Life Insurance Canada News:

News from 2019

Disability Insurance: Everything You Must Know

Scary disability statistics: What you must know Unfortunately, accidents happen. Aside from pain, suffering, and possible limitations, a disability may result in financial difficulties because you may be not able to do your job and earn income. Consider the following scary statistics: 22% of Canadians (46.2 million people) have had at least one disability At least 24% of female Canadians and 20% of male Canadians have at least one disability In terms of disability type, 15% are ...
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Life Insurance and Marijuana: How do Insurers Treat Edibles and Smoking?

Recent Marijuana Changes Make Insurers Scratch Their Heads! When marijuana laws changed in Canada last year, it had a ripple effect through several industries, including life insurance underwriting. Insurers had to come up with a solution for how to cover customers who are marijuana users. To achieve this solution, insurers researched the following: Are all marijuana users the same? How much risk does marijuana represent from the insurer’s perspective when compared to traditional ...
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Legalization of Marijuana and Group Insurance | Expert View

The “bright, new, shiny object” these days is here and is here to stay. Medical marijuana/cannabis being offered by Group Insurance providers brings with it a host of concerns and unknowns. In my travels across Ontario this year so far it has been the most discussed topic. Here is a high-level (no pun intended … ha!) view of some basic knowledge and points to ponder when thinking about marijuana and group insurance: How has the legalization of marijuana impacted Canada’s group ...
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The Pros and Cons of Equitable Life Group Insurance

Since 1920, Equitable Life has been located in Waterloo Ontario with regional service teams across Canada providing personalized service and support. I personally started dealing with their group department in 1998. In those days they were always the best fit for the Trucking Industry and I would always have them on my short list to gather pricing and solutions for my clients. These days they service many industries and can certainly compete against the best in the business from plan ...
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Critical Illness Insurance: Should You Get It from a Bank? Before you Decide, Read This Heartbreaking Story

There are some insurance products where the devil is in details. One such product is critical illness insurance. We are focusing on this today given its recent media publicity. The sad critical illness story of Bianca Williams (Story abridged from a Global News article) Bianca Williams needs chemotherapy, radiation and a bone marrow transplant, but TD Bank insurance has denied her critical insurance claim. “We thought at least with this coverage, we’d be able to provide for our family,” ...
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Humania Assurance’s New Cancer Insurance Plan

How does cancer insurance work? In the same way that life insurance pays a lump sum should the insured pass away, cancer insurance pays out a lump sum should the insured be diagnosed with a life-threatening form of cancer. Unlike Life coverage however, cancer coverage will also pay out a partial amount should the insured be diagnosed with certain early intervention cancers as well. Also, the client can choose to add coverage that will pay in the event of heart attack, stroke, coronary ...
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Group Health Insurance Conversion Options – What To Look Out For

These are individual health plans put forth when you leave an Employer Group Benefits plan. There are a few solid options for those who: • are in the process of retiring • have been laid off • are over-age dependents (persons over the age of 21 who are not currently enrolled in school) that are no longer eligible under parents plan • have terminated employment and existing medical issues • move from full-time to part-time and therefore may not be eligible for ...
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