Life Insurance Canada News:

News from 2014

Billionaire Sets Record with World’s Largest Insurance Policy

We don’t know his name. We just know that he’s an American Internet billionaire that shattered the world record for the world’s largest life insurance policy. Media sources are conflicted, with some reporting the policy to be $200 million and others reporting $201 million; but hey, what’s a million or two when dealing with those kinds of numbers? Just what does a billionaire need with that kind of policy anyway? Wouldn’t he have more than enough cash lying around to pay for a funeral ...
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Jackelyn Ford | Life Insurance Specialist

Jackelyn Ford Life insurance specialist, Kelowna Financial Advisor 1. What type of life insurance do you own? I own a 20-pay whole life insurance policy. For anyone who's younger and can afford the extra premiums, I recommend quick-pay whole life insurance. 2. What factors did you consider when determining the coverage amount? The biggest factor is covering off any debts — the main one being your mortgage. Beyond that, I wanted to leave something for my family, my final expenses ...
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Disability Insurance Fraud

At the end of February 2014, 28 people, over several U.S. states, were added to the 100 people already arrested in January of that same year for social security disability insurance fraud. The far-reaching fraud scheme stretches back 26 years, when the Application for social security card was jsut starting out. It is involving over 1,000 fraudulent claimants. Many of those arrested were retired New York City police officers and firefighters. They are charged with grand larceny and ...
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Top 7 Insurance Commercials: #5 Centraal Beheer

After a short break, we're back with our series of our favourite insurance commercials from around the globe. In this part of the series, we'll see some Dutch commercials from the Centraal Beheer insurance company. Centraal Beheer is very well known for its string of funny commercials that have gone on for about 15 years. The stories tend to revolve around a usual topic. Characters are doing something normal that suddenly goes terribly wrong — of course with a humorous overtone. The ...
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Bill 157: The Insurance Experts Weigh In (UPDATED)

UPDATE: Since the following article was first published, Bill 157: The Financial Advisors Act has passed its second reading in the Ontario Legislature. Our article has also been the subject of much discussion and debate on Twitter, including a comment from the Toronto Star's Ellen Roseman: @LSMinsurance Thanks, Chantal. I agree with Ami Maislish's comments. We need to consolidate regulation, not add an extra layer to what we have. — ellen roseman (@ellenroseman) March 22, 2014 ...
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How Disability Insurance Could Protect Your RRSPs

Don't cloud your future retirement by dipping into your RRSPs early About Disability in Canada Disability insurance is something that many people overlook, especially younger people who are healthy. However, a debilitating injury could happen at any time, and often when you least expect it. It is vitally important to know how your insurance agency defines a disability. While many disabilities are work-related, a disability can also be caused by car accidents, sports injuries, health ...
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Rookie Mistakes in Life Insurance: When You Just Don’t Have Enough

Life insurance can seem like a simple proposition: the coverage is there to ensure that your family has what it needs to get through your death and the years beyond it comfortably. But calculating just how much coverage you actually need can be more complicated than you might imagine. 30% of Canadians don't have any life insurance at all. 33% of Canadians who do carry life insurance indicate that they feel they don't have enough coverage. In fact, up to 76% of Canadian parents surveyed in ...
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What Are the Different Death Benefits?

When it's time for a life insurance policy to pay out, the timing of the cheque's arrival can be different depending on the type of death benefit your policy comes with. Below are the different types of death benefits available to choose from. Immediate-Pay Death Benefits Traditional Life Insurance pays any immediate death benefit minus the suicide and incontestable clauses. The "suicide clause" means that no life insurance policy will pay out if suicide is the cause of death of the ...
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What Type Of Life Insurance The Experts Own: Matt Becker

Matt Becker Founder, Mom and Dad Money, LLC 1. What type of life insurance do you own? Both my wife and I own 30-year term life insurance policies. 2. What factors did you consider when determining the coverage amount? We started with our current spending and then made adjustments based on how we would expect those expenses to change when one of us died and how long we would need that additional income. For example, if my wife died, we would have to consider child care as ...
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What Type Of Life Insurance The Experts Own: Brian So

Brian So Insurance Advisor, Brian So Insurance 1. What kind of life insurance do you own? I own several term insurance policies, as well as a participating whole life policy. 2. What factors did you consider when purchasing these life insurance policies? I looked at my future earning potential and the number of years of income my death benefit would provide. For the whole life policy, I looked at how much cash value — both guaranteed and from dividends — would be in the policy ...
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