Life Insurance Canada News:

News from 2013

Life Insurance and Bankruptcy

What to know about life insurance when facing bankruptcy. If there's one thing the recent recession has taught us, it's that it’s possible to recover from almost any financial disaster. The 2008 recession saw many Canadian families lose their jobs, their cars, and their homes. In Ontario, many small towns struggled with the loss of the auto manufacturing companies that kept them afloat. Many had to declare bankruptcy in response to their changes in income, and while things were ...
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The Best and Worst Life Insurance Policies in Canada

Life insurance may not be on the top of anyone’s expenses list, but when it’s time to invest in your family’s future, you want to know you’re getting the best coverage at the best price rather than a huge monthly expense. Before you hand the cash to just any broker, you need to first determine how much life insurance you need. Our online toolNeeds Analysis Calculatorcan let you know how much is just enough. Difference in life insurance cost in Canada It’s no secret that life ...
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Canada Protection Plan Joins LSM’s Charity Bowling Night Benefiting Lupus Ontario

LSM president Chantal Marr welcomes the team from Canada Protection Plan. Canada Protection Plan has put together a team for LSM's Charity Bowling Night Benefiting Lupus Ontario. Canada Protection Plan is a leader in no-medical life insurance policies, and you'll often see their commercials on TV touting their plans with no medical tests, no health questions, and guaranteed coverage. They also offer some term life insurance simplified-issue policies, which ask a few health ...
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Are Canadian Families Insuring Their Increasing Debt Loads?

Talk to an insurance agent about insuring your debt, which is a critical step in financial planning These days, it seems that Canadians have to work harder to make ends meet. According to an August 2011 article in MoneySense magazine, a family can expect to spend approximately $243,660 to raise a child from newborn to age 18. That figure does not cover the cost of a post-secondary education, which can run into the hundreds of thousands of dollars, but it does cover the average ...
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Life Insurance and Estate Freezes

As we get older, we become increasingly aware of the need to pave the way for the next generation. When it comes to estate planning, there is no one-size-fits-all package. While some estates are straightforward and require only a will and two executors, others can be incredibly complex, dealing with business and investment assets and more. Generally, the more a person makes in life, the more there is to leave behind, and it can become quite complicated for executors and family members to ...
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Which Whole Life Policy is Best?

LSM helps readers between whole life insurance options Non-participating whole life policies are a form of coverage where there is a guaranteed cash value, but they do not pay out an annual cash dividend. These types of policies mainly have fixed premium rates, but recently, there has been a trend towards adjustable premium rates — with the adjustable premium rates tied to the interest rates. If interest rates are low, premium levels would either stay the same or go higher. If ...
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Should an Intergenerational Transfer Be Part of Your Estate Planning?

According to Jorge Ramos, Director of Advance Marketing at Industrial Alliance, an inter-generational transfer of a life insurance plan is a tax-effective way for a person to create and leave a legacy for their children and grandchildren. Although the concept of an intergenerational transfer might seem confusing, it really is not. How does Intergenerational Transfer of Life Insurance Work? The intergenerational transfer can be used in a number of ways. Ramos says that one way an ...
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Why Are Life Insurance Sales Decreasing in Canada?

LSM investigates why life insurance sales are decreasing in Canada On October 2, 2013, LIMRA, an insurance-based research and consulting organization, published an article that indicated that roughly three quarters of all Canadians would prefer to purchase life insurance from a person rather than online. However, despite that statistic, LIMRA also noted that only 68 per cent of Canadian households have some form of life insurance. That is down 11 per cent from the 2006 LIMRA ...
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Life Insurance for Canadians Living Abroad

According to CBC News, an estimated 2.8 million Canadians live and work abroad, which means that people are leaving the country at a rate three times higher than those born in Canada. These Canadian citizens need life insurance to protect their family's future and make sure they are financially secure, but — like most underwriting criteria — their ability to obtain life insurance varies from one company to another. For example, the application must be completed in Canada, and in ...
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The Best Disability Insurance in Canada

It is easy for a person to take their well-being for granted. So in today’s turbulent economy, purchasing a disability insurance plan can seem like an unnecessary expense. However, according to the Canadian Life and Health Insurance Association Inc. (CLHIA), one-third of all Canadians will experience a debilitating injury or illness before the age of 64. In fact, that injury or illness could prevent that person from earning their regular income for many weeks, months, or even ...
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