Life Insurance Canada News:

News from 2012

Life Insurance Distribution Channels in Canada

Insurance distribution has changed over the years. Life Insurance distribution in Canada has muddied in recent years. In the 1980s and 1990s, virtually all life insurance policies were sold through captive agents. A captive agent is someone who sells life insurance for one company. Examples of insurance companies that still use captive agents are Primerica, State Farm and The Co-operators. Some captive agents are really quasi-captive: they can sell life insurance for their primary ...
Continue reading

Comparing the Four Types of Living Benefits Insurance

Living benefits are health-related insurance plans. Living benefit insurance is very different from life insurance because it pays out if the insured develops a type of injury or illness. Living benefit insurance policies generally come in four distinct types: Disability Insurance, Critical Illness Insurance, Long-term Care Insurance, and Health and Dental Insurance. For your benefit, we've provided a summary of each coverage category. 1. Disability Insurance:This living benefit ...
Continue reading

What Are My Options If I have Been Declined or Rated for a Critical Illness Policy?

The Edge Benefits provides a Guaranteed Issue Critical Illness plan. Guaranteed Issue means the policy requires no health questions and no medical tests. Guaranteed issue coverage is fairly common in life insurance, but it is very rare and difficult to find a carrier providing this type of critical illness protection. The policy is available to applicants diagnosed with a major illness, such as cancer, stroke, or heart disease. (more…)
Continue reading

New question in Life Insurance FAQ

New question in Life Insurance FAQ:Is there a way to notify Canadian Insurance companies if you think someone has fraudulently submitted an application for Life Insurance coverage without the insured's consent? Yes you can notify the compliance department of the insurance company. You can also notify the appropriate provincial insurance regulator. Read more questions and answers about Life Insurance FAQ.
Continue reading

Canada Life Announces Rate Changes for their Millennium Universal Life Plan

Another rate change has been announced in light of record-low interest rates — this time from Canada Life. The announcement pertains to the company's Millennium Universal Life Plan, and the rate change will take effect starting September 17, 2012. Canada Life has decided to increase its level and limited-pay cost-of-insurance rates for all ages on its Millennium plans. For level cost-of-insurance plans, rates will increase by an average of 7 per cent for all ages, while limited-pay ...
Continue reading

New question in Life Insurance FAQ

New question in Life Insurance FAQ:I got declined due to medical reasons...but im not sick.Sometimes insurance companies view risk differently than applicants. Someone could have had a heart attck a year ago and could feel perfectly healthy but the insurance company may view this health issue differently. Applicants who were declined for traditional life insurance still may qualify for no medical life insurance plans there are two types of no medical life insurance plans guaranteed ...
Continue reading

Universal Life Cost of Insurance Options

Industrial Alliance offers four Cost of Insurance options with their Universal Life plans. 1. Level Cost of Insurance:Level cost of insurance is fixed and guaranteed for life. Its cost is determined by the insured's age at the time of issue. The policy's accumulation fund will basically amount to zero if the insured pays only the minimum premium. Level cost of insurance plans have gone up significantly in cost in recent years. Many companies have increased their cost by as ...
Continue reading

Canadian Life Insurance Trends in 2012

The Canadian life insurance industry has gone through a major overall in the last 12 months, so we thought it was important to update you on what to expect in the near future: Permanent Life Insurance Rates Should Continue to Increase. So many so-called financial gurus and experts tried to sway their clients away from permanent life insurance. Many argued that money spent on these policies would be better off spent on alternative investments. However, the reality is that Term 100 ...
Continue reading

CBC News: Jack Bendaham Talks about Ved Dhingra Case

You may remember the story of Ved Dhingra, a mentally ill man from Toronto who killed his own wife, Kamlesh Dhingra, back in 2006 by battering her with a religious marble statue and then stabbing her to death. Two years later, the 66-year old Dhingra was found not criminally responsible for the murder because of his schizoaffective disorder, a mental disorder that combines schizophrenia and a mood disorder (severe highs and lows, mania and depression). Thanks to the Ontario Court of ...
Continue reading

BMO Insurance’s Four Online Life Insurance Solutions

BMO Insurance offers the following four policies directly to consumers through its website. These policies are not sold via their independent brokers, but BMO Insurance does offer a host of life insurance policies through independent brokers. 1. EasyTerm — Term Life Insurance:Available to Canadian applicants between 18 and 75, if the insured is between age 18 and 65, he or she can can get up to $249,999 in coverage without a medical examination. BMO also guarantees the renewal of the ...
Continue reading