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We’ve Got The Answers: I’ve had a Heart Attack, am I Able to get Life Insurance?

April 19th, 2017

Today's Question: If I have had a heart attack in the past, am I still able to get Life Insurance?
I have great news for you, the answer is yes! There are several options for those who have suffered heart attacks to purchase Life Insurance. If you have suffered a heart attack, there are certain things insurers are really looking for: how stable you currently are and how long is has been since you have had a heart attack.
So, what does stability mean? Well, it encompasses a few things:
  • Are you on any medication?
  • Have you had a recent change in your medication?
  • Have you been hospitalized?
  • Are you waiting for some tests or investigations that pertain to your condition?

The longer you have been stable, meaning your medication has not changed recently, you are not on any medication, or you have been without incident for a long time, your coverage will vary. This stability factor will determine how much coverage you are actually eligible for and how much it will cost you.

In sum, the outlook is quite good. Those who have suffered from heart attacks are eligible for Life Insurance. However, the process may require more questions to be answered and more tests to be done. Your heart health will also determine what you will pay and what coverage you can obtain.

To find the right policy for you, take to a Licensed Insurance Advisor. It's the smart thing to do.

We’ve Got The Answers- What are the Costs of Insurance options on a Universal Life policy?

April 13th, 2017

Today's Question: What are the Costs of Insurance options on a Universal Life policy?
Paul Lalonde, President and Advisor at Twin Power Financial Inc, joins LSM Insurance to discuss the costs of Insurance Policies on a Universal Life, as well and the pros and cons of each type. You can find out more about Paul here.
With discussing Universal Life, there are two different cost types: YRT and Level Cost.
A YRT is a yearly renewable term. A YRT contract gives you a lower premium upfront, but as you get older, the price goes up as the risk goes up. One advantage to this is you can add more money into it, which gives you more of a savings element early on. However, that can present a problem down the road as the cost up. They can eat into those savings, ergo, causing the policy to actually expire before you, which is not what you want.
With the Level Cost, you get a higher premium upfront, however, the guarantees are the the price will never go up and the insurance will never go down (as long as you make your premium). It still gives you the same flexibility as a Universal Life Policy in the sense that you can add money to your contract. This can be helpful for saving purposes or as a safety net down the road.
Those are the two types of contracts that you can get with Universal Life. Like anything else, they both have their advantages and disadvantages. It is a matter of weighing out what works for your needs as well as what you are able to provide upfront for your policy.
If you are unsure about what works best for yourself, speak to a licensed Insurance Provider; they will help you determine what policy is most suitable for your situation.

Andrew McKeown | Insurance Consultant, Great-West Life

April 12th, 2017

Andrew McKeown life insurance expert
Disability Insurance Expert Andrew McKeown

Andrew McKeown

Insurance Consultant, Great-West Life 

1. What type of disability insurance do you own?

I own a Non-Cancellable Great-West Life Professional Disability Plan.

2. What factors did you consider when determining the coverage amount?

I didn’t want to buy a crap plan that I was sure wouldn’t pay. Insurance is expensive enough, why would you cut costs on something as important as disability insurance. It’s like buying a sausage from the cheapest vendor, you’re just asking for trouble.

In terms of benefits, I bought the most I could, as there really is a hard cap on how much you can buy. You can only buy as much income as you make, really easy math.

3. Do you think people underestimate the importance of disability insurance, and if so, why?

Yes, because most don’t understand what being disabled means. I really wish they started calling this income insurance or paycheque protection. It means you can’t work for whatever reason. I think the term disability really throws a lot of people off what it actually is.

Also most people think they are protected at work. But, I’ve gone through Group Long-Term Disability contracts for clients and they are a bottomless hole, there are so many exclusions where they won’t pay. Some plans still won’t pay for anything but salary. Imagine you are in sales making a small salary and a large bonus, you can’t work and they only pay you a small salary. What a catastrophic loss for that person, but proper disability insurance planning would have resolved that.

I just think that most people think of it as a checked box, “do you have disability”, “yes” they can answer. They don’t realize that the question should be, “Do you have enough disability insurance and do you have the right kind for you.” Lots of high income earners are walking around thinking they have good coverage; little do they know they’re nearly naked. We are constantly topping up an individual disability plan to complement the coverage they have with their group.

It’s funny that the #1 market for individual disability coverage is doctors; we have something like 85% market share into an individual plan. I haven’t seen a doctor who says, “No I have great coverage through my group.” That would never happen.

4. What are some limitations or exclusions people should watch out for?

I think if you can afford it, you should only be purchasing non-cancellable disability insurance, unless: you can’t get it due to health or you can’t prove income/working hours. Don’t buy a step down, if you can avoid it in anyway.

All the major carriers that sell Non-Cancellable insurance: Manulife, RBC, Canada Life and Great-West Life all have great products, and there are almost zero exclusions built into them; my favorite thing. Of course, based on health you can have exclusions, but those are pre-existing condition exclusions. Even if they slap one of those on you, you should still take it.

Having a policy with one or two pre-existing condition exclusions is still better than no policy at all. And the other types of policies have pages of exclusions already built into the contract. Don’t buy one of those if you can avoid it.

5. If you had to choose between Critical Illness and Disability Insurance, which one would you choose and why?

This is an easy question, if you don’t have disability insurance or enough or the right kind, put your money to a good disability policy. After that, you can make a decision what is more important, Life or Critical Illness Insurance. However, when it comes to term rates, you can probably get both Life and CI in an affordable range.

Everyday Andrew sees a different story: a single mom, a married contractor, a retired couple, the list goes on. His job is to make sure: There is insurance if it's needed (Life, Disability and Critical Illness Insurance) and reduce the taxes that theses amazing Canadian will have to pay over their lifetime. He helps his Financial Advisors help their clients buy insurance when it's needed!

<Back to Disability Insurance – What The Experts Own

We’ve Got The Answers- How Do I Get Referrals?

April 10th, 2017

Today's Question: How do I increase the number of referrals I get?

This question has been asked a lot to me over the past 23 years and it is an excellent question. Referrals can be the life blood of any sales business. In terms of lead generation, referrals are one of the simplest ways to gain trust worthy leads and clientele. Referrals can be broken down into two categories; passive referrals and active referrals. How exactly do these types of referrals differ from one another?

Passive referrals are when you are getting referrals without actually asking for them. This method is simple and terrific. How do you execute this? The main way to do so is by over delivering and under promising. Doing a great job and getting your name out there will surely help you do so. This will only increase the longer you have been doing things as doing a great job for people.

Active referrals are referrals you are actually asking for. Now, this can seem a bit awkward and uncomfortable, but once you get use to the process, you and the person you are speaking with at the time, will feel more confident. There is a lot of trial and error when it comes to this, but once you find a natural way to do so, your results will surely improve.

Increasing the number of referrals you get is as simple as being confident in what you and your company are providing. As previously stated, do under promise and over deliver. Remain honest and truthful to your current and future clientele, and provide them with great results that will leave them feeling entrusted. By using these methods, and after a little trial and error, you will certainly increase your referral count and keep your customers content and comfortable.

10 Reasons Life Insurance Makes Sense

March 30th, 2017
life insurance good idea

Why does life insurance make so much sense? In a recent Globe and Mail article, personal finance expert Tim Cesnick explains.

1. Provides Liquidity

Cesnick points out “If you’re primarily invested in real estate, a private company, or other liquid assets, where’s the cash going to come from to pay taxes owing when you’re gone? Life insurance can solve that problem.”

Kyle McDonald of Pivot agrees, “Life Insurance is the most efficient and least expensive way to obtain the cash needed to settle an estate, hands down! Out of the four potential methods to accomplish estate liquidity, only the use of life insurance avoids selling estate assets, borrowing, or maintaining large amounts of cash.”

2. Provides Income

When something happens to the primary bread-winner, life insurance can provide income in the form of an investment portfolio to help replace the family's income.

“Life insurance can help protect the people who rely on you, and assure them that they will be taken care of if you are no longer there. It can be used to provide financial security and income for those you name as beneficiary.” Canada Life.

3. Equalizes Your Estate

Equally dividing up an estate between several heirs often leads to conflict. Family members sometimes feel they have been cheated or not received their fair share. Cash from a life insurance policy can be used to ensure everyone is treated equally.

“With an effective life insurance strategy, you can leave the asset to one child and leave a monetary gift for other beneficiaries with the proceeds from a policy. Both term and permanent life insurance can be used as part of an estate-equalization strategy.” Convergis.

4. Tax-free Benefits

Upon your death, your life insurance policy pays out a tax-free lump sum of cash. Your beneficiaries receive the face value plus accumulating investments. Investments grown outside of your policy will be taxed upon your death if your spouse does not inherit the assets. Life insurance can eliminate that tax.

“As a beneficiary, life insurance proceeds are not included in your gross income, therefore, do not need to be reported and are not taxed.” Carlos Dias Jr. of Excel Tax & Wealth.

5. Build a Valuable Legacy

Buying life insurance on the lives of their children instead of themselves is an interesting strategy to get lower premiums. Once the children reach adulthood, the ownership of the policies and all accumulated assets can be transferred the kids, tax-free. The grandchildren can be named as the beneficiaries, providing a valuable, tax-free legacy for future generations.

“A life insurance policy can be the keystone in an intergenerational asset transfer plan. A client who wants to pass money to a grandchild can take out a life policy that insures the client’s adult child, with the grandchild as the beneficiary of the policy. The money in the policy will grow on a tax-free basis, presumably for many years until the grandchild’s parent dies, and then go to the grandchild. This will help ensure that the grandchild doesn’t come into the money at an early age,” says David Brown, a partner with Al G. Brown & Associates in Toronto.

6. Provides a Tax Shelter for Investments

With permanent life insurance policies (not term), a portion of the premiums you pay go into an investment pool. Over time, these investments grow, exempt from tax.

Tim Cesnick says, “If you’re accumulating part of your investment portfolio inside an insurance policy, holding all or some of your fixed-income investments in the policy will allow you to shelter what might otherwise be highly taxed interest income.”

7. Donate to Charity

We all want to donate to charity or help a worthy cause, but many times we find our cash flow doesn't allow us to give as much as we would like. Proceeds from a life insurance policy may be the answer. You can donate all or part of your policy to the charity of your choice.

Donating life insurance to a charity can be an excellent way to transform affordable premium payments into a substantial future donation. The charity receives the insurance proceeds like a regular beneficiary would, but the payments to the charity are considered a donation in the year of death.” Covenant House.

8. Ensure Business Continuity

A business can be greatly affected when a key person suddenly dies. Life insurance can help keep your business running after you are gone. It can provide funds needed to cover overhead and train a replacement until the business can be stabilized.

“The loss of critical personnel can be life-threatening to small businesses; however, it’s a risk that life insurance often can mitigate. In fact, life insurance policies are frequently used in plans aimed at making it possible for a business to survive a change of ownership or the loss of a partner.” John E. Day, Business Monthly.

9. Eliminate Outstanding Debt

One of the most frequently asked questions about life insurance is “How much do I need?” The most common answer is “Enough to cover all your debts.” You don't want to leave your loved ones with a load of debts, you want them to be financially secure.

Paul Russell of the Star says, “Repayment of debts. This includes a mortgage, ensure your dependants don’t have to sell the house and can maintain their standard of living.”

10. Supplement Retirement Income

You can reap the benefits of your life insurance while you are still alive. Tax-sheltered investments from your policy can supplement your retirement income, however any cash withdrawals you make are taxable. You can also borrow against the accumulated value. Amounts borrowed can then be paid off with the some of the remaining proceeds after death.

“A whole life insurance policy’s cash value can provide a stable source of supplemental retirement income that is not impacted by short-term market volatility. The accumulation of your life insurance policy’s cash value is guaranteed, regardless of market conditions.” Mass Mutual Financial Group.

What The Financial Experts Own – Aman Kapur

March 29th, 2017
Aman Kapur life insurance expert

Aman Kapur

Insurance Consultant, Your Insurance Guy 

Aman Kapur is the founder of Clarifynancials Inc., of and also a senior consultant with LSM Insurance. He is a MBA and became a life and health insurance broker in 2003 after many years of experience working across four continents.

He has been providing customized solutions to people from different walks of life in their insurance and wealth preservation needs. He has earned several production and performance awards.

Aman is a public speaker and part of Toastmasters International winning several speech competitions at Toastmasters and has also been a guest speaker in the Insurance Industry.

An avid runner and a fitness enthusiast, Aman has run several prestigious races like The Around The Bay and Scotia Waterfront Half Marathon. He promotes running and fitness through his blogs like Perpire2Inspire.


1. What Type of Life Insurance do you own?

I am most fortunate to be part of the Life and Health Insurance Industry that enables me to understand the value of the different types of plans that exist.

I have a combination of several solutions like a Universal Life 20Pay which is permanent life insurance for which I only pay for 20 years but I will have coverage for life.

There are some valuable tax deferred investment options in the policy that would provide an added tax free death benefit. I also have a Whole Life 15 pay with paid up options in 15 years. Here I have a strong return of premium advantage at death. Along with these two permanent policies, I have a few Term policies that would take care of my temporary needs and those terms range from 20 to 30 years. Then I also have a Critical Illness and Disability insurance policies.

2. What factors did you consider when determining the coverage amount?

I analyse my short term and my long term needs when determining the amount of insurance. So for determining my term insurance needs, I looked at my debts like mortgage, my kids' education needs and certain other temporary needs and responsibilities that need to be taken care of if something was to happen to me in the event of death.

In case of Permanent Life Insurance, I looked at needs like final expenses, estate protection and any income protection needs for those left behind.

3. Do you believe in Life Insurance for Children?

Well, one part of me that looks at things emotionally does not find it comfortable thinking about life insurance for children as it takes you, as a parent, to a terrible thought! However, life insurance is also an investment and a saving tool with several tax related advantages. It is wise to have Universal or Participating Whole Life plans for children that will help them in their future.

4. What is The Biggest Life Insurance mistake people make?

Very often it is noticed that people make the following mistakes in life insurance planning. They often overlook a few needs and thus have a smaller amount of life insurance. Often they purchase insurance for short term needs in the form of term policies and almost ignore and avoid appropriate amounts of Permanent Insurance.

5. Outside of Life Insurance what other types of individual insurance are often over looked?

People generally overlook critical illness insurance and that it can be taken together with life insurance as it can be underwritten together with life insurance.

Aman seeks to build lasting relationships with his clients and use his skills to help his clients achieve the best value for their money. Originally from New Delhi, India where he acquired a BA (honours) in Economics, he moved to the United Kingdom to do his Masters in Business Administration from the Heriot Watt University. He has tremendous experience of working over four continents and has performed various roles in Marketing and Finance. Apart from fluency in English, he speaks Hindi, Urdu, Punjabi and Russian. In his free time, Aman is fond of various performing arts, living healthy and is avid world traveler.

<Back to Life Insurance – What The Experts Own

We’ve Got The Answers: I Am Single, Should I Consider Life Insurance?

March 29th, 2017

Today's Question: If I am single, should I consider purchasing Life Insurance?

Pamela Kwiatkowski, Associate Vice President at Assumption Life, joins with LSM to answer another important lift insurance question. People purchase Life Insurance for a plethora of reasons; to have tax-free funds available to cover funeral expenses, pay off debts, or to leave a legacy for a loved one or important charitable organization.

If you plan on having a partner or starting a family, Life Insurance premiums are cheaper the younger you are. This can provide mortgage protection or replace income in the event of an untimely death. Another great option is critical illness insurance which can provide you with a lump sum of money in the event of a serious illness to aid you in recovering at ease. None the less, purchasing a Life Insurance policy early on poses many benefits.

What The Financial Experts Own – Andrew McKeown

March 24th, 2017
Andrew McKeown life insurance expert

Andrew McKeown

Insurance Consultant, Great-West Life 

My name is Andrew and I want to help Financial Advisors help their client's buy insurance!

For two reasons: People hate insurance, but they need it.

Selling insurance doesn't work anymore; we need to help clients buy. People are paying too much in taxes and buying insurance can help save millions but very few people understand how.

I have the ability and knowledge to help Advisors help their clients buy insurance and in turn, I can impact millions of Canadians.

I work for the business owner who thinks insurance is a "scam" but stubbornly buys the disability policy that ends up saving him for financial ruin and giving him an income for 30 years.

Or I work for the Doctor who puts in late hours working with her patients, helping them cope through disease and illness, while implementing solutions that will refund millions that the government would have taken; simply by buying a life insurance policy. This is why I do what I do.


1. What Type of Life Insurance do you own?

I own term insurance.

2. What factors did you consider when determining the coverage amount?

I did a needs analysis and figured out how much I would need. I went with a $2MM Term-10 Policy. This might be a bit more than I needed now, but I will need it in the future. Permanent Insurance might be something to look at in the future, but not for now.

3. Do you believe in Life Insurance for Children?

Yes, I think it makes sense in many cases. It might not be applicable in each case, but as a general statement, it works well for many children. Usually I see policies purchased by grandparents for their grandchildren – a legacy gift in that case. On the tax side, this is also an extremely tax-efficient asset transfer to the next generation – either their children or grandchildren. There are some rules surrounding it, but it still works nicely to build up the next generation, while maintain control of the assets in the meantime.

4. What is The Biggest Life Insurance mistake people make?

For the right person, it is focusing on the cost. Like any product people buy, looking at cost alone is sure to be a losing strategy. That isn’t to say blindly purchase the most expensive option, but it is to weigh the benefits of the alternative. Also, another huge mistake people make is not doing a needs analysis. Also, when doing that assessment, people often under value the future value of their income; they want to cover their mortgage, but oftentimes don’t want to cover the income the family won’t receive should they pass away. A big mistake in my opinion.

5. Outside of Life Insurance what other types of individual insurance are often over looked?

#1 is Disability Insurance – sometimes they have coverage at work, so they think they are covered. Usually it doesn’t cover them to the degree that they wish. Critical Illness Insurance is a close second, with most people not paying as much attention that they would to life or disability insurance. This is starting to change as is there is more awareness to that product. There are some interesting transactions around using Critical Illness Insurance in a corporation, so we are starting to see it used more and more for corporate planning.

Everyday Andrew sees a different story: a single mom, a married contractor, a retired couple, the list goes on. His job is to make sure: There is insurance if it's needed (Life, Disability and Critical Illness Insurance) and reduce the taxes that theses amazing Canadian will have to pay over their lifetime.  He helps his Financial Advisors help their clients buy insurance when it's needed!

<Back to Life Insurance – What The Experts Own

How To Enhance The Client Experience

March 23rd, 2017
jim ruta expert advisor

We reached out to life insurance industry veteran and esteemed professional development expert Jim Ruta to shed some light on how advisors can add more value to their client interactions. If you are an agent or broker looking to impress your clients and provide stellar service, check out his tips below:

1) What are some of the keys to enhancing the client experience?

The client experience is a process, not a project. It’s not some thing you do, it’s every thing you do.

That means everything your client sees and experiences about you in the marketplace from how you hold out to the public to how you prospect, contact clients, work with them, encourage referrals and service them all matters. A lot. There is a lot to this idea but here are a few keys… The first key is considering it all and make sure that it is congruent with who you are and what you stand for in business.

Second, make sure your business service is clear and understandable by your clients.You will only ever be referred for what you do best so make sure that is what you promote. Know. Know you know. Become known for what you know. Now clients understand their experience with you.

Third, “If you never do more than what you are paid to do, you will never be paid for more than you did.” This means when you help more, you sell more… and clients appreciate you more. Fourth: Never have a business system in place (regardless of what some coaches tell you) that would make you look badly if it were published on the front page of the local newspaper.

Principal among these ill-advised ideas is “Client Segmentation”. While I appreciate the attraction on a pure business level, client experience is not pure business. No one wants to be your “C” or “D” client. The ICON advisors I know treat all their clients with their best possible service. Doing otherwise only serves to tarnish your brand in the marketplace.

Remember, your brand is just what your clients think about you. Imagine discovering your physician had you on the “D List” for medical service. Finally, whether we get a fiduciary type standard of care or not, live by the rule that “There is no right way to do a wrong thing”.

As the late great John Savage said years ago, “Take care of your clients first, last and always and they will always take care of you.” It’s a great mantra for client experience.

2) What are some tools you recommend to increase customer loyalty?

Anything and everything that seems like a “business hug” to your client is a good thing. Little things like birthday cards for clients and kids, holiday cards, anniversary cards, hand-written notes, birthday breakfasts/lunches (bring a friend on me!) are all good.

The rule I’ve learned is that “hokey” really works. If no one does it any more, it’s a great idea. Show them that you care and they will care for you too. The more you care for them the more loyal they will be. My experience is that these small things have a big impact on loyalty – far out of proportion to the time and cost of doing them.

Remember, your best clients are your competitors’ best prospects. Think about it. If you aren’t servicing them, someone else will be and you will lose your client. Think I’m wrong? How many good clients do you have because their existing advisor took them for granted? And, service means some sort of review every year.

How many years should it take to do an annual review? This means both a “policy” and a “people” review of the client situation. You are obliged in common law to do it. When you do, you discharge that responsibility and build loyalty. Ask for feedback on your service too. Studies show that advisors who ask increase client loyalty by up to 69%. That’s worth it.

Of course, here, I’m also partial to to help you manage the service needs of your existing block of life insurance business. Your clients think you are watching out for them and their policies. InforcePro helps you keep the promise you made when you sold it. Surprisingly too… asking for referrals can boost loyalty.

When you have a business that earns loyalty in a specific area, people want to share the good news. Be great and they want to look good by referring you. But, you have to be great first. You can only be good in one area too. FOCUS and then refer the rest. That is a great loyalty tool.

3) It’s been said that referrals are the lifeblood of any good business. What’s your take on this?

If you do business right, referrals will help you build it bigger. I come back to focus here too. When you know you are particularly good at some thing, you can speak with more authority when you ask for referrals. That sense of authority makes all the difference. Make no mistake about it.

You have to be good – probably VERY good to speak with authority. Be great at something and you know you can help someone who needs that. That belief is very compelling when you ask. But, you do have to ask. If you don’t A.S.K., you don’t G.E.T. as I was told one day in Chicago. I like the idea of building your business around referrals.

Tell everyone you work with that you will work so hard that when you ask for an introduction to a friend, they will want to recommend you. We’ve used “By Referral” on business cards for years because it prompts exactly this discussion. I recommend it. We also build the referral issue into initial client meetings – the “Relationship Engagement Document” so there are no surprises.

With this approach, asking for referrals is a client advantage. “I work so hard to earn them that you get the best possible service.” Finally, here’s the dirty little secret about referrals. “If you aren’t getting the referrals you want it’s probably because your clients don’t believe you deserve them.” Focus. Be great at something.

Be sure that you will make your clients look like geniuses for referring you. That’s the lifeblood of any great business.

4) How does a sales professional find the right balance between persistence and annoyance?

Prospecting is all about timing and fit. If you have the right prospect for your business benefit, then setting a meeting is all about getting the timing of your “ask” right. The only way you can find the right time is to keep checking for it at reasonable intervals.

In my experience with advisors asking, the first step is ensuring you have the right prospect – I say in your natural market, where you have natural influence. Then, if the timing isn’t right, ask if you can check back again say in a couple of months. If that’s OK, you can be persistent without being annoying. Keep them on your email list.

Connect with them on LinkedIn. Prove your value. Show them you know what you know. Be their source of information in your speciality. Remember also that persistence is a function of inspiration – like the I in ICON Protocol. If you are inspired by your work, you will be inspiring to prospects too. You’ll also be less annoying because that belief will come through.

5) How can Insurance professionals and other businesses use social media to build their business?

I’m using a lot more social media today than ever but I am far from an authority on it. My clients are starting to use Facebook Live to tell their story and have their own little 2-minute “television show” on a regular basis. I am too.

I believe you can do this without running afoul of compliance but be sure to check. I’m surprised at how many advisors have little or no LinkedIn profile. They also have few connections too. People, this is a free prospecting system at your finger tips. It makes “playing around on the computer” productive work! That’s if you do it right.

I spend a lot of time helping advisors get their story right for LinkedIn. Join a few LinkedIn groups (MDRT, MDRT Aspirants for instance) and take in some excellent information online too. Lots of help out there if you look for it.

Jim Ruta is a best-selling author, speaker and coach with a difference – he actually did the job at the highest level.

Jim is the former executive manager of one of Canada’s most successful insurance and investment agencies – with over 250 advisors. He has highlighted major conferences like the MDRT Main Platform and online and network media worldwide. His unique ICON Protocol™ reveals the timeless rules top advisors follow to lead the industry.

Jim is the “Master of ICON Protocol” and delivers practical ideas and perspectives that inspire you to be better today.

Follow Jim on Facebook Live and LinkedIn for lots of great business building ideas. Check out for all the ways he can help advisors be their best.

We’ve Got The Answers: Is Mortgage Insurance a Ripoff?

March 20th, 2017

The word ripoff is a very strong word, however, if you were to ask me if Mortgage Insurance is a good deal, I would generally say no. If you are a non-smoker, Mortgage Insurance would end up costing you more as opposed to an Individual Plan.

There is a good side to Mortgage Insurance. For example, if you are a smoker, the rates for Mortgage Insurance may actually be less. If you have any health conditions, it is best to cancel your Individual Plan before applying for Mortgage Insurance.

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