Life Insurance Canada News:

News from 2011

The Benefits of a Key Person Life Insurance Policy

Key person life insurance provides cash to a company via life insurance should one of the key employees die. Life insurance is one of the best ways of offsetting the loss of a key person in your business due to unexpected death. A key person in an organization is anyone whose skills and talents contribute to the company's bottom line. Examples of people who are a fit for key person life insurance are the following: 1. Owners/managers 2. Top sales people 3. Key programmers and ...
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The Ins and Outs of Canada Protection Plan’s Acceptance Life Policy

Canada Protection Plan offers a non-medical, simplified issue life insurance policy with only two health questions. However, Acceptance Life, as it is called, is only available on whole life plans. The policy is available with the following face amount for individuals: Those ages 40 to 69 are eligible for a minimum of $ 5,000 and a maximum of $50,000. Those ages 70 to 74 are eligible for a minimum of $2,500 and a maximum of $40,000. Those ages 75 to 80 are eligible for a ...
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TD Insurance’s Critical Illness Report

As reported in the Investment Executive, TD Insurance recently polled 1,000 Canadians in its 2011 "State of Insurance" report. Of those surveyed, 65% had children but did not have critical illness insurance. Critical illness insurance provides clients with a lump sum payout in the case of a life-altering illness. Most base critical illness policies cover conditions such as heart attack, stroke, or life-threatening cancer. (more…)
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Desjardins Financial: Increasing Rates on Permanent Life Insurance Policies

Desjardins Financial will be raising the rates on its permanent life insurance policies as of November 24th, 2011, as a result of historically low interest rates. The following products will increase in cost: Life 10 and Life 20 Precision 10 and Precision 20 Universal Life Foundation Term 100 Universal Life Healthcare Advanced 65 Universal Life (more…)
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Canada Protection Plan has Life Insurance Policies for Those Battling Cancer

Canada Protection Plan offers a life insurance policy for people receiving cancer treatments. Non-medical life insurance policies like the ones they offer are typically broken down into the following two categories: 1. Simplified-issue life insurance, which has no medical tests and anywhere from three to 12 health questions. 2. Guaranteed-issue life insurance, which has no medical tests and no health questions. (more…)
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Assumption Life’s Life Insurance Policies

Assumption Life offers both term and permanent life insurance policies. Their Flex Term policy is one of the most innovative in the industry, allowing applicants 18 to 65 to qualify for life insurance without medical tests on face amounts up to $250,000. The Flex Term policies come in 15-, 20-, and 25-year term increments. They also offer a Flex Option policy, which has a lower monthly premium, but a death benefit that decreases over the life of the term. Thankfully, both policies are ...
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Industrial Alliance Raises their Whole Life Insurance Rates

Effective January 1, 2012, Industrial Alliance is increasing premiums on their Whole Life Insurance. The increase is once again thanks to low interest rates. Many insurance companies, including Industrial Alliance, have already raised their universal life rates for the same reason. The policies affected include the 10-year, 15-year, and 20-year paid-up policies and its Payable-to-Age 100 products. The good news is that products already in-force will not be affected because because the ...
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New question in Life Insurance FAQ

New question in Life Insurance FAQ: If I have been paying approximately $90.00 per month for the past 12 years. How much (ball park) am I allowed to borrow against this term policy and do I have to pay it back or is there any type of penalty? How do I go about borrowing against this policy, if possible? Most term policies do not have a cash value. You would have to contact your broker or the insurance company to see if your policy has a cash value - if it does, you can generally just ...
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Empire Life’s Insurance Policies

Empire Life offers renewable and convertible Term policies as well as Non-Participating Whole Life policies and Universal Life plans. Empire life's Term 10 and Term 20 policies are convertible to age 75 and renewable to age 100. Both of these features are unique to the industry because most insurance companies offer conversion options to age 65 on their Term 10 and Term 20 policies. In addition, Empire’s Term plan can be converted without a medical to their Term 100, 20-Pay ...
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Standard Life Term 10 and Term 20 Life Insurance Solutions

(Effective January 1, 2012, Standard Life will no longer sell individual life insurance and critical illness policies). Standard Life offers Term 10 and Term 20 life insurance solutions. The plans are renewable to age 85 and convertible to a Standard Life permanent policy — both without a medical. The conversion feature is a valuable option to applicants whose health may have changed within the term of the policy because it allows the applicant to obtain his or her original ...
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