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Explained by an Expert: Irrevocable vs Revocable Beneficiary

I’m going to talk a little bit now about revocable versus irrevocable beneficiaries. Most life insurance policies have a revocable beneficiary, meaning you can change the beneficiary. You choose who you want to be your beneficiary: if you have a spouse as your beneficiary and you want to change that down the road, you can change that; if you have a child as a beneficiary and you want to change that, you have that same option; or a business partner, whatever the case may be. Now, an ...
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Explained by an Expert: Mortgage Insurance vs Life Insurance

I’m going to look at how mortgage life insurance compares with regular life insurance. Mortgage life insurance is generally offered through a bank or a lending institution, and essentially, it is tied to your mortgage. One of the advantages of an individual life insurance policy is that it’s not tied to your mortgage. The coverage is portable; you can take it with you if you sell your home, and you choose your own beneficiary. You essentially own the coverage, and you can even have some ...
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Explained by an Expert: How to Get Health Insurance

I’m going to talk a little bit about health insurance, how to get it, and if it makes sense. In general, health insurance will cover you if you are looking at covering things like prescription drugs, dental expenses, and those types of things. The cost can really depend on the person’s age, gender, and the amount of coverage that they need to be covered for. You are going to want to look at certain things, like if you have a group insurance plan now, you might be covered for a lot of ...
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Explained by an Expert: Life Insurance and Diabetes

Lorne: I have Mike Liem with me from Canada Protection Plan today. We’re talking about life insurance and the different options available. One thing we get a lot of inquiries on is diabetes. It’s a very common ailment. We get a lot of inquiries from insulin diabetics, non-insulin diabetics—how can you guys help and what are some of the options for those people? Mike: It’s an excellent question, Lorne. We deal with a lot of diabetics, whether it’s type one or type two—those are the main ...
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How Does Funeral Insurance Policy Work?

We get a lot of questions on funeral insurance and how it works. In terms of funeral insurance, you can have a policy that is owned by the funeral home. Alternatively, what I’ll talk a little bit about now is an individual policy that is owned by the policy owner but is being used to cover funeral expenses. The advantages of this are that you own the policy, you choose your benefits rate, and you can even set up some of these policies where there is an increase in death benefit to help ...
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Life Insurance Claim Experience compared: RBC Insurance vs. Manulife vs. Empire Life

A personal story by Michael Mlotek In May 2019, my mother Helen Mlotek passed away. Being an independent insurance broker, I have done many death claims but this one was emotional. I had to deal with three insurance companies: RBC, Manulife, and Empire Life. The following is my experience. RBC The people at RBC were kind and sympathetic. Due to the amount of insurance, it was considered an express claim, meaning the paperwork was minimal. I was told they would try to pay the claim ...
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Explained by an Expert: Life Insurance and Cancer

Lorne: I have Mike Liem here with me from Canada Protection Plan. We’re going to talk a little about life insurance and how someone who has cancer can qualify for life insurance. I know we get a lot of inquiries on our website about people who have had cancer or whose family members have cancer. What’s the difference between going the traditional route, versus going unwritten, versus going the simplified issue route with a company like yours? Since you’re a leader in that space, if you ...
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Life Insurance and Drug Use History

Lorne: I have Mike Liem with me from Canada Protection Plan and we’re going to talk about an issue we run into on our site and with advisors: clients and prospective clients who have a history of drug use. How would CPP treat them, how can some of those people get coverage, what are some things you are looking for? Mike: That’s an excellent question, Lorne. We get that a lot now, especially since we released our new Express Elite app. Let’s say a client tried cocaine five years ago. We ...
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Life Insurance and Heart Attack

Lorne: I’m here with Mike Liem today from Canada Protection Plan, and we’re talking about different health issues and how you can qualify for life insurance. I was going to ask you about something we get inquiries on, and that’s heart attacks. Can you still qualify for life insurance, what kind of life insurance you can get, and would CPP be a good fit? Mike: An excellent question. We do get a lot of clients with heart conditions, whether it’s a stent has been placed in, an angioplasty, ...
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All You Need to Know About Life Insurance

I’m going to talk a little bit today about how life insurance works. It can be a bit of a basic question, but at the same time, there is a lot to look at with a life insurance policy, like the type of plan: there is term insurance, which starts off lower in cost and goes up as you get older, and then there’s permanent insurance, which starts off higher in cost and never goes up as you get older. Now, one of the things to look out for with a life insurance policy is the waiting period. A ...
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