Life Insurance Canada News:

News from 2011

Household Debt Ratio Continues to Soar in Canada

As reported in the December/January 2012 issue of Money Sense,based on stats from OECD collected in 2009, but released in September 2011, Canada now has a higher household debt ratio than any other country in the G7 except the United Kingdom: Household Debt as a Percentage of Disposable Income U.K. 170.7% Canada 148.4% U.S. 127.2% ...
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Tips for Scoring Well on your Life Insurance Medical Exam

Life insurance applications are often accompanied by medical tests. The following are some tips for passing the most common life insurance medical tests: Blood Pressure The best readings are taken in your least stressful environment. Try and minimize any caffeine, as this can impact blood pressure readings, along with stress. If you require an oversized blood pressure cuff, please let the nurse know in advance, as this could also have a major impact on the reading. Blood profile ...
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BMO Critical Illness Insurance

BMO Insurance has five critical illness plans BMO insurance offers five Critical Illness plans. The minimum face amount for each of the five plans is $25,000. The maximum issue limit is $2 million for the first four plans and $1 million for their 15-pay Living Benefit 100 Critical Illness policy. The first of the plans is their Living Benefit Term 10 plan, which offers level premiums for the first ten policy years and is convertible without a medical. The coverage is guaranteed ...
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Life Insurance and Heart Attacks

Obtaining life insurance after someone has a heart attack can be challenging. In all cases, the insured has two choices: Traditional Life Insurance Plans and No-Medical Life Insurance Policies. Traditional life insurance plans ask a series of health questions and usually involve the insured completing one or more medical tests, whereas No-Medical life insurance policies can be broken down into the following two categories: Simplified-Issue Plans— These ask a short series of health ...
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New question in Life Insurance FAQ

New question in Life Insurance FAQ:While working in the US I took out $1,000,000 5 year term policy. I subsequently have permanently relocated relocated to Canada. My question is this: Are the proceeds from the policy taxable by the US upon my death?I would check with the insurance company you took out the policy with or a tax advisor. We are licensed in Canada and would not have the expertise to answer you US tax question. Read more questions and answers about Life Insurance FAQ.
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New question in Life Insurance FAQ

New question in Life Insurance FAQ:what is account value on a universal life insurance policyI think you are referring to the accumulation fund. The accumulation fund is the investment value of the policy. The accumulation fund and the cash value are not always equal the cash value is the amount the insured can actually redeem from his / her policy and is the accumulation fund minus any surrender charges and policy fees. Read more questions and answers about Life Insurance FAQ.
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Get your client a discount on insurance

Everyone likes a deal. When laundry detergent is on sale, you stock up because you know you’lleventuallyneed it. The same could be true of life insurance, and your client could benefit from a volume discount by buying more. Cost-of-insurance calculations can sometimes produce a “club pack” discount effect. Not only could a larger policy cost less per $1,000 in coverage, but it could also carry a lower overall premium. (more…)
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Wawanesa Life: No Medical Life Insurance Plan.

Wawanesa Life offers a non-medical life insurance plan that is available to applicants ages 45 to 75. The plan is a simplified issue plan, meaning that there are no health tests and, in this case, a series of five health questions. The plan is called an Instant Issue Plan. The insured can choose from 19 coverage levels ranging from $5,000 to $50,000 of coverage. (more…)
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Wawanesa Life’s Quick-Issue Critical Illness Plan

Wawanesa Life offers a quick-issue critical illness plan. The policy is available with only eight qualifying questions and the plan pays out a lump sum, tax-free payment if you are diagnosed with one of 14 different critical illnesses. The waiting-period on most conditions is 30 days. The following is a list of the covered critical illnesses in this plan: 1. Heart attack 2. Stroke 3. Cancer (it must be life-threatening — no benefit is payable if the cancer is not ...
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Assumption Life: Non-Medical Life Insurance Policy

Assumption Life is one of Canada's leading insurance carriers for non-medical life insurance solutions. Its basic non-medical policy is called Total Protection and is available with as few as four questions. Face amounts can range from $5,000 to $50,000 and for amounts over $30,000, additional health questions are required. The policies are available to applicants age 18 to 80 and they come with a multi-life discount. The policies are available on a deferred basis: that is, if death ...
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