Life Insurance Canada News:

News from 2013

UPDATE: Life Insurance for New Canadians

Generally, there are four categories to consider when talking about life insurance for new Canadians: those with a work visa, those with a student visa, those who have claimed refugee status, and those with an open visa. In 2012, those with work visas of any kindtemporary residents was 9,701. (more…)
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The Top Three Reasons a Disability Policy Will Not Pay Out

There are a few reasons why disability life insurance may not be paid out. I recently attended a seminar and was surprised to learn that 70 to 75 per cent of all disability policies do not pay out. To ensure this does not happen to you, review these top three reasons that can result in a claim being denied. 1. Client Fraud Client fraud covers a wide range of terms, but basically revolves around the client not disclosing a health or lifestyle issue on the application. An example of ...
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Comparing Simplified Issue Term 20 Plans

When it comes to the term life insurance product segment, the Simplified Issue Term 20 space has become highly competitive. For example, Humania Assurance Inc., formerly one of Canada's oldest life insurance mutual companies as LS Mutual, has entered the market. It already provides heavy competition in the guaranteed-issue no-medical insurance market to more established, well-known companies in Canada like Manulife and BMO Insurance. Simplified-issue plans, unlike guaranteed-issue plans ...
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Why is Life Insurance Necessary?

For Canadians, purchasing life insurance can be a touchy subject. Many people ask why life insurance is necessary when they have group coverage already through their company or other source. At first glance, it can seem an unnecessary additional expense for someone in this situation. However, there is no such thing as too much protection. If a company goes under or if benefits cut back, people might find themselves without adequate coverage, and whether it is to cover short-term or long ...
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Free No-Medical Life Insurance for Children

When it sounds too good to be true, it usually is. But this time, with the help of Foresters' FamilyLife Whole Life Insurance Policy, it can be a reality for your child. If parents purchase the FamilyLife Whole Life policy, they can include the Basic Children's Coverage Benefit at no additional cost. This children's life insurance rider includes $3,000 of term life insurance for any child under the age of 18. In addition, the term insurance policy can be converted into any one of ...
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Royal Bank of Canada Anticipates Financial Hit

According to this article by Bertrand Marotte, Royal Bank of Canada anticipates a booking charge of approximately $160-million in its insurance unit. “The bank said Thursday the charge - $118-million after-tax - is the result of proposed federal legislation that would have an impact on policy holders' tax treatment of certain types of individual life-insurance policies. The bill was tabled in the House of Commons for first reading on Oct. 22 and the charge is based on current ...
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Benecaid’s Small Business Benefit Plan

Marla Schwartz, President and CEO of Benecaid, takes us through its Guaranteed Small Business Benefit Plan. Benecaid, a Toronto-based health benefits provider, serves about 60,000 Canadians, but where the company really shines is in what it's able to provide small to medium business owners. Benecaid's Small Business Benefit Plan offers health coverage for the employees of business owners and entrepreneurs, with plans typically covering 25 to 100 lives in one company. "We have ...
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What You Need To Know About Critical Illness and Pre-existing Conditions

Important things you need to know about critical illness and pre-existing conditions While no wants to get sick and be diagnosed with a critical illness, it is part of life. The truth is that most people will be diagnosed with some form of critical illness or experience the effects of a pre-existing health condition. Approximately two-thirds of Canadians have life insurance coverage*. However, what most of these people do not realize is that they are not covered for critical illness. ...
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LSM Insurance Announces their Inaugural Bowling Night Benefiting Lupus Ontario

Come join LSM for a night of bowling for a good cause. Photo by Jonathan Keelty LSM Insurance is proud to announce its first ever Bowling Night benefiting Lupus Ontario. "LSM Insurance is extremely proud to be working with Lupus Ontario and sponsoring the Inaugural Lupus / LSM Charity Bowling Event.They are terrific group of people who are working hard every day to try and improve the quality of life of people living with Lupus," says Chantal Marr, President of LSM ...
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Can an Unborn Baby be Insured?

Statistics Canada reports that an average of 380,000 Canadians are born every year, but life insurance for children still remains controversial, with some saying it's important, while others say you can do without. If you're going to insure your child, you must make sure they are living. Though some life insurance policies for children start at age zero, that means under a year old, and the child must be outside the womb before you can insure them. LSM Insurance President Chantal Marr ...
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