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RBC Insurance: Life Insurance Multi-Line Discount

RBC Insurance now offers a multi-line discount to new term life insurance applicants. The 10% discount was previously only available via their call center and career sales network, but the 10% off has been extended to their brokerage network. Applicants who have existing home and/or auto insurance with RBC insurance will get a 10% discount on all new Term 10 or Term 20 applications. To qualify, their advisor must mention their home or auto insurance policy number within the special ...
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Please Rob Me! Social Over-sharing and Insurance

Earlier this year, social networking sites like Twitter and Facebook stirred the home insurance waters unexpectedly. Confused.com, a price comparison website, announced its suspicion that users of social networking sites may soon be required to pay a higher premium. This is because insurance companies believe that these people are exposing themselves to a heightened risk of being robbed – by making their location information public. (more…)
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New question in Life Insurance FAQ

New question in Life Insurance FAQ: How do I know my Life insurance policy will pay out? Life insurance policies generally have a two-year contestability period, which means the insurance company can contest the claim for the first two policy years if there is misrepresentation on the application. The insurance company can also contest claims for the life of the policy in the event of fraud. LSM Insurance is very active all throughout the claims paying process. We walk the claimant ...
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Manulife’s Roller Coaster Ride

As we mentioned in an earlier article, Canadian Insurers Stress Test, the whole industry underwent a thorough examination of its stability and health. The results of this test were to determine what measures should be taken to prevent potential business failures. One of the most discussed precautions was a regulatory increase of minimal capital reserve ratios and its impact on the insurers, most notably Manulife Financial. (more…)
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Five Reasons to Deal with Equitable Life

Equitable Life has been offering life insurance solutions in Canada since 1920. They offer a variety of insurance and investment programs. The following are five of the benefits of dealing with Equitable Life: 1. They are the largest federally regulated mutual life insurance company in Canada, actively selling participating life insurance policies. 2. They have a full range of Participating Whole Life policies and the Participating Policyholders have an ownership in Equitable ...
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Group Benefits: Understanding Healthcare Spending Accounts [HSCA]

HCSAs are a great way to supplement group plans. Health Care Spending Accounts [HCSA] are used to supplement the coverage provided by a traditional benefit plan. The employer contributes a defined amount of funds into an HCSA for each eligible plan member. These funds are then used to pay for health and dental expenses not otherwise covered by your group benefit or provincial health plan. Below are four benefits which HCSA can cover: (more…)
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Term Life Insurance for Seniors

If you are a senior looking for Term life insurance, consider the following: Term life insurance policies for seniors are generally broken down into two categories. 1. Traditional life insurance policies, which ask a series of health questions and require medical tests. This usually includes a blood test, urine sample and/or ECG test. 2. Simplified issue term policies have a series of health questions, but no medical tests. Simplified issue term life policies for seniors can be ...
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New question in Life Insurance FAQ

New question in Life Insurance FAQ: Can I get Life insurance if I’m sick? Yes, life insurance is available to people who are sick. Depending on the type of illness, the insured may still qualify for traditional life insurance plans that require medical tests and health questions. Otherwise, non-medical life insurance plans fall in the two categories mentioned above: Simplified Issue insurance (where there are no medical tests and three to 12 health questions) or Guaranteed Issue ...
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Health Benefits Under a Group Benefit Plan

The Health Benefits coverage within a group plan can customized to include the following features: 1. Coverage for paramedical practitioners, such as chiropractors and massage therapists. 2. Private duty nursing care. 3. Ambulance services. 4. Prescription drug coverage. 5. Coverage for hospital stays and associated expenses. 6. Vision care. 7. Dental expenses. 8. Coverage for expenses incurred while outside of the insured’s province of residence. 9. Survivor ...
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Whole Life Insurance for Seniors

Whole Life policies for seniors can generally be broken down into three categories: 1. Traditional Whole Life policies, which ask a series of health questions and require a medical test. 2. Simplified Issue Whole Life policies, which ask a shorter number of health questions and have no medical tests. 3. Guaranteed Issue Whole Life policies, which have no health questions and no medical tests. Traditional life insurance policies will offer the highest face amounts and lower premiums, ...
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