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News from 2019


Explained by an Expert: How to Use Whole Life Insurance for Retirement

 I’m going to talk a little bit today about a question I got on how you can use a whole life insurance policy to help with your retirement. A whole life policy generally allows you to build a cash value in addition to the insurance. This cash value is growing in a tax shelter basis, so some people will use that cash value to supplement their retirement income. That person will want to make sure they are taking advantage of things like RRSPs and tax-free savings accounts, if it fits ...
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Explained by an Expert: Mortgage Insurance vs Life Insurance

I’m going to look at how mortgage life insurance compares with regular life insurance. Mortgage life insurance is generally offered through a bank or a lending institution, and essentially, it is tied to your mortgage. One of the advantages of an individual life insurance policy is that it’s not tied to your mortgage. The coverage is portable; you can take it with you if you sell your home, and you choose your own beneficiary. You essentially own the coverage, and you can even have some ...
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Explained by an Expert: Life Insurance and Diabetes

Lorne: I have Mike Liem with me from Canada Protection Plan today. We’re talking about life insurance and the different options available. One thing we get a lot of inquiries on is diabetes. It’s a very common ailment. We get a lot of inquiries from insulin diabetics, non-insulin diabetics—how can you guys help and what are some of the options for those people? Mike: It’s an excellent question, Lorne. We deal with a lot of diabetics, whether it’s type one or type two—those are the main ...
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How Does Funeral Insurance Policy Work?

We get a lot of questions on funeral insurance and how it works. In terms of funeral insurance, you can have a policy that is owned by the funeral home. Alternatively, what I’ll talk a little bit about now is an individual policy that is owned by the policy owner but is being used to cover funeral expenses. The advantages of this are that you own the policy, you choose your benefits rate, and you can even set up some of these policies where there is an increase in death benefit to help ...
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Explained by an Expert: Life Insurance and Cancer

Lorne: I have Mike Liem here with me from Canada Protection Plan. We’re going to talk a little about life insurance and how someone who has cancer can qualify for life insurance. I know we get a lot of inquiries on our website about people who have had cancer or whose family members have cancer. What’s the difference between going the traditional route, versus going unwritten, versus going the simplified issue route with a company like yours? Since you’re a leader in that space, if you ...
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Life Insurance and Drug Use History

Lorne: I have Mike Liem with me from Canada Protection Plan and we’re going to talk about an issue we run into on our site and with advisors: clients and prospective clients who have a history of drug use. How would CPP treat them, how can some of those people get coverage, what are some things you are looking for? Mike: That’s an excellent question, Lorne. We get that a lot now, especially since we released our new Express Elite app. Let’s say a client tried cocaine five years ago. We ...
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All You Need to Know About Life Insurance

I’m going to talk a little bit today about how life insurance works. It can be a bit of a basic question, but at the same time, there is a lot to look at with a life insurance policy, like the type of plan: there is term insurance, which starts off lower in cost and goes up as you get older, and then there’s permanent insurance, which starts off higher in cost and never goes up as you get older. Now, one of the things to look out for with a life insurance policy is the waiting period. A ...
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Legalization of Marijuana and Group Insurance | Expert View

The “bright, new, shiny object” these days is here and is here to stay. Medical marijuana/cannabis being offered by Group Insurance providers brings with it a host of concerns and unknowns. In my travels across Ontario this year so far it has been the most discussed topic. Here is a high-level (no pun intended … ha!) view of some basic knowledge and points to ponder when thinking about marijuana and group insurance: How has the legalization of marijuana impacted Canada’s group ...
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The Pros and Cons of Equitable Life Group Insurance

Since 1920, Equitable Life has been located in Waterloo Ontario with regional service teams across Canada providing personalized service and support. I personally started dealing with their group department in 1998. In those days they were always the best fit for the Trucking Industry and I would always have them on my short list to gather pricing and solutions for my clients. These days they service many industries and can certainly compete against the best in the business from plan ...
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Group Health Insurance Conversion Options – What To Look Out For

These are individual health plans put forth when you leave an Employer Group Benefits plan. There are a few solid options for those who: • are in the process of retiring • have been laid off • are over-age dependents (persons over the age of 21 who are not currently enrolled in school) that are no longer eligible under parents plan • have terminated employment and existing medical issues • move from full-time to part-time and therefore may not be eligible for ...
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