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We’ve Got The Answers: How Does Accidental Life Insurance Work?

August 15th, 2017
Accidental-Life-Insurance

Today's Question: How does accidental life insurance work?

First of all, to understand how accidental life insurance works, you have to know what exactly it is. If you are unsure, we did an article for MoneySense Magazine that discussed the premise of accidental life insurance that you can check out here

 
The key with accidental life insurance is that it is a very profitable product for the insurance company because very few people die by accident. In my mind the bigger issue on hand is that you do not need more life insurance if you die by accident than you do if you pass due to regular causes. Many of these accidental life insurance policies pay out double of the person where to die by accident, however, a person does not all of the sudden need a million dollars because they died by accident versus five hundred thousand dollars if they die by regular cause.
 
With any life insurance policy, it is imperative to look at how much insurance you actually need. Once you find that out you can then find a plan that best fits your budget; whether is be a term policy or a permanent policy. This is where a broker can come in because they will be able to aid you in determining this need and also to find the right policy for your budget, your needs, and your goals!
 
 
Have more life insurance questions? We have more answers for you here!

We’ve Got The Answers: How does a Life Insurance Waiting Period Work?

August 2nd, 2017
Life-Insurance-Waiting-Period

Today's Question: How does a life insurance waiting period work?

Generally, most life insurance policies do not have a waiting period, however, there are certain types of policies that do. No medical policies, where there is no medical test and a series of health questions, do have a waiting period.

 
 
So, how exactly would a waiting period work? If the insurer were to pass away within the first two policy years, the death benefit is limited to a return of premium plus, depending on the plan, it can also include interest. 
 
It is imperative that you look at your life insurance policy and verify if it is paid on an immediate basis or if it is pain on a deferred basis. Generally when it is paid on a deferred basis, the waiting period is limited to two years.
 
The key thing is to ensure you fully understand the ins and outs of your policy and if you do not, make sure you get all your questions answered in writing.
 
Have more Life Insurance Questions? We have more answers for you here!

Study Suggests Excessive Sugar Intake Could Increase the Risk Of Depression in Men

July 31st, 2017
High sugar intake can increase depression in men

Researchers have discovered a profound link between the consumption of sugar and depression in men. Women, however didn't show this association. Quite the opposite, in fact. This study may prove the age-old belief that women need more sugar than men.

The study was conducted over a 23 year period by researchers from University College London (UCL) with a control group of 5000 men and 2000 women. Diets and common mental health problems were examined and the results revealed that men who consumed more than 67g of sugar per day were 23% more likely to develop some form of mental disorder than men who consumed less than 39g per day.

Women often turn to sweets to relieve stress or depression – the researchers wondered if this was true for men, as well – the answer was no. They found no evidence that the men ate more sweets during 'down' times. On the contrary, they seemed to lose their appetites altogether.

Anika Knüppel, a leading author at the UCL Institute of Epidemiology and Health stated, “High sugar diets have a number of influences on our health but our study shows that there might also be a link between sugar and mood disorders, particularly among men. There are numerous factors that influence chances for mood disorders, but having a diet high in sugary foods and drinks might be the straw that breaks the camel’s back. The study found no link between sugar intake and new mood disorders in women and it is unclear why. More research is needed to test the sugar-depression effect in large population samples.”

Sugar consumption and mental health status was measured with a series of questionnaires.

The biggest problem with studies that rely on questionnaires is that people do not always tell the truth – or the whole truth. Human nature dictates that in order to avoid embarrassment, people tend to understate how much they actually eat – this is especially true for women.

Researchers in this study strongly believe that the women questioned largely understated their food and sugar consumption. Women were already under-represented by less than half of the subjects, so to say that only men may be affected by excessive sugar consumption is premature. Knüppel feels more research is needed.

Rob Howard, professor of old age psychiatry at UCL, agrees. “This study is important because it is the first to be able to show that an increase in risk of about a quarter in common mental disorders – mostly mild anxiety and depression – in men who eat the most sugar cannot be explained by those who were already anxious or depressed using sugar as a form of comfort. Association was complicated and further studies would be needed.”

Tom Sanders, professor emeritus of nutrition and dietetics at King’s College London, had reservations. He pointed out that various factors could influence the results, such as socioeconomic status, alcohol consumption, smoking, heredity and obesity. Sanders contends that, “There still is a risk of residual confounding factors. From a scientific standpoint it is difficult to see how sugar in food would differ from other sources of carbohydrate on mental health, as both are broken down to simple sugars in the gut before absorption and the glycemic index of sugar is less than refined starchy foods such as white bread and rice.”

Depression and Life Insurance

A Canadian Living report states that approximately 10% of the population will suffer from some form of depression and 15% will be stricken with severe depression during their lifetime. Depression can make you ineligible for life insurance coverage.

Depression is a serious mental illness that often ends in suicide, which is why life insurance companies shy away from providing coverage for anyone at risk of developing a mental illness. Depression has been categorized into many forms, including::

  • Endogenous Depression - Depression that is caused by internal sources, such as worry, fear and stress.
  • Situational Depression – Temporary sadness or “depression” linked to a particular situation.
  • Psychotic Depression – A deep hurt that manifests itself into hallucinations or paranoia – usually stemming from severe trauma.

Traditional life insurance may still be available to you, depending on your form of depression. You could qualify for a policy at standard rates if you don't have underlying health issues and a good family health history.

Individuals with a mild type of depression and the condition has been stabilized, have a very good chance of receiving standard rates. Applicants with more severe forms of depression are more likely to receive a rated policy, or be declined all together.

A rated policy is associated with higher risk, therefore premiums can be anywhere from 50% to 350% higher than the standard rate. Extremely high risk applicants are likely to be declined.

Other options include No Medical Life Insurance: Simplified Issue Plans and Guaranteed Issue Plans.

Simplified issue policies have higher face amounts and lower premiums and many of these plans are available on an immediate pay basis. Simplified issue plans have no medical tests, but do have a short series of health questions. Thankfully, most simplified issue plans do not have a depression-related question. If the insured is first declined for life insurance, the type of simplified issue plan available will be more limited. Therefore, if you think that there's a good chance that you will be declined from traditional insurance, you should consider first looking at a simplified issue policy. Canada Protection a leading provider of Simplified Issue policies increased it's issue limits on it's Immediate Pay and Deferred Payout Term policies. Humania Assurance also now offers $300,000 of No Medical Term 10 and Term 20 Simplified Issue plans.

Guaranteed Issue Life Insurance is often considered as the last resort. There are no medical tests and no health questions. Premiums are much higher and the death benefit is limited in the first two years to a return of premiums for non accidental deaths.

For more information, give us a call at 1-866-899-4849 or try our No Medical Life Insurance Quote Page if you are looking for rates.

10 Facts You Need To Know About Disability Coverage

July 27th, 2017
Disability Insurance Facts

Imagine not being able to work and earn a living for your family. It's not something most people want to think about on a daily basis. Protecting your livelihood with adequate disability insurance can mean the difference between maintaining your standard of life or being forced to make drastic cuts in household spending after being hit with a life-changing injury or illness.

Your ability to earn a income is your single greatest insurable need. Being prepared for the worst and having adequate protection in place is key to ensuring your family will not suffer any decrease in their standard of life should you suffer from a disability.

The first step is understanding how much coverage you need and are eligible for. The next step is to find out how much existing disability insurance you currently may have in force and the definitions of disability that cover you. Many Canadians don't even know how much of their income is covered or the definition of disability used under the workplace group insurance plans.

It's a good idea to employ a broker who can help you determine your disability insurance needs, uncover existing coverage features and benefit amounts, and then offer top-op or replacement plans. This way you are covered for as much disability insurance as legally permissible, without overpaying for coverage you can never claim on. 

For more facts on disability insurance, check out our infographic below.

Facts About Disability Insurance
 

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We’ve Got The Answers: Can I Qualify for Life Insurance with a Pre-Existing Condition?

July 26th, 2017
Qualify-With-Pre-Existing-Condition

Today's Question: Can I qualify for Life Insurance with a pre-existing condition? 

The short answer is, yes you can definitely qualify for coverage. However, the type of plan and the company will depend on the type of pre-existing condition and the severity of that condition.

 
Conditions such as cholesterol or high blood pressure are generally considered very mild, ergo; you should be able to qualify for a fully underwritten plan.
 
With more severe conditions, such as insulin dependent diabetes, stroke, or cardiovascular disease, you may want to look at a simplified issue policy, which has no medical tests and a series of health questions. The more questions you can answer no to, the better because you will be able to qualify for a plan this is likely to have no waiting period on the death benefit. It is also going to have lower rates and you are going to be able to get coverage at a higher level.
 
So in short, again, you can certainly qualify for a policy with a pre-existing condition, although there are some extra steps to be taken. If you are unsure about how your condition may conflict your coverage, it is best to speak to a Licensed Broker who knows all the different plans and companies. This way, you can ensure you get the best coverage for your individual needs.

Have more Life Insurance questions? We have more answers here!

We’ve Got The Answers: How do I Survive on a Commission Based Income?

July 19th, 2017
Factors That Impact Your Life Insurance Premiums

Today's Question: How do I survive on a commission based income?

This question came to me from a new broker and it certainly pertains to a large volume of individuals, from brokers to sales personnel. If I look back 24 years ago when I started, I really learned a multitude of things from Brian Tracy, Tom Hopkins, and a plethora of other great professionals in this industry and the sales industry. They really promoted a concept that I took home- focus on the activities that are going to drive the most value to your business.

So, how do you take this concept and put it into action for maximized growth? You list out the 15 to 20 activities that you do in a given day (could be more, could be less), and put a dollar amount beside each of those activities. The activities that are of the least value, that you can delegate without sacrificing service, you do just that- delegate. That allows you to focus more attention on the things that are really going to allow you to deliver the most profit and the most value.
 
By abiding by this concept, you are going to relieve yourself of the financial stress that you have on yourself and you make yourself as profitable as possible. By being profitable, you will be able to deliver better service to your clients and you will be less stressed about the finances related to being on a commission based income. 
 
Getting use to being on a commission based income certainly requires a lot of work and a lot of confidence in the skills you bring to your position. Once you focus on the tasks at hand and begin putting in the work you need, you will see your success and your income increase. 

Have more Life Insurance questions? We have more answers here!
 
 
 

What is Cancer Insurance?

July 14th, 2017
life insurance with cancer

According to a new report from the Canadian Cancer Society, approximately one out of every two Canadians will be diagnosed with cancer during their lifetime, and one in four are likely to die from the disease.

The report estimates that 206,200 new cases of some form of cancer will be diagnosed this year and an estimated 80,800 will not survive. This makes cancer the leading cause of death in Canada.

"Currently, every year we're seeing an increase in the number of cancer cases in Canada," said Canadian Cancer Society epidemiologist, Leah Smith. "So between now and 2030, for example, we expect to continue to see a dramatic increase in the number of cancers diagnosed in Canada. That is a reflection of the growing and aging population," she said. "About 90 per cent of all the cancers that we expect to be diagnosed in 2017 will be among Canadians 50 years of age and older."

Nearly half of the new cases are expected to be in people 70 years of age or older. As the life expectancy of Canadians rises, so does the number of cancer cases.

Mortality Rates Decline

Even though cancer is the number one killer in Canada, mortality rates have actually declined over the past 30 years. Cancer related deaths have dropped by more than 30 per cent in males and about 17 per cent in females.

"Declines in death rates have been largely driven by decreases in lung cancer incidence and mortality, so tobacco control in general has had a big impact on our death rates," Smith said, especially with males, who historically smoked more than females.

Increased awareness, including more screening tests for breast cancer and advancements in treatments have also contributed to survival rates.

Four types of cancer – prostate, lung, colorectal and breast – continue to top the list as the most common forms of the disease. Lung cancer is predicted to take the lives of approximately 21,100 this year, while the other three combined are expected to claim 19,200 victims.

Help Needed for Pancreatic Cancer Research

Some cancers have seen dramatic improvements in survival rates, but that's not the case for pancreatic cancer. This gastrointestinal cancer only sees an eight per cent survival rate. The Canadian Cancer Society estimates 5,500 Canadians will be diagnosed with pancreatic cancer in 2017 and about 4,800 of those will die.

"Unfortunately, we're seeing very little improvement in pancreatic cancer, not just in Canada but around the world," said Smith, pointing out that the report has a special focus on the disease in a bid to raise awareness and designated funding for the cancer.

Radiation oncologist at Princess Margaret Cancer Centre in Toronto, Dr. Jolie Ringash states that treating pancreatic cancer is challenging because tumours typically don't produce symptoms until they reach an advanced stage.

"It's one of the areas where we really have not seen significant breakthroughs in 50 years," she said.
"So the lucky ones are where it's found very early, often by chance because the [patient is] having tests for some other reason and there's a tiny cancer that can be surgically removed. That's the good-case scenario. But unfortunately, the vast majority of these tumours progress within the abdomen, don't cause any symptoms for the longest time, and by the time they're recognized they're very advanced and treatments aren't very effective."

More research is needed to find the cause of pancreatic cancer. By identifying possible causes, scientists could develop early screening tests to detect and treat tumours sooner.

Survivors of breast cancer and prostate cancer, along with their families and friends, hold events and fundraisers to raise awareness and money for research. This doesn't happen for pancreatic cancer, causing the disease to fall below the public radar and not receive the funding needed.

Dr. Ringash says, "We don't have enough survivors out there pounding the streets and doing the walks and raising the money."

Cancer Insurance

Getting insurance after being diagnosed with cancer is possible. CancerGuard is a guaranteed issue cancer insurance product that covers you for up to $150,000 in the event of a cancer diagnosis. No medical exam is required.

To qualify you must meet certain criteria:

  • Be under the age of 65 at time of purchase
  • Answer these two questions for coverage up to $50,000
  1. Have you ever been diagnosed with AIDS or tested positive for HIV?
  2. Have you noticed signs or symptoms or been diagnosed with any form of cancer, malignant tumour, lymphoma or leukemia?
  • Answer two more questions for coverage up to $100,000
  1. Have you had an application for critical illness or cancer insurance declined or postponed within the past two years?
  2. Have two or more members of your immediate family been diagnosed with cancer before the age of 60?
  • For coverage up $150,000, you have to answer one more question
  1. Has one or more member of your immediate family suffered from or been diagnosed with breast or ovarian cancer, colorectal cancer or familial adenomatous polyposis before the age of 60?

Critical Illness Insurance

You can compliment your cancer insurance with critical illness insurance to cover:

  • stroke
  • heart attack
  • coma
  • paralysis
  • juvenile critical illnesses
  • cystic fibrosis
  • heart disease
  • type 1 diabetes
  • muscular dystrophy

Certain conditions and additions premiums apply. Read the policy carefully for details, limitations and exclusions.

Cancer Insurance vs Critical Illness Insurance

Critical illness insurance is extremely flexible. You could receive blanket coverage for many illnesses, so why would you need cancer insurance?

Cancer is the number one cause of death in Canada. Your chances of developing cancer are far greater than any other disease.

“Cancer is 70% of all critical illness claims right now,” says Mark Dziedzic, director of sales for IA Excellence, which sells the cancer insurance product, Cancer Guard. “A lot of people are unable to qualify for a comprehensive critical illness plan because the underwriting is so stringent. It’s harder for people to qualify under a standard critical illness policy than it is for them to qualify for life insurance.”

Why don't some people qualify for a standard and comprehensive critical illness policy?

“It can be any number of things,” continues Dziedic. “It can be family history, weight issues, a past illness that could indirectly affect their rating on a full-underwritten, more comprehensive critical illness product, so cancer insurance is a great alternative for someone who wants coverage, but may not qualify for regular critical illness coverage.”

What else does cancer insurance offer that critical illness insurance doesn't?

“Cancer insurance offers coverage from day one of diagnosis of life threatening cancer and with most critical illness plans, there’s at least a 90-day waiting period. This is certainly important for people who need medication quickly.”

And by only covering one illness, it’s much cheaper than traditional critical illness coverage.

Of course, as with any life insurance policy, there are exclusions. Ask an expert to help you find the best policy for your needs.

We’ve Got The Answers: My Policy has a Travel Exclusion, What are My Options?

July 13th, 2017
travel-exclusion-policy

Today's Question: My policy has a travel exclusion, what are my options?

When applying for a life insurance policy, you are typically asked to answer a series of health questions and a series of life style questions. The area of travel, more often, falls into the life style questions category.

One thing to keep in mind is that travel exclusions vary from company to company. Each individual company has it own underwriting protocol and some travel companies even have different questions than others. It is imperative that you check with a multitude of different companies to see what their underwriting protocols are. That is where a good broker can come in and shop the market to ensure you receive the policy with works for you and has the best underwriting criteria for your particular situation. So, there is no need to put of the travelling. Travel fun and travel smart!

Do you have more insurance questions? We have more answers here!

The Power of Critical Illness Insurance

July 12th, 2017
the power of critical illness insurance

Company benefits and the Canadian Health Care System give people a sense of security. They know that if they become ill, their medical expenses will be covered. In most cases, company benefits will also provide a regular pay cheque during recovery time.

So, why would anyone need critical illness insurance?

The answer is simple – there are many unforeseen expenses and costs that are not covered by our government health plan or your company benefits. Plus, you could lose your job just days or weeks before you are diagnosed or your company plan does not cover the particular illness you are stricken with, leaving you in a real financial bind. Critical illness insurance is money in your hand to use as you need when you need it most.

With the advancements of modern medicine, many people survive illnesses such as stroke, heart attacks and cancer. This is great news, but it still means you could be out of work for a very long time or you may never be able to return to wok at all. Critical illness insurance provides the means to alleviate the financial stress when battling an illness. Limiting financial stress during such a challenging time can make a world of difference. You have enough to worry about – focus on recovering, not on how you are going to pay your bills.

As with any insurance contract, it is important to understand when your policy will pay and when it will not. Read the fine print. Understand the pre-existing condition clause, the exclusion and limitation sections and the illness definitions. An experienced insurance advisor will help you navigate the various policies in the marketplace so you can make an informed decision as to what is best for you.

Critical Illness Insurance Saved the Day

Aside from thinking we are fully covered in case of a serious illness, people also believe it will never happen to them. Cancer, heart attacks and other medical problems is something that happens to other people – it will never happen to me. Unfortunately, a critical illness can strike anyone at any time. Age, proper diet and a healthy lifestyle are not always enough. In fact, more and more young people are suffering from strokes and cancer and diabetes can develop at any age.

Dawn Luhning, a financial advisor for Desjardins Financial Security Investments and City Councillor based in Moose Jaw, Saskatchewan, knows the importance of critical illness insurance like no one else in her business.

Dawn had two policies, a term life policy and a critical illness policy that would return all of the premiums she paid when she turned 65. At the time she thought, “Gee, if I never use this, I could have $50,000 to fall back on for retirement.”

Many experts in the insurance industry try to convince clients that disability insurance is a better option than critical illness coverage. Luhning learned first-hand that this is not always the case.

August 2013 Dawn Luhning was diagnosed with breast cancer.

The money from her insurance saved the day. She didn't know when or if she would ever be able to return to work. Disability plans only cover you if you can't work at all. If you are able to do minor tasks, you may be ineligible for benefits.

According to the Canadian Cancer Society, the chances of developing cancer are two in five, and the chances of dying from the disease are one in four. The chances of your house burning down are actually only one in 3,000 homes – yet nearly every homeowner buys house insurance, but neglects critical illness insurance.

Susan Mast was diagnosed with colon cancer only three months after buying her critical illness policy. She never even knew such a plan was available. Once Andrew Burdi explained the details, she realized that protecting her most valuable asset – her income – was the right thing to do.

Your income is your biggest asset. Without an income, you can't buy other important assets such as a home or a car.

What the Experts Say About the Importance of Critical Illness Insurance

“According to Canadian statistics on average, one out of every two men and one in three women are diagnosed with a stroke, heart attack and cancer. Even though the rate of critical illness increases every year, progress in medicine makes it possible for patients to recover from serious illnesses like never before. As you recover, you may not be able to earn an income, your outgoings could rise significantly, and your life insurance policy may not help.

Critical Illness Insurance is a reliable product that can protect you and your family should you be diagnosed with a covered illnesses or condition.” Instant Life Insurance.

“People experience any number fears around a possible diagnosis of cancer, but insolvency isn’t usually one of them. But as many current and former patients know, the financial toll from taking time off work for treatment, paying for drugs not covered by public insurance or travelling to seek care can quickly add up. And that means financial stress can even overshadow health concerns for many who have received a life-altering diagnosis.” Carly Weeks, the Globe and Mail.

Glenn Cooke, president of Life Insurance Canada.com Inc. says, “Critical illness insurance is being sold on rainbows and unicorns. You should be buying insurance for financial reasons, not for emotional reasons.”

“Critical illness insurance is hugely misunderstood. And if you’re not reading the fine print on your policy, you could be relying on inaccurate myths when deciding how much you’ll need. The aim of disability insurance is to substitute your lost income due to your disability. Critical illness insurance provides a lump sum payment if you are diagnosed with a critical illness, such as cancer or an immunological disease. The benefit is that you can decided how to use these funds so you can either pay for your treatment with the money, or, if self-employed, use the money to pay for family expenses. This means you are in fact, compensating yourself for your lost wages.” Julie Cazzin, senior editor MoneySense.

“Critical illness insurance can be suitable for anyone seeking financial protection to help cover the costs associated with recovering from a life-altering illness. It can also be suitable for those looking to protect loved ones in the event they experience a critical illness.” Canada Life.

“Critical illness coverage is now very often the first choice among brokers when it comes to buy and sell agreements. The clear-cut definitions and rapid claim payouts make CI enticing to all.” Insurance and Investment Journal.

I call it ‘risk beyond life,'” says financial adviser and partner at Benefit Planners in Calgary, Robert McCullagh. “How do you manage risks in your life – like death, unemployment, disability, serious illness? How would these events affect you and your family? Critical illness insurance is a product that pays out a tax-free lump sum if you acquire a critical illness such as cancer or suffer a heart attack or stroke. Unlike disability insurance, it is not related to your previous income level, or your ability to go back to work.”

“CI insurance offers a lump sum if the insurer is convinced that an individual has any one of critical illness listed in the policy document. The payment is made when the individual survives a certain period (typically a month) after confirmation of the diagnosis.” Radhey Sharma from The Wealth Wisher.

“After 30 days of being diagnosed with a life-threatening illness, a critical illness insurance policy pays out a tax-free lump sum.” Canadian Insurance Plan.

“If you want a lump-sum of money to provide for medical treatment or for a spouse to take time off work with you in the event of a critical illness, this type of coverage could be worth considering.”
Jason Heath, MoneySense Columnist, CFP.

What The Financial Experts Own – Janet Gray

July 10th, 2017
  
Janet Gray money coach

Janet Gray

Money Coach, Money Coaches Canada 

Before joining Money Coaches Canada in 2014, Janet was a Certified Financial Planner offering full service with investments, insurance and mortgages for a major Canadian institution for 13 years.

Even though she no longer sells insurance/investments products, Janet still maintains her designation as a Certified Health Insurance Specialist (CHS), because she believes it informs her work as a Money Coach and Certified Financial Planner.

Her specialized knowledge in both business and retirement issues has made her a go-to-expert for media outlets such as CBC, CTV, Global, The Globe and Mail, and MoneySense magazine. She can be seen regularly on CTV Ottawa Morning Live and is currently a MoneySense Approved Financial Advisor.

In 2009 she founded the Ottawa chapter of the Canadian Association of Retired Persons (CARP) which is now 10,000 members strong. Her work as Chapter Chair for seven years (she is currently on the board as Past Chair) brought her in front of senate and commons committees and into conversation with many sector and community leaders. She is a Certified Professional Consultant on Aging (CPCA), an Elder Planning Counsellor (EPC) and a sought after speaker on financial planning and challenges in retirement.

Seeing the powerful shift that money mastery makes in people’s lives and businesses is what brings Janet the greatest satisfaction in her work.

“I strongly encourage clients to stay connected to their money and their financial goals. Life is always transitioning; a business owner always has to adapt to change; retired people will have different needs in early retirement than they will have in later years; families transition through many stages starting with childcare through to higher education costs (and much in between).

With a well-planned ‘financial operating system’, you can adapt to these sorts of change with ease. An important role I serve is regularly checking in with clients, reviewing progress against their goals and being proactive and anticipating any transitions ahead.”

1. What Type of Life Insurance do you own?

As a married couple in our 50’s with no children, we had term insurance while the mortgage debt was still high. With little debt now, we find that minimal term life insurance works for us, especially after funeral costs are pre-paid and much of our estate is on its way to being tax efficient. We will further re-evaluate our needs at the next term renewal.

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

We considered the standard things like outstanding debts and also loss of income for the survivor.

3. Do you believe in Life Insurance for Children?

The main reason I would recommend life insurance for a child is if it is permanent insurance and you are ‘locking’ in the lifetime premium. Or you are buying a child rider or their own policy to then convert ownership to the child at a later date without needing health questionnaires. But the decision needs lots of discussion and understanding to determine if this is the best use of financial resources at the time of purchase.

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

Most people do not understand the types of insurance and their needs so they often tend to either not purchase enough coverage or they purchase an unsuitable product. It’s not that often that I see people have too much coverage- but they often have too little. Or they have a complicated insurance product when they need a simple solution. I also observe that once people purchase their policy, they do not review the benefits on a regular basis to confirm if the policy is still as suitable for them now as it was when they first got it.

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

Many people are not aware of the Living benefits insurance such as Critical Illness and Long Term Care Insurance – especially when I am speaking with those who are in their 50s and 60s. They usually didn’t have it within their group insurance package so are not aware of the product and its benefits. They are often surprised to hear about it.

Janet is equally passionate about serving the needs of small business owners and entrepreneurs. Janet has been a member of the Orleans Chamber of Commerce since 2001, winning the distinction of Financial Services Person of the Year twice. She has participated in many business development events, including “Dragon’s Den” style pitch opportunities for entrepreneurs to receive input on their concepts and business plans and regularly acts as a mentor to new entrepreneurs.

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