Life Insurance Canada News:

News from 2008

Empire Decreases Optimax Rates

Empire Life announced that effective August 25, 2008 they will significantly decrease the rates on their Optimax Participating Whole Life plan. They also redesigned the dividend scale to support these lower base premiums and now the Optimax plan also reflects improved earning expectations. Lorne’s Comments The new premium rates will improve Empire Life’s competitive position. The plan is available in the Life Pay or 20 Pay versions and the cash values and death benefits are ...
Continue reading

Transmerica’s Critical Advantage plan – unique but limited

Stopping Motion by Okko Pykko Transamerica Critical Advantage is a global medical care insurance providing immediate access to advice and the best care through Best Doctors. If diagnosed with a covered medical condition, the client and their doctors or specialists have immediate access to Best Doctors, the world’s leading medical information resource. Best Doctors can provide clinical guidance and access to a second opinion to help arrive at the right treatment plan. This ...
Continue reading

Critical Sales Down in 2007

According to the latest report by LIMRA International, Critical Illness insurance policy sales decreased by 3% between 2006 and 2007 from $84,983 to 82,397. For the industry premiums dropped from 78 million in 2006 to $77.2 million in 2007. These data were published in the August 2008 Insurance Journal. Lorne's Comments: The drop in sales can be largely attributed to many captive agents and brokers not properly understanding the product. Critical illness is a much more complicated ...
Continue reading

AXA’s new line of accumulife option funds brings numerous advantages

The AXA Group has introduced a new line of accumulife option funds that brings together investment managers with 12 investment options, offering funds that range from fixed income to maximum growth portfolios. In a recent press release, AXA listed several advantages of these accumulife option Guaranteed Investment Funds. They include: A wide range of possibilities offered through the funds and their diversification; Very competitive management ...
Continue reading
a-man-reads-a-document

Unity Life’s Plus Term: a Hidden Gem

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company. Unity Life’s Plus Term is a non participating whole life policy available in Canada to applicants aged 18 to 45. The plan provides lifetime protection and is guaranteed paid up at age 65. The policy has a guaranteed cash value available at age 65 and the cash value accumulates each year thereafter. Below is an example of $250,000 coverage for a 41 ...
Continue reading

AXA’s new underwriting system: faster for clients, easier for brokers

SSQ, Life Insurance Company Inc. has purchased AXA Life Insurance Inc., with the official date of the transfer being January 2012. SSQ Insurance Company Inc. is the new name chosen for the subsidiary In a recent press release, AXA Insurance announced that they were implementing a new teleunderwriting service for obtaining medical questionnaires: Through BW Underwriting Services Inc., a teleunderwriter will be contacting your clients directly as needed to complete ...
Continue reading

Life insurance as a means of maximizing wealth

We often hear that the a primary purpose of a life insurance policy is to replace the income of a family breadwinner in the event of his or her untimely demise. But what about families with minimal debt and full grown children? Why would they need or want life insurance? In our latest article we take a look at some benefits life insurance has for maximizing wealth.
Continue reading

RBC Insurance increases limits on its future income option

RBC Insurance raised the limits on its future income option, effective July 30, 2008. The future income option allows disability insurance policyholders to increase their disability insurance monthly benefit without providing evidence of insurability. The increase applies to all occupation classes. New applicants qualifying for a 4A classification can now add a future income option of $25,000 per month, a significant increase from the previous ceiling of $15,000 per month. Lorne’s ...
Continue reading

LSM Insurance a role model for proposed 4 day work week in Nova Scotia says CBC

CBC News has again featured our four day work week initiative as a good example of how to combat high fuel costs. Now, Nova Scotia is looking at a four-day work week for government employees as a way to save energy, the online news service says. Energy Minister Richard Hurlburt is reported to have said that his department is preparing a report on how how much the province would save in energy costs. The article, among others, reads: In Canada, some companies, such as LSM Insurance in ...
Continue reading

Children’s term rider from Manulife

Manulife’s children’s term rider, unique in the Canadian marketplace, just got even better. The rider allows a child to be covered for $10,000 at a cost of $2.50 a month. But even more important is the plan’s built-in conversion option. On the policy anniversary nearest the insured’s 25th birthday (or earlier, at specified option dates), the insured child has the option to purchase $250,000 of new life insurance coverage without new medical evidence. That on its ...
Continue reading