Critical Illness:

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A Breast Cancer Survivor Discusses the Impact of Critical Illness Insurance

LSM Insurance Independent Broker, Beirong Xiong has learned to take the good with the bad when life’s surprises come knocking at her door. After finishing her Master’s in Agricultural Economics and Business at the University of Guelph, Beirong moved to Ottawa (Ontario) to pursue a career in financial services. It was on a daily elevator ride that she met her future husband for the first time. “Something as random as that changed my life for the better,” she says. “Six years later David ...
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the power of critical illness insurance

The Power of Critical Illness Insurance

Company benefits and the Canadian Health Care System give people a sense of security. They know that if they become ill, their medical expenses will be covered. In most cases, company benefits will also provide a regular pay cheque during recovery time. So, why would anyone need critical illness insurance? The answer is simple – there are many unforeseen expenses and costs that are not covered by our government health plan or your company benefits. Plus, you could lose your job just ...
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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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The Basics of Critical Illness Insurance

Life is great isn’t it? You’re working hard to support your young family. You just bought your new dreamhome and got the promotion you’ve been waiting for. Then BAM! You’re diagnosed with cancer. Whatwill you do then? If you don’t have the proper insurance coverage in place you may find yourself in a detrimentalsituation. When you’re shopping for insurance you want to make sure you cover all your bases and one veryimportant coverage is critical illness ...
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diseases covered by critical illness insurance

INFOGRAPHIC: Diseases Covered By Critical Illness Insurance Policies

Many Canadians are unaware of how Critical Illness (CI) Insurance should fit into their financial plan. Hopefully our latest infographic helps shed some light on the diseases that are typically covered under a CI policy:
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6 Insurance Policies Self-Employed Professionals Should Consider

Being self-employed has its perks. You have a flexible schedule, control your own income potential and make decisions based on your own self-interests. But, when it comes to being insured, that’s where being self-employed can be a little tricky. Working for an employer usually allows you to be a part of a group insurance plan that covers you and your family for a variety of insurance products. If you decide to take the self-employed route, you will usually be cut off from these group ...
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5 Medications That Could Affect Your Life Insurance Application

If you are taking powerful medications for a serious illness or condition, it may not be easy for you to get a life insurance policy at the standard premium rate. This is because many of these medications have side effects that could negatively affect the user, making it more risky for an insurance carrier to cover them. During the underwriting process for a life insurance policy, many insurance companies will want to know if you are currently taking any medications. If you answer in ...
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The Financial Cost of Cancer and What You Can Do About It

It's not hard to guess that cancer is the leading cause of death in Canada, accounting for 30% of all deaths. It's probably no surprise to any of us that191,300 new cases of cancer and 76,600 deaths from cancer will occur in Canada in 2014. This includes 40,000 Canadian men and 36,600 women. If you break it down 524 Canadians will be diagnosed with cancer everyday and 210 die from it. It's an incredibly high cost on society -- losing good people -- and that's not counting the emotional ...
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Top 5 High Risk Diseases That Will Make it Difficult to Get Life Insurance

Looking for life insurance with a high risk disability or disease is a difficult task. Often, insurance companies will only offer expensive premiums and others will decline your application all together. There are many variables that are considered when determining to accept an application. Some factors include, age, weight and gender. Companies also rate the severity of the disease. If an illness is categorized as mild or moderate then companies will accept you. You may be able to ...
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Critical Illness Insurance: What Changes Should Insurers Make?

Critical illness insurance pays out a lump sum that you can use at your discretion if you are diagnosed with one illness on a list of critical illnesses, including cancer, stroke, and multiple sclerosis. But, in a recent article from the Financial Post, Mark Halpern of illnessPROTECTION.comreported that fewer than 25% of advisors have sold a living benefits policy (including critical illness) in Canada. So why hasn't critical illness insurance caught on in Canada? We asked some of ...
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