Insurance Types:

News from 2016

20 No Medical Life Insurance Tips

The No Medical Life Insurance market in Canada is exploding. More and more people are opting for the convenience of obtaining life insurance without a medical. No Medical Life Insurance policies fall into 2 categories: Guaranteed Issue (no medical exam and no health questions) Simplified Issue(no medical exam and anywhere from a 2 to 25 + health questions) No Medical policies are available as Term policies – where the cost starts off low and increases as you get older or ...
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Assumption Life Revamps It's Simplified Issue Lineup

Assumption Life Revamps It’s Simplified Issue Lineup

The life insurance industry hasn't changed much since its inception. Experts in the field feel that it is high time it does and are making changes to bring life insurance into the 21st century. Some companies are already implementing major changes like classifying marijuana users as non-smokers and revamping Simplified Issue plans. We asked Pamela Kwiatkowski, Associate Vice President, Individual Insurance and Investments, Assumption Life about the recent changes to their Simplified ...
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Guaranteed Issue Plans in Canada

Non-medical Life Insurance means you do not have to take any tests or visit a doctor for your application to be approved, however you may still have to answer some medical and lifestyle questions. There are two basic types of non-medical policies: Guaranteed Issue Coverage and Simplified Issue Coverage. Guaranteed Issue Coverage This type does not require you to answer any health or lifestyle questions or take any medical tests. You are covered immediately without going through the ...
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Canada Protection Plan Increases Coverage Levels

Good news for people facing difficult roadblocks when trying to buy life insurance. Canada Protection Plan, the leading No Medical and Simplified Issue insurance provider in the country, now guarantees that no applicants will be turned away when they attempt to obtain protection for their loved ones. “Whether you have health issues, are in good health, new to the country on a work permit, participate in extreme sports or simply want reliable, affordable coverage quickly and are ...
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Joint Last-to-Die Life insurance: How Does it Work?

Joint Last-to-Die Life Insurance pays out a tax-free benefit to the policy owner's beneficiary on the passing of the second spouse on the policy. Joint Last-to-Die policies are significantly less expensive when compared to individual single-life policies because the insurance company does not plan to pay out the money until much further in the future. Plus, the company only has to pay out once for two people. These types of policies are generally designed to offset future tax ...
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Life Insurance and High Net-Worth Individuals

High net-worth individuals want a single advisor. High net-worth individuals are a key demographic when it comes to life insurance. However, with their complicated financial investments and riskier lifestyle, their life insurance needs can be very complex. The Investment Executive published an article in its August 2013 issue on what high net-worth individuals want. The premise of the article was that Canada's high net-worth individuals preferred one life insurance advisor, rather than ...
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Mike Castagna | Consultant, J.W. Larmond Life Insurance and Benefits

Mike Castagna Consultant,J.W. Larmond Life Insurance and Benefits 1. What type of disability insurance do you own? I own a professional series disability policy that is non-cancellable, payable to age 65, with a 90 day wait period. I also made sure to add the future income option and cost of living adjusted benefit riders to my policy as I am young and wanted to guarantee my future insurability if I have a change in health. 2. What factors did you consider when determining the ...
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accidental death insurance

Life Insurance with Accidental Death: Is it a Good Deal?

There is a new version of this article (summer/fall 2018) about Accidental Death and Dismemberment Insurance that explains in detail this insurance. It also compares costs of Accidental Death Insurance to other insurance types. Canadians are constantly bombarded with life insurance offers. Although having adequate coverage is important, many of these offers are for specialized insurance or add ons that you don't really need. Sun Life, Industrial Alliance and BMO Insurance all offer ...
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Average Size Mortgage in Canada Compared to Other Countries

At the end of 2015, the total Canadian mortgage debt stood at $1,262 billion. That puts Canada's GDP well above other G8 countries. The vast majority of Canadians are typically responsible borrowers with a strong financial strategy. With job losses and huge increases in house prices, some people find they have overextended themselves. However, it is important to put this into the proper perspective. More than seventy percent of Canadian household debt is the mortgage on the family home. ...
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8 Reasons Why You Should Secure Permanent Life Insurance Before 2017

New tax legislation is set to take effect on January 1, 2017 which will change the way policyholders are taxed for deposits toward certain life insurance policies. Policies issued after 2016, also know known as G3 tax generation policies, will offer less exempt room over the long-term. This new legislation will mostly affect affluent policyholders as the tax deferral features of these life insurance products typically benefit people in the higher tax brackets. One major change is that ...
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