Life Insurance Canada News:

News from 2013

Do You Need a Beneficiary Checkup?

In the United States, over $1 billion in life insurance policies go unclaimed and in Canada 22% of the people who request searches for lost life insurance policies from the Canadian Life and Health OmbudService find policies, some paying out to the tune of $210,000. To avoid such a search, it's crucial that your beneficiary know that you have a policy in place. Keep your life insurance policies — or at the very least a summary of your life insurance policies — with your other important ...
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Benecaid: A Unique Group Insurance Renewal Process

Marla Schwartz is the Presidentand CEO of Benecaid, a health benefits company with a unique approach to renewals. Benecaid is a Toronto-based health benefits company founded in 2000. What separates Benecaid from the other group health insurance providers in Canada is the way that they handle renewals. With that in mind, LSM Insurance sat down with Benecaid President and CEO Marla Schwartz to talk about what makes Benecaid's renewal process different than their competitors. "Our ...
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How Can a Life Insurance Broker Help?

A broker can help you protect your financial future through insurance. According to Service Canada, there are 16,900 new insurance brokers and agents working in Canada, as of data collected between 2008 and 2010. Overall, the Insurance Brokers Association of Canada represents over 30,000 brokers across Canada Life insurance brokers can help protect you and your family's financial future in many ways. The following is a list of five. 1. Life insurance can be used to pay off debts, ...
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Which Province has the Highest Probate Fees?

"Probate" is the recognition by the provincial court of the validity of your will and the appointment of the person named as executor. Granting of the "letters probate" is notice to the public that the will complies with the basic formal requirements and that the will was not being challenged at the time of application. Probate fees are a tax on a person's estate, and except for the provinces of Quebec and Alberta, andaccording to Fiscalagents.com,there is no limit to this tax. But you ...
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Life Insurance and Divorce

Although divorce rates in Canada are on the decline -- dropping by eight per cent from 2006 to 2011 -- it's estimated that 41% of marriages will end in divorce before the 30th year, according to The Globe and Mail. If you are a member of that 41% club and are required to pay child support, you will often also be required to buy life insurance, so you can still fulfill your obligation in the event of your death. The Ontario Family Law Act says an order for support binds the estate of ...
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LSM Insurance in the News: Group Sales Has its Benefits

Our President, Chantal Marr, was quoted in the Investment Executive, where she commented on the benefits of group insurance sales. Please continue reading for the whole article. Advising companies on employee benefits can provide you with steady revenue and cross-selling opportunities. But entering this market requires a long-term commitment to learn the business and adjust to a longer, slower sales process. For life insurance advisors who are seeking new avenues of growth, ...
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Evaluating Insurance Calculators from Canada’s Top Life Insurance Companies

At the end of each of our articles, LSM invites readers to go to our various life insurance calculator pages for a free quote. We also have a Needs Analysis Calculator that lets you know how much insurance you may need based on your own personal circumstances. However, we are not the only insurance brokerage to offer this service. Many popular insurance companies are offering their own quote pages. In fact, 58% of Generation Y uses an insurer's website to gather information about ...
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Life Insurance for Caregivers or Nannies

Due to the Canadian government's slower processing of open work permits and families having to take on more of the fees associated with sponsoring and hiring a foreign live-in nanny, Canada is actually experiencing a nanny shortage right now. According to the Toronto Star, "The number of live-in caregivers arriving in Canada has plummeted by 40 per cent from its peak of 13,773 in 2007 to just 8,394 in 2010. Currently, average processing time to get an overseas nanny is 15 months, 17 ...
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Travel Insurance for Pregnant Women

Did you know that the safest time to travel is between 18 and 24 weeks in the second trimester? In fact, many airlines restrict travel in late stages of pregnancy or may require a written confirmation from a physician. It's important to note that most insurers generally do not consider a normal pregnancy to be an "illness" or a "sickness." Instead, they consider it to be a condition that you chose to have. This means that for the most part, the normal consequences of a pregnancy are not ...
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Buying Life Insurance the Safe Way: The 3 Most Common Mistakes

Stay safe when you buy life insurance. Photo Ken Mist For many people, buying life insurance can feel like a complicated and frustrating process, especially when there's a lot riding on getting approved. Clients are cynical and pessimistic when it comes to insurance, thinking insurance companies are looking for ways to deny your application or your claims so they don't have to pay. In reality, this is not the case, but there are at least three ways applicants can shoot themselves in ...
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