Cheapest Life Insurance

5 Most Alarming Long Term Disability Ternds

Written on October 1, 2009 – 7:10 pm | by Admin

I want to share with you these eye popping disability trends. The Council for Disability Awareness (CDA) conducts an annual review of long-term disability claims among the U.S. working population to determine continuing or emerging trends. The 2007 CDA Long-Term Disability Claims Review includes long-term disability insurance claims data from member companies and Social Security Disability Insurance (SSDI) program.

The five key trends are below:

1) The growth of serious disabilities among the U.S. working population continues to be alarming. Over the last 10 years, the number of U.S. workers with long-term disabilities has grown four times the increase in the number of workers in the U.S. workforce. The number of individuals receiving long-term disability insurance payments also continues to increase.

2) Working women and younger employees are more vulnerable to serious disability. The growth in the rate of serious disability for working women is twice the growth rate of disabilities among working men. More younger workers in their 20s, 30s and 40s are experiencing serious disabilities.

3) Favorable trends in cancer, cardiovascular/circulatory and nervous system-related long-term claims may be the result of advances in medical technology. The growth of musculoskeletal, connective tissue, mental disorder and accident/injury-related claims may be related, in some degree, to certain lifestyle choices and personal behaviors.

4) Social Security Disability Insurance approval rates declined to 37.6% in 2007, the lowest point in the history of the program, while applications for disability payments continued to increase, reaching 2.2 million. SSDI payments have not kept pace with the growing financial needs of disabled workers, putting the financial security of more workers and their dependents at greater risk.

5) Financial planning in the event of an income- limiting disability is becoming more critical and urgent for wage earners as the accountability for personal financial security continues to shift away from social programs and employers toward the individual worker.

It is even more evident to protect your most important asset i.e. “your income earning capacity”. Please contact BeamaLife Disability Insurance Specialist at (866) 972-3262 for your personalize quote and advice.

Posted in Life Insurance | No Comments »

Desjardins Solo: A Unique Disability Insurance Program

Written on October 1, 2009 – 5:35 pm | by Admin

Desjardins’ disability insurance program is branded Solo, but, despite its name, it insures you will not be going it alone should you gain a disability due to illness or injury. Solo’s unique features help separate it from other disability insurance plans available on the market.

One major distinction between Solo and its competitors is it has built in a life insurance and critical illness insurance feature. In the event that the insured passes away or, develops a critical illness, they receive five-times their monthly disability benefit as either a life insurance, or critical illness insurance payout.

The plan is based on a level cost up to age 65, but the premiums are not guaranteed. They can be adjusted or the coverage can be cancelled on a class wide basis. The plan can also be renewed beyond age 65, but goes up on an annual basis to age 75. There is also a full return of premium rider that can be added on, if a claim is not made.

You can get a Solo Disability Quote and other disability insurance quotes from carriers across Canada at our free, Disability Insurance Instant Quote page, or by calling 1-866-899-4849. 

Posted in Life Insurance | No Comments »

Medical Health Insurance

Written on October 1, 2009 – 12:52 am | by Admin

When people think of health insurance they think about the hospitals, doctor’s office and surgery. Most people forget that health insurance can cover the condition of the mind. People do not think about mental health when they think about health insurance.

A lot of college campuses have an insurance policy that the students can purchase. Compared to most plans, it is just as good but cheaper. It is usually paid for in the beginning of both the fall and spring semesters.

Group insurance is the most common way for your entire family to be protected by insurance. A cost-friendly option, it is proof that buying in bulk can get you discounts. However, it is worth noting that some insurance companies do not offer collective policies.

If you have somebody in your family that has an illness, this could bump up the premium significantly for the rest of the group. Hence, purchasing individual policies for each family member may prove to be more cost effective. Although this route may seem more expensive, it may be more of a viable option if the rest of your family is in good health.

If your school does not offer health insurance and you cannot stay on your parents plan then you should consider other options. It is important that you maintain health insurance while at college. You already have enough to worry about with finances.

If you are simply looking for local healthcare, a HMO could be an option for your family to consider. HMO is an abbreviation for healthcare organisation and involves you selecting a doctor and a hospital for your family to receive care from. Often without a deductible, it is cheaper because of the lack of flexibility offered, which some families do not require.

If you are in a risk pool you have a couple options. You can buy a health coverage plan called mini-meds. This will help you get by until you are able to get on the list of a nonprofit organization

A mix between the HMO and the FFS is the POS, abbreviation for the Point of Service plan. POS plans are proving to be very popular, with the mix of cheaper nature of HMOs and the freedom that FFS plans offer perfect for many families. POS plans are ideal for those who like the idea of a HMO, but feel it is a little too restricted.

The problem with purchasing a mini-med is that it won’t cover major medical issues. To get the care you need, you will want to register with a non-profit organization to subsidize your insurance cost. They will help you by paying some of the high cost insurance you need to survive.

As a student, you have many options with health insurance. If you get kicked off your parents plan, then consider taking out a little extra student loans to cover yourself. You should also consider a job.

Fee-for-service is an incredibly flexible type of insurance. This type of plan is very popular with those who are looking for a practical way to be covered and protected by health insurance. This is for a variety of reasons.

Posted in Life Insurance | No Comments »

A Closer Look: Term 30 Life Insurance

Written on September 30, 2009 – 3:30 am | by Admin

Term life insurance provides a level, tax-free death benefit with premiums fixed for a stated term. Traditionally, most term policies are either five, ten or 20 years, but recently, as Canadians have begun to increase their debt load and the amortization period of their mortgages, Term 30 policies are on the rise. On the surface, the coverage is straight forward, but rates can vary substantially between carriers. The following chart looks at the main features and pricing from five of the top Term 30 life insurance carriers in Canada:

BMO Insurance

Coverage is renewable to age 100

Convertible to age 70

Preferred rates are available

Industrial Alliance

Coverage is renewable to age 100

Convertible to age 65

Preferred rates are available

*Industrial Alliance offers a “Pick-A-Term” Policy, which allows you to pick terms between 10 and 40 years.

Unity Life 

Coverage is renewable to age 85

Convertible to age 65

Preferred rates are available

Transamerica

Coverage is renewable to age 100

Convertible to age 71

Preferred rates are available

*Transamerica’s Term 30 has a unique paid-up feature. The policy has paid-up insurance values and cash values after 20 years.

Primerica

Coverage is renewable to age 95, but turns into an annual renewable term after the first 30 policy years.

Coverage is not convertible, as Primerica does not offer a permanent life insurance policy.

Preferred rates are available.

The following is the Term 30 pricing for a 40-year-old, female non-smoker at $500,000 of coverage at standard rates for the above insurance carriers:

Unity Life $76.95/month

Industrial Alliance $83.25/month

BMO Insurance     $83.70/month

Transamerica         $87.30/month

Primerica                $108.30/month

If you have any questions, please don’t hesitate to call us at 1-866-899-4849, or you can get an instant Term 30 quote here. The best Term 30 insurance rates in Canada.

Posted in Life Insurance | No Comments »