Life Insurance Canada News

I’m going to talk a little bit about the face amount of a life insurance policy and how it works. Generally, the face amount of a life insurance policy is the death benefit of the policy, so the higher the face amount, the higher the premium. There are a lot if things that influence a...

 I’m going to talk a little bit now about cash surrender value and how it works in terms of a life insurance policy. Generally, cash surrender values apply to permanent policies, and permanent policies can be whole life coverage, can be Term-100, or can be universal life. Most Term-100 policies don’t have a cash...

 We get a lot of questions about the accidental death benefit and how it works in terms of life insurance. An accidental death benefit is generally something that pays out, or a type of insurance that pays out, if the person dies in an accident. Now, keep in mind that probably less than 2...

LSM Insurance Independent Broker, Beirong Xiong has learned to take the good with the bad when life’s surprises come knocking at her door. After finishing her Master’s in Agricultural Economics and Business at the University of Guelph, Beirong moved to Ottawa (Ontario) to pursue a career in financial services. It was on a daily elevator...

I’m going to talk a little bit about an irrevocable beneficiary and how it works in terms of a life insurance policy. Irrevocable beneficiaries are unique in that the policy owner needs the consent of the beneficiary to change that beneficiary. Irrevocable beneficiary designations are often set up as part of a marital breakup. The...

We received a question asking what the grace period on a life insurance policy is. Generally, the grace period applies if you miss a payment and you want to make sure the policy doesn’t lapse. That’s where the grace period kicks in. If you had an annual premium on a policy—let’s say it was $700...

I’m going to talk a little bit today about smoking versus non-smoking in terms of your life insurance. Smoking can have a really big impact in terms of your life insurance premiums. Some companies on a term insurance policy will charge up to three times as much for a smoker versus what they charge for...

 I’m going to talk a little bit today about a question I got on how you can use a whole life insurance policy to help with your retirement. A whole life policy generally allows you to build a cash value in addition to the insurance. This cash value is growing in a tax shelter...

The world today is not the same as it was 30 years ago. That is why some of the questions insurance clients are asking deal with the realities of this complicated world. One of these questions relates to life insurance and terrorism, and how insurance companies treat these cases. In fact, there are several scenarios,...

I’m going to talk a little bit now about revocable versus irrevocable beneficiaries. Most life insurance policies have a revocable beneficiary, meaning you can change the beneficiary. You choose who you want to be your beneficiary: if you have a spouse as your beneficiary and you want to change that down the road, you can...