Life Insurance Canada News:

News from 2012

LSM in May 2012 Insurance Journal

An appeal from sales managers: too much money is being left on the table. Cross sell. Built with life insurance and investments and then follow through with living benefits. One sale can lead to another. (more…)
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Six Ways to Save on Life Insurance in Canada

Life insurance premiums can be pretty expensive even though they're one of the most worthwhile investments you can make for the future of your family. Luckily, LSM is sharing the tricks of the trade, which will allow you to still protect your family without sending yourself to the poorhouse. The following are six ways you and your family can save thousands of dollars when buying a life insurance policy: (more…)
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Desjardins Insurance Group Critical Illness Insurance Policies

Group critical illness is there to protect employees and their dependents. Desjardins Insurance's Group Critical Illness insurance policies can cover three very different lives: Coverage amounts for employees can go up to $500,000. Coverage amounts for spouses can also reach a maximum of $500,000. Coverage amounts for children and other dependents have a slightly smaller maximum of $25,000. You can rest assured that there is a conversion option should the insured employee leave ...
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Universal Life Insurance and the Advantage of Having a Tax-Exempt Policy

Universal Life insurance policies can offer Canadians a unique tax-sheltered opportunity. Universal life insurance plans have a minimum and maximum premium. Any additional funds deposited above the minimum premium payment will go towards the policy investment fund, which builds on a tax-sheltered basis up to the maximum premium. Thankfully, this maximum premium is linked to the Maximum Tax Actuarial Reserve (MTAR) limits, which means that any portion above this amount will not grow ...
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Empire Life: Three Final Expense Life Insurance Solutions

Empire Life offers three permanent life insurance policies that can be used to cover final expenses. 1. Term 100 – Empire Life's Term 100 coverage plan provides fixed premiums, lifetime protection, and a built-in cash surrender value. 2. 20-Pay Whole Life Policy– The policy provides lifetime protection and is paid-up at the end of 20 policy years, which means the insured is still covered but the premiums stop. The policy has a built-in cash value that starts in year ten of the ...
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Survival Rates for Cancer Are Increasing and so is the Need for Critical Illness Insurance

Cancer deaths may have dropped, but you need critical illness even more. The Globe and Mail reports that the death rate for cancer has fallen dramatically over the past generation. According to new data from the Canadian Cancer Society, Cancer deaths have dropped 21 per cent in men and 9 per cent in women between 1988 and 2007. In men, that means fewer are dying when it comes to the top four cancer killers of lung, colorectal, pancreatic, and prostate cancers. For women, the story is ...
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New question in Life Insurance FAQ

New question in Life Insurance FAQ: I found an insurance co with a much lower premium than the one I am paying. When I called my inusrance company to cancel my policy so I could buy from th enew company with the lower rate, they told me I could not. In Canada you are not allowed to change companies. Is this true? You can cancel a policy with written notice. If replacing a policy with a new one you should complete a replacement form but this is done for your protection. Read more ...
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Protecting You and Your Family If You Become Disabled

Stress-free disability insurance Photo Sarah May Scott Update: Oct. 2, 2015 When this post was originally published, BGS had ceilings on coverage levels, $500,000 for the Life Protection and $3,000 per month for the Disability Protection. They have since been able to get those coverage limits removed. So applicants can now purchase as much coverage as they qualify for based on their income for Disability Protection and outstanding mortgage loan amount for Life Protection. Bingham ...
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Mortgage Insurance: Why the Bank is Not a Good Option

Don't get mortgage insurance from a bank. The one place you should never buy mortgage insurance, meant to cover your mortgage in the event of your death, is a bank. Paula Cook, account manager for Bingham Group Services Corp. and a Certified Heath Insurance Specialist, has a very good reason for that. "The Banks have fundamentally flawed products. They all have questions, or 'Good Health Declarations' in them. This leads to 'Post-Claim Underwriting.'" What's so bad about Post-claim ...
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Declined or Rated for Life Insurance: What are Your Options?

Update: Oct. 2, 2015 When this post was originally published, BGS had ceilings on coverage levels, $500,000 for the Life Protection and $3,000 per month for the Disability Protection. They have since been able to get those coverage limits removed. So applicants can now purchase as much coverage as they qualify for based on their income for Disability Protection and outstanding mortgage loan amount for Life Protection. If you ask Paula Cook, Certified Health Insurance Specialist and ...
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