Life Insurance Canada News:

News from 2005

LSM Insurance featured in The Insurance Journal

December 15th, 2005

Off Bay Street News – Markham Daniela Cambone

“Have a philosophy to do more,” is LSM Insurance‘s mantra, a Million Dollar Round Table qualifier for the past 12 years. They spend over $20,000 a year solely on promotional items for clients, which seems to be a small investment in comparison with the huge returns it brings in.

Ranging from mugs to ice scrapers, no client is left empty handed. “With each sale, we send a couple of movie passes. We started doing this and we found it pays off because it helps strengthen the relationship with our clients. It has a big impact! It shows we put some effort into it and we don’t just think of them as a number.”


These are some of the suggestions we shared with other advisors at the Million Dollar Round Table (MDRT) conference held last June in New Orleans. It was the first time LSM Insurance attended one of the MDRT annual conferences and it served as a good wake-up call. “When you go to the MDRT you think you are doing well, but then you meet people who were doing extremely well and you can learn from them. And since returning from the meeting we have seen a big increase in production. We implemented ideas and it recharged our engine.”

LSM Insurance team connects its clients to other professionals, for example a lawyer for their wills. This allows you to build a fence around a client and in turn, the other professional will send referrals your way. Another technique LSM Insurance uses is to make clients schedule their own appointments. “In situation when the sale is not made initially, book the second appointment on the spot. Have the client write it down. It is a time saver.” Also, newer agents should always try to obtain the day time phone numbers of clients.

“A lot of time you find you only have evening numbers, but it is good to contact people in the day.” We have also hired two full-time and one part-time employee to help in his independent venture. “we have just hired a sales assistant, who follows up with underwriters and sends thank you letters to clients. We find in an organization you really have to be organized with underwriting. It is something we have had to adapt to in the independent channel.” LSM also recruited someone to help generate more clients and leads. “By not dabbling in other things, it allows us to focus on dealing with people.”

Author: Daniela Cambone Off Bay Street News: Markham The Insurance Journal – October 2005, p.38 GIF of the original article as it appeared in The Insurance Journal.

Readers Write

  – Hi Daniela, I wanted to take a moment to comment on your article “Advise from a sales pro: invest in your clients!” featuring LSM Insurance. I’ve worked with the company for just over 1 year and I feel you’ve done a great job in expressing their professionalism and commitment to their clients. LSM Insurance is a top-level insurance brokerage.

Regards, Mark Murano Senior Sales Consultant, RBC Insurance

  – A quick note to compliment you on another fine issue (October). I sense that the Journal is becoming the standard for timely information about the insurance industry. As I work with independent advisors, I find the articles very helpful in keeping me abreast of issues and trends in our industry. Profiles of such successful advisors are excellent.

Regards, Terry Mash Account Manager, Empire Financial

LSM Insurance is featured in The Toronto Star on 21 July in James Daw’s Money Talk column

December 15th, 2005

But will you live to collect it?
Critical Illness Insurance is a concern.

Money Talk: James Daw

A type of insurance sold in Canada for nearly 10 years could lead to a dramatic tug of war around a policyholder’s hospital bed.

But a lawyer specializing in trust and estate matters says he, for one, has yet to hear the thorny issues rose at professional seminars or conferences.

Critical illness insurance will provide a sum of cash in the event the purchaser suffers a stroke, heart attack, cancer, coma or any one of a couple dozen medical conditions.

Coverage is more costly than life insurance, and for some people it’s more difficult to obtain. But the money from the policy may be used for any purpose, including a private nurse, additional living expenses or quicker access to reach outside of Canada.

No money will be payable unless the insured person is eligible and the claim is made within the required time period. In addition, the person would have to live for 30 to 180 days after the illness is diagnosed.

The so-called elimination period may vary by insurer and by the nature of illness. Most illnesses have a 30-day elimination period. A claim for cancer may not be made for 120 days after the purchase of a policy.

More often than not, purchasers of critical illness insurance will have time to discuss these matters with their family, attorney or the future executors of their estate after becoming ill.

Unfortunately, not all policy holders will have the luxury of time, consciousness or mental capacity. And some financial advisers have only awakened recently to the potential complications for those individuals.

Advisers are starting to urge their clients to talk these matters over with their lawyers, and to consider revising both their wills and living wills, known in Ontario as the power of attorney for property and the power of attorney for personal care.

The most dramatic complication is whether you would want someone to authorize extraordinary efforts to extend your life long enough to qualify for the insurance benefit.

Toronto lawyer Jordan Atin of Hull & Hull, which boasts it is Canada’s largest estate-litigation firm, said yesterday there can be family conflict if an ill person has named one person to be his or her attorney for personal care and another person his or her attorney for property.

The person in charge of money matters may have a different point of view than the person responsible for the ill person’s comfort and well-being. And while an attorney for personal care may direct the attorney for property to dispense money for care, there is no reciprocal power to direct the attorney for personal care to try to keep a person alive, Atin said.

“I can tell you that I lead many presentations and seminars to lawyers and, quite frankly, I have never heard that raised, especially with respect to the dramatic situation of having the attorney for personal care having to keep the person alive to qualify for the insurance policy,” said Atin.

So purchasers of critical illness should consider their wishes ahead of time, and meet with their attorney and their executor to state those wishes and outline responsibilities with regard to the policy, he advised.

Life-and-death situations are not the only things that policy holders should consider.

Even when the ill person lives longer than the elimination period, the insurer may take time to satisfy it that there is an eligible claim. For example, it may take time to verify if the claimant knew of the illness at the time of applying for coverage.

It is important for individuals to consider how they will pay for those expenses for which provincial health insurance or other private insurance will not, and where the money will come from before the critical illness insurer pays the benefit.

The key is to be as specific as possible with your instructions with your lawyer in terms of how you want to deal with matters if there are not funds for certain costs, and what life-prolonging methods you want used.

Bruce Cappon of First Rate Insurance Inc. in Toronto notes that there are other technicalities that purchasers of critical illness insurance should point out to their family, attorney and executor.

These policies generally require a notice of claim within 30 days (unless there is a good reason for being late) and proof of claim within a year of becoming eligible. With some policies, no legal claim may be commenced more than a year after the policyholder was eligible to make a claim, he said.

Contracts give the insurer the right to order an examination while the person is alive and an autopsy after death. So, for the sake of your heirs, you might want to have your life extended – as well as the day of your burial or cremation.

James Daw, CFP, appears Tuesday, Thursday and Saturday. He can be reached at Business, 1 Yonge St., Toronto M5E 1E6; at 416-945-8633; 416-865-3630 by fax; or at
by email.
PDF of the original article as it appeared in the Toronto Star available for download.

Lorne Marr Interviewed in Forum: the Magazine for Financial Advisors

November 30th, 2005


Lorne Marr Headshot

LSM Insurance Director of New Business Development, Lorne Marr was interviewed for the Health Matters section of Forum:the Magazine for Financial Advisors:

Fitness Forum Advisor

For many advisors, staying healthy and keeping fit is an important part of their daily routine. Lorne Marr, CFP, MBA, of LSM Insurance in Markham, Ontario, has spoken to many advisors over the years on how he maintains his passion for health and fitness, and quality family life, while growing his business. An advisor for over 11 years, Marr has been been a qualifying MDRT member every year since 1994 and in 2004, he qualified for MDRT Court of the Table. FORUM talked to the 36-year-old father of three about how he achieves a healthy balance in his hectic life.

FORUM: How important is achieving a work-life balance to you and how do you go about doing that?

Marr: Creating a balance in my business and personal life is crucial. Having a fulfilling home life definitely adds to my bottom line. I try to get my family very much involved in my business and personal goals. On the business side, I write out weekly, monthly and yearly goals, and attach a reward to each goal. For example, my wife and I will go out for a nice dinner or weekend away if I hit a certain production target. My children are also starting to get very involved in this process.

FORUM: We know that you’re a “fitness buff.” What fitness activities do you partake in and how many hours (or times a week) do you devote to keeping in shape?

Marr: My main forms of exercise are weightlifting and Tae Kwon Do. I competed as a bodybuilder at a local level in my 20s and have been weight training for 20 years. I started Tae Kwon Do about three years ago and I am currently going for my black stripe, competing in a couple of tournaments along the way. I generally train five days a week -three days of weights and two days of Tae Kwon Do. I also play a little baseball and ball hockey on the weekends.

FORUM: How do you find time to fit exercise into your busy schedule?

Marr: My workouts are treated as an appointment. They go right into my schedule and my business appointments are simply scheduled around these workouts.

FORUM: At the end of the day, what do you think you gain from being fit and healthy?

Marr: Living an active lifestyle actually creates time by giving you the energy and confidence to face life’s challenges. The increased energy enhances the relationship I have with my family and my clients.

FORUM: What’s your advice to advisors who want to get fit and stay healthy?

Marr: Set a goal, write down that goal and develop a plan of action. Each week or month, implement another component of that plan until it becomes part of who you are. Exercise and eating right is a habit no different than drinking or smoking. But it is a habit that creates value in your life and in the people you care about.


Eight Weeks to Optimum Health

In Eight Weeks to Optimum Health, Andrew Weil, M.D., a graduate of Harvard Medical School who has become a celebrity for advocating a a balanced lifestyle of body, mind and spirit, provides energetic lectures advocating an eight-week program that will lead the viewer to a healthier life. Standing before an attentive audience, Weil is an engaging lecturer, relying often on commonsense analogies while avoiding medical jargon. He presents his eight-week program very practically, beginning with tips on what to eat (and what to avoid), and proceeds to offer advice on exercise, how to handle stress and related topics.



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