under the RBC umbrella. Thank you.

  17. LSM Insurance 04/21/2009 at 6:48 pm

    Hi Linda,

    Thanks for the note. I know Westbury was bought by RBC Insurance. I’m not sure about Canadian General Life. Regards … Lorne

  18. Andrew Kiriaka 04/22/2009 at 6:08 pm

    Hi Lorne,

    just wondering about the process of cancelling the life insurance policy I currently have. Actually, it expires today, and I just received notice of that because of the fact that I moved and they just found me. What happens to my investment if I cancel with the policyholder? Thank you for any help you can give me!

  19. LSM Insurance 04/22/2009 at 7:28 pm

    Hi Andrew,

    Thanks for the note. You would have to contact your broker of record or the insurance company directly to cancel your policy. Some policies do have surrender charges against the cash surrender values if you cancel the plans in the early years.

    Please feel free to contact me directly if you have further questions 1.866,248.4849

  20. Danny 11/18/2009 at 11:01 pm

    Hi, I have life ins. with transamerica on the statement indicated ” Your Advantage Life Plus ”
    I’m wondering what catergory this policy will be
    Term Life Insurance, whole Life Insurance or Universal Life insurance?

    Danny

  21. LSM Insurance 11/19/2009 at 7:49 am

    Hi Danny,

    Thanks for the note. I believe this is a Universal Life plan but I would check with your broker or Transamerica to be sure. You can also request an inforce policy illustration for more details on the plan.

  22. billie 11/23/2009 at 8:24 pm

    I have a Term 100 (with Values) – 20 year payable I purchased in march of 1999. There are Cash Value and Cash Loans. The Cash loan states once it has been inforce for 10 complete years. Now I am trying to figure out my Cash Loan. Its states…You can obtain a loan from us whenever the policy has a loan value. Now in the table of Cash Value, it states Policy year, and starts Year 11. I guess my question is… Am I in the 11th year, and this is how it goes. Also do you no how repayments work on this? The policy is from Westbury Life

  23. LSM Insurance 11/24/2009 at 9:13 am

    Hi Billie,

    Thanks for the note. I would recommend you contact RBC Insurance – they purchased Westbury Life a number of years ago link to lsminsurance.ca

    Policies often have different provisions – generally speaking you would pay interest on the amount you borrow and any loans plus accrued interest would be minused from your death benefit.

  24. Debrah Sauve 02/23/2010 at 7:57 pm

    My husband and I are legally separated for over 4 years. I was always under the belief that I owned my life insurance policy. According to my legal separation my husband was to no longer have any legal entitlement to any benefits. When I tried to get information I was told that the policy was in his name – I want my daughters to be beneficiaries. What do we have to do to get this straighten out. We have a cordial friendship and he would agree to whatever he has to do — we just need to know what that is — We are from Saskatchewan and know we need to sign some forms but not sure how to go about it– Can you help?

  25. harriet 04/22/2010 at 1:20 pm

    my father left me as beneficary of his Group Life Insurnce. does the Will prevent me from receiving my benifits? It was not menstioned in the Will as far as I know, it was not read to me or I do not have a copy. should I request a copy of the Will?

  26. LSM Insurance 04/22/2010 at 1:27 pm

    Thanks for the note. The life insurance policy should supercede the will. If you are the beneficiary you should receive the death benefit proceeds once the claim is processed.

  27. harriet 04/23/2010 at 4:17 pm

    Thank You….

  28. LSM Insurance 04/23/2010 at 5:43 pm

    You’re welcome – have a great weekend!

  29. Urmela 05/26/2011 at 6:43 pm

    Hi,

    My husband and I took out a life insurance with your company Primerica. We were told that in the end we have a cash value. The customer service rep told me none of these policy has a cash value. Not sure if he was in a hurry to go home that is why he give me a quick answer. I am hoping you can shed some light on this I have this policy since 2003.

    thanks
    urmela

  30. LSM Insurance 05/27/2011 at 8:16 am

    Thanks for the note Urmeka. Primerica only sells Term life insurance – without a cash value. But you would have to verify exact policy details with them.

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