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New question in Life Insurance FAQ

New question in Life Insurance FAQ:How our insurance brokers paid? Life insurance brokers are generally paid a commission by the insurance company for each policy sold. This cost is built into the premium, so the consumer does not pay any type of surcharge. In fact, buying life insurance via direct distribution channels (where a commission is not generated) is often more expensive because the fixed cost of employees salaries and necessary infrastructure is higher than the distribution ...
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Life Insurance Companies Question IFRS

Life Insurance Companies Question IFRS

Canadian life insurance companies are lobbying the federal government and regulatory bodies to steer the accounting principles/reporting requirements in their favour. In summary, they want an amendment of International Financial Reporting Standards (IFRS) which Canada has already agreed to comply with but plans to effect no sooner than 2013. (more…)
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Canada Protection Plan’s Non-Medical Term Policies

Canada Protection Plan’s Non-Medical Term Policies

Canada Protection Plan offers a variety of non-medical term life insurance policies. They offer Term 10, Term 20 and Term 100 coverage on both a deferred and an immediate basis. The company's deferred policies have a limited number of health questions and no medical tests. In addition, the death benefit is limited to a return of premium plus interest for accidental deaths in the first two policy years.Their immediate coverage for non-medical term plans include, Simplified Term ...
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The Ins and Outs of Group Critical Illness Coverage

The Ins and Outs of Group Critical Illness Coverage

Group Critical Illness coverage can be an excellent complement to your company's existing benefit plans. The coverage can be built into your existing benefits policy or can be used as an add-on to an existing benefit plan. The following are some of the primary features of group Critical Illness coverage: (more…)
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Canadian Insurers Will Take Stress Test

Canadian Insurers Will Take Stress Test

In the shadow of the large stress test on European banks (with results expected this Friday), Canadian insurance industry is preparing for its own domestic version. Despite the positive outlooks in the light of succeeding recovery from the financial crisis, Canadian life insurance companies are lagging behind expectations with their Q2 results, some even booking a loss, opening thus speculations about the financial health of the industry. (more…)
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New question in Life Insurance FAQ

New question in Life Insurance FAQ:How much Life insurance do I need? We have an online calculator that makes this process easy right here: https://lsminsurance.ca/calculators/canada/needs-analysis.html. The formula breaks down as, Existing Assets, (including all the life insurance that’s currently in-force) minus Current Liabilities and Income Replacement Needs, equals The Amount of Insurance Needed for Adequate Coverage.Read more questions about Life Insurance FAQ.
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Wawanesa Life: Lifestyle Term 30

Wawanesa Life: Lifestyle Term 30

Wawanesa Life recently introduced a Term 30 policy. The plan is available in all provinces except Quebec. The premiums on the policy are level for 30 years, and the plan is renewable and convertible. The policy is available on a single-life and joint-life basis, but multi-life term policies are not available. The minimum issue is $10,000 and the minimum annual premium is $150 a year. (more…)
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Great-West Life: Critical Illness Policy

Great-West Life: Critical Illness Policy

Great-West Life's Critical Illness policy Oasis is available throughout Canada and is available as a stand-alone policy. Face amount can be as low as $10,000 and the maximum face amount is $2 million. Up to $2,500,000 may be available with individual consideration. The premium options are available as a 10-year term, a 5-year tern, a 10-year term, or a limited pay Term 75 where the policy is paid-up at the end of ten or 30 years. (more…)
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New question in Life Insurance FAQ

New question in Life Insurance FAQ:Is there a time limit for the beneficiary for claiming an amount after the an insured dies? So long as the information on the initial application is correct there should be no time limit on collecting the claim. The insurance company will need a death certificate and the beneficiary(s) will need to sign a claimants statement.Read more questions about Life Insurance FAQ.
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Globe and Mail: Relaxed summer policies

Globe and Mail: Relaxed summer policies

Welcome to the summer, workers of the world - July is officially in the house. Sundresses and cargo shorts have elbowed out business suits and ties. Desk lunches have been ditched for sunny patios. And half the office leaves at the stroke of noon every Friday. You could call it the Great Summer Slide, thanks to both official summer policies - almost half of Canadian companies offer their employees flexible summer hours, according to a May AON Consulting survey of 477 companies - and ...
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