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Joint Last-to-Die Life insurance: How Does it Work?

Joint Last-to-Die Life Insurance pays out a tax-free benefit to the policy owner's beneficiary on the passing of the second spouse on the policy. Joint Last-to-Die policies are significantly less expensive when compared to individual single-life policies because the insurance company does not plan to pay out the money until much further in the future. Plus, the company only has to pay out once for two people. These types of policies are generally designed to offset future tax ...
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8 Ways Your Life Insurance Application Could Get Declined

Traditional life insurance applications are not always approved easily.Insurance companies will undergo a process known as underwriting when you submit your application for coverage. This process allows carriers to determine a fair premium to charge. If you are considered a high risk case the carrier may ask for a higher than average premium. If your risk of premature death is above the carrier's threshold for risk, your application will be declined meaning you won't be offered any ...
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12 Reasons to Buy Critical Illness Insurance

Critical Illness (CI) insurance will pay you a tax-free lump sum of cash if you are diagnosed with a serious illness. You can choose which illnesses are covered and in some cases, you might be allowed to choose regular payments instead of a lump sum. This money can be used for anything you like. The policy may require you to survive a certain length of time from when the illness was first diagnosed. Other terms and conditions may also apply, so read the contract carefully to ensure you ...
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life insurance for home owners

What Home Owners Need to Know About Life Insurance

Once your mortgage application is approved, your lender will tell you that you should have mortgage insurance in the event of disability, illness or death. You don't want to leave your spouse with a large mortgage in case tragedy strikes, so you instinctively sign on the dotted line. But is this really a good idea? With the high cost of houses these days, budgets are tight. A more affordable option is a 20-year term life policy for both you and your spouse. If either of you die, the ...
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Book Review: Victory Lap Retirement

The concept of retirement first began with the industrial revolution, when retirement was the stage in life after working years in which we prepared for death. As grim as it sounds, that was the reality most people who were lucky enough to reach retirement could expect. With massive advancements in technology and medicine, people are now living longer and more vibrant lives in their later years. It is not uncommon to find elderly people in their late 80’s and 90’s still working part-time ...
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Why Canadians Aren’t Buying Life Insurance

According to a BMO survey, over half of all Canadians are concerned that their death will put their family’s financial stability in jeopardy. The survey revealed that 26% are very concerned. However, only about 43% (less than half of all respondents) say they already have or plan to purchase life insurance in the next 12 months. Of the people surveyed, 31% reported not having any life, accident, disability, travel, critical illness or long-term care coverage. Approximately the same ...
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Life Insurance and High Net-Worth Individuals

High net-worth individuals want a single advisor. High net-worth individuals are a key demographic when it comes to life insurance. However, with their complicated financial investments and riskier lifestyle, their life insurance needs can be very complex. The Investment Executive published an article in its August 2013 issue on what high net-worth individuals want. The premise of the article was that Canada's high net-worth individuals preferred one life insurance advisor, rather than ...
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manulife vitality life insurance

Staying Fit Can Save You Money On Your Life Insurance

The cost of life insurance increases as you get older. It is also more expensive for people with less than perfect health. Even if you are in perfect health today, you could become ill tomorrow or your fitness level could drop, especially if you live a sedentary life. People generally become less active when they get older. Insurance companies are now launching new incentives to help keep Canadians fit and healthy longer. Manulife, one of Canada’s top insurance companies, is introducing ...
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Top 10 Most Obese Countries

Obesity is not a disease, but it can lead to a wide range of health conditions such as diabetes, liver disease, hypertension and cardiovascular disease, as well as breast, colon and prostate cancer. Obesity is classified as having a body mass index over 30 kg/m2. The problem exists all over the world and has seen a steady increase over the past few decades. According to the CIA’s World Factbook, the most obese countries are smaller nations such as American Samoa (74.6%), Nauru (71%), ...
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Mike Castagna | Consultant, J.W. Larmond Life Insurance and Benefits

Mike Castagna Consultant,J.W. Larmond Life Insurance and Benefits 1. What type of disability insurance do you own? I own a professional series disability policy that is non-cancellable, payable to age 65, with a 90 day wait period. I also made sure to add the future income option and cost of living adjusted benefit riders to my policy as I am young and wanted to guarantee my future insurability if I have a change in health. 2. What factors did you consider when determining the ...
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