Life Insurance Canada News:

News from 2012

In a Fight With an Insurance Company: What Are Your Options?

When you're in a dispute with an insurance company, what you do first should depend entirely on the type of claim you have. This could be a personal injury claim, a contractual claim, a long-term disability claim, or a property claim. They all lead back to the insurance contract, but there are different resolutions depending on the type of claim you have. Property Damage Probably the most common type of claim is property damage claims. "Your first line of resolution ispresenting the ...
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The Advantages and Disadvantages of Insured Annuities in a Low Interest Rate Environment

Insured annuities are as guaranteed and unwavering as the passage of time. There are many investment options available to the public these days, but it can often be difficult to determine which is right for your particular situation. An insured annuity is designed to provide a tax-efficient lifetime income and preserve or increase the money available to your estate. The annuity provides the income, while the life insurance policy it comes with preserves the capital you already have by ...
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Empire Life Makes Changes to its Permanent Policies

Empire Life will no longer be offering its 20-Pay Solution plan. The policy was a non-participating whole life plan, which offered guaranteed premiums and guaranteed paid-up coverage at the end of 20 years. This policy was very competitively priced in the Canadian marketplace, but the policy is no longer available, effective November 24, 2012. Other changes at Empire include an increase in cost to its Solution Term 100 plan. The premiums will be measured by a significant increase to the ...
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How to Find a Lost Life Insurance Policy

In the last year, The OmbudServices for Life and Health Insurance [OLHI] fielded 1,290 calls from people looking to recover a life insurance policy that had potentially been lost. They are a national independent complaint resolution and information service for consumers of Canadian life and health insurance products and services, including life, disability, employee health benefits, travel, and insurance investment products such as annuities and segregated funds. If you suspect that you ...
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The Advantages and Disadvantages of Corporately-Owned Life Insurance

Corporately owned life insurance is simply life insurance that is owned by an incorporated business instead of an individual. It is most commonly put in place when a corporation is profitable and they want to be able to protect their interest if a business owner or key employee dies. "Another scenario is that a key employee or partner wants to retire someday and the corporation needs an arrangement to provide the cash for when they leave the company. A cash-value policy can be a viable ...
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How are Lengthening Lifespans Impacting Insurance Rates?

Statistics Canada reports that both men and women are living longer than ever before. Men's life expectancy has gone up 0.2 years since 2005–2007 to 78.5 years, while women's life expectancy has gone up 0.1 years over that same period to 83.1 years. People living longer should mean a decrease in life insurance rates, but this has only been the case on the term life insurance side of the business. The Insurance and Investment Journal highlighted in its March 2012 issue that term rates ...
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Children’s Life Insurance: Is It Worth It?

Life insurance for children: is it really worth it? The Globe and Mail wrote an interesting article exactly a year ago, in October 2011, asking "Does your child need life insurance?" "There are usually three main reasons to buy life insurance on a child," says Karl Simon, director of product and marketing for Equitable Life. "The first is to protect the family if the child dies. No one wants to think about their child dying, but the reality is, if the child dies it will affect the ...
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Why Are Whole Life Sales Gaining Momentum in Canada?

Equitable Life's Karl Simon tells us why whole life insurance sales are gaining steam. Whole life insurance sales have been gathering considerable momentum in this country. According to the latest LIMRA statistics, in 2011 universal life insurance sales were up by 1.2 per cent. By comparison, whole life insurance sales increased 17.5 per cent. "Markets have been fairly volatile and not providing a great return," says Karl Simon, director of product and marketing for Equitable Life. ...
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Limited-Pay Critical Illness Insurance

Canada is one of the few countries to offer age to 100 critical illness insurance. Critical illness policies in Canada have increased sharply in cost over the last few months. Back in August, LSM reported this steep increase in our article "Permanent Critical Illness Insurance Rates are on the Rise." The largest increases have been recorded among critical illness policies with longer premium guarantees. Some examples are critical illness Term to 75 or Term 100 plans, in which ...
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How to Collect on a Life Insurance Policy

You're the beneficiary of an insurance policy and you've just become eligible to collect, so now what do you do? Our team at LSM Insurance will walk you through the process step by step — right here, right now. 1 Try to obtain all of the insured's policies. While it is not necessary to have a copy of the policy for the plan to pay out, it is useful, because the policy itself will highlight the plan's death benefit along with any possible exclusions. The insured may have multiple ...
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