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8 Most Common Reasons Your Life Insurance Application Will Be Declined

For some people, getting the life insurance coverage they need is not easy. Factors such as health conditions and lifestyle choices play an important role in determining whether or not a company sees you as a qualified candidate. Lying on your application to hide potentially damaging facts won't help. It might get you a great policy at prime rates, but when it comes down to filing a claim, the insurance company will discover the truth, and your claim will be denied. We reached out to ...
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Average Size Mortgage in Canada Compared to Other Countries

At the end of 2015, the total Canadian mortgage debt stood at $1,262 billion. That puts Canada's GDP well above other G8 countries. The vast majority of Canadians are typically responsible borrowers with a strong financial strategy. With job losses and huge increases in house prices, some people find they have overextended themselves. However, it is important to put this into the proper perspective. More than seventy percent of Canadian household debt is the mortgage on the family home. ...
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how nutritional supplements affect life insurance applications

10 Nutritional Supplements That Could Hurt Your Insurability

Before applying for a Life Insurance policy, it is the applicant’s responsibility to provide truthful and relevant information regarding his or her health conditions, lifestyle and financial status, which helps an insurance company properly evaluate whether the applicant is qualified for coverage and at what premium. As soon as the person applies for a policy, the insurance company runs their application through a strict underwriting process to confirm if that person is eligible to own a ...
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Lorne Marr Director of New Business Development at LSM Insurance

What The Financial Experts Own – Lorne Marr

Life Insurance Expert Lorne Marr Lorne Marr Director of New Business Development, LSM Insurance 1. What Type of Life Insurance do you own? I own two 20 Pay and one 10 Pay Whole Life policies and a Term policy. I was lucky enough to take out the Limited Pay Whole Life policies when I was quite young. Since that time premiums on these type of plans have significantly risen it cost. Plus I'm a lot older now :) My Father also took out a small Participating Whole Life policy with ...
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Life Changing Events That Trigger a Need For Life Insurance

There are dozens of reasons why someone would need life insurance protection. Most of the events that would trigger a life insurance need are life changing events that have a major impact on one's finances. Check out the reasons why you need coverage if you experience one of these life changing events. Getting Married Once two people get married, or are considered common-law, they automatically assume certain financial rights and obligations towards one another that otherwise would not ...
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What The Financial Experts Own – Promod Sharma

Promod Sharma Actuary, Taxevity Insurance Advisory 1. What Type of Life Insurance do you own? I’ve developed insurance products for various companies and prefer designs with flexibility, accountability and transparency. I have universal life insurance for estate planning and term life insurance for temporary needs. I’ve avoided whole life insurance because the plans are opaque and transfer risks to the buyers. 2. What factors did you consider when determining the ...
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8 Reasons Why You Should Secure Permanent Life Insurance Before 2017

New tax legislation is set to take effect on January 1, 2017 which will change the way policyholders are taxed for deposits toward certain life insurance policies. Policies issued after 2016, also know known as G3 tax generation policies, will offer less exempt room over the long-term. This new legislation will mostly affect affluent policyholders as the tax deferral features of these life insurance products typically benefit people in the higher tax brackets. One major change is that ...
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How Much Commission Does Your Agent Get Paid?

Life insurance commissions have been a recent hot topic in the Canadian personal finance community. Certain types of policies pay more first year commission (FYC) than others and this creates the potential for some unscrupulous advisors to give bad advice to their unassuming clients. Consumers have the right to know how their agent is compensated for the type of coverage they are taking out. The risk of a few bad agents recommending only high-paying products is real, so consumers should be ...
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Why You Should Avoid Life and Critical Illness Insurance for Credit Cards

Life insurance or critical illness insurance attached to a credit card is sold as a way to pay off your outstanding credit card balance, but in the fine print you'll discover it's mainly a lucrative money-making scheme for the issuing banks at the expense of policyholders. A one-stop shop for covering your credit card balance in case of illness or death probably sounds incredibly useful and convenient at first. After all, you probably use your credit card daily, so why not pay to clear ...
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Reclaiming Old Life Insurance Policies

Every year, thousands of policyholders in Canada pass away. However, not all of their beneficiaries receive the death benefit they are entitled to. Since some beneficiaries don’t claim their rightful payout after the life insured’s death has occured, the insurance company has no way of knowing the insured has passed away. Some insurance companies assign a time limit for any claim to be made. If you are unable to discover your policy and claim it within a year, then you might not be ...
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