Insurable Interest Canadian Insurance Blog

I was fascinated with the legend of King Arthur when I was growing up. From the classic Disney animated film The Sword in the Stone to more modern adaptations of this romantic tale, what young man can’t grow up envisioning himself as the heir to the kingdom, pulling the mystical sword Excalibur from its stony sheath? Or when King Arthur is near death, the faithful knight, Percival, completing a dangerous quest to return the Holy Grail to Camelot so the king could drink from the cup and be restored? Who wouldn’t want to be Percival? Whether it is the frantic search by the knights of King Arthur (and later the Knights Templar) to recover the Holy Grail, Ponce de Leon’s fabled trip to Florida in 1513 to find the mysterious Fountain of Youth, the Peaches of Immortality of Chinese mythology, or the quest for the ancient philosopher’s stone, history is filled with classic tales of individuals in search of a mystical elixir of eternal life. Hollywood has added to the lore of the eternal youth legend. Whether a new spin on the search for the philosopher’s stone or the Holy Grail, some futuristic or alien invention, taking the heads of...

The opportunity to help Americans plan for their financial futures with life insurance has never been greater. Every day, 10,000 baby boomers turn 65, and many of them still have unmet retirement needs. Generation X is faced with the balancing act of taking care of their families, planning for retirement and often caring for aging parents. Meanwhile, millennials are now the nation’s largest living generation, many just beginning their life insurance journey as they reach milestones, such as starting a family or buying a home. As these demographic shifts take place, we’re on the cusp of the largest generational wealth transfer in history. Cerulli Associates projects that nearly 45 million U.S. households will transfer a total of $68.4 trillion in wealth to heirs and charity over the next 25 years, with $48 trillion coming from boomers. By the end of the 25-year period, baby boomers will be replaced by Gen X as the generation with the greatest wealth. In all of these scenarios, life insurance has a role to play in helping families build, manage, protect and transition their wealth. Yet today, there are more than 37 million households without life insurance coverage, according to LIMRA, which estimates that 48%...

Sprinter Lauryn Williams debuted as an Olympian in 2004, taking a silver medal in the 100 meters during the Athens games. The American fell .03 seconds short of gold. Williams worked and trained daily for years to keep her dream of Olympic gold alive. Finally, she got the chance at the 2012 London games and returned home with a gold medal as part of the USA’s record-setting 4X100 meter relay team. Now in her second career as a financial advisor, Williams, 35, is leaning on her athletic experiences to help navigate a similarly challenging path to success. “I’m trying to teach myself to measure and really focus on what I’m accomplishing one step at a time instead of basically feeling like every client conversation is a championship race,” said Williams, who started her virtual company, Worth Winning, three years ago. “You’re planting seeds all the time as an entrepreneur and some of those seeds are going to have a really delayed return on investment. But just show up and do the best that you can in that moment and be really proud of yourself.” Read the full version of this feature in our online issue. Read the original article at...

“Hey, Dad, can I have an allowance?” pleaded 8-year-old Brian Haney as he tugged on his father’s shirt. Haney thought it was a completely reasonable request. His father felt differently, though, but believed it was an opportunity to convey some wisdom to his young son. “To this day, I don’t remember exactly how he told me no, but I do remember not hearing those coveted words, ‘Sure! Now that you’re old enough, that seems fair,’” Haney recalled. “As my father tells it today, his reasoning was it didn’t make sense to start paying a kid money simply because he had aged.” Haney’s father was the son of two Great Depression-era Indiana farmers and had always worked for any money he had received, so his son’s request seemed like a good opportunity to teach a lesson. The advice that advisors said was the most valuable they received often went back to something they were told early in their lives or careers — usually from a parent or one of their first bosses. In Haney’s case, a typical question that any kid would ask triggered a lifelong lesson. A few weeks later, Haney’s father presented him with that opportunity. He showed Haney...

David Stillman has been building bridges over the generation gap long enough to have had a whole new generation grow up to connect with: Gen Z. But the author, speaker and consultant has also grown a secret weapon — a Gen Z son, Jonah, who is helping in the good fight. Together they speak to audiences about this newest generational mystery. They wrote the book, Gen Z @ Work, to explore the new territory represented by those born between 1995 and 2012. The Stillmans have taken their show on the road, speaking to insurance and financial organizations among many others. But you might be thinking, “Doesn’t every generation go through the same stages and present the same challenges?” To a certain extent, you would be correct. But each generation is shaped differently. Not only do they represent a new crop of consumers and workers but they also bring unique gifts to the rest of us. The bond between Gen X and Gen Z is really tight, and 31% of Gen Xers say they consult a Gen Z child when making major purchasing decisions. In this interview with InsuranceNewsNet Publisher Paul Feldman, David and Jonah Stillman reveal what those gifts are...

Insurers and distribution firms need to up their game after a survey revealed more than a quarter of advisors thought their digital tools were out of date. The LIMRA research, however, showed that advisors are incorporating digital tools in all aspects of their business, from communicating with current clients to prospecting and marketing. Almost 8 in 10 advisors see digital solutions as the most helpful for marketing and client acquisition (46%), and ongoing client engagement (31%). It’s clear, though, that the insurance industry has to do more to provide the tools that advisors find useful to achieve these goals. With the exception of lead generation tools, more than half of advisors did say they are satisfied with the current digital tools they use but there are warning signs that more has to be done. A total of 23% believe they are poor quality or don’t integrate well with other systems (17%). And when it comes to lead generation tools specifically, more than half who are unhappy cite a lack of quality – the tool is too complicated, cumbersome or slow – or the tool is not advanced enough and/or out-of-date. The report said: “Given the increasing importance of digital interactions,...

The introduction of accelerated underwriting has been a game-changer for the life insurance industry in recent years. The ability for insurance providers to tap readily available consumer information to gauge an individual’s level of insurable risk has enabled the healthiest applicants to bypass invasive medical exams and get to a policy decision within days rather than weeks. Agents, meanwhile, can save time formerly spent on shepherding existing cases through the traditional process; that frees them up to prospect for new business, develop and nurture relationships, and promote their business to underinsured and insured markets. The prospect of accelerated underwriting may also be a trump card in appealing to younger, healthier customers who are considering getting protection. However, agents, brokers, and advisors offering life insurance should be careful not to overplay it. “While accelerated underwriting has absolutely transformed the landscape of life insurance, it is not a one-size-fits-all solution and is not a guarantee for all applicants – even if they are healthy,” wrote Craig Simms, senior vice president at Vantis Life, in InsuranceNewsNet. As one example, Simms noted how some life insurers have an automatic pre-screening phase in the application process, where an agent is able to offer clients some...

iA Financial Group has announced that it is extending capabilities in simplifying the underwriting experience for its individual life insurance products. The firm, which claims leadership in instant acceptance through its EVO platform, has announced that certain medical requirements will no longer be systematically required for clients 50 and under who buy up to one million dollars in life insurance. The requirements that may be waived include vital signs, urine tests, or blood profiles. “Constant innovation in our underwriting processes and instant acceptance at the point of sale consolidate our long-term relationship with our advisors and is a part of our commitment to make it quicker and easier to do business with us,” said Valérie Lelièvre, vice president for Business Solutions, Distribution and Marketing. In a statement, the firm said the simplification to its underwriting process was made possible by technological advances such as the use of predictive analytics models to evaluate applications.  Moving forward, a simple medical questionnaire will be all advisors need to confirm instant acceptance for most clients. The firm’s progress toward predictive analytics falls in line with a model of underwriting innovation offered by Boston Consulting Group. In Reinventing Life Insurance Agency Distribution Globally, BCG noted...

Employers still skeptical about the advantages of implementing a personalized wellness program might have second thoughts after seeing the results of a recent RBC Insurance poll. According to the survey, nine in 10 working Canadians (92% among women and 87% among men) valued flexibility and customization in group benefits. A majority of respondents also said a personalized wellness program that is customized to an individual’s wellness and health-related interests and goals would improve multiple aspects of daily life, including: Their overall wellbeing (80%); Their physical health (78%); Favourable opinions of their employer (77%), Job satisfaction (73%), Mental health (71%), and Job productivity (68%) “It’s important for employers to design a benefits package that considers the needs of their workforce, especially as new generations enter and leave the market,” said Julie Gaudry, Senior Director of Group Insurance at RBC Insurance. “This is something that can largely influence employee morale and their overall health.” The poll also found a relationship between the overall wellbeing of working Canadians and whether they have group benefits or private coverage. While 70% of Canadian workers with group or private insurance scored their wellbeing as “excellent” or “good,” only 59% of those without any type of insurance...

We can marvel at, and moan about, how complicated humans are. But really, we are simple animals. Here is proof. The next time you are in front of a mirror, look yourself in the eye and give yourself a great big smile. (Maybe do this when you’re alone. No need to have coworkers and others think that you are more psycho than you actually are.) What happens as you force a smile? It turns into a real one. At that moment, you might think this is goofy, just grinning at yourself. Then you might find it funny and maybe even laugh. This is the moment your day gets a little better. Step out of the bathroom with that grin and someone might see it and reflexively smile back. You have improved that person’s day a little. And that radiates out to other people, perhaps endlessly for all we know. All from a little forced smile. Why does this happen? Again, we’re animals. The most primitive part of our brain says smiling is happy and bright. Just as it says frowning is unhappy and dark. Animal Instinct I have to tell the amygdala in my limbic brain on a fairly regular...