Insurable Interest Canadian Insurance Blog

Staff | September 25, 2020 Images of parents trying to shush their kids during work Zoom meetings are now as commonplace as, well, Zoom meetings. With many people six months into working from home due to the ongoing coronavirus pandemic, employers can often literally see employees with kids trying to juggle it all. A new survey by Willis Towers Watson found the three-quarters (74 per cent) of employers believe supporting working parents is a top priority, but only 39 per cent agreed that current programs and policies to support these employees are effective.  Read: How can employers support staff with children during pandemic schooling? However, the survey, which polled more than 550 U.S. employers earlier this month, found more companies are planning, or considering, a bevy of benefits to help working parents. Three in 10 employers said they currently offer access to backup childcare services, while another 30 per cent said they’re planning or considering doing so. More than a quarter (27 per cent) of respondents said they provide discounts or subsidies for childcare centres, tutoring or other educational resources and another 22 per cent said they’re planning or considering offering these discounts and services. Meanwhile, 22 per cent of employers said they offer company-subsidized backup childcare days and another...

CHATTANOOGA, Tenn. (Sept. 24, 2020) – The coronavirus pandemic gives millions of Americans—especially younger adults, those with children at home, and minorities—an opportunity to reconsider how they manage their finances. According to a new Unum survey,* 41% of adults said the pandemic has changed how their family handles finances. And nearly one in four (22%) will consider increasing their life insurance coverage this year. Most Americans don’t understand how much life insurance they need—and 45% don’t have or know if they have life insurance—according to the survey. “The pandemic changed our lives, and it’s not a surprise more people are thinking about how they are protecting their families with life insurance,” said Chris Pyne, executive vice president of Group Benefits at Unum. “For most people, the ability to earn an income throughout their life is the biggest asset they have.” In nearly half (48%) of households, the death of a family’s primary wage-earner would cause financial strain in less than three months. Advertisement While 22% said the pandemic caused them to consider adding additional life insurance coverage, the numbers are even higher among several groups, including: households with children (34%), Black adults (36%), Hispanic adults (38%), Generation Z’ers (38%) and...

CINCINNATI – Sept. 25, 2020 – Western & Southern Financial Group has named John H. Bultema III president and chief executive officer of Columbus Life Insurance Company. Bultema will succeed J.J. Miller, who is retiring effective October 2, 2020. In addition to his new role, Bultema will continue to serve as president and chief executive officer of The Lafayette Life Insurance Company, a position he has held since November 2019. Bultema and Miller are working closely together to ensure a smooth transition.  As part of his new role, Bultema is also working to craft an enterprise strategy for independent agent distribution. The strategy will be designed to preserve the distinct brands, solutions and distribution relationships of Columbus Life and Lafayette Life, while simultaneously gaining operating efficiencies for the companies that rely on independent agent distribution for all or a portion of their revenue. This will include the collaboration already underway to fully leverage opportunities created by Western & Southern’s 2018 acquisition of Gerber Life Insurance Company. Bultema will continue to report directly to Jill T. McGruder, Western & Southern senior vice president and chief marketing officer. J.J. Miller joined the company in 1970 as an actuarial student. He was promoted to director of...

BMO Insurance is offering its whole-life policyholders a new option to get access to capital while still having life insurance to protect their business or estate. Under the newly announced Wealth Accelerator option, clients have the opportunity to access more liquidity in the early years following their purchase of an insurance policy. It complements the existing Estate Protector option, which places an emphasis on superior long-term death benefit and cash values. “Since the initial launch of BMO Insurance Whole Life in 2017, advisors and their clients have focused on the simple, flexible and guaranteed elements of this product,” Daniel Walsh, vice-president for Business Development, BMO Insurance, said in a statement. “With the addition of the Wealth Accelerator, Canadians now have another option when considering strategies for financial protection of their estate or business.” Clients can select either option when they apply for a BMO Insurance whole life policy. According to the firm, both the Wealth Accelerator and Estate Protector options on BMO Insurance Whole Life Insurance policies come with the same promise of simple product design, built-in flexibility, guarantees, premium payment options, performance bonus, and riders. However, each option has its own premium rates, guaranteed cash values, and death benefit...

PR Newswire The coronavirus pandemic gives millions of Americans—especially younger adults, those with children at home, and minorities—an opportunity to reconsider how they manage their finances. According to a new Unum (NYSE:UNM) survey,* 41% of adults said the pandemic has changed how their family handles finances. And nearly one in four (22%) will consider increasing their life insurance coverage this year. Most Americans don’t understand how much life insurance they need—and 45% don’t have or know if they have life insurance—according to the survey. “The pandemic changed our lives, and it’s not a surprise more people are thinking about how they are protecting their families with life insurance,” said Chris Pyne, executive vice president of Group Benefits at Unum. “For most people, the ability to earn an income throughout their life is the biggest asset they have.” In nearly half (48%) of households, the death of a family’s primary wage-earner would cause financial strain in less than three months. Advertisement While 22% said the pandemic caused them to consider adding additional life insurance coverage, the numbers are even higher among several groups, including: households with children (34%), Black adults (36%), Hispanic adults (38%), Generation Z’ers (38%) and Millennials (30%). When...

Staff  | September 24, 2020 While the coronavirus pandemic is increasing employee burnout globally, the impact differs across countries, according to a new work trends index by Microsoft Corp. The survey, which polled more than 6,000 information and frontline workers in eight countries, including Australia, Brazil, Germany, Japan, India, Singapore, the U.K. and the U.S., found more than 30 per cent of respondents said the pandemic has increased their feelings of burnout at work. That figure rises to 44 per cent in Brazil and drops to 10 per cent in Germany. The causes of workplace stress also differed, with survey respondents asked to rank their top contributors from a list of 12 options. Globally, the top stressor was worry about getting the virus, followed by lack of separation between work and life, feeling disconnected from co-workers and unmanageable workloads or hours. Read: How can employers manage work-from-home burnout? Digging deeper into into the lack of separation between work and life, the survey found people are in significantly more meetings, taking more ad-hoc calls and managing more incoming chats than they did before the pandemic. Unfortunately, after-hours chats, between 5 p.m. and midnight, have also increased. In addition, it found the lack of a commute may be hurting,...

Staff | September 24, 2020 The Caisse de dépôt et placement du Québec is acquiring a minority interest in Colisée Group, a Paris-based nursing home company. The investment, alongside an infrastructure fund formed by global investor EQT, will allow Colisée to explore growth opportunities in new markets, while consolidating its current service offerings, according to a press release. The company currently operates 270 nursing homes facilities, in addition to home-care service agencies, primarily in Belgium, France, Italy and Spain. Read: Caisse invests in sustainability, OMERS and Ontario Teachers’ sell stake in utility “For CDPQ, this acquisition represents a significant investment in health-care infrastructure, [which is] an essential sector where needs are growing and where Colisée is well-positioned,” said Emmanuel Jaclot, executive vice-president and head of infrastructure at the Caisse, in the release. “Colisée’s excellent track record in terms of quality of care and resident well-being is a crucial element of this partnership and is consistent with our [environmental, social and governance] approach.” Read the full article at BenefitsCanada.com

Staff  | September 24, 2020 Proteus is promoting Teimaz Binesh, Lewis Powell and Michael Scott to senior investment consultants. In their new roles, they’ll continue to provide investment consulting and governance services to corporate pension plans, multi-employer plans, foundations and endowments, not-for-profit organizations and high-net-worth individuals, according to a press release. “I’m delighted to recognize these team members for their success, contributions and dedication to the firm,” said Gord Lewis, the organization’s president, in the release. “Supported by our firm’s independent research, Tei, Lewis and Michael provide our clients with unbiased and insightful investment consulting, while continuing to contribute to the leadership of our team.” Read: Hub International acquires Proteus Performance Management Since joining Proteus in 2011, Binesh has been part of manager research initiatives, performing due diligence and creating/amending in-house databases in terms of qualitative and quantitative metrics. Previously, he was a performance measurement analyst at Aon. Powell’s experience includes a background in portfolio management and credit analysis. Before he joined Proteus in 2011, he was an analyst of private debt instruments at Great-West Life and Annuity Insurance Co. Scott, who joined Proteus as a pension analyst in 2012, works closely with a number of institutional investors including defined benefit and defined contribution plans. Read: Aon appoints...

September 24, 2020 Transformative trends pension plans need to navigate Will COVID-19 mean the end of the office as we know it? How will advanced technology affect your real estate allocation? Does your portfolio contain hidden climate risks? These are among the unique challenges that can affect your real estate allocation in today’s complex investment landscape. Learn more about global real estate investing in our new report. Sponsored by: Read the full article at BenefitsCanada.com

Staff | September 24, 2020 Canadians who’ve experienced mental-health challenges, or have taken time off for disabilities, are more likely to view a mental-health illness as a disability, according to a new survey by RBC Insurance. Half (51 per cent) of Canadians said they see mental-health issues, such as depression or anxiety, as a disability. That number rose to 59 per cent among those familiar with taking time off work for a disability and dropped to 39 per cent among respondents who don’t know anyone who’s done so or haven’t done so themselves. “Diagnosed depression and anxiety can indeed be debilitating, but the findings show that most of us don’t truly understand the impact of something until we’ve experienced it ourselves,” said Maria Winslow, senior director of life and health at RBC Insurance, in a press release. “There is still a large portion of Canadians who do not consider the sometimes invisible ailments of depression and anxiety as disabilities, yet mental illness causes the majority of disability claims at RBC Insurance.” Read: Plan Sponsor Week: Mental-health support starts with understanding barriers The survey found respondents are more comfortable overall with the idea of disclosing a mental illness (77 per cent) than they were last year (73 per cent)....