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What The Financial Experts Own – Jonathan Jubida

What type of life insurance do you own? I own a combination of Limited Pay Whole Life Permanent Insurance, Term Insurance and Critical Illness Insurance. What factors did you consider when determining the coverage amount? Factors I considered when determining coverage included current outstanding debt, retirement plans as well as future expenses such as my ...
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Should-I-Pay-My-Policy-Direct

We’ve Got The Answers: Should I Buy My Policy Direct?

Today's Question: Should I buy my policy direct? It's a good question and by direct, I am assuming you mean, "should I buy the policy directly from the carrier and bypass the broker?" A lot of people think they can save money doing this but the reality is, when you buy a policy directly through a company such as BMO or RBC, for example, they are essentially showing you just their one in-house product. When ...
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Good News For Former Smokers Applying For Life Insurance

Most insurance companies will offer non-smoker life insurance rates to people who quit smoking and have not used any tobacco products or tobacco substitutes for 12 months. Marijuana users can now also qualify for non-smoker rates. When the Canadian government decriminalized the use of marijuana for medicinal purposes, two major life insurance companies decided to treat marijuana users as non-smokers. This decision reverses a long-standing policy and allows these people to ...
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tfsa audit

Is Your TSFA Ripe for an Audit

A recent BMO survey revealed that Canadians contributed about $1000 less to their TFSAs in 2016 than they did the year before. The reason? They simply couldn't afford to save as much – 43% said they didn't have enough money, while 36% needed the money for other things. About 15% of the people polled didn't contribute to their TFSA at all. The amount a taxpayer can contribute per year is limited. In 2015, the limit was $10,000, but in 2016 it was only $5,500. However, the unused portion ...
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Comparing-Canadas-Top-Disability-Insurance

Comparing Canada’s Top Disability Insurance Plans

We reached out to Tim Landry to provide us LSM Insurance with an in-depth analysis of Canada’s top disability insurance plans. Tim is been offering disability insurance solutions to Canadians for over 45 years and has a real passion for this market. Canada Life Plan Names: Lifestyle Protection Independence Market: Professional, White & Blue Collar Pros: "Build your own plan" product, fit product to budget, excellent policy wording; sickness coverage. Cons: ...
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funeral costs in Canada

Breaking Down The Cost of a Funeral In Canada

There comes a time in everyone's life when the subject of death has to be brought to the table. Nobody likes to think about it, let alone discuss the topic with their family, but putting off important decisions about final preparations will only make things more difficult for the loved ones you leave behind. Making final arrangements ahead of time will take a lot of pressure off your survivors. Planning ahead lets everyone know what arrangements have to be made and how much it will cost, ...
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We’ve Got The Answers: My Father Had A Stroke; Can He Get A Life Insurance Policy?

Today's Question: My father had a stroke; can he still get a life insurance policy? The short answer is yes, he should be able to get a policy. The long answer really depends on the type of policy, and the severity and time of the stroke. These factors can potentially affect the insurance application. If it was a serious stroke and one that occurredrecently, he is going to want to look at a simplified issue-type policy. These policieshave no medical tests and a series of ...
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Life Insurance and Foreign Travel

Life Insurance and Foreign Travel

With the holiday season fast approaching, many people are looking to get out of dodge for a little rest and relaxation. However, past and future travel plans can have a big impact on life insurance premiums. The factors affecting the insurance company's decision will include the following: Which country the applicant is going to and their destination in that country? The purpose of their travel, is it for business or pleasure? The health of the applicant. The ...
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A Life Insurance Evolution: Intelligent Application vs Electronic Application

I recently had the opportunity to sit down with Michael Suska, the National Director of Sales for individual insurance with Humania Assurance Inc. We discussed Humania's intelligent application process and what really distinguishes it from electronic applications which have been around for many years. Basic Difference Electronic Application is essentially a fillable paper application. There are some unique advantages in that it makes sure that no questions are missed on ...
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The Biggest Life Insurance Mistakes

The Biggest Life Insurance Mistakes

As part of our Life Insurance Expert series, we asked 10 Financial Experts what they think is the biggest Life Insurance mistake people make. Here is what they had to say: #1 Ellen Roseman – Personal Finance Columnist, The Toronto Star “A common mistake is to underestimate the amount of income you can earn from what appears to be a large amount of life insurance. In 2005, I did a column about a man who died at age 45, with $2 million in life insurance for his stay-at-home wife and ...
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