Insurance Blog

When is Accidental Death Coverage a Good Fit

According to the latest statistics from Statistics Canada, around 10,000 people die by accident every year. Accidental death insurance, as the name implies, only pays out if the insured dies by accident.  An insured dying by accident is much less likely than dying by non-accidental causes. Having said that, there are certain instances with traditional life insurance is not available, which could be as a result of health or lifestyle-related issues. Of course, another cause may be travel to areas restricted by traditional insurance companies ...
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Guaranteed Issue Life Insurance: Who is it For?

Guaranteed Issue life insurance always seems like the most no fuss insurance choice for those who hear about it for the first time. The commercials and advertisements can be very alluring because the insured is not asked to complete any health questions and there are no medical tests. However, this convenience comes at a big cost. Most guaranteed issue life insurance plans have a two-year waiting period or longer on non-accidental death. Moreover, the issue limits are very low on these policies and the premiums ...
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‘No Medical’ Doesn’t Always Mean No Questions

Many insurance buyers don't understand the meaning of no medical exam life insurance. They assume that since there are no medical tests anyone can qualify, which isn't necessarily the case. Unfortunately, only some no medical plans have this perk. This is because No medical life insurance plans are generally broken down into two categories: Simplified Issue Life Insurance - No medical tests and three to twelve health questions. Guaranteed Issue or Guaranteed Acceptance Life Insurance - No medical tests and no health questions. Simplified Issue ...
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Life Insurance and Funeral Costs

Looking for a way to cover final expenses? Funeral insurance maybe the answer. Proceeds are paid out tax free in a lump sum. The Industrial Alliance website breaks down the cost of Funeral Expenses and related expenses. It reveals that it costs a minimum of $2,500 to organize a funeral in Canada. Below is a breakdown of other related costs: 1. Laboratory, thanatopraxy, products - $365 (average cost) 2. Funeral salon for two days - $481 (average cost) 3. Professional and administrative services - $484 (average ...
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Financial Advice: ‘Selling’ a Car Lease

We like to offer complex financial help to our clients, not only guaranteed issue life insurance. And we encountered number of clients bothered with their car leasing. Leasing a car from a company such as ICL may be a sensible option if you are planning to purchase a car. Lease payments are usually smaller than the payments for a consumer loan. You may therefore be able to afford to lease a car which you don’t care to legally own right now. Maintenance of a leased ...
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No Medical Life Insurance On Twitter

No Medical Life Insurance opens Twitter account. You are welcome to follow stream of information about Canadian insurance industry, policy reviews and financial news, prepared by LSM Insurance team ...
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BMO Life Assurance Company Keeps Rating A

A.M. Best Co. kept the financial strength rating of BMO Life Assurance Company (BMO Life) at “A”, which stands for “Excellent”. At the same time, BMO Life’s issuer credit rating was sustained at “A”. Better yet, the prospects for BMO Life were assessed as stable, considering the financial statements and other publicly available information on BMO Life and Bank of Montreal. BMO Life is owned by Bank of Montreal (BMO). BMO Life is not the only insurance subsidiary of BMO, but it is a very ...
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Insurers for the Climate

"Since when do insurance companies care about climate change?” you might ask. If you wonder as well, you should ask RSA Insurance Group plc, a UK based insurance company with a global presence. RSA recently started an official co-operation with World Wildlife Fund (WWF). The mutual synergy on which this partnership is based will serve a good thing as well as a business interest. In other words, it is a perfect win-win situation. If anyone can actually express a change in climate in monetary terms, ...
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Life Insurance for People with HIV or AIDS

As of 2005, there were 58,000 Canadians living with HIV/AIDS. Yet, the life insurance market has traditionally been closed to those with immune system deficiencies. However, non-medical life insurance coverage for people living with diseases like AIDS is available from many guaranteed issue and simplified life insurance providers. Why have the life insurance floodgates opened to those with AIDS, who before couldn't obtain it? Guaranteed issue coverage has no medical tests and no health questions. So, the HIV question is not asked. Good news right? ...
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Life Insurance and Cancer

More and more people are surviving cancer every day and it's having a tremendous impact on the way life insurance companies underwrite those who survive cancer. Many forms of cancer are very treatable in their early stages and insurance companies have adjusted their pricing to reflect this. In certain cases, cancer survivors can now even qualify for traditional life insurance. Your best chance is in working with a broker who has experience with higher risk applicants. Remember, the claims experience and underwriting practices can vary ...
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