Beneficial Changes To Plans Help With Insurance Challenges

Posted on December 20, 2013 and updated December 27, 2013 in Life Insurance Canada News 4 min read

Life insurance plans have changed over the last 20 years, but most people would agree that it was a change that was needed. Two decades ago, a person of advanced age or with a pre-existing medical condition had very little opportunity to get life insurance at a reasonable rate. These days, with the promotion of no-medical life insurance such as simplified- or guaranteed-issue plans, there are more options than ever for people who have health concerns. Basically, the bottom line is that life insurance no longer has to be unaffordable. Age, health, or a small budget can no longer be considered a limitation.

The marketplace competition is stiff for those companies that promote affordable life insurance plans for the uninsurable, or the consumer on a budget. In Canada, there are several companies that are working hard to offer consumers the best life insurance plan at the most competitive rates.

La Capitale is a Quebec-based insurance company that has recently launched a product called 100% Pure Evolvement. This product offers consumers an affordable way to purchase a permanent life insurance plan. According the La Capitale website, the Pure Evolution life insurance product offers some of the following advantages:

  •  It is a permanent life insurance product.

     
  •  It offers a 25% reduction in premium for the first ten years.
  •  It guarantees the premium increase for periods of five years after the first ten years.
  •  It offers an accumulated cash value.

Another life insurance company, Canada Protection Plan, has recently modified its life insurance plans to become even more competitive in the no-medical life insurance market. These changes include an increase in benefit amounts from $50,000 to $75,000 for the deferred life insurance plan. For this plan, there are no medical tests or questions, but there is a waiting period of two years before the death benefit can be claimed.

Canada Protection Plan also offers a simplified life insurance plan to consumers. The maximum benefit amount for the simplified life insurance plan has also increased. Once again, there are no medical tests for this plan, but applicants must answer three questions. Death benefits for this plan are payable without a waiting period.

Assumption Life is an insurance company based out of Atlantic Canada. This company offers a unique product called Golden Protection Life for consumers between the ages of 40 and 80. This simple issue product offers $50,000 worth of life insurance at an incredible rate without a medical exam. In the event of accidental death, this product doubles the death benefit. It also has competitive rates for smokers and applicants over 50 years old.

Industrial Alliance is another life insurance company that is working hard to corner the market on no-medical life insurance plans. The Perspective Plan offers life insurance for applicants between the ages of 35 to 75. This simplified-issue plan offers applicants insurance with no medical or laboratory tests. Death benefits of up to $50,000 are offered. Applicants can choose to have the death benefit marked to cover the cost of inflation.

 

Recent changes in the insurance industry get more clients approved
Recent changes in the
insurance industry get
more clients approved

Consumers looking for the most life insurance coverage with the best rates should be challenged to shop around. These days, life insurance products are constantly evolving, and it is important for consumers to understand best product to meet their needs. LSM insurance is a brokerage firm, meaning we work with many agents across Ontario. We shop the best plans and rates, making us your one-stop shop for insurance and up-to-date insurance information.

For more details on no-medical life insurance to protect your family, please contact us at 1-866-899-4849 or visit our website.

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Ami Maishlish
Ami Maishlish

just a quick note: In the 5th paragraph, you refer to Canada Protection Plan as an “Insurance Company”. That’s an error. They are an agency just like LMS and are not an insurance company. They have exclusive rights to market certain products issued and underwritten by Foresters Life but they are an agency, not an insurer nevertheless.

LSM Insurance
LSM Insurance

Thanks Ami your point is noted. A little larger than LSM 🙂 but your point is a good one.