Life Insurance Canada News:

News from 2009

New Locked-in Account Laws for Ontario

New legislation for locked-in accounts in Ontario means greater access for clients in the province with money locked-in to insurance plans and greater flexibility when it comes to managing their savings for retirement. Rules for those who currently hold Life Income Funds (LIF) in Ontario are the following: Owners of current Ontario LIF contracts will have a single opportunity to cash out or transfer an additional 25% of existing LIF funds into an RRSP or RRIF, but the owner must make ...
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Long-term Care Consumer Report

We are always surveying the latest and greatest insurance plans available in Canada and today we are breaking down the advantages/disadvantages of some of leading long-term care plans in Canada. We do the work, so you don't have to. In 2008, LIMRA, a financial research firm, introduced stats that underscore the importance of getting long-term care insurance early. These include the following: One in five Americans over age 65 will require some form of long-term ...
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Travel Insurance: An Olive Branch that’s Peace of Mind?

When most of us go on a trip, insurance is the furthest thing from our minds. We are there to take a load off, see the sites or visit family and friends. But what if you have an accident? What if the family member you are traveling with falls ill? What if your belongings and money are stolen? Travel insurance can save you the grief of those nightmares for only a few cents a ...
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LSM Partners with Travel Underwriters to Provide Online Travel Insurance Solutions

December 1, 2009 -- LSM Insurance is proud to announce we will be adding travel insurance to our ever expanding repertoire of online insurance services. LSM has partnered with Travel Underwriters, a company with more than 40 years experience in the travel insurance field, to go beyond providing quotes for our customers and, for the first time ever, hand them the ability to provide travel insurance for themselves and their families right from the comfort of their own living ...
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Long-term Care Insurance: Why You Should Buy Now

Long-term care insurance was first sold in the U.S. in 1987, with Canada following in the early 90s, and there is still a limited number of Canadians with long-term care policies. That is why we have seven reasons why you should consider buying long-term care insurance now. 1. Aging population - According to Statistics Canada, one in every seven Canadians is 65 and over. 2. Cost of care increasing in Canada. The Canadian government already spends $3.9 billion on Alzheimer's and ...
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Long-Term Care Insurance: The Top 5 Reasons People Claim Benefits

People claim Long-term Care benefits for a variety of reasons, but Life Plans has released the definitive top five reasons the average claimant (about 61.6-years-old) files a claim. The top five reasons that long-term care policy holders go on claim are: 1. Alzheimer's disease or related dementia. (www.alzheimer.ca) 2. Stroke. (www.heartandstroke.on.ca) 3. Injury. 4. Cancer. (www.cancer.ca) 5. Other. For more details on long-term care insurance, policies in ...
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LIMRA’s Long-term Care Statistics

LIMRA's long-term Care statistics for 2008 shows that, while the number of long-term care policies being sold in the United States is rising, the number of Americans who are properly insured is still extremely low. The data they reveal include the following: One in five Americans over age 65 will require some form of long-term assistance. Only 61,000 Americans have long-term care policies. There ...
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RBC Life Insurance Pricing Announcement Oct. 2009

RBC Insurance has Re-Priced its Term 10 and Term 20 Plans by lowering its already competitive rates, effective October 26, 2009. They are particularly well priced on their Term 10 and Term 20 policies, with face amounts of $250,000.00 and up for applicants age 35 to 55. The rates have been adjusted on both their standard and preferred rate plans. Additionally,RBC Insurance introduced a new $10M brand for high net-worth clients looking for higher coverage amounts. You ...
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La Capitale’s Enhanced Critical Illness Plan

La Capitale recently announced the availability of its new Enhanced Critical Illness program as of November 17th, 2009. The policy features include: 25 covered illnesses or surgeries (standardized definitions). 100% return of premium after 15 years (limited to it's health option plan). Three payment options, pay for 15 years, until age 65, or for the life of the policy. ...
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How Canadian Life Insurance Companies Underwrite Scuba Diving

Canada has the largest fresh water lakes in the world, so it's only natural that our country would be a picturesque destination for scuba diving. Out of the 930,000 that get their beginner diver certification from the Professional Association of Diving Instructors annually, over 70,000 were Canadian between 2000 and 2008. However, as a high-risk sport, it can impact your ability to get life insurance, which is why we're telling you what variables Canadian life insurance companies will ...
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