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5 Reasons To Buy Life Insurance If You Have Dependants

June 4th, 2015

LSM Insurance President, Chantal Marr, was quoted by CTV News’ Chief Financial Commentator, Patricia Lovett-Reid on Canada AM. Pattie shared Chantal’s top 5 reasons why someone with dependents should buy life insurance.

Check out the video and blog post below:

Life insurance: what it covers, when to get it, and why to consider it

By Pattie Lovett-Reid, Chief Financial Commentator, CTV News

Published Thursday, June 4, 2015 7:37AM EDT

I’m not going say: everyone needs life insurance, but I will say everyone needs to explore the option of having insurance in place.

A general rule is you need life insurance if you have dependents and I’m not only talking about children, it could be anyone who is financially dependent on you such as a spouse, sibling or even an aging parent.

Some will consider insurance if they have a young family, or maybe unexpected medical expenses down the road including long term care. It is a fact, insurance will never cover the loss of someone you loved and cared about, but it may help you get through a difficult situation much easier financially.

I reached out to someone I respect in the industry – Chantal Marr, principle of LSM Insurance, and asked her for the top five reasons people explore insurance. Here is what she had to say:

1- You Never Know What Could Happen: There is no Magic 8-Ball when it comes to future financial losses and health risks. Insurance is the one product that will cover you for the ‘unknown’. Whether it’s your life, health or ability to earn an income, you should be prepared and insured to cover any future unknown disasters.

2- Getting Locked In At Lower Rates: If you wait too long to purchase Life of Living Benefits insurance, you may be ineligible later in life. After age 60, many life and health insurance rates start to skyrocket. Most term insurance providers won’t issue policies after age 75 and disability insurance is not available after the retirement age of 65. Securing coverage now ensures you don’t have to scramble after it’s already too late. Future insurability is also a major concern. If your health deteriorates, you may have limited options if you did not already have insurance in place

3- Protect your Standard of Life: You have worked too hard for too long to let everything you’ve earned just slip from your hands. Countless people have been forced to drastically degrade their lifestyle choices because they did not have adequate insurance coverage to meet their current standard of living. Insurance policies should be reviewed on an annual basis to make sure coverage levels are kept current and up to par.

4- Some Policies May Not Last Forever: With interest rates being so low for such a long time, some insurance carriers are getting rid of Whole Life insurance offerings. People who bought these policies 5+ years ago have locked themselves into great deals that are no longer available in the market and may never come back. The worst thing you could do is procrastinate and delay an insurance purchase.

5- It’s Not For You; It’s for The People You Love: Insurance must be the least-selfish financial instrument available in the market. The reason you are getting covered is to protect the people who depend on you.

Jane Blaufus, of The Blaufus Group, an author and speaker for the insurance industry, has the last word, “Life insurance is there When you need it not If you need it. I have never in all of my years in the business heard of one widow or widower, who, when presented with a life insurance cheque, said “no thanks, you keep it.”

Chantal Marr in Forum Magazine: Kids & Insurance

March 25th, 2015
Advocis Kids Insurance Chantal Marr
Chantal’s Article In Forum Magazine

In this month’s issue of Forum Magazine, Chantal Marr wrote an informative article about insurance and children. In the article, Chantal explains what different forms of life insurance is available for children. Also, she briefly touches upon the point of contention regarding the debate of life insurance for children. If you want to read the original article, we have it posted below or you can view it here.

Let’s get my bias out of the way, I’m a big believer in life insurance for children. And with policies on each of my three children, I practice what I preach. Purchasing the insurance for my kids now allows them to have locked-in and affordable coverage, regardless of any change in their health. 

Many advisors flat out dismiss insurance for kids because the parent, not the child, is the financial breadwinner and it’s the parent’s income that needs protecting. The financial hit a family will endure after the death of a parent is just far greater. In the case of a child, what financial expense is there to the parent beyond the funeral? 

I’m not disagreeing. Ensuring parents are properly insured is my first priority. If clients can’t really afford children’s life insurance, it’s a better idea for clients to save their money. After all, the cash values generated by the investment component of some whole life insurance policies are minimal.

But for those who can afford it, purchasing life insurance for a child can be a sound strategy. Of course, no one wants to think about the death of a child, but if it were to happen, it could also affect the family in devastating ways. Parents would likely to need to take significant time off work. Having insurance would give parents the time necessary to properly grieve their child’s loss and be there for the surviving family members.

Buying children’s life insurance also guarantees the future insurability of a child regardless of their health situation later in life. Some insurance companies will guarantee children up to $500,000 in future life insurance coverage. I once had a client who was able to partially insure his mortgage because of an insurance policy his parents opened for him when he was born. Good thing, because he had developed heart-related issues as a young boy making insurance difficult for him to get. While his guaranteed insurability did not fully cover the mortgage, having something was definitely better than nothing.

Cost is another decision factor. When you are young, you are healthy, so life insurance is the cheapest it will ever be in your lifetime. And the cost is guaranteed to never increase. This is also a huge advantage to clients with parents who have health issues. Most life insurance companies will insure someone in good health even if their parents have health issues. Family history has an impact on an insured’s ability to get preferred rates but usually will not disqualify them for standard rates.

When clients come to our firm inquiring about kid’s insurance, we explain that policies come in three forms. Like adult life insurance policies, children can have a permanent policy or a stand-alone term policy. Unlike adult policies, children can get rider coverage on a parent’s own life insurance plan.

While permanent insurance is expensive, it’s also the most comprehensive. It can be sub-divided into three more categories. Universal life policies can offer level cost of insurance with an optional saving component. Non-participating whole life insurance policies are fully guaranteed, have a guaranteed cash value, and can be paid up in 10, 15, or 20 years. Finally, participating whole life insurance policies are generally the most pensive, but in addition to guaranteed premiums these plans offer the highest cash values and increasing death benefits.

Term insurance is cheaper than permanent insurance but has fewer features. It is for the term specified (e.g. 20 years) and then expires unless it’s converted into a permanent plan. The cost of term policies remains consistent for the initial term selected. Term insurance with built-in critical illness coverage is another option. It allows for a lump sum payment if the policyholder is diagnosed with one of the covered critical illnesses listed. 

A children’s life insurance rider is the most common form of children’s life insurance because the coverage amount is less than a stand-alone policy and the features are limited by comparison. The rider also does not allow guaranteed premiums for life. It will most likely end when the child is 21 years old, or 25 years old if still attending post-secondary education.

Sometimes, clients are intrigued with the concept of using funds from life insurance to supplement a child’s post-secondary education. It works like this: the funds grow on a tax-sheltered basis and can be withdrawn down the road as loan, partial surrender or full surrender. We are not fans of this approach. RESPs are a much better strategy, especially with the 20 per cent Canada Education Savings Grant provided on your contributions up to $2,5000 each year. Don’t say no to free money. 

Kids’ insurance isn’t a yes or no answer. Like any other policy we recommended, it’s about going through a needs analysis process and evaluating what makes sense for each individual client. 

LSM Insurance Hosts BBQ For Youth Without Shelter

March 24th, 2015
Lorne Marr And Family Youth Without Shelter
Lorne Marr And Family Preparing Sandwiches For Youth without Shelter

LSM Insurance is hosting a BBQ this summer to help feed Youth without Shelter. The event will be held June 11th 4 p.m. to 7 p.m. at 6 Warrendale Court, the headquarters for Youth without Shelter. The address is located in the Kipling and Albion area.  

Last week, Lorne Marr and his family put together 50 nutritional lunches for hungry youths. Mike Burnett, Event and Education Facilitator, reached out explains the importance of providing a nutritional lunch.

Thank you for your generosity in providing such wonderful lunches to our 50 young residents. Having nutritious and hearty goes a long way to improve self-esteem, food security, and show them that their community cares about them.

More information of the BBQ will be available when we come closer to the date of the event. Until then, you too can help provide nutritional brown bagged lunches for youths. If you want to learn more about YWS, or find out how you can help, you can email YWS

Brown Bag It

Youth without Shelter is Etobicoke’s singular emergency residence for homeless youth. YWS was created in 1986 by a group of teachers and guidance counselors that were frustrated about the lack of emergency housing and support for students. Since then, YWS has helped house 4,000 homeless youth. Along with housing, YWS have been able to instill life-skills and confidence in these youths to help them find long-term housing and jobs. Youth without Shelter provides programs and services that ensures every youth will have the support to reach their potential.

The youth that come to YWS are mostly coming from abusive homes. Much of their lives have experienced some form of violence and poverty. They come to YWS with limited life skills and do not have the know-how to look after themselves. The youth that are served come across the Greater Toronto Area with a wide array of economic and cultural backgrounds. The location of YWS is in Jamestown, a United Way Toronto designated priority neighbourhood. Some issues that YWS help youth with are substance abuse, mental illness, pregnancy and problems with the law. YWS provides a safe and stable environment for all these needs and more. 

Last year, Youth without Shelter was able to provide over 17,000 nights of shelter and 85,000 nutritious meals. YWS also helped 89 youth find permanent housing and 46 youth with a job through their employment program.

Lorne Marr Quoted In MoneySense: The Only Insurance Guide You Need

March 19th, 2015
Money Sense February March 2015
Money Sense February March 2015

Insurance can be a confusing but necessary purchase. To help mediate the confusion, MoneySense put together an insurance guide for all your needs in their February/March 2015 issue by Julie Cazzin. She covers the topics of disability insurance, auto insurance, life insurance and much more.

In the MoneySense guide, Lorne Marr, our Director of New Business Development, offered his insights on how you should treat your life insurance policy and how to save a few thousand dollars. 

The MoneySense Article:

My 24-year-old daughter Laura recently started a new job and, like many new employees, she had to navigate a maze of choices in her group benefits plan. She earns a modest salary and there’s little left after paying for basic living expenses. So her main goal was getting the coverage she needs for the lowest cost.

As Laura and I went through the insurance options in the booklet, even an extra $50 in premiums for more coverage made her sit back and consider: did she really need to spend that much for a cost-of-living adjustment on disability benefits? Did she even need life insurance at her age? Laura soon understood that buying insurance isn’t simple. Whether you’re trying to insure your life, your income, your health, your car or your home, the costs add up quickly.

I gave Laura three pieces of advice. First, only buy insurance to protect yourself from unlikely events. Next, only buy enough insurance to maintain your standard of living: no more. Finally, forget about buying insurance for life events that won’t severely strain your finances. That means in most cases it pays to focus on the basics in several key categories: disability, life, travel, auto and home insurance. It can be easier than you think. “When people come to see me, they want to know one thing: what’s the right insurance for my budget?” says Jennifer Moore, a certified financial planner in Toronto. “I do my best to make sure all of their risks are covered off for minimal cost.”

Here’s how to figure out what insurance you need right now—and which types you can forget about all together. Just remember, before you buy anything, sit down with an independent insurance broker or fee-only financial planner who understands your situation so you make an informed decision.

Disability Insurance

Disability insurance—which pays a benefit if you suffer an accident or disease that prevents you from working—is probably the most important coverage you can get. That’s true whether you’re single or have a family who depends on your income. A typical 30-year-old is four times more likely to become disabled than die before age 65. And one in six Canadians will be disabled for three months or more before age 50. “When I ask clients what their largest asset is, they often say it’s their house,” says Tim Landry, a living benefits consultant in Montreal. “But for many people, their largest asset is their future income-producing ability. If you have 30 years left to retirement and you’re making $100,000 a year—that’s $3 million. Ensuring that is crucial for peace of mind.”

Long-term disability (LTD) insurance provides a monthly income if you’re unable to work due to a serious injury or illness. You can also purchase critical illness insurance, which pays a tax-free lump sum if you’re diagnosed with one of several illnesses covered by your policy (such as cancer, stroke and heart disease). So which is right for you? In almost all cases where a spouse is working and providing ongoing income for the family, LTD insurance is by far the best option. Critical illness polices aren’t necessary for most families on a limited budget.

Not understanding the difference between the two has kept David Singh, a 38-year-old environmental planner in Calgary, from protecting his family from income loss were he to become disabled. “With three kids under eight and a wife who works only part-time, money is tight,” says Singh. “We aren’t sure it’s necessary and believe it may be costly. So for now, we have just a secured line of credit to fall back on if anything happens to me. We may be rolling the dice.”

Rolling the dice, indeed. For families like Singh’s, disability insurance is a must. The good news is, if you work for a large company LTD coverage is probably part of your benefits package, and in some cases it’s mandatory. Typically, such a plan will pay you a percentage of your monthly income if you are unable to work, and these payments continue until you return to your job, reach age 65, or die. But coverage differs greatly from one employer to another, and if you’re self-employed or you work for a smaller company, you may have no coverage at all.

Disability plans will either cover you for “any occupation” or “own occupation.” The latter is much better, because under this definition total disability means the inability to work at your regular job. With “any occupation,” total disability means the ability to perform the duties of any job. So if you become disabled but you could do less demanding work, you may not get the benefit. Often plans offer own-occupation coverage for the first two years of the benefit period and then switch to any-occupation after that.

To figure out whether you have enough coverage, contact your company’s HR department or office manager and have them walk you through your group benefits. If your company plan covers at least 60% of your pay, you likely have enough coverage. If you’re single, have no kids, or if your mortgage is paid off, you likely could get by on a policy that pays 50% of your salary. “List all your basic expenses for the year, including mortgage payments, utilities, food, rent and transportation,” says Lorne Marr, an independent insurance broker and director of business development for LSM Inc. of Markham, Ont. “And keep in mind that many disability plans include a cap on benefits.”

For instance, your plan may cover 60% of your gross income, but only up to $3,000 a month. That means if you’re earning more than $55,000 a year, you won’t actually receive 60% of your salary. If you earn $150,000 annually, the $3,000 a month maximum amounts to only 24% of your pay.

That’s why, if you earn a high income, you may want to consider a private disability plan to supplement your group benefits. To give you an idea of the cost, a private “own occupation” disability policy for a 40-year-old male white-collar non-smoker that pays $3,000 a month until age 65 (90-day waiting period) would cost about $122 a month. The same policy for “any occupation” would cost about $76 a month. (For a 40-year-old female, the premiums would be slightly higher, since women have a lower mortality rate on average but a higher chance of sickness (called “morbidity” in the industry).

When working out how much disability insurance you need, keep in mind that payments from a private plan are tax-free, while the payout from most corporate plans is taxable.

Life Insurance

For Daniel Stinson and his wife Brigitte, money is tight. When Brigitte, 34, resigned from her job last year to be a stay-at-home mom to their 14-month-old daughter Rachelle, she lost the life insurance coverage she had through her employer’s plan. “That got me thinking,” says Daniel, a 36-year-old compensation specialist in Toronto. “We have a mortgage and child costs, so we’re making more critical decisions about what we spend money on. I’d like to avoid paying higher premiums for life insurance as I get older and switch jobs.” For that reason, Stinson is opting out of his group life insurance plan and replacing it with a 20-year term policy with fixed premiums. “Locking in a price now when I’m in my 30s will be more cost-effective in the long run.”

Stinson knows that life insurance is essential if you have a family or dependants who rely on your income. If you die without proper coverage, your spouse and kids may be unable to pay the mortgage or meet daily expenses. The key is getting the right kind, and for most people that’s term life.

With term life insurance you pay a fixed premium that covers you for a specific period—usually 10 or 20 years—after which you would need to renew and face much higher premiums. The other category is permanent insurance—such as universal life and whole life—where the premiums start out higher but stay level throughout your life. Permanent policies are unnecessarily costly for most young families, whose priority should be getting adequate coverage at a reasonable rate.

Start by doing a needs analysis. How old are your children? Would you need to pay for daycare if a spouse died—or, if you’re a single parent, if you died. “Your life insurance should cover your mortgage and personal debts, as well as replace 10 times your income if you have kids under age 10—five times your income if your kids are older than 10,” says Marr. Stinson, who has a $300,000 mortgage, three kids under 10, and a salary of $100,000 would need a 20-year policy with a death benefit of $1.3 million—minus whatever savings he already has.

If you have a mortgage, you have probably been offered a policy that would pay off the balance if you die. Moore doesn’t recommend these policies: not only is mortgage insurance more expensive (by several hundred dollars a year), but your coverage decreases as you pay down the principal. With term life, the death benefit stays the same over time. “So if you bought $500,000 in term life insurance at age 30 and your mortgage has $50,000 remaining when you die at age 40, your family will get the full $500,000 payment—not just the $50,000 to pay off the mortgage, which is what mortgage insurance would pay out,” says Moore.

Travel Insurance

Three years ago, John Kates and his wife Miriam, were on a trip through Europe to celebrate their 40th wedding anniversary when John started having severe heart pain in his Paris hotel room. He was immediately taken to a hospital, where he had a triple heart bypass and spent six weeks recuperating. His wife stayed at a local hotel during that time. The final bill? $200,000.

Luckily, Kates had spent $300 on travel insurance to cover him for the 17-day trip. His insurer, a Canadian bank, also handled all payments to the hospital, so Kates didn’t have to open his wallet and ask to be reimbursed later. “I know people who have had to sell their home because they had medical emergencies outside Canada and no health insurance,” says Kates. “My policy covered being transported by ambulance to the Paris airport on my return flight, as well as a nurse to accompany me home. I don’t know how I would have been able to do the planning and paperwork for the flight back myself. My wife and I travel several times a year and we always get good travel health insurance. It’s worth every penny.”

Before booking a vacation, travel insurance should be at the top of your list, says Tim Landry, a living benefits specialist in Montreal. “I have a client who went to Florida and had some stomach tests done. The ultimate remedy was Pepto-Bismol—and $30,000 in medical bills. It can bankrupt you if you’re not careful.”

There are several ways to keep costs down. Start by checking your employer benefits plan to see if you’re already covered. Some credit cards also include travel medical and trip cancellation insurance. But check your policy closely to make sure you understand what coverage you have. Insurers often limit how much they’ll pay out for claims and restrict coverage to shorter trips—typically seven days or so.

Travel agents usually sell travel insurance and may offer it when you’re booking your trip. “These policies can often be much more expensive than getting insurance from an online provider such as Travel Guard,” says Gavin Prout, vice president of Special Benefits Insurance Services in Port Perry, Ont.

To compare costs, use a service such as You’ll get quotes from several providers on the spot. If you travel more than twice a year, it’s cheaper to simply buy an annual plan. For instance, a 40-year-old would pay $25 for emergency medical coverage during a one-week trip to Acapulco. By contrast, he could get an annual plan that would cover him for unlimited trips of 10 days or less in duration—almost anywhere in the world—for $60. An added benefit? If you just want to go across the border for a weekend, you’ll have a plan already in place. “A health care policy that covers you for any trips you take almost anywhere in the world for three days or less at a time costs $52 a year. Just search online for ‘Canadian travel insurance brokers’ to find a list of providers,” says Landry. Organizations like the CAA or the Canadian Snowbirds Association also have plans tailored to their members, and they’re usually cheaper. Family plans can be considerably less expensive than covering each individual separately. “The premium is based on two individuals, so the kids are free,” says Landry.

And finally, if you’re returning to Canada after more than six months away—teaching English in South Korea, say—you have to reapply for provincial health insurance, and there is usually a three-month wait. “Get insurance for those three months,” says Prout. “About $50,000 of coverage for a 30-year-old male would cost about $300 and includes all x-rays, prescription drugs, wheelchairs and home care services.

Auto Insurance

Car insurance premiums vary by the type of vehicle, your driving record and city you drive in, and also from company to company. But by remembering a few key tips, you can scoop up big savings no matter what your situation.

Three years ago, I added my two grown children to the family’s car insurance policy. And while this bumped our annual premium by $2,000, that’s a lot less than the $2,000 to $3,000 they would each have paid if they owned their own vehicles and were primary drivers. “Anyone can stay on someone else’s insurance policy for as long as they’d like—there are no restrictions,” says Adam Mitchell, president of Mitchell and Whale Insurance Brokers in Whitby, Ont. The key is to maintain a solid driving record while being covered by some form of insurance. Mitchell says a membership in a car-sharing service such as Zipcar—even if you hardly ever use it—can be a good way for an inexperienced driver to establish a track record. A 10-year member could get their own insurance on a new vehicle for $1,200, he says, compared with $6,000 or so for someone who has a license but no driving record for that period. Those are great savings for an annual membership that costs less than $100.

A second option for lowering your costs is to consider telematics—technology your insurance provider puts on your car to measure acceleration, braking and cornering. “You could get up to 30% off your premiums if your driving shows you are in a low-risk category,” says Mitchell. “You can get a 10% discount for just signing up.”

Of course, some auto coverage—like third-party liability insurance—is mandatory. This is your first line of defence if someone sues you. You have some say over the amount of coverage you get, but don’t skimp in this area. What happens if you run into an 18-wheeler or Greyhound bus? Bumping up your coverage from $1 million to $2 million only hikes your premiums by about $50, and it’s well worth it. “If you’re involved in a lawsuit, the difference could be bankruptcy,” says Mitchell.

The accident benefits portion of your policy looks after medical expenses not covered by your province’s health insurance—everything from physiotherapy treatments to crutches. “Collision” covers damage to your vehicle resulting from an impact with another vehicle or object—including crashing into a fire hydrant, like I did one rainy night in a mall parking lot. “Comprehensive” coverage takes care of theft, vandalism, fire and hail. Don’t waive collision or comprehensive unless your car is so old that the increase in premiums you’d face when making a claim exceeds the value of the vehicle. Think $3,000 or less. In total, collision and comprehensive will set you back $100 to $400 annually.

If you frequently rent cars, consider adding rental coverage for about $50 a year: that may be more affordable than paying for insurance every time you rent a car.

To lower your premiums, consider raising your deductible: the amount you need to pay out of pocket when you make a claim. Raising the deductible from $500 to $1,000 can save you 5% on your premium. You may be able to get bigger savings if you boost your deductible to $5,000, but that’s risky.

To get the best rates, enlist an independent broker rather than going directly to one provider. And finally, don’t forget to look at the group packages offered by professional associations and university alumni societies. If your association consists of dentists who drive BMWs to work, say, they may be able to offer you a lower rate than you’d get from an individual policy.

Home Insurance

Few people know the details in their home insurance policy. I certainly didn’t when one of our trees fell on a neighbour’s property and my husband spent hours of his own time chopping it up and hauling it away. Had I checked our policy, I would have discovered that our home insurance policy would have covered the cost of removal. So lesson number one: read your policy. If you don’t know what’s covered by your home insurance, it won’t do you much good.

The basics of home insurance are simple. If you rent an apartment or home, then you need contents insurance—also known as tenant’s or renter’s insurance—to replace the contents of your unit due to loss, theft or damage. It also provides you with personal liability coverage should someone hurt themselves while visiting your home, or if you cause an injury to someone else anywhere in the world. “So if you bump someone on a cruise ship and they fall down the stairs and sue you, you’re covered,” says Mitchell.

If you’re a homeowner, you’ll want a comprehensive policy, or “all perils” insurance that covers you for all conceivable disasters except a list of excluded events—typically earthquakes and floods. Just be sure to read the fine print. “One company may exclude water damage, while another company includes it,” says Mitchell. “Or some policies may restrict coverage during home renovations, while others have no such clause.”

You can pay extra to add “riders” to your policy to cover items on the exclusion list, and if you live in an earthquake-prone region like B.C., there’s a case to be made for buying earthquake insurance separately. But for most Canadians, sewer backup is the one optional coverage you really need. “It’s the most common claim these days, and it often costs up to $1,000 for $50,000 of coverage,” says Mitchell. If your basement is finished, that’s well worth the cost. “But if you only have a few items down there sitting in some Rubbermaid storage bins, you could save yourself several hundred dollars by opting out.”

So how much home insurance coverage do you need? Don’t confuse the value of your policy with the market value of your home, which includes the land it’s sitting on. Your policy only needs to provide you with the money to rebuild or repair your home if it gets damaged. These days most policies simply include full replacement value and do not set a maximum dollar amount, so you’re covered even if the insurance company underestimated how expensive it would be. Remember, though, that when you renovate, you have to let your insurance company know, as it will affect the replacement cost.

You can reduce your premiums by including a security system, a sprinkler system as well as by kicking the smoking habit. Also consider upping your deductible and only putting in a claim if your independent broker advises it’s worth the cost of future premium increases.

If you want to save more money, consider bundling your home and auto policies together. “This can save you up to 15% off the final bill,” says Marr. Or, pay your home and auto premiums annually instead of monthly. Insurance companies build in a financing charge of about 18% if you spread out the cost over a year. Whenever your policy comes up for renewal, ask your insurance company if there are ways you can reduce your costs without giving up significant coverage. A little negotiation could mean thousands of dollars of future savings.

Chantal Marr Quoted in the Investment Executive

September 23rd, 2014
Insurers to tackle denied claims stigma  Investment Executive
Investment Executive: Insurers to tackle “denied claims” stigma

Chantal Marr, president of LSM Insurance, was quoted in the Investment Executive on October 2014. The newspaper quotes her in an article called Insurers to tackle “denied claims” stigma, written by Megan Harman. The article covers the issue of negative effect generated by denial of the insurance claims.

(Chantal Marr Quoted in the Investment Executive continued...)

Lorne Marr Interviewed in The Pulse With Devon Peacock

July 28th, 2014

Lorne Marr, Director of New Business Development at LSM Insurance, was interviewed in The Pulse with Devon Peacock that is broadcast on AM980 every workday.

Devon Peacock and Lorne Marr discuss the concept of a four-day workweek that LSM Insurance established in 2009.

Devon Peacock in the Studio at AM980
Devon Peacock in the Studio at AM980

In the interview, Marr explains the advantages of the four-day workweek and the positive impact it’s had on his employees’ morale and productivity.

If you want to read more about the four-day workweek, you can read articles in our Four Day Work Week section.

(Lorne Marr Interviewed in The Pulse With Devon Peacock continued...) | 2 comments

Chantal Marr on Life Insurance For Children in the Financial Post

July 28th, 2014

Chantal Marr, President of LSM Insurance, was quoted in the July 26 Financial Post article by Melissa Leong titled “Should you buy life insurance for your kid?” Read on to discover what Chantal and two other experts have to say about life insurance for children.

Chantal Marr Quoted in Financial Post Insurance For Children
Chantal Marr Quoted in Financial Post Insurance For Children

When it comes to money decisions, it can be hard to figure out the right thing to do. Money is about power, emotion, morality, and security, among other things. So in this space, we gather personal finance luminaries to weigh in on a financial quandary.

This week’s question: Should you buy life insurance for your kid?

Chantal Marr, president of LSM Insurance: Yes, I’m a big believer in life insurance for children. I have life insurance on each of my three children. It allows them to have coverage which is locked in at an affordable rate regardless if they have a change in health down the road. This can be particularly advantageous if the child’s parents have health issues that are hereditary. Many financial experts argue against it because the parent and not the child is the financial breadwinner. I totally agree insuring the parent is more the crucial of the two. But anyone who has lost a child or knows someone who has a lost child realizes the emotional upheaval this can have on the parents. The biggest advantage of having life insurance on a child is it gives the parents the time necessary to properly grieve their child’s loss and be there for the surviving family members.

(Chantal Marr on Life Insurance For Children in the Financial Post continued...) | 3 comments

Lorne Marr interviewed on The Bill Good Show

July 15th, 2014

Lorne Marr, the Director of New Business Development at LSM Insurance, was interviewed in the Bill Good Show that is aired on the waves of the Vancouver-based radio CKNW AM980 on 14th of July. Bill Good and Lorne Marr discuss “Is it time for a long weekend every weekend?” and talk about the advantages and disadvantages of four-day workweek.

(Lorne Marr interviewed on The Bill Good Show continued...) | 2 comments

Lorne Marr Quoted in The Globe and Mail

July 3rd, 2014
What happens to your debts if you die suddenly  The Globe and Mail
The Globe and Mail: What happens to your
debts if you die suddenly?

Lorne Marr, the Director of New Business Development at LSM Insurance, was quoted in the Globe and Mail on June 25. The Globe and Mail quotes him in an article called What happens to your debts if you die suddenly? that covers the issue of mortgage insurance in comparison to term life insurance.

(Lorne Marr Quoted in The Globe and Mail continued...) | 4 comments

Chantal Marr Quoted in the Investment Executive

May 28th, 2014
LSM in the Investment Executive
Investment Executive: Insurance: Reviving UL policies

Chantal Marr, president of LSM Insurance, was quoted in the Investment Executive in May 2014. The Investment Executive quotes her in an article called Insurance: Reviving UL policies, written by Megan Harman. The article deals with changes in commissions and prices of some of the new insurance products.

(Chantal Marr Quoted in the Investment Executive continued...)

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