The Ontario Court of Appeal ducked the issue of whether or not an insurer's employee can be sued in his/her personal capacity for bad faith. Facts and Issues The Plaintiff insured Burns had a disability policy issued by the Defendant RBC Life Insurance. He stopped working in 2013 with a diagnosis of disc protrusion and cauda equine syndrome and underwent spinal surgery. RBC initially approved LTD benefits for Burns and paid it for five years. In October 2017 an RBC claim specialist (the Defendant Maclean) on behalf of RBC advised Burns that his LTD benefits were being terminated. In May 2018 an RBC appeals consultant (the Defendant Oslizlok) on behalf of RBC denied Burns' appeal...
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Want to get the most income later in life? Your success depends not on one product, but the coordination of financial tools and your entire personal financial system. Whether your focus is on acquiring cash-flowing assets or you have a more typical investment portfolio, whole life insurance and annuities can play a critical role. That’s why we’re talking with Dr. Wade Pfau, a widely-recognized expert on income strategies with whole life insurance. So if you want to get the most income during retirement, have the greatest chance of not running out of money, leave the greatest legacy, and see why the higher premium of whole life is worth it over “buying term and investing the...
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If you are preparing to purchase a new life insurance policy, you understandably may be leaning toward getting full life insurance. This is a term that implies full coverage that may meet all of your needs, but you should understand what this coverage actually provides and what its pros and cons are before you finalize your plans. Asking what is full life insurance is a great starting point. How is Full Life Insurance Different? Full life insurance is an appropriate name for this coverage because it spans across your full lifetime in most cases. It is more commonly referred to as permanent life insurance, and universal and whole life insurance products both fall under this umbrella....
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Before you cancel your whole life insurance policy, read this first. No matter your reasons, you need to know what canceling means and why it’s not usually your ideal move. At some point, you saw the value in owning whole life. You could have sought out the protection for your family, the cash storage, the tax-advantaged growth, or the Privatized Banking element. But now, you might be standing at a crossroads with a different perspective. If it’s begun to feel like a burden and you’re second-guessing your commitment to whole life insurance, you might be wondering how to break free. Or you might be reading this before you purchase to guarantee that you’ll never wind...
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Whole Life Insurance protects as long as you live and builds cash values on a tax-deferred basis. Whole Life Insurance is our oldest and most popular type of life insurance. It protects you for as long as you live if your premiums are paid. This type of insurance also allows you to build cash values on a tax-deferred basis. There are several advantages to choosing Whole Life. It is less expensive over the life of a certificate. Protection is guaranteed for life (as long as premiums are paid). Premium costs are fixed. It allows cash accumulation that can be used for emergencies to pay for college, supplement your retirement, or purchase paid-up insurance. It allows tax-deferred accumulation...
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Intuitions LPU Select Limited Payment Whole Life Insurance ( M16-3400 LPWL & ICC16 M16-3400 LPWL ) Intuitions LPU Select Whole Life Insurance is individual whole life insurance coverage that provides protection for your entire life, with premiums designed to end as you approach retirement. Intuitions LPU Select Limited Payment Whole Life Gives You a Lifetime of Peace of Mind Permanent life insurance protection to last throughout your life, as long as scheduled premium payments are paid. The premium is level and designed to end at age 60, 65, or 70 — You select! Cash values are guaranteed and grow tax-deferred. Policies are participating and eligible for declared dividends. Some...
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How traditional whole life insurance works Traditional whole life insurance, also known as ordinary life or straight life, is a type of permanent (cash value) insurance that provides coverage for your entire life. This kind of policy is sometimes described as plain vanilla insurance. You pay a fixed amount, known as a level premium, each payment period (monthly, quarterly, semiannually or annually), and a guaranteed death benefit goes to your beneficiary when you die. Your premium amount is guaranteed to remain level for as long as you live, even if the insurance company's costs rise. As you age, your premium will not increase over the amount you paid when you started the policy. How a...
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What is whole-of-life insurance? Whole-of-life insurance is a type of life insurance policy which ensures that, no matter when you die, your loved ones will receive a lump sum payout from your insurer. This is in contrast to term life insurance, which only guarantees that there will be a payout should you die within the specified term of the policy. How much does whole-of-life insurance cost? Whole-of-life insurance is generally a more expensive form of life cover than term life insurance or family income benefit insurance, for the simple reason that insurers know they will definitely have to pay out some money at some point. You must ensure that you can afford the premiums, not only during...
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What you can do with your whole life insurance policy can be confusing. When it comes to cashing in on a policy, one of the main questions people have is: “Can I sell my whole life insurance policy for cash?” Yes, you can sell your whole life insurance policy for cash in a transaction called a life settlement. In a life settlement, a buyer pays for your policy and takes responsibility for the premium payments. When you sell your plan, you forfeit any benefits that your beneficiaries would receive upon your passing. Selling your whole life policy is best for policyholders who are older than 65 and have a policy with a face value of at least $100,000. The main points of confusion...
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START EARLY An early start can help reduce the costs of providing children and grandchildren with stable, dependable life insurance coverage. And, unlike a term insurance policy, First Whole Life plans build up cash values over time – providing your loved ones with money they can turn to later in life. PROTECT YOUR FAMILY Caring and providing for your family is one of life’s greatest joys—it also increases your responsibilities. To help you meet your obligations and protect the people and things that matter most, Family Benefit Life Insurance Company offers you Whole Life insurance policies with options you can really use. PLAN FOR RETIREMENT Unlike term life insurance, your First Whole...
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