Life Insurance Canada News:

News from 2012

Group Insurance Update: Employer Paid Accidental Death & Dismemberment and Critical Illness Premiums Become Taxable Benefits in January 2013

Group Insurance Update: Employer Paid Accidental Death & Dismemberment and Critical Illness Premiums Become Taxable Benefits in January 2013

Group Benefits will become taxable in 2013. On March 29, 2012 the Federal Government announced that employer-paid premiums for Accidental Death & Dismemberment (AD&D) and Critical Illness (CI) will become taxable benefits effective January 2013. More and more Canadian companies are offering group benefit insurance. In a survey conducted by HR Infodesk, 78 per cent of companies polled revealed that they provide their employees with a group benefits plan, and more and more small ...

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Creating a Win-Win Group Benefit Plan for Both Employer and Employee

Creating a Win-Win Group Benefit Plan for Both Employer and Employee

Splitting the cost is one way group benefits can be a win-win arrangement. Group benefit plans can be a win-win arrangement for both employer and employee, and Joel Cadesky, a senior account executive specializing in group benefit insurance, spends his days making sure employers see that. "It's very simple," he says. "You have a plan and you say to the employer, 'This is a very good situation for your employees. The benefits are going to help you because they're going to be happier ...

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Group Insurance is Not Just Health and Dental Insurance

Group Insurance is Not Just Health and Dental Insurance

Group insurance doesn't just cover chiropractic treatments. Photo by doctorwonder Group Insurance doesn't just cover the dental and health needs of your employees. There are also many non-traditional products and features that can be included as part of a group plan. One such product is an Employee Assistance Program [EPA]. "That gives the employee the opportunity to meet one-on-one, privately, and with 100% confidentiality for problems that may not be covered under the group plan," ...

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Mandatory Generic Drugs on Group Plans: Has Your Broker Explained the Impact?

Mandatory Generic Drugs on Group Plans: Has Your Broker Explained the Impact?

Generic drugs will be the only variety group plans will cover from now on. In an effort to cut drug costs, group health insurance companies have announced that they will now only pay for generic drugs and individuals will be required to cover brand name prescription drugs out of their own pockets. "In the past, you were able to say to your doctor, 'Just put on the prescription, "No Substitution,"' so insurance companies had to pay the brand name drug premium in full and not the ...

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How Can I Pay My Life Insurance With Pre-Tax Dollars Rather Than After-Tax Dollars?

According to Swiss Re, Canadians pay $45.7 billion in annual premiums. Life Insurance premiums are only tax deductible in Canada if one of the conditions below is met: If you purchase a life insurance policy and name a registered charity as the beneficiary, you can obtain a charitable donation receipt for the amount of the policy, which you can claim on your taxes as a deduction. If you are applying for a loan and the institution lending the funds requests that you buy life ...

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Can I Get a Tax Deduction for My Life Insurance Premium and If So, How?

Can I Get a Tax Deduction for My Life Insurance Premium and If So, How?

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Real Life Insurance Stories: Carolyn Davis-Jardine and Her Husband, Dan

Real Life Insurance Stories: Carolyn Davis-Jardine and Her Husband, Dan

Carolyn Davis-Jardine would have never bought life insurance on her own. Dan As a migraine sufferer with a bad back, she is unable to work and tries to make ends meet on an extremely low fixed income provided by the income support cheques of the Ontario Disability Support Program. It took her second husband, Dan Jardine, to insist that the two get life insurance and he help to pay the premiums before she ever considered it. Then, in August 2010, four short years after purchasing two ...

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Canada Purple Shield’s Funeral Expenses Policies

Canada Purple Shield’s Funeral Expenses Policies

Purple Shield has been offering final expense solutions in Canada for over 50 years. Its policies are sold by its in-house sales team and are underwritten by Assurant Life, which is a member of the insurance company insurer Assuris. A.M. Best has given Assurant Life an "Excellent" A rating as an indicator of its financial strength. Assurant Life of Canada’s parent company, Assurant, Inc., is a provider of specialized insurance products and related services in North America and selected ...

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How do I know My Life Insurance Policy Will Pay Out and What is the Process?

How do I know My Life Insurance Policy Will Pay Out and What is the Process?

Most life insurance policies purchased in Canada are traditional life insurance policies that have a full series of health and lifestyle questions. The insurance company also usually requires a medical test be completed. The older the applicant and the higher the face amount, the more stringent the requirements. For example, policies over $1,000,000 usually require a urine test, blood test, and for older applicants an ECG. In addition, a doctor's report is also usually requested for ...

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Real Life Insurance Stories: Lisa Harbinson and Her Mother Joyce Truman

Real Life Insurance Stories: Lisa Harbinson and Her Mother Joyce Truman

Lisa Harbinson wanted a new life insurance policy for her mother, Joyce. She thought mom was paying too much at over $100 a month for a $10,000 term policy that she had borrowed money against and now had to pay back. Obviously, Lisa thought it was also definitely time to look for a more reasonable plan that wasn't about to expire. She also began to research the cost of funerals so she could purchase exactly the amount she needed to give her mother a proper send-off, but little did ...

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