Life Insurance Canada News:

News from 2007

New Testimonial from Yang Yang and Anna Yang

December 28th, 2007

Recently the Yang Yang family (Yang and his wife Anna) were kind enough to send me a photo of themselves and their two lovely girls (even pictures can't do justice to this adorable pair). I've included their photo on the testimonial section of the site along with an excerpt from one of their letters to me.

Yang Yang and Anna Yang
Yang Yang and Anna Yang

I'm so grateful when clients let me know how they appreciate the work we do for them. It's great working in a family business like this. Particularly on the holidays, when I get to spend more time with my own family it's wonderful to know that I'm helping others with their own families.

Thanks Yang! Happy New Year to you and Anna and the girls!

Understand your contract!

December 17th, 2007

Buying life insurance is a prudent and selfless decision, but be sure that you fully understand the contract – its terms, conditions, limitations and exclusions – before you sign on the bottom line.

The latest article in our life insurance tips section tells you about all the things to keep in mind when reviewing your life insurance contract, so you can be sure your family gets paid.

April contest winner of iPod

December 15th, 2007

I was delighted to receive a thank you letter from April iPod winner Falak Patel

Falak Patel
Falak Patel

"I wanted to thank you for doing such a terrific job in servicing my family's insurance needs. You made the entire process fun and easy and you gave us the best rate on the market

I was also very pleasantly surprised to hear I won a brand new iPod. Thanks again and keep up the terrific work!"

Congratulations Falak!

Life Insurance Prices and You

December 14th, 2007

Do you think price is the only factor to consider when choosing the right insurance company?

It's a good reason, but price is not everything.

We have just published two new articles in the life insurance tips section on this theme. The first one gives the low down on which insurance company to choose, and the second one tells you why not buy a Primerica insurance policy.

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Dr. Emilio Castaldi talks about his LSM life insurance experience

December 13th, 2007

Recently I received a letter from Dr. Emilio Castaldi. I thought he might want me to call one of his friends on another referral. But instead he wrote me to thank me for his life insurance experience with us. I was thrilled to see what he had written.

dr emilio castaldi
Dr Emilio Castaldi and I

I would strongly recommend Lorne S. Marr and LSM Insurance to anyone looking at reviewing their life or health insurance needs.

Lorne's service is first rate - his website is filled with value packed information  about life, disability and critical illness insurance. I found your insurance needs calculator very user friendly and I was able get an instant life insurance quote in seconds.

It's easy to see why your firm is a leader in the industry.

We really try hard to take the best possible care of all our clients. The words of appreciation are much appreciated Emilio.

Thanks for sharing!

Guaranteed Issue Life Insurance – What You Need To Know

December 2nd, 2007

There's been a lot of hype around guaranteed issue life insurance, which offers coverage without medical exams and no pushy salespersons in the process. As always, some deals sound too good to be true. To get an insight into these policies, read our latest article about guaranteed issue life insurance and find out in which cases it makes sense - and in which should you avoid it.

New Article About Child Insurance

November 28th, 2007

We have a new article in the life insurance tips section in which all the related things are discussed about life insurance for children. Does insuring your child's life make any sense or is it more insurance company shenanigans preying on innocent families darkest fears?

Empire Life Solution Series Life Insurance: Critical Evaluation

November 13th, 2007

I've been reviewing Empire Life's most recent term insurance revisions. They have made some positive refinements but in the end it's a bit of a wolf in sheep's clothing. First here's what Empire Life says about the policy:

 

 

Empire Life Tweaks Its Solution Series

Kingston, Ont.-based Empire Life Insurance Co. is changing its Solution Series term life insurance products, including a new pricing band and a "no fluids" approach to underwriting policies.

The "no fluids" clause in policies up to $249,999 and age 45 will be extended to all life insurance products offered by Empire. (Previously, a saliva or urine HIV test was required to issue a term policy of certain face amounts; the test was conducted by either the client's advisor or a paramedical nurse.) "This change reflects the emerging standard in the term marketplace and extends it to other life products," says Owen Rhoden, manager of individual life and health insurance marketing for Empire. "We want to do what makes sense for our distribution partners and their clients."

Empire has also added a new pricing band from $250,000 to $499,999 to provide consumers with more options, the company says. A first-year commission increase of 5% will be added to Solution 10 and Solution 20 products until September 29.

MY COMMENTS

The new pricing band means Empire Life will have more competitive rates for face amounts from $250,000 to $499,999. However, Empire Life is one of only the few companies to not offer preferred rates on Term policies. This means that clients who are in very good health and have good family health history could be overpaying.

The removal of the oral and or urine tests makes it easier and less time consuming to qualify for insurance. But if you are sure that you are in good health, it makes better sense to go with a more demanding provider in terms of tests and get the better rates that go with those tests.

If you are wondering about whether you are going to make the health cut off, just pick up the telephone and give me a call and I'll let you know what you need to know about the different levels - the real inside scoop.

Make sure to call me before you go to see your doctor for your pre-application check-up and certainly before you apply for a policy. You have thousands of dollars of premiums at stake, not hundreds. Here's my direct number - 905.248.4849.

Insurance Makes No Sense: LSM Insurance quoted in November 2007 Money Sense Magazine

October 25th, 2007
Money Sense Magazine - November 2007 - Insurance Makes No Sense
Money Sense Magazine

Every time you turn on the news you hear about people dying in accidents. So it's no wonder that many of us buy accidental death insurance, either as a stand-alone policy, or as a rider on an existing policy. The insurance is designed to provide for your family should you be killed in a mishap, such as a car crash or fall.

"There's only one problem with accidental death insurance," LSM expert says. "It doesn't make any sense."

 

Accidental deaths are rare, accounting for only about 5% of mortality. But accidental death insurance often costs more than a term life policy that would cover you no matter how you die.

Aside from the coverage offering poor value, they say, "The biggest reason I would not buy it is because my family doesn't need more money just because I happen to die in an accident. In fact, your family's costs would likely be higher if you were to die from cancer or some other disease, which is a much more common cause of death than accidents."

Anne Kleffner, associate professor of risk management and insurance at the University of Calgary, agrees that accidental death insurance makes no sense."If you've bought the right amount of life insurance to begin with, it seems a bit silly to then spend more money for coverage you can only use if there's an accidental death."

So what should you do if you get an offer from your bank or insurance company for accidental death insurance? If you don't think you have enough coverage, "you should just buy more term insurance instead," says Kleffner. "It's pretty clear that the accidental death coverage is not worthwhile."

Money Sense Magazine

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A healthy workplace pays returns – LSM Insurance quoted in Insurance Journal again

September 30th, 2007
A healthy workplace pays returns

When Professor Michael Leiter predicts a 10% return, he mean yield from a different investment than normally discussed by financial advisors, and when he mentions 'resources', he does not mean commodity investment or the mutual fund category. What he is referring to is the direct connection between a healthy workplace and efficient and motivated employees.

Prof. Leiter says his research demonstrates connections between an individual's professional efficiency and work style. "The percentage relationship we've seen between healthy behaviours and experiencing exhausting is quite strong," he says, estimating that a healthy workplace increases an individual's efficiency by up to 10%.

As organizational psychologist, co-author of Banishing Burnout and director of Acadia University's Centre for Organizational Research and Development, Prof. Leiter studies workplace stress and relationships between individuals and work environments.

Healthy work styles replenish physical and mental resources depleted by pressures inherent in financial planning. "There is a cost in all of that," he says. It depletes your resources so the first piece is do you have the capacity to replenish those resources?" ho to The Insurance Journal.

He numbers exercise and health programs at work as important strategies for avoiding burnout. Spontaenous group activities are very helpful. "Particularly given that you often work with others with the same challenges - make it into a cooperative effort. Play basketball...even pickup basketball to work off tension."

Members of LSM Insurance team may not play basketball together but find walking together pays dividends. "The daily walks have allowed us to come up with some really good idea," they say. In one example, they discussed a new critical illness insurance sales letter used to renew contact with inactive prospects.

One of our advisors at the agency has lost between 15 and 20 pounds since resuming his gym workouts, they add. On the food side, LSM's office includes a toaster oven, designed to provide an alternative to grabbing fast food for lunch. An assistant has become more productive since the change. "She wasn't into eating healthy at all," they recall. "She was a little more on the McDonald's front..."

These measures set the tone for the agency's office environment and its success, they believes. "We have more energy. We have more enthusiasm. We are likely to do a lot more business."

Brokers from LSM Insurance also believe that healthy vibrations lead to positive attitudes, in turn leading to increased sales. "People are going to want to buy from people that have energy and are very upbeat about what they're doing."

Al Emid

Taken from the insurance journal, August 2007.

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