Life Insurance Canada News:

News from 2011

Manitoba Set to Regulate Incidental Sale of Insurance Products

The Insurance Council of Manitoba announced that it has received a recommendation from both the life and general insurance councils of Manitoba on the regulation of the incidental sale of insurance products. The council recommended a regulatory framework for the incidental sale of insurance products for the province, similar to that in place in Saskatchewan. Manitoba will require any entity offering insurance -- be it a car dealership or a bank -- to be licensed. The draft of this ...
Continue reading

Ottawa’s Recent Review of the Bank Act

Advocis supports the position of Canadian Finance Minister Jim Flaherty on separating a bank's insurance business from their banking business. Advocis's recent submission to the Department of Finance makes it clear that Advocis supports the government's policy intent that was announced in 2009. To review, the government position was that banks should separate their insurance business from their banking business. Advocis stressed that any changes to present restrictions not allowing ...
Continue reading

Withdrawal of Unity Life’s Mortgage Advantage Product

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. Please be advised that effective February 1, 2011, Unity Life’s Mortgage Advantage product will be withdrawn from the Unity Life product portfolio. All Mortgage Advantage applications, including conversions, MUST be received at Unity Life's Policy Administration office, no later than 3:00 pm, January 28, 2011.
Continue reading

Life Insurance and Cosmetic Surgery

The skinny on life insurance and plastic surgery. According to the International Society of Aesthetic Plastic Surgery, Canada is 15th most popular place in the world for getting cosmetic surgery with 108,758 procedures done in this country. With that in mind, we decided to do an analysis of how these procedures can impact an applicant's insurability. We surveyed five companies, but unfortunately none would give definitive answers, since all tradition life insurance applications must be ...
Continue reading

What is Term Life Insurance and How Do I Get the Best Rate?

Term life insurance policies are life insurance plans that have premiums fixed for a stated Term. The most common Term life plans are five, ten, 20 and 30-year Terms. 1. Most plans are guaranteed renewable and convertible. This means that should your health change after the term expires, the insurance company is obligated to renew the term. It should be noted that insurance companies add a buffer into their renewal premium and that particular premium is generally much higher than if ...
Continue reading
life-insurance-policy

Life Insurance and Cocaine Use or Other Recreational Drugs

It's tough to get life insurance as a drug user, but here's how According to the most recent data from the Canadian Alcohol and Drug Use Monitoring Survey, cocaine and crack were the most prevalent drugs used by those 15 years or older in the past year after cannabis. Though only 1.2% of Canadians actually partake, compared to the 10.6% that use marijuana, an average of 11% of Canadians have used one of six illicit drugs in the past year, includingcannabis, cocaine or crack, speed, ...
Continue reading

New question in Life Insurance FAQ

New question in Life Insurance FAQ: I have a policy that is in my former married name. Also the address, phone# etc are incorrect. The representative is no longer with the company. The 20 year renewal is 2012. How do I change my information? You would have to contact your insurance company. The address and phone number they can likely change over the phone after they verify your details. The change of name would likely require some type of document to be signed - they would supply ...
Continue reading