Exploring Alternative Life Insurers
In its October issue, The Insurance And Investment Journal published an article about new potential insurance products that should help to face the rising COI pricing increases. LSM Insurance was asked to provide independent opinion. Markham-based brokerage firm believes smaller insurers can offer interesting alternative.
“Union of Canada is one company that we started to do some work with. They have a pretty unique Term 100 product. It basically gives the insured the level premiums for life. It gives them a (50 per cent) paid up feature at the end of 15 years or age 55, whichever comes earlier… Western Life is another smaller company that still has a very good Term 100 product and they haven’t adjusted the rates on it.”
LSM Insurance experts continued about other advantages of alternative insurers:
Another advantage of working with a small company like Western Life or Union of Canada or Assumption Life is that brokers can actually talk to an underwriter directly… With Manulife, that’s not possible.