LSM Insurance in Media outlets
Do I really need life insurance?
December 28, 2016
"Katerina, a single 70-year-old woman with a reasonable mortgage of about $115,000 on her home, who has no family and no dependents and lives on her limited budget, asks if she needs life insurance and what for since she believes it's a cost that she can do without. Insurance expert Lorne Marr has the answer."… Read more
I’m young and healthy. Do I need life insurance?
October 13, 2016
Lindsay Stevenson never thought she needed life insurance. At 27, she was busy establishing her career as a dental hygienist and starting her life with then-boyfriend, Garrick. But when the two decided to buy a house together in Waterloo, Ont., Stevenson realized it was time to get serious about protecting her investment—and her partner. “We got term life insurance because it covers everything,” she says. “On the off-chance that something happens to one of us, money will be one less thing for the other to worry about when they’re grieving.”… Read more
Term life insurance vs. universal life
September 26, 2016
Sam K. from Toronto and his wife have two joint life insurance policies. One is term life insurance purchased in 2002 and the other is universal life purchased in 2004. The couple with two kids are now considering calcellation of the one of the policies and keeping the other. However, they don't know which one is better to stick with. Insurance expert Lorne Marr gives his best advice… Read more
How do I keep my disability insurance premiums low?
August 15, 2016
Alana McCabe asks: I earn $120,000 per year at two part time jobs. I do not have health benefits or disability with my employers. I really need some good advice on disability insurance. I have been quoted $165 per month and feel that is a lot of money for just disability insurance. Is this the going rate or can I get cheaper disability insurance than this?… Read more
How much does your insurance agent get paid?
July 11, 2016
If an advisor wants you to buy whole or universal life insurance, be sure it’s based on your needs—and not a big, fat selling commission. LSM Insurance looked at the average first-year commission and bonus that agents at Canada’s top five life insurers are paid when they sell new policies. While there are some situations where costly permanent life insurance makes sense, most families are better off buying cheaper term life insurance for a specific period, usually 10 or 20 years… Read more
What first-time home buyers need to know about insurance – The Globe and Mail
June 26, 2016
If you’re buying houses in an expensive market and working in contract positions, it’s crucial to make sure you have proper coverage. We'll be studying the personal-finance implications of inflated housing prices for years to come. But one thing we already know is that high housing costs are putting more responsibility on owners to have proper insurance coverage. You can't afford to wing it, even if you're smart enough to have an emergency fund… Read more
Alumni life insurance gets a failing grade
June 7, 2016
Think twice about purchasing a “discounted” term life insurance policy from your alma mater. Why? Those exclusive rates for university grads aren’t that great of a deal, according to insurance expert Lorne Marr of LSM Insurance.While easier to apply for than standard life insurance (just a questionnaire and usually no medical tests required), the actual rates offer less value and policies are limited, he says… Read more
Sun Life Canada changes approach to pot
May 30, 2016
Marijuana is becoming increasingly normal in Canada as legalization inches ever closer – and now it seems insurers are making changes too. Sun Life Canada has become the first major life insurance firm in Canada to alter its approach to the drug by deciding to treat cannabis users in the same way it treats non-smokers. In a statement, Sun Life announced that it had changed its approach because of recent research into the potential health impacts of the drug.… Read more
Two insurers to stop treating all pot users as smokers as marijuana increasingly accepted
May 29, 2016
In a sign of marijuana’s growing normalization in Canada, two major life insurance companies have decided to treat cannabis users as non-smokers, reversing a long-standing policy and offering many of them far cheaper premiums. The change comes as cannabis is increasingly accepted as a medicine for various ailments, and the federal government prepares to legalize recreational possession as well… Read more
Investment strategy: Am I on the right path to riches?
May 17, 2016
Eight years ago, Seth and Rachel Jacobson of Edmonton met through an online dating website. The two hit it off right away in their initial meeting at a local diner. “We realized immediately that we had a lot in common,” says Rachel, 37, an office manager in Edmonton. “We both love adventure travel and given that we both spent time studying theology in bible college, our philosophy about life and how to live it meshed nicely.”… Read more
Single and pregnant—again
March 9, 2016
If someone had told Janice Barr three years ago that she’d find herself in the devastating position she’s in right now—single and pregnant—she wouldn’t have believed it. After months of planning, Janice, 33, is expecting a child with her ex-husband Richard, 52—a man she had been married to for just five months after a lengthy courtship. Sadder yet, she’s already been through single motherhood once before as a teenager.… Read more
Are you covered by health insurance in Canada?
February 3, 2016
Universal health care, it turns out, may not mean what many Canadians think it does. William Shung, a senior insurance advisor with LSM Insurance Services in Markham, Ont., says few Canadians appreciate the importance of having insurance for travel within Canada. “They don’t realize they could incur very high costs should something happen when they’re in another province.”… Read more