Life Insurance Canada News

Life Insurance: Underwriting and Bariatric Surgery

You can still get life insurance once you have bariatric surgery. photo by Colin Rose We all know that North America is the heaviest continent in the world and for those who've tried dieting and exercise countless times with no success, often the only option they see for themselves is Bariatric Surgery. Even celebrities have gone under the knife, people like Carnie Wilson, Randy Jackson and Sharon Osbourne -- just to name a few. However, even with such an invasive surgical procedure, you can still get life insurance. It's very important to be aware of the following underwriting guidelines because insurance companies will be basing their verdict on the factors below:
Read more

December Financial System Review

photo by Garry Knight This significant report from the Bank of Canada is released biannually, and covers the most important aspects of the domestic financial markets. The main focus is to discuss the possible risks which may affect the Canadian financial system. In the last three issues (December 2008, June 2009, and the latest, December 2009) the bank has identified five key sources of risk, and has followed their development. From the current report, it is apparent that the overall risk has declined since June. However, potential threats have not disappeared.
Read more

Canadian Tire Life Insurance: Conveinence Comes at a Price

Canadian Tire is better for home hardware than life insurance. photo by Shirley Buxton Canadian Tire started offering term life insurance, underwritten by Canada Life, in 2005. In March of 2009, they tweaked the details of the plan and began rolling out a new marketing campaign, complete with TV commercials. On the plus side the plan is available with no medical tests but does have a series of health questions. The convenience of not having to meet with a nurse comes at a steep price. Canadian Tire's term life plan is nearly double the cost of competing Term plans. As illustrated below, Canadian Tire's Term 5 Life Insurance Plan is twice as much as the competing term 10 plans. With competitors, you can get double the term for half the price. Moreover, Canadian Tire premiums are only level for five years and the plan is not convertible without a medical to a permanent plan. The following is a list of rates showing how Canadian Tire Term Life Insurance stacks up with the competition:
Read more

Canadians Enjoy Greater Benefit Choices

Canadian employers provide better benefit plans than workplaces in other countries. photo by Lee Chisholm A recent survey has found Canadian employees have more choices through their benefit plans than employees working around the world. Mercer’s survey of 1,752 employers in 47 countries found that just 20% of employers globally provide at least some choice in the benefits they offer, while 7% have comprehensive flexible benefits programs.
Read more

The Future Performance of the Canadian Economy

Go ahead for the future. photo by Wlodi The Canadian economy has been considered well prepared for this crisis. A sound financial system, fast housing market recovery, solid social and health care networks, abundant natural resources – all these factors were supposed to make recession short and not very painful. However, the economic forecasts for the future are blurry.
Read more

How Canadian Life Insurance Companies Underwrite Scuba Diving

Scuba divers can get life insurance, knowing what underwriters look for helps. photo by Ian Myles Canada has the largest fresh water lakes in the world, so it's only natural that our country would be a picturesque destination for scuba diving. Out of the 930,000 that get their beginner diver certification from the Professional Association of Diving Instructors annually, over 70,000 were Canadian between 2000 and 2008. However, as a high-risk sport, it can impact your ability to get life insurance, which is why we're telling you what variables Canadian life insurance companies will be looking for if you're a scuba diver, before you have to find out the hard way.
Read more

Disability Insurance: Will You Collect?

If this happens to you, we’ll make sure you collect. Photo by Jon Feinstein Disability insurance is perhaps the most fickle of all the different types of insurance in terms of being able to collect for your ailment in a timely fashion because there just seems to be too many exclusions or fine print. However, if you tread carefully and follow our simple steps, you will be on the road to collecting on your claim everytime. Verify the definition of disability. When analyzing your disability insurance, it's very important to understand the fine print of the contract.
Read more

Level Term Insurance vs. Decreasing Term Insurance

Wondering the differencebetween level and decreasingTerm Insurance?We’re here to help. photo by Drew Herron Term insurance comes with a variety of terms from five years to age 100. One variable that is often overlooked is whether the insured should go for a level term policy or a decreasing term life plan. Below is a summary of the differences between the two coverages:asd
Read more

Moneysense.ca: Life Insurance – Swine flu surprise

We first warned our readers about how catching the Swine Flu could put at risk your life insurance plans in July this year. November 2009 Moneysense Alas we were right and the Canadian personal finance magazine Moneysense has just run an article on the issue of Swine Flu and life insurance, quoting me. It’s nice...
Read more

Life Insurance and Swine Flu: Minimizing Your Risk

As highlighted in our recent article Swine Flu and Life Insurance, the Canadian life insurance industry is continuing to monitor how the H1N1 Virus is influencing mortality risk. Most companies have added underwriting guidelines for dealing with the global epidemic and these are discussed in our previous article. But how can you reduce your risk...
Read more