Life Insurance Canada News

Group Insurance Update: Employer Paid Accidental Death & Dismemberment and Critical Illness Premiums Become Taxable Benefits in January 2013

On March 29, 2012 the Federal Government announced that employer-paid premiums for Accidental Death & Dismemberment (AD&D) and Critical Illness (CI) will become taxable benefits effective January 2013. More and more Canadian companies are offering group benefit insurance. In a survey conducted by HR Infodesk, 78 per cent of companies polled revealed that they provide...
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Creating a Win-Win Group Benefit Plan for Both Employer and Employee

Splitting the cost is one way group benefits can be a win-win arrangement. Group benefit plans can be a win-win arrangement for both employer and employee, and Joel Cadesky, a senior account executive specializing in group benefit insurance, spends his days making sure employers see that. “It’s very simple,” he says. “You have a plan...
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Group Insurance is Not Just Health and Dental Insurance

Group Insurance doesn’t just cover the dental and health needs of your employees. There are also many non-traditional products and features that can be included as part of a group plan. One such product is an Employee Assistance Program [EPA]. “That gives the employee the opportunity to meet one-on-one, privately, and with 100% confidentiality for...
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Mandatory Generic Drugs on Group Plans: Has Your Broker Explained the Impact?

Generic drugs will be the only variety group plans will cover from now on.   In an effort to cut drug costs, group health insurance companies have announced that they will now only pay for generic drugs and individuals will be required to cover brand name prescription drugs out of their own pockets. “In the...
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How Can I Pay My Life Insurance With Pre-Tax Dollars Rather Than After-Tax Dollars?

According to Swiss Re, Canadians pay $45.7 billion in annual premiums. Life Insurance premiums are only tax deductible in Canada if one of the conditions below is met: If you purchase a life insurance policy and name a registered charity as the beneficiary, you can obtain a charitable donation receipt for the amount of the...
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Can I Get a Tax Deduction for My Life Insurance Premium and If So, How?

According to the Canadian Life and Health Insurance Association, 22 million Canadians have one or more life or health insurance products. The average amount held by individuals is $169,000, and by households it’s $337,000. A popular question, especially come tax time, is “can I deduct my life insurance premium?” In most instances, including in the...
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Real Life Insurance Stories: Carolyn Davis-Jardine and Her Husband, Dan

Carolyn Davis-Jardine would have never bought life insurance on her own. As a migraine sufferer with a bad back, she is unable to work and tries to make ends meet on an extremely low fixed income provided by the income support cheques of the Ontario Disability Support Program. It took her second husband, Dan Jardine,...
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Canada Purple Shield’s Funeral Expenses Policies

Purple Shield has been offering final expense solutions in Canada for over 50 years. Its policies are sold by its in-house sales team and are underwritten by Assurant Life, which is a member of the insurance company insurer Assuris. A.M. Best has given Assurant Life an “Excellent” A rating as an indicator of its financial...
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How do I know My Life Insurance Policy Will Pay Out and What is the Process?

Most life insurance policies purchased in Canada are traditional life insurance policies that have a full series of health and lifestyle questions. The insurance company also usually requires a medical test be completed. The older the applicant and the higher the face amount, the more stringent the requirements. For example, policies over $1,000,000 usually require...
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In a Fight With an Insurance Company: What Are Your Options?

When you’re in a dispute with an insurance company, what you do first should depend entirely on the type of claim you have. This could be a personal injury claim, a contractual claim, a long-term disability claim, or a property claim. They all lead back to the insurance contract, but there are different resolutions depending...
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