Life Insurance for Children:

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6 Insurance Policies You May Need To Walk Away From

Contrary to what certain insurance brokers will try to get you to believe, buying an insurance policy for every occasion is not always a good idea. As everyone has a different need, it’s important to do some research and understand what the right type of insurance is for you. Taking out an insurance policy you likely won’t ever need is a waste of money and you would be much better off if you decided to invest that money elsewhere instead. There are also several types of insurance ...
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Canadians Aren’t Confident They Have Enough Life Insurance

Most Canadians don't really understand life insurance. It's no secret that the majority of Canadians don't really understand life insurance. And now there's a survey to confirm that trend. BMO Insurance released a poll in mid-july 2014, showing that88% of Canadians are not very familiar with the different types of life insurance. In addition,while 74% of those Canadians polled have some type of insurance either through their employer or personal policies, 70% of those ...
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Chantal Marr on Life Insurance For Children in the Financial Post

Chantal Marr, President of LSM Insurance, was quoted in the July 26 Financial Post article by Melissa Leong titled "Should you buy life insurance for your kid?" Read on to discover what Chantal and two other experts have to say about life insurance for children. When it comes to money decisions, it can be hard to figure out the right thing to do. Money is about power, emotion, morality, and security, among other things. So in this space, we gather personal finance luminaries to weigh in ...
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Life Insurance for Parents with Special Needs Children

Life insurance can insure the future of your child with special needs The Canadian Ministry of Employment and Social Development reports that 202,350 Canadian children had a disability in 2006, which accounts for about 3.7% of children between the ages of zero and 14 — interestingly, more boys (4.7%) than girls (2.7%). For the parents of these children, the "special" in "special needs" has a pretty large downside that is barely talked about. Many of these children require 24/7 hands-on ...
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Life Insurance for Newborns

According to Statistics Canada, there are more than 350,000 children born in Canada every year. Many financial experts say that life insurance for newborns doesn't make sense. The common rationale is that you're not financially dependent on your baby, but rather, your baby is financially dependent on you.This makes sense on the surface, but what about the parent who likes the idea of giving the child a head start? If you look at it this way, insuring a newborn offers plenty of ...
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Free No-Medical Life Insurance for Children

When it sounds too good to be true, it usually is. But this time, with the help of Foresters' FamilyLife Whole Life Insurance Policy, it can be a reality for your child. If parents purchase the FamilyLife Whole Life policy, they can include the Basic Children's Coverage Benefit at no additional cost. This children's life insurance rider includes $3,000 of term life insurance for any child under the age of 18. In addition, the term insurance policy can be converted into any one of ...
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Are Life Insurance Commissions on Their Way Out?

The average commission generated by a life insurance policy varies depending on the type of life insurance in question. For example, the average commission on term insurance is 30 to 70%, while it is 90 to 105% on whole life insurance products. Of course, what we're talking about here are the first year commissions, commissions for subsequent years drop much lower to an average of 4% a year for term insurance and 6% annually for whole life insurance. Life insurance commissions are ...
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Insurance Solutions for Unhealthy Young People

According to CBC, "Between 1994 and 2005, rates of high blood pressure among Canadians skyrocketed by 77 per cent, while diabetes rose by 45 per cent and obesity by 18 per cent." Further, "More than 250,000 Canadians in their 20s and 30s had high blood pressure, making them the newest at-risk group." Plus, The Childhood Obesity Foundation of Canada reports the following: "There has also been a dramatic increase in unhealthy weights in children. In 1978, only 15% of children were ...
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Term Life Insurance for Children

Most parents looking for life insurance for their children are looking for permanent policies where the coverage remains level for the insured child's lifetime. Many of these whole life or universal policies can be paid up in a limited number of years and build a cash value.However, some parents are looking for more basic coverage for their children. Term insurance can provide an affordable solution if this is the case. There are two types of term policies for children. (more…)
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BMO Insurance Whole Life Plan for Children

Now may be the time to buy BMO's 20-pay whole life plan for children BMO insurance offers a 20-pay non-participating whole life plan for children. The plan is very competitively priced and offers lifetime protection and is fully paid up at the end of 20 years. Ithas higher guaranteed cash values than most of its competitors and offers a unique 50 per cent paid-up provision at the end of 10 years, meaning that if the applicant stops paying at the end of 10 years, theinsured ...
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