Many Canadians are often bombarded by life insurance companies approaching them for accidental life insurance special offers.

Sun Life, Industrial Alliance and BMO Insurance all offer direct-mail campaigns and virtually every other life insurance company offers accidental death insurance as an add on to it’s life insurance policies. The question is, is it a good deal?

1. Accidental Death Insurance is one of the highest profit-grossing products sold by life insurance companies in Canada. The reason for this is less than 5% of all life insurance claims are on behalf of policy holders who died by accident.

2.

Read more…

Term 100 coverage is a very straight forward form of permanent life insurance. The premiums are level for life and the coverage remains fixed for life. Most Term 100 policies have no cash values.

Universal Life coverage is available in many formats. The cost of insurance can go up on an annual basis, allowing for higher cash accumulation in the later policy years, or you can get a level cost of insurance where the premiums where the cost remains level for life (similar to a term 100 plan).

Universal life policies, with a level cost of insurance, offer applicants the ability to put extra funds in an accumulation fund.

Read more…

A bride and groom can safeguard their wedding day with insurance for the reception, the caterer, the flowers, the limousine and the honeymoon. Now, a University of Illinois professor is suggesting that the same couple insure their marraige against breaking up.  The innovative new idea? Divorce insurance!

To create such an insurance product, underwriters think like statisticians identifying several “risk factors” associated with divorce that could figure out who would qualify and how much the insurance would cost. Thes

Read more…

Life insurance companies generally classify an applicant as a smoker if he or she has used and form of tobacco during the last 12 months. The difference in premium can be substantial.

In many instances, a smoker will pay double the cost for equivalent coverage than a non-smoker would.

Below is a look at the top life insurance companies at $250,000 of coverage for a 40-year-old male.

We have broken down five different forms of coverage: Term 10, Term 20, Term 30, Term 100, and 20-Pay life insurance.

Read more…