Insurable Interest Canadian Insurance Blog

Shoes form an important part of our accessories. May it be work, casual occasion, formal or any semi-formal event, we need the right kind of shoes for every occasion. Everyone desires to look classy in their shoes and also comfortable. Naturalizer retailer in Canada is one such store that caters the needs of women pertaining to shoes and accessories. It aims at ensuring comfort in the latest collection of its footwear, wearing which every woman would feel confident and exalted. Since it is the first thing that anyone notices on meeting you, you should be extremely cautious about it. No matter how well dressed up you are in an event, if the footwear is not appropriate, all your efforts will be futile. Naturalizer retailer in Canada provides a collection of shoes for women that perfectly fits their lifestyles. There is richness in its simplistic designs. The shoe designed by it were initially made exclusively to fit the contours of women’s feet and they are still trying to make it better today. You can find the newest style of shoes in this store. It is the one-stop destination as it has a wide range of shoes. This includes sandals, heels, flats,...

If you have a well-built home, then there is a good chance that it may last upwards of 75 years. Of course, you may have noticed that most houses don’t remain standing for nearly this long. This is because most homeowners aren’t aware of how to care for their real estate well. As a result, it ends up deteriorating with time. If you want to make sure that this doesn’t happen to your home abode, you can find all of the proper measures to take here: Take Proper Precautionary Measures You don’t need to be told that the weather can take quite a toll on your house. Fortunately, for you, there are several preventative measures that can help you out. For instance, protective paints and coatings can minimise the damage done to walls and other surfaces. The simple act of cleaning out the gutter frequently can reduce the risk of water damage. It is also important to make sure that your house is properly ventilated. Obviously, this should be done during the milder seasons. However, whenever you are cooking or taking a shower, make sure that the damp can’t build up on the inside. This can lead to mould and...

A startling percentage of the population avoids going to get dental check-ups on a regular basis. Now, there are a number of reasons why people tend to skip their appointments. To start with, dental care can often be rather expensive. Furthermore, most people have a rather negative impression of dentists and prefer to stay away rather than address important issues. Really, the list goes on. However, it is important for local public health officials to urge more individuals to seek dental care. Here are the top reasons why: Prevention is Key When it comes to dental conditions, prevention is often the best option. This is particularly in the case of degenerative problems like gum disease. Unlike many other forms of tissue, gum tissue is unable to regenerate. Thus, if any of the tissue is lost, these gaps or spaces will remain like this. Only invasive surgery can correct such an issue. However, by visiting Maple Ridge Dentistry in Vaughan, patients will be able to nip these in the bud. The dental surgeons can use deep cleaning to get rid of plaque and bacteria. If they notice any suspicious symptoms they will also be able to prescribe antibiotics and get a...

Many seniors are not prepared for the cost of retirement. It was one of the most stunning data sets discussed during the recent state insurance commissioners’ summer meeting in New York City: policies sold with a long-term care rider jumped from 228,000 in 2015 to 461,000 in 2018. Today, more than 40 carriers are selling these products with a long-term care element, said Steve Schoonveld of the Society of Actuaries. “That’s a really robust market,” Schoonveld told the National Association of Insurance Commissioners’ Senior Issues Task Force. Agents should keep in mind how flexible the LTC hybrid products can be in meeting several needs for clients. For example, Schoonveld described a 65-year-old couple with a good retirement nest egg, maybe as high as $400,000. “From an income point of view, they’re not too bad off,” he said. “But I think their two biggest risks are the early death of a spouse. And the second, catastrophic health and long-term care expenses, of course. “What should their advisor tell them? This is just one of many examples where hybrid products have become kind of dual all-purpose products.” Strong Growth A team of SOA analysts presented an LTCi overview using statistics compiled by...

By Ira Sopic, Project Director, Insurance Nexus Much discussed, yet often misunderstood, it’s clear that Artificial Intelligence is set to dominate the global Insurance sector for the foreseeable future – and Canada is no different. Despite being a somewhat nascent discipline within insurance, progress in silicon centres across the nation mean carriers recognize the potential of AI to cut costs, improve the customer experience and generate sustainable long-term growth. Although currently centred around Toronto and Montreal, new government and private sector initiatives are seeking to expand Canada’s AI capabilities from the ground up, but with specialist talent in short supply, a skills gap is likely to exist in the short-term.  From tapping into the burgeoning community of start-ups and innovators to incubating their own AI specialists, carriers are finding there is no quick-fix or easy route to success. A clear vision for the future, and an acceptance that not all initiatives will succeed, are required. Insurance Nexus spoke to two eminent, senior Canadian insurance executives, Inka Bari, AVP Analytics, Group Benefits, Sun Life and Fernando Moreira, SVP, Global Insurance, Scotiabank, to get their views on how Canada’s insurance market should approach AI integration and where it can expect to garner...

Less than a third of Americans say their families discussed life insurance or the basics of investing, a worrying statistic according to LIMRA Secure Retirement Institute. Its study also found that only 13% of American adults feel knowledgeable about financial products and investments and that, while more than half of consumes cite their family as the top source of financial information, 58% said they wished their families taught them more about investments and other financial topics. Alison Salka, senior vice president and director of LIMRA research, said: “Many Americans say they aren’t confident they have the financial knowledge to make informed decisions about products that could help them secure their financial well-being. “While families – particularly parents – were likely to teach their children about saving and budgeting, they were less likely to discuss life insurance or the basics of investing. Today’s consumers face a more complicated financial reality than prior generations. It is important that people understand the financial risks they face and have knowledge about the different tools they can use to mitigate that risk.” The LIMRA SRI research shows the concept of saving in general was the most common financial topic families discussed (77%). Nearly half (48%)...

For many life insurance holders, life settlements might be an attractive option to get cash for or just simply get rid of their policies. But as one financial expert notes, that’s not always the best option. “[T]he sale of a policy will often create taxable income,” wrote Adam Balinsky, president of US-based specialty lender Fifth Season Financial, in an article for ThinkAdvisor. He also cited complicated transaction processes and inefficiencies in the life settlement market, which could spell a six-month-long wait between a policyholder initially discussing a sale to finally receiving compensation. Accelerated benefit riders are one alternative tool seen to have limited drawbacks. Allowing ill policyholders to access funds during their lifetime, such riders are often narrow in their availability; according to Balinsky, funds are typically paid out when the person in question is expected to live for fewer than 18 months more. Though accelerated benefit advances are generally capped to 30% to 60% of the policy’s face amount, Balinsky said they can be a low-cost option to quickly access funds. Another alternative to an all-cash life settlement is a retained death benefit sale. As Balinsky explained, that hybrid transaction involves selling only a portion of the policy’s death...

The costs Canadian families pay for public health care insurance won’t stop rising in 2019, the Fraser Institute has concluded in a newly released study. Titled The Price of Public Health Care Insurance, 2019, the study used data from Statistics Canada and the Canadian Institute of Health Information to determine how much Canadian households will pay this year for access to public health services. That includes not just the health insurance “premium” tax that some provinces impose, but also a variety of taxes paid to all levels of government. “Only when Canadians understand how much we pay for our public health-care system can we better decide whether or not we get good value for our money,” said Bacchus Barua, associate director of health policy studies at the Fraser Institute and co-author of the report. The report found that in 2019, the average single individual, earning an average income of $44,813, will pay approximately $4,544 for public health care insurance. Meanwhile, the average two-parent, two-child family is expected to pay around $13,311 out of their $140,049 in income for public health care insurance. Households with two adults and no children are estimated to pay $13,163 on average, while those consisting of...

Chattanooga Times Free Press (TN) Kevin Miles, the 41-year-old insurance agent who allegedly scammed more than 30 people, is in custody, according to Catoosa County Sheriff’s Office. Miles was arrested by the Cherokee Indian Police Department in Cherokee, North Carolina. Miles worked in the Tennessee Valley area as an independent insurance agent for Atlantic Coast Insurance Co. From June 2017 to July this year, he was working with Wilson Funeral Home, a family- owned funeral home that has locations in Fort Oglethorpe, Ringgold, Chickamauga and LaFayette, Georgia. Sheriff Gary Sisk said the sheriff’s office was alerted to Miles’ behavior about two weeks ago and has found seven cases of theft by deception and exploitation of an elderly person. There are about 28 more victims, the sheriff believes. Both of the charges are felonies due to the amount allegedly stolen. Sisk said Tuesday afternoon that he doesn’t know exactly how the Cherokee Indian Police Department found Miles or what steps the department took to find him. Sisk did say during the initial news conference on Aug. 9 that the Catoosa County Sheriff’s Office knew Miles was in the Cherokee area on July 30. The detective on the case, Tim Busby, had...

GlobeNewswire New senior vice president and chief marketing officer and senior vice president, career agency distribution and marketing announced CINCINNATI, Aug. 13, 2019 (GLOBE NEWSWIRE) — Ohio National Financial Services is pleased to announce the promotion of Christopher J. Calabro, CLU, ChFC®, to senior vice president and chief marketing officer, effective immediately. Calabro is responsible for the company’s sales, distribution and marketing efforts of its life and disability income insurance products within its core traditional distribution channel. “With Chris’ extensive distribution and product experience, I am confident in his leadership as we continue to leverage our unique value proposition to grow our traditional distribution footprint as well as deliver our portfolio of life and disability income products to meet the needs of our policyholders,” said Barbara A. Turner, CRCP, Ohio National president and chief operating officer. Calabro joined Ohio National in 2010 to lead the company’s career agency distribution system and has steadily advanced throughout his career. He was promoted to senior vice president, career agency marketing in 2013.  In 2016, Calabro became senior vice president, life insurance strategic business. In November 2018 he became senior vice president, career agency distribution and marketing. He was formerly with MassMutual and earned...