Life Insurance Archives | LSM Insurance

20 Ways to Save Big on Life Insurance | Experts explain

Introduction Life insurance is a critical component of comprehensive financial planning, offering essential protection for individuals and families. However, it can also be a complex product, with various types and features (e.g. term life insurance, whole life insurance, no medical life insurance) that can impact both coverage and costs. Given its long-term nature, the savings...

Critical Illness Insurance – What Does it Cover?

What Does Critical Illness Insurance Cover? Critical illness insurance is a unique type of policy that provides you with a lump sum payment if you are diagnosed with specific illnesses. You have the freedom to use this lump sum however you choose, whether for medical treatment or other personal expenses. It’s important to note that...

Critical Illness Insurance for Business Owners | Ultimate Guide and Costs

Why Business Owners Need Critical Illness Insurance Business owners often plan for the death of key persons or the succession of retiring founders, but many overlook a very important piece of the puzzle – what happens if a key person or owner is critically injured but does not pass away? This person is unable to...

2024 Canadian Life Insurance Industry Outlook: Expert Opinions

Background: As we approach the end of the year, it’s a time of reflection and planning for many individuals and organizations. Among the many considerations that people grapple with, one that often rises to the top is the need to reassess life insurance. This period presents an opportune moment for people and businesses to review...

Life Insurance and Genetic Testing / DNA Testing

Genetic Testing: Background Genetic testing (also called DNA testing), as a scientific procedure, involves examining a person’s DNA—the special molecules that dictate how our bodies form and function. This testing can reveal changes or mutations in genes that may cause illness or disease. Genetic tests are available for a variety of diseases such as cancer,...

Life Insurance and Transgender People

Background: transgender people and life insurance risk Historically, gender has been a significant factor in the insurance application process. However, the issue extends beyond merely classifying applicants into one of two gender categories. A considerable number of individuals identify as transgender, leading insurers to develop unique approaches for these application scenarios. Let’s delve deeper into...

What Happens if My Life Insurer Goes Bankrupt? Expert Explains.

Life Insurance Company Bankruptcy: Background Wondering what would happen if your life insurance company went bankrupt? It’s a valid question and there is prescient for this. So, let’s dive and learn what the risk is, and what protection consumers have when life insurance companies go bankrupt. Even the most reputable insurance companies can face financial...

Everything You Need to Know about Life Insurance and Taxes

Life Insurance and Tax: Introduction Life insurance is one of the most widely used life and living benefits insurance products, but many questions remain about its tax implications. Understanding how taxes apply to life insurance is crucial, especially given the involvement of the Canada Revenue Agency (CRA). Life Insurance and Taxes: Key Financial Transactions Life...

Life Insurance and Sky Diving/Parachute Sports

Why Extreme Sports Matter for Life Insurance Life insurance and extreme sports have an interesting relationship. Though an individual might be entirely healthy and have no pre-existing health conditions, indulging in extreme sports means a high risk of an accident. Due to that, insurance companies look closely at each situation. Examples of extreme sports include...

How did the Pandemic Reshape the Life Insurance Industry? An Expert’s Opinion

Life insurance was one of the industries that was making advances slowly before the pandemic, but it was not known for being innovative or fast moving. Brick and mortar offices, paper applications, long processing times and old-fashioned marketing were still part of the industry. When the pandemic sent people to work from home and raised...