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Guaranteed Issue Life Insurance
Group Life Insurance: Is It Enough?
Living Wills


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The opinions expressed herein are my own personal opinions and do not represent my employer's view in any way.

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# Tuesday, October 31, 2006
Tuesday, October 31, 2006 5:30:51 PM (GMT Standard Time, UTC+00:00) ( General Life )

Guaranteed Issue Life Insurance

For many Canadians, purchasing life insurance may appear to be a troublesome prospect. People who have health problems or are advancing in age may assume that they do not qualify for life coverage. Some Canadians unexpectedly find themselves without coverage once they retire, and no longer have group life ibenefits through their employer. Guaranteed life insurance may be the answer for people addressing these specific problems.

Guaranteed life insurance offers coverage regardless of health problems. The only requirements are that you be a Canadian citizen between the ages of 40 to 75. You do not need to fill out a medical questionnaire or submit to a medical examination in order to qualify for a guaranteed life policy. Coverage is available from $5000 to $25,000. Once your guaranteed life policy has been purchased, the premiums do not increase, but remain at the exact same price for the term of your coverage.

Your guaranteed life insurance policy includes a living benefit at no further cost. A living benefit allows the policy holder to receive a cash advance of up to 50% of the benefit in the form of an interest-free loan if the policy holder becomes diagnosed with a terminal illness. The only requirement for this benefit is that the policy must be in force for at least 2 years. The living benefit money can be used in any manner as the policy holder sees fit.

Once your guaranteed life policy has been purchased, it cannot be cancelled. If the policy holder’s health declines, the policy cannot be revoked. Your life insurance coverage can be renewed up to age 95 without having to submit additional medical information. At the age of 95, your insurance will be continued, but you will no longer be required to pay premiums.

All Canadians should have sufficient coverage in order to avoid any possible financial problems. For those Canadians that currently do not have life insurance, but wish to obtain it, ask one of our qualified consultants which life insurance option is the right one for you.

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# Tuesday, October 17, 2006
Tuesday, October 17, 2006 4:07:29 PM (GMT Daylight Time, UTC+01:00) ( General Life | Mortgage Insurance | Term Life | Whole Life )

Employee Benefits and Life Insurance

Along with group health insurance, group life insurance is a common benefit that you may receive from your employer. However, it is important to thoroughly investigate whether this coverage is going to be sufficient for your life insurance needs.  If the coverage that is being offered is based only on your salary, it probably will not be enough to provide complete financial protection for your beneficiaries.

Since the group coverage offered through your employer is free, it makes sense to accept it. However, it is important to calculate how much coverage you will need to have in order to sufficiently pay your existing debts and provide for your family. Group life insurance is usually calculated based on your annual salary, usually around 1.5 percent. Read through your policy to fully understand just what your coverage will be. If this amount is not enough, you will need to purchase additional coverage.

Additional coverage can be purchased either in the form of term life insurance or whole life insurance. Term life insurance, while usually cheaper, expires at the end of a certain time frame, and has no cash value. This is a good policy to buy if you need insurance for a specific debt, such as a mortgage. Whole life insurance does not have a time frame, and as long as the premiums are paid, will never expire. Whole life insurance also has a cash value, which can be useful in planning your finances.

Talk to your agent about your group life insurance policy, and whether or not it is providing enough coverage for your needs. You can always purchase additional coverage to top up the group policy, and thereby ensure that your family and loved ones will be provided for. If you are unsure about the amount of life insurance you require, use our calculator to determine your needs.

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# Wednesday, October 04, 2006
Wednesday, October 04, 2006 3:54:42 PM (GMT Daylight Time, UTC+01:00) ( General Life )

Living Wills

A "living will" is an important part of your will planning. Your living will states unequivocally your healthcare intentions if you are incapable of verbally stating them. In case of an accident or illness, your family will already know your wishes in regards to what measures you want taken or not taken, and can relieve the enormous burden from your loved ones in having to try and decide these issues.

Although the term "living will" is not a legal term in Canada, it is an important document in that your wishes are expressly stated. Consult a lawyer, and have a legal document drafted stating your exact wishes. In cases of progressive illnesses, such as Alzheimer's Disease, where you can no longer make these decisions, it is a written record of what your intentions to ensure your quality of life issues. A living will is an instrument in where you can retain control over your health care decisions in the event that you are incapable of making those decisions later on.

A living will can also be beneficial in case of an accident. It is important to discuss with your family what your wishes are in regards to such procedures as life support. You can state very specifically the treatments you wish to receive, and what measures you would like to keep you alive. You can also make provisions for not receiving these medical procedures if that is your wish. You can also state in your living will whether or not you would like to be an organ donor, and if so, what organs you would like to donate. Keep a record of these intentions in your wallet or purse, so that emergency medical services are aware of your wishes. It is useful to also discuss your wishes with your physician(s), so that they are aware of your intentions. You can revise your living will as your health care needs dictate. Review your living will, as well as your last will and testament on a regular basis, to ensure that your current wishes are stated. As medical science progresses, you may need to change your living will.

It is a wise decision to designate a living will power of attorney. This does not necessarily have to be the same individual you designate to take care of your financial needs. Discuss this issue with your family and loved ones, and come to a clear understanding of what you wish to happen to you in the event of serious illness or accident. We recommend that you also consult a lawyer, to ensure that your intentions are stated in a legal document. Remember that laws vary from province to province, and your lawyer will be able to advise you on what the laws are in your province.

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