BMO Critical Illness (CI) Review

BMO Critical Illness (CI) Review

BMO is one of the more well-known names on our lists, however, you always have to ask yourself if the name is what is best for you. When it comes to insurance big banks often have a large client base, but that doesn’t always mean they are competitive in the insurance space. So let’s take a look BMO Critical Illness Insurance:

bmo insurance


Available Terms

BMO Insurance offers a wide variety of terms including term 10, term 20, and both to age 75 and age 100. This is a normal selection that allows a wide range of clients to find a policy that fits them. This mixed with the fact that you can apply up to $2.5 Million of coverage, makes for a fairly competitive option when comparing to other critical illness insurance companies in Canada out there.

 

Other Features

BMO also offers several other features including:

  • 15-year limited pay options
  • Partial payments for eligible conditions
  • Return of premium on death
     

Survival Period

The survival period is the amount of time you need to wait before the critical illness benefit will be paid out. Like many companies on our list, BMO has a 30 day survival period.

 

Who is BMO best for?

BMO (as of March 2021) has a fairly strong offering. They have a wide variety of term lengths and coverage amounts as well as some extra features should they be important to you. What you should do before applying to BMO is look at your other options. Although BMO offers a wide range of options, it always comes down to price. When we look at the affordability of BMO policy there is normally another company that will offer the same term length and coverage amount that will be more affordable.

PROS

  • Comprehensive 25 conditions covered (Which is very normal for CI policies)
  • High coverage amounts (up to $2.5 Million in coverage)
  • A wide number of term lengths
  • Limited pay options

CONS

  • No online portal for clients
  • No coverage for children (if that is important to you)
  • A little more expensive than other insurance companies

Final thought. With CI plans are always changing. Depending on when you read this, coverage amounts, term lengths, and conditions could have changed. Its always recommended to double-checking with your advisor before applying.

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Assumption Life Critical Illness Insurance (CI) Review

Assumption Life Critical Illness Insurance (CI) Review

While the maximum amount of coverage offered is lower than Canadian-based insurance companies, Assumption Life’s Critical Protection product also offers a non-medical option that cuts down on waiting times and gets you covered faster.  Assumption Life also has a fully underwritten product (which we’ll get into), but their simplified issue Critical Illness Insurance is one of the few such critical illness plans available in the industry.

assumption life insurance

Available Insurance Terms

Assumption life CI has some different term choices. The term choice is 15 years, 20, year 25 years, and age 75.  Limited pay option are available, meaning at some point in the future you can stop paying and your coverage will still be there. There is an option with Assumption life that is a 20 pay option however, keep in mind that would only keep coverage on you to age 75 (best case scenario).


Other Features

If you have been shopping for CI before you know there can be quite a few features on your policy that may be important for you. Assumption life doesn’t have many features outside of the cut and dry policy. There is no loss of indecent existing coverage, no partial payouts, and no childhood illnesses coverage. Which are available with some larger companies.


Survival Period 

As hopefully, you know by now, with CI policies there is a survival period you must wait for before the benefits are paid out. With Assumption Life, the survival period is only 30 days. For example, if Jacob suffers a heart attack. He would need to wait 30 days in order to file a claim with Assumption life.


Who is Assumption Life best for? 

Assumption life is best for people who need coverage for a short period of time and a relatively low amount of coverage. Remember with Assumption life the most amount of coverage you can apply for is $100,000. So for anyone who feels that $100,000 is enough coverage and is looking for a plan with a fairly easy application process, Assumption life might be a good fit. However, it is always best to compare plans with other companies to make sure you found the best one for your specific situation.


Pros

  • Simplified issue option (can be done over the phone)
  • No medical option
  • A quick and easy electronic process
  • Some coverage has an instant approval  option
  • Shorter-term coverage options available
  • Limited pay and return of premium options available


Cons

  • A limited number of covered conditions (16 conditions) (max of $100,000 of coverage)
  • No partial payment for non-life-threatening illnesses
  • No children’s coverage
  • No whole life coverage

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Top Critical Illness Insurance Companies In Canada 2021

Top Critical Illness Insurance Companies In Canada 2021

If you are looking for the top critical illness (CI) insurance companies in Canada for 2021 you have come to the right place. We know critical illness can be confusing and so our goal with this post is to give you an simplified view of critical illness insurance, and why you should consider CI, how it works and which companies are best. Let’s get into it.

What is critical illness insurance?

Critical illness insurance provides a lump-sum payment to you (tax-free) in the event you become diagnosed with a critical illness. The specific critical illnesses differ from company to company as we will see but for now, know the major illness covered are:

  • Heart attack 
  • Strokes
  • Coronary bypass surgery 
  • Cancer 
  • Plus many other conditions depending on your coverage
     

Critical illness insurance works like many other coverages, you pay monthly a specific amount (known as your premium) which gives you a specific amount of coverage (known as the living benefit). In the event, you are diagnosed with one of the conditions in your policy you will receive the living benefit.

For example, James had a $100,000 critical illness policy he paid $64 a month for. James suffered a heart attack and even though he was expected to make a full recovery the insurance company paid him the $100,000 living benefit Tax-free.

Why should you get critical illness insurance? 

Critical illness insurance gives you the financial protection you and your family need should you suffer a severe health condition.

With more and more Canadian every year become diagnosed with cancer, heart attack, and strokes, unfortunately, CI is the protection you need. Cancer rates are now 1 in 2 for men and 1 and 3 for women. 9/10 Canadians have at least 1 risk factor for heart conditions, stroke, or vascular cognitive impairment.

The odds are you are more likely going to need it than not. This is why some people refer to CI as the lottery you don’t want to win.

Top insurance associations in 2021

  • Assumption life 
  • BMO Insurance 
  • Canada Life 
  • Desjardin 
  • Empire Life 
  • Equitable Life 
  • Foresters 
  • Humania 
  • IA 
  • Ivari
  • Manulife 
  • RBC insurance 
  • SSQ 
  • Sunlife

Assumption life 

Living Benefits solutions with Assumption life help you focus on providing you protection should something unfortunate happen.

PROS

  • No medical exams
  • For individuals 18-60
  • Term options 15,20,25, or up to age 70
  • Electronic application

CONS

  • Coverage ranges only from $10,000 to $100,000
  • No children coverage options
  • No whole life coverage options

BMO Insurance 

The Bank of montreal is one of the largest insurance companies in Canada (although this is through their insurance division which  receive business through their bank).

PROS

  • Term coverage from 10, 20, to age 75 and age 100
  • For individuals 18-64
  • Plans offer 25 conditions
  • Coverage up to $1,000,000
  • Whole life insurance option
  • Return of premium option available

CONS

  • No coverage for children
  • No second even coverage
  • No non-medical options available

Canada Life

Canada Life might be slightly more expensive than some of the options on this list, however, they do come with some extra benefits.

PROS

  • Coverage up to $2,500,000
  • For indivudals 18 – 65
  • Plans cover 25 conditions
  • Instant approval option
  • Return of premium options
  • Children CI options
  • Second event coverage options
  • Whole life options

CONS

  • Return of premium options are expensive
  • Loss of independence options are added as riders to the policy

Desjardin

One of the most comprehensive coverages on our list. Desjardin has made itself a powerhouse in the critical illness space.

PROS

  • 26 conditions that offer a full payout
  • For individuals 18 – 54
  • Partial benefits payout for non-life-threatening options
  • No survival periods on most policies
  • Whole life coverage available
  • Tem options 10,20, to age 75
  • Children coverage available

CONS

  • No second event coverage options
  • Longer underwriting periods compared to other companies

Empire Life 

Empire life only offers term options compared to other companies that might offer whole life options. However, Empire offers a unique couple of options.

PROS

  • For individuals 18 – 65
  • Term 10 and Term 20 options
  • Large coverage amounts
  • Couples can get a policy that protects both lives

CONS

  • No whole life options
  • Coverage ends at age 75
  • No return of premium options

Equitable Life 

PROS

  • For individuals 18 – 55
  • Coverage up to $1,000,000
  • Return of premium options
  • Children critical illness option
  • Online account access

CONS

  • No whole life options
  • No second event options

Foresters 

Foresters made the list because it is one of the most affordable options out there. However, it not due to strong pricing, it’s due to their lack of benefits. With only 6 conditions this policy is for people looking for basic coverage.

PROS

  • For individuals 18 – 55
  • Return of premiu option available
  • Easy application for low coverage amounts (under $25,000)


CONS

  • Coverage up to $100,000
  • Only 6 conditions covered
  • No whole life options

Humania 

Humania is one of the more comprehensive options out there. With a very easy application, most of their coverage can be purchased online.

PROS

  • 37 conditions covered
  • Coverage ranges from $25,000 to $1,000,000
  • Coverage from children at lead 30 days old up to age 60
  • Return of premium options


CONS

  • Only 3 conditions have a limited pay outcome
  • No life time pay options

IA 

With so many add-on and rider options that match or beat other company’s offerings, Canadians can tailor-fit a critical illness policy suited to their exact needs. Policyholders also have a “reducing” option which gradually decreases the overall amount of the benefit payment over its early years until it reaches 50% of the original benefit amount.

Industrial Alliance is a perfect fit for those looking to use critical illness insurance to cover mortgage payments.

PROS

  • Coverage available for children
  • Adult coverage from age 18 – 65
  • Comprehensive 25 conditions
  • Lifetime coverage and limited pay options
  • Decreasing coverage options (for mortgage protection)
  • Guaranteed coverage option (to increase coverage later on if needed)
  • Generous partial payout options

CONS

  • No second event payouts
  • No long term care conversion options

Ivari 

Ivari is becoming known for taking care of their existing clients. For people who have multiple policies with Ivari, you can add  up to $2 million in critical illness coverage as a rider. Which in turn, will save you up to 15%.

PROS

  • For individuals 18-55
  • Early detection benefits available
  • Children coverage options
  • 25 conditions covered

CONS

  • No limited pay options
  • No whole life options

Manulife

Manulife has been a contender in the critical illness space for many years. This holds true going into 2021 as they have a wide variety of options available.

PROS

  • Coverage up to $2,000,000
  • Whole life options
  • 25 conditions
  • Return of the premium option
  • Limited pay options
  • Payment for the temporary loss of independence

CONS

  • Some of their riders make plans more expensive
  • No children coverage options
  • No second even coverage options

RBC insurance 

If you are later in life, RBC might not be the best fit for you. However, if you are under the age of 50 RBC offers a rather large amount at a relatively low cost (depending on your term lengths)

PROS

  • Coverage up to $3,000,000
  • For individuals 18-50
  • Can convert coverage into long term care
  • Generous partial payouts

CONS

  • No life pay
  • No return of premium on expiry
  • No children coverage options

SSQ 

SSQ is a Quebec-based company that has made some massive improvements to its policies in recent years.

PROS

  • For individuals age 18 – 65
  • Coverage up to $1,000,000
  • Term 10,20, 75 and 100 options availbe
  • 25 conditions covered
  • Return of premium options are available
  • Limited pay options

CONS

  • No long term care options available
  • Return of premium options are expensive

Sunlife

Sunlife might be the company on this list that has spent more time and money on online advertising than anyone else. With that, they have taken a look at what clients are looking for when it comes to CI and they, in turn, have a very comprehensive option.

PROS

  • 26 conditions
  • No survival periods on most of their policies
  • Whole life options
  • Limited pay options
  • Children coverage available

CONS

  • Limited options for short term coverage
  • Longer approval periods than some companies on this list

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7 TIPS To Know About Purchasing Life Insurance In 2021

7 TIPS To Know About Purchasing Life Insurance In 2021

Here are 7 quick tips for anyone purchasing Life Insurance in 2021:

MOST BROKERS AREN’T REALLY BROKERS

 

Going to a broker seems like a good idea to many Canadians. You want the best policy for you, regardless of your situation. So you decide to go speak to a broker, you know, someone who can shop the market for you. Find you the best policy and who can help you apply. However, most brokerages aren’t TRUE brokers. You see, most brokerages only offer a few companies.

You might think you are speaking to someone who can find you the best company out of all the companies in Canada, only to later find out most brokerages don’t offer every company in Canada. It’s best to ask your representative which companies they offer and are there other options available on the market.

 

INSURANCE COMPANIES WILL NOT OVER INSURE THEIR CLIENTS

 

Many wonder if they are overpaying for their coverage or if they should cut back their coverage to save on premiums. But did you know, insurance companies look for the need for insurability when you apply, even if they don’t directly ask it? Insurance can be purchased to:

 

  • Help replace a loved one’s income 
  • Pay off debts 
  • Pay off expense that could occur when someone passes away unexpectedly 

Read “When Should You Buy Life Insurance?”

 

When you are asked for your income, debts, assets, and beneficiary the insurance company begins to have an understanding of your particular situation. From here, insurance companies can decide if the amount of coverage is in the range of acceptability or if they need more information regarding your need for insurance.

If you have applied for an amount of coverage that does not meet the guidelines set by the insurance company you could be declined due to over coverage. Or the insurance company might decide to offer you a lesser amount of coverage than you originally applied for.

 

WHOLE LIFE ISN’T FOR EVERYONE

 

Whole Life Insurance has its place in the market, but it’s not for everyone. For most Canadians, it’s a better idea to buy term and invest the difference. The reason for this is long but one of the major reasons would be that your need for insurance decreases over time. Hopefully, over time, you pay down your debts, pay off your mortgage and your liabilities become assets (for example paying down your mortgage). This would also decrease the need for life insurance over time, which is why for many Canadians term life insurance is a better choice (and it’s more affordable).

 

TERM INSURANCE ISN’T A BAD THING

 

Most Canadians need a term insurance policy and that is it. The best part is term insurance is the most affordable form of life insurance. As we get older and our liabilities turn into assets and the need for life insurance becomes less. In situations like this, term insurance is a great fit.

 

HOW YOU PLACE YOUR POLICY IS A VERY IMPORTANT STEP

 

Often you hear of “horror stories” of people who bought a life insurance policy paid for it for many years and when they went to file a claim the payout was denied. But did you know, this often comes down to the fact that the policy wasn’t placed correctly in the first place?

For Canadians who lie on their application, there is a good chance your coverage will not pay out when you need it to. Lying on your application whether it’s saying you a non-smoker when you are or you lie about your health in general is considered fraud or misrepresentation. In these cases, insurance companies reserve the right, not to payout.

 

YOUR ADVISOR IS WORKING ON 100% COMMISSION

 

We notice several years ago that many people had a hard time deciding on what coverage to purchase, just because they knew their advisors were working on 100% commission. Meaning the more you spent on your coverage the more the advisor would make. This became very problematic.

This is why we created TIP Services to have non-commissioned staff members to help you through your decision making process regardless of your choice they are paid the same salary. Which helps to take their bias out of the conversation.

 

ASK FOR HELP

 

Life insurance can be confusing. It can be confusing for people who are looking for coverage or those who have purchased coverage years ago and are looking for new coverage. Don’t be afraid to ask for help and work with someone who is will to help you through the process as opposed to pressure you into making a decision quickly.

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Guaranteed Life Insurance With No Medical Test In 2021

Guaranteed Life Insurance With No Medical Test In 2021

It’s now 2021 and let’s face it, 2020 changed a lot of things, and Guaranteed Issue Life Insurance is one of them. If you are considering life insurance in 2021 with no medical test, this is an article you’ll want to consider reading.

life insurance without medical test by tip services insurance in richmond hill ontario

More and more companies today offer a guaranteed issue product. Let’s break down the few areas you’ll need to consider.

First, is the coverage amount, how much coverage will you or your loved one needs? This is an important question for you because all guaranteed coverage providers have limits. Many companies cap the amount of coverage to $100,000 with some companies now going up to $300,000 and even $500,000 on guaranteed term coverage.

However, if you are looking to cover final expenses, funeral costs, or small debts you should have plenty of options. I bring this point up because one of the major reasons people purchase life insurance is to cover a mortgage. As mortgage prices rise here in Canada Many people also purchase a mortgage over the guaranteed limit, which could pose some problems for some people applying.

The second point is your current health status. We really do live in a world where being lazy can hurt you at times. If you are in good health and take no predictions medication applying for guaranteed coverage might seem like the easier option, but you will end up spending more on guaranteed coverage as opposed to medically underwritten coverage.

We see this more often now, where someone will reach out to us wanting guaranteed coverage because it seems easy to get and they don’t want the potential of being declined. However, it only ends up costing them and their loved ones more. In short, if you are in good health you should always consider medically underwritten coverage first, as it will always be your most affordable life insurance options.

Last, consider the companies you have access to. As mentioned there is now a long list of companies to consider. Companies like:

And the list goes on. However, each policy is a little different. Some companies might be a better fit depending on what you are looking for. For example, RBC only has term coverage available for guaranteed issue. However, assumption life has permanent guaranteed issue products that are available. Understanding your needs is always most important when looking for coverage.

For more information or if you would like to speak to one of our non-commissioned staff feel free to contact us, as we should happily point you in the right direction.

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Get 4 Months Of FREE Life Insurance

Get 4 months FREE Life Insurance...Is It Too Good To Be True?

Have you heard? You can now get your first 4 months of your term life insurance paid for on new applications. But is it too good to be true? The short answer is, no. But it is worth understanding a little more before applying. 

It’s no secret COVID-19 took the world by storm. But many people don’t know how this affected the insurance industry and better yet, how you can take advantage of this. 

When the Canadian government first began restricting human contact this became a problem for insurance companies. I’m sure you will find this humorous but when COVID19 happened many insurance companies would only accept paper applications. In fact, there were only a few companies that allowed you to apply online or over the phone and most of those companies only offered a small policy ($25,000 or less) to be applied over the phone. This forced many companies to make changes in order to keep business. 

What happened next was companies began to roll out online or non-face-to-face applications but at this time many Canadian didn’t feel the full impact of this disease. People were still under the impression this would last for a few weeks at most and everyone was going back to normal. This is not great for the insurance business. So what some insurance companies began to do was offer incentives for new applications. One of those incentives were having the first 4 months of your application paid for by the insurance company. 

As you can imagine a few months go by and now many Canadians know the impact COVID-19 is having and many more Canadian realize they can not afford to lose their loved ones. This is when insurance became a popular conversation in many households.

As of January 2021, insurance companies have seen a massive inflow of new applications. You see we are right at the cusp of yet another shift but this shift, when it comes, will not be in your favour. With the increase in new applicants over the last few months these insurance companies will not have to give the same incentives because the demand for new applicants exceeds their need for new business. 

The good news, as I write this, you can still get the first 4 months FREE on new applications, but not for long. For anyone looking to purchase life insurance, now is the time! 

If you have any questions or would like to apply reach out to us and one of our non-commission staff members will happy to help. Don’t wait before it’s too late. 

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Guide To Purchasing Life Insurance In A Changing Climate

Guide To Purchasing Life Insurance In A Changing Climate

Where does Life Insurance stand in 2021?

It’s no secret, life insurance has become more talked about and harder to get than ever before. With COVID-19 being a wake-up call for many, the importance of life insurance is clear. But with the rush of new policies in 2020, it has also become harder to get a life insurance policy. Here is our guide to help.

Start with your existing health conditions

Your health should always be the striating point when purchasing life insurance. Even if you have health concerns that make you hesitate to purchase life insurance, I have good news, there are some great choices. More on that to come. However, being honest with your health status is crucial to getting a policy that you can afford and can help protect the people you love. More insurance companies have become a little tougher with their approval process, which is why having an insurance advisor that can help you navigate the landscape is important.

Coverage

That would depend on a wide variety of factors. What are you looking to cover and how long do you need coverage for? Here is a simple to use Life Insurance Calculator that can help you understand how much coverage you need.

Cost

Cost is very important. It always comes down to the cost to own life insurance, and you should never purchase a life insurance policy that you cannot afford. However, what’s worse than that is not purchasing a policy altogether. It’s better to leave your loved ones with something than out of pocket.

Choice

There is a massive debate out there where you see people argue over term life insurance or permanent insurance. Which is better? Well, the correct answer would depend on your situation. Term life generally is better for covering short term debts.

TIP OF THE DAY

  Don’t be afraid to apply to multiple companies. With companies being tough on their application process you could always apply for guaranteed issue life insurance first, and at the same time apply for traditional coverage. That way if you are turned down from traditional coverage you will still have the guaranteed coverage.

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Canada Protection Plan Review (2021 Update)

Canada Protection Plan Review (2021 Update)

It’s a new year and many companies have made some massive changes to their plans. Which brings us to the question, how does Canada Protection Plan stack up in 2021?

Canada Protection Plan remains to be one of Hand’s top providers in Guaranteed Life Insurance plans. This is perfect for people who are “hard to insure. Whether you have been declined before or have other health concerns CPP may be one company you want to look at. 

Guaranteed coverage can be very attractive because you can NOT be turned down. However, that does not mean it’s the best plan for you. As always when it comes to life insurance, if you are in good health, you should get medically underwritten. Yes, your policy will take longer to be approved but it is well worth it when you pay less for the same amount of coverage you would receive from guaranteed coverages. 

First, we should understand what is meant by non-medically underwritten policies. This means you will not have to perform any blood work, urine, or saliva tests. However, you may still have to answer medical questions to get your coverage approved.

CPP has several different options for hard to insurance clients, depending on your needs, they have plenty of options even if you have been turned downed or declined by other insurance providers.

 

Deferred Elite Term Coverage

 

 Pros 

  • Perfect for the hardest to insurance, if you have a series of health conditions or those who have recently been declined.
  • Coverage up to $350,000
  • Term options that range from 10, and 20 years plans
  • No medicals required to be approved 


Cons 

  • Deferred Elite Term has a 2-year deferral period. This means if you were to pass away in the first 2 years, your beneficiary would only receive the amount you have paid into your policy. Not the full death benefit you applied for. Because this coverage is for people with severe medical conditions you can understand that this is the insurance companies way to reduce their risk. 


Preferred Term

 

  • For applicants who are in good health already, maybe have some health concerns. 
  • Non-medical process
  • Coverage up to $1,000,000 
  • Coverage periods range from 10, 20, and 25-year terms 
  • No waiting period coverage starts immediately 
  • Renewable to age 70 


Cons 

  • There are other providers who offer coverage renewal past age 70 and even life pays. 


Preferred Elite Term 

 

  • For anyone in very good health 
  • Plans are fully underwritten but more affordable 
  • Coverage up to $1,000,000 
  • Term 10, 20, 25 options 
  • No waiting period like the deferred elite term coverage


Cons 

  • Compared to other plans on the market, you will likely find more affordable options. 

Moving into 2021, CPP still has a place in the market. Based on 2020 however, they have more competition and will be forced to stay competitive especially if they want to remain as one of the top non-medical providers. 

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Canadian Life Insurance Companies (2021 Update)

List of Canadian Life Insurance Companies (2021 Update)

There are many Canadian life insurance companies available to the public in 2021. Below you will find a list of companies and a link to each companies website.

In 2021 the largest life insurance companies in Canada were Great-West Life (which includes Canada Life and London Life), Manulife, and Sunlife.

Most of these companies offer a wide range of products and services.

 

Assumption Life

Assumption life has a wide variety of products, both in their life insurance and retirement planning services.

Assumption Life is well known for some of their guaranteed issue life insurance policies. Being one of the only companies to offer guaranteed issue whole life insurance.

 

Blue Cross

Blue Cross has been around for more than 72 years and is one of Canada’s largest providers of medical care.

Blue cross is the best to know for their dental, medical, and vision care. With some great products that also offer long term care.

 

BMO

The bank of Montreal is one of Canada’s premier banks. Although life insurance may not be one of their main focus they have significantly grown their business over the past 10 years.

BMO is most competitive with their term life insurance policies. They offer good rates and a variety of term plans.

 

Canada Life

Canada life is one of Canada’s largest insurance companies (which includes great west life and London life).

Canada life has been competitive in disability insurance. But also offer a wide variety of products.

 

Canada Protection Plan

CPP is one of the fast-growing insurance companies in Canada. CPP is the best to know in the guaranteed issue space. Offering no medical coverage.

 

Desjardin

Some people would be surprised that Desjardin didn’t make the list of the top insurance companies in Canada. However, if you were to look at Desjardins total business in North America they would be considered the largest of the group.

Desjardin is very competitive in corporately owned critical illness policies.

 

Empire life

Empire life has been a staple of Canadian life insurance companies for many years.

Empire life is most competitive in the annuity and guaranteed minimum withdrawal benefit space.

 

Equitable Life

Equitable life is one of the last mutual companies. Where most insurance companies are owned by their shareholders, equitable life is owned by their policyholders.

 

Foresters

Foresters is another insurance company that offers some living benefit options and is also strong when it comes to their term life insurance pricing. If you are looking for a term life insurance quote and are between ages 20-33 expect Foresters to be one of the more competitively priced companies.

 

Humania

Over the past 75 years, Humania (formerly LS Mutual) has grown to become one of the leaders in guaranteed insurance. Humania offers good coverage with a fast application process that can be done completely over the phone.

 

Industrial Alliance

IA has a very unique RESP product. For parents who are looking to put some money away for their Childs education, IA offers additional credits over and above what you would get from your government grants.

 

Ivari

Formerly known as TransAmerica, Ivari has a strong lineup. They do not offer a whole life insurance product but they have a Universal Life product that can be used as a level cost insurance thus giving you permanent protection. Where they are strongest is they have term 30 options, great for covering your mortgage. To see a full review of Ivari Term 30 CLICK HERE to read the article.

 

La Capitale

La Capitale has a very easy application process. You can apply using an IPAD (which is still relatively rare for the life insurance space). Their term prices are fairly competitive, although not the most affordable in many situations.

 

Manulife

Manulife is also one of the largest companies in Canada, which also offers a large variety of products. Being one of the first companies to offer up to $1,000,000 in coverage via a non-face-to-face term application. Because COVID 19 limited the number of times people spent in front of one and another, this option became very important for consumers.

Manulife is very competitive in the corporate life insurance space.

 

RBC

RBC offers specific term length on their term policies. Meaning, if you need coverage for exactly 23 years, you can get a 23-year term. Where most companies offer standard Term 10, 20, and 30.

 

Specialty Life

Great when it comes to final expense insurance.  Many Canadians wait too long when it comes to getting life insurance. Specialty Life Insurance offers affordable final coverage to cover the cost of a funeral.

 

SSQ

Very competitive in the Critical Illness space. Not only do they have a larger number of conditions but also very competitive on price. This is one good reason to look into this Quebec based company, SSQ.

 

Sunlife

SunLife for many years had been only available to their in house advisors. Meaning if you owned life insurance through Sunlife it was because you worked with a Sunlife advisor. However, in recent years they have opened up their product line up to the broker level. Now you can purchase Sunlife products through brokers as well as in-house advisors.

 

Wawanesa

Very easy application process. Wawanesa offers some great guaranteed issue products. Pricing wise, they are competitive with CPP and Assumption life.

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What To Expect From Term Life Insurance In 2021

What To Expect From Term Life Insurance In 2021

With so many changes happening with life insurance what can you expect to see from term life insurance quotes in 2021? Here’s what you need to know.

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First, you’ll see more companies come out with online applications. Before COVID-19 there were only a handful of companies that offer ended an online application process. Now, the majority of companies have some online application process. This has become essential for insurance companies.

Next, you’ll see higher coverage amounts for nonface-to-face applications. Most companies will allow you to apply for coverage up to $300,000 coverage with nonface to face applications. With companies like Manulife now having up to $1,000,000 of coverage on their nonface-to-face applications you’ll see more companies follow suit, as it gives Manu a large advantage.

Rates also will stay flat if not come down. Insurance companies are still in business to insure new clients. Increasing rates would make it harder for companies to earn business with all the new changes, so you can expect rates to stay the same if not come down in 2021.

Power shifts. It’s not enough to say the big companies will remain at the top. Simply put, not all online processes are created equal. Some companies’ online processes are very complicated and extremely difficult to use. The ease-of-use will play into which companies have the most success in 2021. Advisors will likely gravitate to the companies that are easy to use, and not the ones that offer more complications. This will play out over 2021.

As a whole, this is great news for anyone looking to purchase term life insurance in 2021. However, it is always worthwhile to find a proper advisor who can help you navigate the new 2021 landscape.

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