Life Insurance FAQ:

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New question in Life Insurance FAQ

New question in Life Insurance FAQ:My husband quit smoking "cigarettes" 7 years ago. He occasionally chews nicotine gum. When applying for insurance would he only be considered at "smokers rates" ? Thank youThis depends on the company. Most life insurance companies would qualify him as a smoker but some companies may not mention Nicorette or nicotine substitutes in terms of their non-smoking declaration. It's important to check the application wording very carefully. Read more ...
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New question in Life Insurance FAQ

New question in Life Insurance FAQ:Is there a way to notify Canadian Insurance companies if you think someone has fraudulently submitted an application for Life Insurance coverage without the insured's consent? Yes you can notify the compliance department of the insurance company. You can also notify the appropriate provincial insurance regulator. Read more questions and answers about Life Insurance FAQ.
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New question in Life Insurance FAQ

New question in Life Insurance FAQ:I got declined due to medical reasons...but im not sick.Sometimes insurance companies view risk differently than applicants. Someone could have had a heart attck a year ago and could feel perfectly healthy but the insurance company may view this health issue differently. Applicants who were declined for traditional life insurance still may qualify for no medical life insurance plans there are two types of no medical life insurance plans guaranteed ...
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New question in Life Insurance FAQ

New question in Life Insurance FAQ:My mom and dad are over 75 can life insurance be purchased for them?Yes we insure people 85 and under. Please feel free to contact us for a quote [email protected] or 1-866-899-4849. Read more questions and answers about Life Insurance FAQ.
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New question in Life Insurance FAQ

Assisted living costs in Canada. New question in Life Insurance FAQ:My term life expires when i turn 65 in three years.. What happens then? I pa y $105 a month for 100k death benefit..what happens then.am i just simply dropped and become uninsured I transferred from my employers group to personal and did not need a health exam..i have hi blood pressure type 2 diabetes and hep c You would have to see if your policy has a conversion option if it does not your coverage would expire. ...
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New question in Life Insurance FAQ

New question in Life Insurance FAQ:My wife is 64and she had a whole life policy of $30.000 which was bought in 1989. As per the broker it has a cash value of around $10.000 next year if she wants to cash it next year is there any tax she has to pay? And if she cashes the whole amout will that consider as income?The cash value is taxable on the amount over and above the adjusted cost base this amount is taxed as regular income you can get the adjusted cost basis from the insurance ...
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New question in Life Insurance FAQ

New question in Life Insurance FAQ: I found an insurance co with a much lower premium than the one I am paying. When I called my inusrance company to cancel my policy so I could buy from th enew company with the lower rate, they told me I could not. In Canada you are not allowed to change companies. Is this true? You can cancel a policy with written notice. If replacing a policy with a new one you should complete a replacement form but this is done for your protection. Read more ...
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New question in Life Insurance FAQ

New question in Life Insurance FAQ:My spouse and I have had term life insurance policies for a number of years with the same company. We also have our home and car insurance with them. He recently increased his coverage because he was turning 60 and we were told the rates would rise after his birthday, but I have not. I was diagnosed with cancer 3 years ago and am now in remission. Someone told me that my term life will no longer pay out because of my cancer diagnosis and that I should ...
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New question in Life Insurance FAQ

New question in Life Insurance FAQ:I am a lawyer - sole practitioner - I need long term disability but but was told I was uninsurable because of all my medical conditions. Is there anyone who will give me long term disability?Thanks for the note. There are some speciality carriers you may want to consider. There are also No Medical Injury Only Long Term Disability polices. You can email us at [email protected] or visit our disability insurance quote page ...
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New question in Life Insurance FAQ

Maybe the TFSA isn’t the tax-shelter Canadians think it is. New question in Life Insurance FAQ:My spouse and I are considering taking the cash value (17,500) from our policies after 19 years and paying off some debt.We can then purchase cheaper term insurance.I`ve read that if the cash value is equal to or less than premiums paid then its tax free,true?The tax will be based on the adjusted cost base if the cash value is less than the adjusted cost base there will be no tax implications. ...
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