Toronto Insurance

Insuring Precious Collections

Various collectible items are often pricey but are seldom insured to any sufficient extent. A collection of historic furniture, a set of art works autographed possessions of one’s favourite music group, or extraordinary fairy dolls are but a few examples of valuable things that people like to collect.

Does not matter what the underlying goal of your collecting, be it an investment or a hobby, having your collection insured is judicious. Granted, the benefit money will not make up for the emotional losses, but it might at the very least let you start a new collection. Read on from life insurance expert Lorne Marr.

The Required Procedures to Claim Insurance Benefit in Canada

Two frequent questions that one may ask when life insurance is alluded to are, “What legal repercussions does passing away have vis-à-vis a life insurance policy?” and “How do the beneficiary or beneficiaries collect the life insurance payment?” We know that dealing with bureaucracy is the last thing you want to put your effort and time into when you just lost a loved one who has named you his or her policy beneficiary. For those reasons, LSM Insurance try to lower the hassle of claiming your benefit as much as we can.

In order to begin the claims process, one should contact the insurance company and/or one’s life insurance agent. This is how the claim process kicks off.

Do not forget that the insurance carrier will require a death certificate, which can be obtained from the funeral home. What is more, the carrier will ask the beneficiary or beneficiaries to complete a claimant form which asks for the time of the client’s death, the cause of death, and the personal information of the beneficiaries Once the application has been signed and filed the life insurer may decide to contact the client’s doctor in order to confirm some of the information stated in the original claim. If there are multiple policy beneficiaries, each one of them will have to produce her or his proof of death.

Canadian life insurers will likely want to perform an assessment of this particular claim if the claim transpired within the first two years of the insurance contract. The claims paying procedure and obligations do differ from one life insurance company to another, the claimant should consult one’s progress with an life insurance agent or broker or the underwriter.

You may find that the insured person has multiple policies at the same time, through various channels. Account for the fact that insurance coverage plans do not automatically pay out lest somebody files an application, so be sure you are aware of the potential for other insurance policies because there could be more money which you are entitled to that you are not aware of. Instances of insurance policies are normally offered to credit card applicants. If you have any worries about the process, ask your insurance broker to aid you. Surely research all each of the possible types of life insurance coverage that your loved one may have signed up for in his or her life. Exercise your title to everything that justly belongs to you.

Low Interest Rates to Remove Universal Life Insurance from the Market?

The overnight lending rate of Bank of Canada has remained as low as one per cent for 14 months in order to motivate economic growth during the world-wide commercial downturn and increasing risks.

The United States, China and even developing economies will also grow slower than formerly thought, while the European Union is falling into a relatively brief recession. These economic can, however, easily get even less favourable.

All this is bad news for Canadian insurers in all areas. Their income rely on interest incurred in investments of people’s premiums.

Revenues from premiums paid for life insurance are put into bonds—a very safe and simple financial instrument—and the interest revenue earned on these bonds may go to cover any insurance claims, overhead and other liabilities. Any such income left over will become insurance company profits.

Such historically low interest rates have put the screws to profitability for of insurance companies. Many insurers are offseting these rates by raising the premiums on their permanent life insurance life insurance plans. BMO Insurance, Canada Life, Industrial Alliance, Manulife, and Empire Life have all bumped up the fees on their fixed-premium universal life coverage. Manulife even decided to stop including this type of policy in its permanent offering. It is quite likely that other companies will decide to do the same in the near future.

The situation not likely to improve, judging by the fact that central banks both Canada and the United States are claiming that they are planning to keep low interest rates for the foreseeable future.

On the bright side, a select number of smaller Canadian insurers have carved out a niche by freezing their permanent plan premiums.

If you are interested, read more on the adverse effect of the current interest rate trough on pensions and government employees.

Lorne Marr’s Brief Critical Illness Insurance News

Critical illness is something nobody would want to encounter. As long as the likelihood of developing an illness can never be eradicated wholly, it’s imperative that one takes precautions so that one is able to make important financial decisions. Taking on the proper insurance contract now, while still healthy, is one of the ways to cover some of the unforeseen sizable expenses that could be brought about by a critical illness. And that is the reason why there are over 500k such plans operational across Canada.

Insurance You May (Not) Have Heard of Before

There are a couple of types of insurance that insureds rarely take into account but that they should be aware of. My list will provide an overview of what is available out there.

Mortgage Life Insurance

And we are kicking off with what is a terrible idea: Mortgage life insurance. This idea compels you to pay for coverage that devalues with time. This means that the more premiums you send to your insurer, the less you are covered. Nobody should ever take on mortgage life insurance as there are many more efficient ways of offsetting one’s risk of default on a mortgage.

How to Maximize the Usefulness of Benefit Packages with

One of the most complicated ingredients of a remuneration package are employee benefits. Not only are there incalculable combinations for each employer to select and combine, but the options are rather difficult to compare easily against each other. It is almost impossible to strike the optimal solution because plenty changes with the needs and wants of the company’s staff workers. Historically, the expenses stemming from employee benefits have been making it absolutely key that businesses make the right decisions to delight their crucial people and keep on being commercially effective.

Considering the size of your business, you may employ various means of extractuing the required feedback and information about your employees’ likes and needs. Record and consult your approach and progress with a qualified group professional to prevent common mistakes and simplify the process.

No-medical Life Insurance

No medical life insurance is an individual category of life insurance that is available to almost any applicant regardless of her or his medical history. This includes clients with lethal health problems, HIV-infected individuals, and clients with harmful habits.

Insurers offering these plans will accept virtually anybody, asking only a few or no medical questions during the application process. You can imagine that the augmented risk taken on by the insurer will be mirrored in comparatively much higher monthly fees. Also, the ceiling coverage total will be constrained to several thousand dollars, whereas normal agreements may have the coverage figure in the millions. Also, no-medical and guaranteed issue life insurance plans will contain exclusions which should protect the underwriter from plan mistreatment. These are all perks you have to give up if you cannot qualify for traditional insurance policies but wish to be covered for the benefit of your family.

Earthquake Insurance Protection

Things just go for worse in Japan, first an earthquake, then a tsunami, and now the threat of proliferating radioactivity.  It all makes our hearts ache for both survivors and victims.

Quakes are fatal and emotionally distressing.  In Japan, the Sendai quake turned out to be of magnitude 9.0 and thus was the 5^th strongest earthquake recorded in the history of measurements. The force, however, isn’t really the most telling either – even a weaker quake centered in inhabited areas may bring more losses than a gigantic incidence far from the coast.  If you remember, the last earthquake shook Canada not so long ago, taking place as recently as in June 2010 near Gracefield, Québec.  When you enduring something like that, the unpleasant problem that you don’t want to worry about paying for the reparations of the losses.  And that is where life insurance coverage can come in very handy.

Can Life Insurance in Canada Pay for the Price of Incineration?

Though a cremation will cost you a lot less than a burial, the outlays associated with incineration still vary widely.  Much depends on the complexity of the cremation ceremony that you select, the province you are home in, and the funeral services provider you hire.  According to this article on cremation, direct cremation normally costs around $700.  With an obit, religious service, catering, funeral flowers and viewing, the total cost can top at $2,600.  Although this is much less than the traditional $10,000 burials, this is still an important item in the budgets of most of us.

RBC Insurance: Business Insurance Option

Insurance policies are in many aspects akin to an ice-cream purchase. First, you decide for the actual policy. This is the easier part. But then, there is a large array of alternatives, riders and tweaks that may bear potential benefits to you. They can bump up your plan and take care of your own specific risks in a kind of “pay per service” way. Let’s talk about a rather mysterious rider now: the Business Insurance Option.

RBC Insurance now offers a Business Insurance Option, which is a model not too far from the Future Income Option under its traditional disability insurance plans.

Business Insurance Option is an affordable policy rider on Disability Insurance permits the the business partner to obtain a higher level of salary protection should the business go up in value in some time.

Just like the Future Income Option on disability insurance, the Business Insurance Option is—put simply—a safeguard securing your insurability when your health weakens but your business grows. An example of this: one of the partners discovered a health issue, such as hypertension but their business expanded in worth. Obtaining additional insurance coverage later could easily become an issue under conventional conditions. However, thanks to the Business Insurance Option, the insured may raise her or his income protection once every two years from the policy’s coming to force. This is called the “option date”.

• Additional insurance can be stepped up by up to 18 per cent of the highest option figure that is available.
• The client must to show evidence of their (additional) insurability. This is in effect any evidence of an growth of business-related income. Health exams are not necessary any any more, which is why this option is that advantageous.
• In case the client exercises the option, the additional premium is taking into consideration his or her current age, not their initial application age.
• The coverage type and contractual terms of the added income coverage are identical to those of the underlying insurance plan.

To learn more about little-known insurance policy riders, options, and to stay updated about the, please go to LSM Insurance's online portal.

Why Take Out a Group Benefit Policy

It is not always simple to get your employee benefits right if you are a business owner. The compromise between giving valuable benefits, regulating outlays and keeping quality workers is one of the most vital factors that a business has to take under control.

How Do Insurers Treat Cosmetic and Plastic Surgeries?

As per the International Society of Aesthetic Plastic Surgery, Canada is fifteenth most popular place worldwide for cosmetic and/or plastic surgeries with rougly 100,000 surgeries done each year. This is only a small percentage of the 17 million procedures taking place globally, yet it is a significant number when computed per person.