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What The Financial Experts Own – Cory Budovitch

January 16th, 2017
  
budovitch life insurance experts 3

Cory Budovitch

President, Budovitch Legacy Planning Inc. 

For over twenty years, Cory has helped entrepreneurs and professionals in almost every sector extract funds from their businesses while reducing payable taxes. His hands-on approach and creativity allow him to help clients meet both their short-term financial goals and long-term estate planning objectives.

Cory uses his specialized expertise to help create innovative solutions designed to meet his clients’ changing needs.

He is a Million Dollar Roundtable Top of The Table qualifier, an international association of less than 1% of life insurance and financial services professionals who demonstrate exceptional knowledge, strict ethical conduct and remarkable client service.

Beyond his professional accomplishment, Cory is an active philanthropist. He is a supporter of breast cancer research and regularly runs golf tournaments to help raise funds for charitable organizations such as Toronto’s Hospital for Sick Children.

 

1. What Type of Life Insurance do you own?

Corporate Owned participating Whole life insurance. Term Insurance which allows me to continuously convert into Corporate Owned Whole Life Insurance without a medical, as my Corporation(s) earnings continue to grow. I also believe in owning some term insurance personally as well. ‎This should be inexpensive as you're paying with personal dollars; should also be for a temporary need (i.e., to get Kids through school, or a loan, mortgage, etc).

2. What factors did you consider when determining the coverage amount?

The stability of the tax free Investment - 170+ track record positive investment returns- with one of the largest insurers, the liquidity and flexibility it provides, I like owning assets and for me it's another investment vehicle, an extremely tax efficient one. This strategy also allows me the ability to have another tax efficient income stream later in life and create a CDA (tax credit) for my kids to allow other assets to pass on tax free.

I used a few factors in determining the amount. I took my current human value (i.e., what am I worth alive to my wife and children, my income over the rest of my life, my net worth, and tax liabilities). I also considered, what kind of Legacy do I want to leave? I always get the maximum amount of Insurance I can, fortunately my net worth and earnings continue to grow. We will all die one day, so what do I want to be remembered for? How could I give back so my Legacy lives on, long after I'm gone- what would make my children, and their children's children proud?

3. Do you believe in Life Insurance for Children?

Yes, very much so, they to will have families one day, and want to leave the legacy I started - I have the ability to impact many generations and it's also a great investment vehicle for them as well.

4. What is The Biggest Life Insurance mistake people make?

They do not account for tax and erosion of assets - everywhere- in there investments, in there assets at death, ‎when calculations are done, rarely is tax a consideration, or time value of money. Basic economics like Opportunity cost is rarely considered. We often here financial advisors say "Buy Term and invest the difference". What they do not account for is, when your buying investments, there is tax on the growth of that investments most often, as well as fees, and MERS.

In addition Estate tax which then needs to be paid with cash - what if ones assets are tied up in Real Estate? Many people try to solve permanent problems with temporary solutions. Term Insurance certainly has its place, however It will always be a temporary solution. People also under-insure themselves trying to save money which costs them tenfold on the back end. Always insure the most the Insurance company will allow you to, even if it's in Term Insurance.

5. Outside of Life Insurance what other types of individual insurance are often over looked?

‎Buy Sell Insurance - I rarely see massive corporations owners, directors with sufficient or any funding for buy sell agreements, when in reality a death could literally bankrupt the company, especially if cash is tight or has already been deployed - reinvested etc.

Cory is a Million Dollar Round Table Top of The Table qualifier. He is a CALU and Advocis Member. Cory is one of Canada's largest producers working with a variety of high net worth clients. He is very involved in his community and several charitable organizations. Cory is often referred by top Tax Lawyers, Chartered Accountants and Financial Advisors who seek his expertise.

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Which Countries Have the Most People Over 100?

January 11th, 2017
countries oldest people

Despite widespread obesity and unhealthy lifestyles, more people today live to 100 years of age or longer than ever before in recorded history. Medical advancements, health awareness and other factors play a large roll in this trend, but which countries have the most people over 100?

According to the most recent statistics available, the largest number of centenarians live in the United States. There are reportedly 72,000 people 100 or older, representing approximately 0.022% of the population. This is partly due to the country’s large population and great wealth. Projections by the Census Bureau estimate this number could rise to 1.1 million by 2050.

The number of centenarians is expected to rise all over the world. Number of people currently 100 or older:

  • Canada – 7,569 (approx. 0.022% of the population)
  • Japan – 61,000 (approx. 0.048%)
  • France – 21,393 (approx. 0.032%)
  • United Kingdom – 13,780 (approx. 0.021%)
  • Germany – 17,000 (approx. 0.021%)
  • Spain – 16,459 (approx. 0.032%)
  • Australia – 4,252 (approx. 0.018%)

A study lead by Dr. Catherine Evans found that when these people do die, the cause of death is usually listed as “old age” rather than a chronic disease. This study, recently published in PLOS Medicine, revealed that most centenarians die from general frailty or pneumonia. People with chronic illnesses are more likely to die in their 80s or 90s.

Since the elderly are often frail and in need of extra care, Dr. Ronald D. Adelman, the medical director of the Weill Cornell Wright Center on Aging, says the study is an important tool to understand a population that is often overlooked.

Adelman explains, “When you look at centenarians, that really is an expanding group, and the important thing is to get their advance directives, to make sure these people express how they want to be treated in their later years, so they can live a better quality of life and be more comfortable. Where do they want to live, how do they want to live and what's best for them?”

How to Live to 100 – Tips From the Experts

All signs indicate that people born after the year 2000 have a very good chance of reaching 100. That's more than 20 years longer than the current life expectancy. However, clinical associate professor of medicine at Stanford University, Walter Bortz II, MD, says that our bad habits are the only thing holding the rest of us back from achieving that goal.

Because of advances in medical technology and an increase in health awareness, 65 is no longer considered old. Dr. Adelman notes, “Ten thousand Americans are turning 65 every day. There are 77 million baby boomers, who were born between 1946 and 1964. They are more educated, they have the best health literacy than prior generations, they exercise, they eat right and they are living longer, healthier lives.”

Scientists and medical professionals say genetics and luck can also play roles in longevity, but of course, these are things you can't control. To increase your chances of becoming a centenarian, you should focus on the things you can control, such as:

  • Eating a healthy diet that includes plenty of nuts, fruits and vegetables – can add up to five years. Top chef Jason Wrobel believes the secret is in what you eat and has developed a cooking show specifically designed to help people live longer.
  • Exercise regularly – experts say five days a week will add two to four years.
  • Take care of your teeth and don't forget to floss. Removing harmful bacteria reduces your chances of inflammation which has been linked to heart disease and stroke.

Stress has been linked to a wide array of illnesses, that is why the experts all agree that cutting down on your stress is one of the best ways to live a long and healthy life. Tips to reduce stress include get a hobby and take a vacation. A hobby can add an extra two years to your life because you reduce stress and are filled with a sense of sense of accomplishment. A relaxing vacation lets you leave your stress and worries behind and just have a good time.

Dr. Alex Zhavoronkov is determined to live to the age of 150. His tips for a long life include frequent health check ups, regular exercise, plenty of vitamin supplements and probiotics.

LSM Founder, Lorne Marr is a lifelong Fitness Enthusiast. This enthusiasm led to the founding of www.FitAfter45.ca, a complete guide to health and fitness for adults of all ages. His three top tips for longevity:

  1. Build Fitness into your lifestyle. Find an activity you enjoy doing and put it directly into your calendar like any other appointment.
  2. Drink plenty of water and avoid processed foods.
  3. Get your sleep. Get to bed early and focus on following a regular sleep routine even on weekends.

What The Financial Experts Own – Miles Rubinoff

January 10th, 2017
 

 
Life Insurance Expert Miles Rubinoff
Life Insurance Expert Miles Rubinoff

Miles Rubinoff

President, Brash Financial Inc. 

Over 20 years experience in the Financial Services industry, providing sales development and education to advisors, clients and distribution channels. I have held Senior Executive Sales Management and Leadership roles representing Insurance companies, Financial Management Companies and Brokerages working across the Country in Insurance, Investments and Insurance and Investments field.

I now focus and specialize, under my company Brash Financial Inc. Providing professional advice and strategies on Wealth Creation, Wealth Preservation and Wealth Transfer to businesses, business owners, families, and clients of all ages, in the most tax efficient ways. Protecting and saving in the best ways possible to achieve my clients goals and dreams.

 

 

 

1. What Type of Life Insurance do you own?

I own a combination of Whole Life Participating, as well as a bunch of Term 20 and some Term 10 for my short and long term family needs.

2. What factors did you consider when determining the coverage amount?

I wanted to look at what coverage I needed now and in the future, the various options available to consider, what I had to pay for how long, and what I would get for my money spent.

Did the plan chosen offer flexibility if my situation changed permanently or temporarily? If I couldn't make payments for a short period of time, would I lose coverage paid for all previous years?

What else did the plan chosen, that I pay for, lend me besides coverage for my loved ones when I am gone?

Whole Life I felt was the best suited option for me:

  • as I don't have to pay forever.
  • it gave me access to 90% of my cash value.
  • my cash value was 80%+ starting in the first year.
  • as my insurance increased in value, keeping up with inflation equal to what I was paying in the event of my death. My loved ones got the plan I purchased death benefit and the increased death benefit amount was equal to or greater than the money spent in increased death benefit.
  • as I could, at any time, spend the dividends earned to pay premiums, pay me or reduce my coverage and premium commitment and have a fully reduced paid up policy!

Lots of options and choices available now and down the road to me.

3. Do you believe in Life Insurance for Children?

Yes, I do. I own policies on both my kids. Its a way for my wife and I to tax shelter money for them besides an RESP and give them access to tax free cash when they need for: Graduate school, to start a business, buy their 1st home, renovate their home, even buy a vacation home, etc.

The money can't be lost or reduced and dividends declared aren't guaranteed but have been paid for over 100 years and declared dividends aren't effected by future returns.

4. What is The Biggest Life Insurance mistake people make?

Not buying the insurance they will need in the future and focusing on buying the cheapest coverage amount now not thinking about down the road. We are the youngest we will be today so buy what we will need today, for tomorrow, as it may be too expensive or not available due to health concerns.

Your first mortgage is not usual your last and your first child may not be your only child; having the protection you need for the future life style to be maintained, kids schooling, and retirement should all be considered. Life Insurance won't heal the loss of someone, but it will provide the money for life to go on and be maintained!

5. Outside of Life Insurance what other types of individual insurance are often over looked?

Disability- the coverage to protect your earning income if you can't go to work partially, full-time temporarily or the rest of your working life. What source of income can provide you to pay your bills and lifestyle as well as retirement?

Also, Critical Illness in the event one is diagnosed with a serious illness such as cancer, heart attack, stroke and 23 other critical illnesses. Early interventions, the ability to seek the best treatment, and taking the time to heal, in often times is hard to do when you do not have the money to do so. We insure our car and home with the best, ergo we should insure ourselves with the best too as we aren't replaceable like a car and a house.

With over 20 years experience in the Financial Services industry providing sales development and education to advisors, clients and distribution channels. I have held Senior Executive Sales Management and Leadership roles representing Insurance companies, Financial Management Companies and Brokerages working across the Country in Insurance, Investments and Insurance and Investments field. I now focus and specialize, under my company Brash Financial Inc. Providing professional advice and strategies on Wealth Creation, Wealth Preservation and Wealth Transfer to businesses, business owners, families, and clients of all ages, in the most tax efficient ways. Protecting and saving in the best ways possible to achieve my clients goals and dreams.

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10 Tips For No Medical Insurance Shoppers (Infographic)

January 4th, 2017

Have you been told by an insurance advisor that you are ineligible for life insurance?

Fear not, you may have some options. Not all advisors distribute no medical life insurance or they may overlook this type of policy when advising their high-risk clients.

No medical policies cover your life like a traditional life insurance policy, without having to complete medical tests during the application process. Some plans will ask a few questions, others ask no questions at all.

These plans usually come with a higher price tag and typically have limitations so it's important to know exactly what you are getting into before settling on a no medical contract.

Check out the inforgraphic below with Lorne Marr's 10 must-know tips for buying no medical life insurance:

no medical life insurance buying tips
 
 

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Working Out is the Ultimate Insurance Policy

January 3rd, 2017
ultimate life insurance policy fitness

First off let's take a quick look at what this article not about, it's not about how working out will save you money on your insurance premiums. While it is a fact that healthy people pay less money for both their life and disability insurance, that’s certainly not the main benefit, and not what we are going to be addressing here.

What I will be addressing is that working out creates time and increases the likelihood that you will have more time to create the best life possible.

Working Out Creates More Time

A common excuse among people who don’t exercise is they can’t find the time. My family, business associates and close friends can attest I’m a bit of a time management fanatic. I am always breaking down my day in an effort to continually hone in on those activities that create the highest return. Working out heads the list .

One reason to prioritize working out so highly is that it leads to an increase in productivity. David Wither, a Team and Startup Management Coach, wrote on Entrepreneur.com that working out helps clear a crowded mind, releases endorphins, reduces stress and boosts creativity. An increase in personal productivity can in turn lead to advancement in your career, and the ultimate carrot, more money.

So the argument that people don’t have enough time to work out is flawed - sure short term emergencies come up, life happens, but if on a consistent basis you can’t find time to work out you have to eliminate time wasters or delegate low value activities freeing up time for your higher value activities and working out should head that list.

Working Out Increases Your Life Expectancy

This where the insurance policy part kicks in. PLOS Medicine conducted a study to determine just how much time you can add to your life by working out.

Their findings? 150 minutes of moderate exercise every week, that's 30 minutes a day, 5 days a week, can extend your life by 3.4 years. Double that to 300 minutes a week and you've added 4.2 years to your life.

So exercise can add years to your life! That's not all though, being lazy, and obese can cost you up to 7.2 years of living. "Research indicates that even small amounts of vigorous activity could help reduce your risk of early death", adds Klaus Gebel of James Cook University's Centre for Chronic Disease Prevention.

There are no guarantees. Bad things happen to good people all the time but I’m a numbers guy and safe and functional exercise clearly makes us more productive and increases the number of weeks and years on our calendar, so take advantage of the Ultimate Insurance Policy.
 

Obesity Rates Around the World (Infographic)

December 15th, 2016

Obesity is not a disease, but it can lead to a wide range of health conditions such as diabetes, liver disease, hypertension and cardiovascular disease, as well as breast, colon and prostate cancer. Obesity is classified as having a body mass index over 30 kg/m2. The problem exists all over the world and has seen a steady increase over the past few decades.

According to the CIA’s World Factbook, the most obese countries are smaller nations such as American Samoa (74.6%), Nauru (71%), Cook Islands (63.7%) and Tokelau (63.4%), indicating there is no direct connection between obesity and the economic status of a country. Canada comes in at #48 on the list.

The World Health Organization says that a shortage of food and rising prices contribute to obesity in underdeveloped countries because the people find it difficult to eat a well-balanced, healthy diet. Filling up on empty calories and fried foods is usually their only option. The scorching heat is also a factor because people's physical activity levels are seriously reduced in extreme temperatures. The African continent is the exception, not including South Africa which has adopted many westernized lifestyles and become quite obese.

Pacific Island nations aside, the top 10 most obese countries in the world, according to World Obesity, are: 

top 10 obese countries 1
 

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LSM Insurance Services Limited Helping Canadians for Over 23 Years

December 8th, 2016
 
LSM logo 1

LSM Insurance began it’s journey of helping Canadian families and business owners meet their insurance needs in 1993. After completing his MBA at the University of Windsor and putting in some time at Metropolitan Life, Lorne Marr founded LSM Insurance Services Limited. Since then he has won numerous sales and services awards and has appeared in the Toronto Star, The Globe and Mail, The National Post, The Toronto Sun, The Investment Executive and Money Sense Magazine.

Mr. Marr was originally recruited and brought into the business by his long time friend Andy Zwolinski, the owner of Toronto Mutual Group.

Over the first 11 years, Lorne helped thousands of Canadians secure their future. In addition to the numerous sales and services awards, he was a perennial qualifier for the Million Dollar Round Table.

In 2004, Lorne decided to embark on a new challenge and launched www.lsminsurance.ca which quickly became and continues to be, one of Canada's top resources for Life and Living Benefits news and information.

Lorne and his family were featured on the front page of the National Post in 2005 and have been frequently quoted in the Toronto Star, The Globe and Mail, The Toronto Sun, Investment Executive and Money Sense Magazine.

LSM Insurance recruited its first broker, Jack Bendahan in 2006 to help with the great influx of on-line life insurance inquires. For Jack, insurance is not just a job, it's his passion. He understands first-hand the importance of being prepared and is dedicated to helping other families plan for the unexpected. Jack continues to be one of the company's most productive and service orientated brokers.

The next member to join the team was Aman Kapur, another good friend Lorne knew from his days with Clarica. With a vast amount of experience in Marketing and Finance, his fluency in English, Hindi, Urdu, Punjabi and Russian and work experience spanning four continents, Aman proved to be a great asset to the company and continues to thrive in the LSM Insurance environment.

Some of the other key members of the LSM team include:

Tamara Humphries – After 12 years of training and mentoring new advisors in the industry, Tamara joined the LSM team as a broker. She and Lorne have been good friends for over 22 years.

William Shung – William is a highly experienced broker. He holds both an Elder Planning Counselor and a Fraternal Insurance Counselor designation enabling him to give expert advice on a variety of insurance plans including life, long-term care, critical illness and disability.

Elisabeth Prosper – Office Manager at LSM Insurance since 2005. Elisabeth is fluent in French, English and Creole and enjoys putting her strong organizational and communication skills to work helping clients.

Chantal Marr – President of LSM Insurance, fluent in French and English, Lorne’s wife and social media giant :) When Chantal joined LSM Insurance in 2008, not surprisingly the company saw a huge spike in productivity. She is deeply committed to providing clients with the highest level of individual service and expert advice.

LSM Insurance currently works with over 60 brokers across Canada and in 2015 was voted the #8 Managing General Agency (MGA) in Canada in Life Health Pro Magazine's list of Top 10 MGAs in Canada.

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20 No Medical Life Insurance Tips

December 5th, 2016
life insurance buying 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 health questions) and Simplified Issue (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 Permanent policies - the premiums starts off higher but never increases.

There is a plan for everyone, but these plans can be an especially good deal for customers that may otherwise be considered hard-to-insure

Here are 20 points from LSM Insurance Founder Lorne Marr:

1. Understand the difference between different types of life Insurance.

Simplified issue life insurance: Doesn't require a medical exam but there are still a number of health-related questions. Typically, the more questions, the lower the premiums. The maximum limit on this type of policy is usually $150,000. You might not qualify for this policy if you have been denied life insurance in the past 2 years.

Guaranteed issue life insurance: Doesn't require a medical exam and there are no health-related questions. It is available to everyone, even if you have been declined life insurance within the last 2 years. The coverage limit is typically $25,000 and some payout restrictions may apply during the first two years of coverage.

2. Make sure you are working with an independent broker who understands the hard-to-insure. Carriers are continuously changing and updating their products No Medical Life insurance is much different than the traditional life insurance market.

3. Take advantage of preliminary life insurance inquiries to see if a fully underwritten plan may be available to you. This process allows your broker to provide the insurance company with as much information as possible in order to determine your eligibility. The broker can then give you a heads-up on a possible rating or potential decline.

4. You can still get coverage if you are obese. Pay close attention to the build tables, they can vary significantly from one company to another. Not all companies have a build table. Here is a sample, generic build table:

Height Preferred Best Preferred Standard Plus Standard
5'5" 169 180 194 219
5'7" 179 192 206 233
5'9" 189 203 217 247
6' 205 221 235 270

5. Watch out for the 2 year waiting period. Many No Medical plans limit your payout to a return of premiums paid plus interest if you die during the first 2 years from a cause other than an accident. In case of accidental death your beneficiary receives the full amount.

6. Watch out for direct carriers. You may think you would get a better deal buying direct, but that is not so, mostly because you miss out on the benefit of a preliminary inquiry which can help you avoid a potential decline. Even one single decline can make it much harder to get approval from another carrier. Many simplified-issue policies ask if you have been declined for life insurance.

7. Make sure your premiums are guaranteed. Many No Medical plans don't offer guaranteed premiums, which means they increase after 5 years.

8. Look for hidden gems - they still exist. For example, The Edge’s guaranteed issue plan. It has no questions and no medical tests, so it’s pricey and the death benefit is limited in the first 2 years to a return of premiums plus a whopping 10% interest. This feature is a terrific hidden value not a lot of brokers know about.

9. A good rule of thumb to keep in mind is that the more questions you can answer or the longer the health questionnaire, the lower the premium and the better the coverage.

10. If you unsure of a question take the application to your doctor and ask how you should answer. It's always better to be safe than sorry.

11. Beware of Accidental Death Benefit add-ons. These are expensive and provide little value since a very small percentage of deaths are caused by an accident, making the claim payout rate very low.

12. Some fully underwritten policies don't require medical tests but these are different than Simplified Issue plans. In a fully underwritten plan if you answer “yes” to a question the application is still underwritten whereas with a simplified issue policy if you answer “yes” to a question you are disqualified from that particular plan.

13. You can combine coverage with multiple no medical carriers to maximize your coverage.

14. Many serious conditions like depression, diabetes, obesity, heart disease, etc. still enable you to qualify for an affordable No Medical life insurance plan. In many cases, the rates are far less than a fully underwritten plan. As mentioned in number 2, work with an experienced broker who really understands this market and will do the extra work necessary to make sure you get the best plan.

15. If you were recently declined you can still qualify for coverage that pays out immediately. This was not the case a few years ago.

16. In most instances non smokers pay a lower rate. So even if you have serious health issues, not smoking will save you a lot of premium dollars on your life insurance.

17. Read the fine print. Understand what you are signing. All life insurance policies have a lot of fine print. No Medical plans are no different. If you are unclear about something, ask and make sure to get your answer in writing.

18. Pay annually rather than monthly. If your finances can handle one annual payment, you could save thousands of dollars over the life of the policy. For example, a 40-year-old, male non-smoker applying for 1M Term 10 coverage would pay $53.37 monthly for a total of $644.44 for the year, but the annual price would be $593, a savings of $47.47 per year.

19. Look for multi-life policies. Many insurance companies offer discounts for insuring both spouses or a multi-life policy. Make sure to take advantage of this type of coverage, if available.

20. Getting declined could limit your options. While it is true you can potentially qualify for a plan with an immediate payout if you are declined (see number 15), but your options may be far more limited. Take advantage of preliminary inquiries and do not apply for a fully underwritten plan if it looks like you will be declined. Go with a Simplified Issue plan first. Get this plan in place as a backup and then apply for a fully underwritten plan. If you are approved for fully underwritten coverage, simply cancel the Simplified Issue plan. It’s more work but it’s well worth the extra effort.

How To Get A Job In the Life Insurance Industry

November 30th, 2016

getting job life insurance industry

The Canadian life insurance industry provides a wide range of financial security products to nearly 28 million Canadians. These products include individual and group life insurance, individual and group annuities (such as RRSPs, RRIFs and TFSAs) and supplementary health coverage. This makes it a major employer, providing full or part-time jobs for approximately 150,100 Canadians.

There about 66,400 people that work for life and health insurance providers full-time and some 83,700 independent insurance agents that earn at least part of their income from the insurance business.

The insurance industry is under unrelenting pressure to control costs, deliver better service and more sophisticated products, more distributors and insurers and introduce new technologies and systems. This can only happen with good people, which means leadership, management, technical and personal skills are more in demand than ever.

If you have been thinking about a rewarding career in the insurance industry, now is a great time to get started. There are plenty of opportunities in a variety of capacities and locations. Many insurance companies have entry-level positions that don't require any special licensing or certification. However, to become an insurance broker you must first successfully complete the licensing exam.

Life Insurance Brokers

Insurance brokers source insurance from a variety of companies to get the best deal for their clients. Job prospects are currently fair. The number of insurance agents and brokers has remained relatively stable in the past few years. Despite general growth in the insurance market, computerized procedures for simple tasks has eliminated new employment possibilities.

Increasing internet use will see this category decrease even more over the next few years with new job opportunities coming mostly from brokers leaving their positions due to retirement or promotion.

To become an insurance agent or broker, a certificate from the Autorité des marchés financiers (formerly from Finance Services Office) is required. A Diploma of College Studies (DEC) in insurance and financial services consulting is an increasingly important asset. To be eligible for the Autorité des marchés financiers exam, you need:

  • A high school diploma plus four years of experience in the insurance industry
  • A diploma of collegial studies (DCS) in any discipline
  • An attestation of collegial studies (ACS) in insurance

According to recent stats Edmonton, Alberta has the highest average hourly wages at $29.13 per hour and the lowest average wages are in Prince Edward Island at $18.00 per hour.

A typical full-time annual salary for insurance brokers is about C$30,863 – C$61,691.

Life Insurance Underwriters

To become an insurance underwriter, you usually have to work your way up the ranks, which means you have to have several years as a broker under your belt.

An underwriter typically:

  • Provides underwriting advice and answers inquiries from clients
  • Writes insurance policies
  • Examines various insurance proposals
  • Evaluates applications to determine risk level and premiums

Government data indicates this profession will remain stable for the next few years. Montreal, Quebec has the highest average hourly wages at $31.28 per hour and Winnipeg, Manitoba has the lowest at $23.56 per hour.

A typical full-time annual salary for underwriters is about $40,000 – $60,000.

Actuaries

If you want to become an actuary, you need a certain amount of inherent skills and interests, such as:

  • An excellent head for business, including economics, finance and accounting
  • A desire to learn and solve complicated problems
  • A passion for wealth creation and management – insurance, finance or any related field
  • A logical mind that loves mathematics, statistics and risk management with a splash of creativity

You will be required to apply mathematical models to forecast and calculate the probable future costs of insurance and pension benefits, design life, health, and property insurance policies, and calculate premiums, contributions and benefits for insurance policies, as well as create pension and superannuation plans. You might also be required to assist investment fund managers in portfolio asset allocation decisions and risk management.

You don’t need any special training to be an actuary, however your chances of getting hired are much better with a Bachelor’s Degree in actuarial science, mathematics, statistics, accounting, finance or a related field.

Pay for this job is strongly influenced by experience. The average annual salary is around C$68,599.

Marketing

Marketing is like the blueprint for your business. It outlines your products and services, your target market, your presentation, the delivery and the service that goes with it. Your business is finished before it even starts without a good marketing strategy.

You don't need any special training or education, but a background in finances, mathematics and human relations helps.

The average annual pay for a Marketing Assistant is C$36,821. People usually move on to other positions after about 10 years. Web design experience increases your pay grade. A Marketing Manager earns an average annual salary of C$60,908.

CEO

The CEO of a company is responsible for the successful leadership and management of the organization. You need a university degree in a related field. If you have a Board of Directors, you have to take their thoughts and ideas into consideration.

Primary duties and responsibilities include:

  • Leadership
  • Operational planning and management
  • Program planning and management
  • Human resources planning and management
  • Financial planning and management
  • Community relations
  • Risk management

You should demonstrate competence in:

  • Adaptability, flexibility and versatility
  • Ability to maintain effectiveness and efficiency
  • Conducting business in an ethical manner
  • Building relationships
  • Communicating effectively
  • Focusing on client needs
  • Assessing situations quickly and accurately
  • Prioritizing
  • Logical problem solving
  • Strategical thinking 

A Chief Executive Officer (CEO) earns an average annual salary of C$144,821. Donald Guloien, CEO of Manulife Financial Corp earns a base salary of $1,438,720 plus $13,045,488 in bonuses for a total of $14,484,208 per year.

A career in the life insurance business is lucrative, exciting and emotionally rewarding. Whether you are new to the work force or looking for a change, the life insurance industry might be just what you need.

Even Celebrities Need Life Insurance

November 29th, 2016
celebrity life insurance
 

Danica Patrick, a professional race car driver, risks her life every time she gets behind the wheel, so she knows the importance of having life insurance to protect the financial future of her loved ones. As the celebrity spokesperson for Life Insurance Awareness Month (LIAM), she hoped to inspire others to follow her lead. The annual campaign, coordinated by Life Happens, is designed to encourage the millions of people currently living with inadequate protection.

Danica's message is simple, “Driving race cars is risky. Not having life insurance is riskier. It means leaving your loved ones to suffer financially if something happened to you.” Her parents both experienced this tragedy firsthand as teenagers when they lost their fathers. Patrick's grandmother had to sell off most of her assets to survive and raise her five small children alone.

Seeing the hardship their mothers went through, both of Patrick's parents became firm believers in the importance of life insurance and instilled these values in their daughters.

One third of Canadian households would face financial insecurity if they suddenly lost the primary wage earner. According to the 2016 Insurance Barometer Study by Life Happens and LIMRA, half the households with life insurance don't have enough because they think it's too expensive. This leaves their families in trouble after just six months. Life insurance is more affordable than you think.

Jane Blaufus, author and professional speaker, also knows how an unexpected loss can suddenly turn your life upside down. Luckily, her husband had planned ahead. Although the emotional, physical, mental and spiritual stress was tremendous, she didn't have the additional strain of financial troubles.

Most Canadians know they need life insurance, but put off buying coverage. There is no time like the present, so do it now while it is still fresh in your mind. Remember, never be afraid to ask questions. It is a serious decision with a lot of choices, so make sure you get the right coverage for your needs.

Life Happens

In 1994, seven leading organizations in the insurance industry got together and formed Life Happens. This nonprofit organization was created to help educate the public about the importance of life insurance and other life planning topics such as disability and long-term care insurance.

The group is dedicated to helping families, businesses and individuals realize the important role insurance professionals play in finding the best insurance products for their needs. No products, companies or advisors are endorsed by the organization. The sole purpose of Life Happens is to see that consumers get adequate coverage for the protection of themselves and their loved ones.

To reach the widest audience possible, Life Happens employs all available communication techniques, including educational programs at the high school and college level, consumer-media outreach, public-service announcements, videos and flyers, as well as Life Happens Pro, a customizable SaaS resource product developed for agents. The organization is also responsible for coordinating three industry-wide awareness campaigns: Insure Your Love, Life Insurance Awareness Month and Disability Insurance Awareness Month.

Insure Your Love

This campaign focuses on the primary reason to buy life insurance – you have important people in your life that would suffer financially without your income. Insure Your Love runs throughout January and February. It is a great theme that applies to people all year round.

Life Insurance Awareness Month

Canadians put off buying life insurance, no matter how much they know they need it or know they don't have enough. Life Insurance Awareness Month is designed as a wake-up call to remind people how important it is to include life insurance in their financial plans. Life Happens, along with hundreds of the industry leaders and top insurance companies get together each September to bring this message to the public.

Disability Insurance Awareness Month

Not all accidents are fatal. A serious accident or illness could put you out of work for several weeks or months. Disability insurance helps pay the bills and other expenses when you are not able. Many workplaces provide this type of insurance, but self employed and seasonal workers don't have this protection. This campaign runs during the month of May. It is designed to bring attention to the enormous gap between the need for disability insurance and the coverage you may already have.

Long-Term Care Insurance Resources

The Life Happens organization doesn't coordinate the LTCI Awareness campaign, but they believe it is very important to bring attention to this issue. They provide a wide range of tools and resources to help support members working in this area.

What People Are Saying About LIAM

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