Insurable Interest Canadian Insurance Blog

White Plains, NY…March 19, 2019 Amalgamated Life Insurance Company (www.amalgamatedlife.com), a leading provider of comprehensive insurance solutions, announced today its introduction of a new voluntary group level term life insurance product. Available in 10, 15 or 20 year terms, the product has many attractive features including: guaranteed issue for individuals up to age 65 with minimum participation based on group size; face amounts ranging from $5,000 to $300,000, but not to exceed five times an individual’s annual employment income; and family coverage. Because of its portability feature, insured individuals can take the coverage with them if they change jobs or retire. Spouses can be added to the plan and covered by an amount equal to 50% of the insured worker’s policy face value up to a maximum death benefit of $150,000. Child coverage is also available up to $10,000 for eligible dependents up to age 26. The product also offers an Accelerated Death Benefit Rider included at no extra premium cost. It allows for a portion of the policy’s death benefit to be paid before the death of the insured if diagnosed with a terminal illness with a life expectancy of no more than 12 months. Also available is an...

The Alberta Insurance Council says an agent acted in an untrustworthy and dishonest manner when he repeatedly induced business by providing false guarantees of performance and growth in two client accounts.

Acquisition Expands Client Base to Include Nearly 70% of All Canadian Life Insurers and Agencies Exton, PA (Mar. 18, 2019) – iPipeline®, a leading provider of cloud-based software solutions for the financial services industry, has announced the acquisition of Bluesun, a leading provider of software solutions to the life insurance and financial services industry in… Read more » The post iPipeline Acquires Canadian Solutions Provider Bluesun appeared first on Insurance-Canada.ca.

Ontario Provincial Police arrest and charge Toronto man for selling fraudulent auto insurance coverage Toronto, ON (Mar. 18, 2019) – A joint investigation conducted by Desjardins Insurance and Aviva Canada has revealed that fraud artists prey on innocent and unaware drivers with the promise of cheap auto insurance, which turns out to be fraudulent. In… Read more » The post Investigation reveals unlicensed auto insurance sales and policy fraud to vulnerable consumers appeared first on Insurance-Canada.ca.

MoneyLion, America’s most powerful financial membership designed to help the hardest-working Americans save, borrow and invest, today launched the industry’s first health tracker for finances, the Financial Heartbeat. Similar to smartwatches and fitness wearables, the MoneyLion Financial Heartbeat simplifies the tracking and understanding of one’s financial wellness on their mobile device. “At MoneyLion we understand that achieving your financial goals requires a steady and frequent engagement with your finances and a dedication to changing bad financial behaviors,” said Dee Choubey, CEO and Founder of MoneyLion. “Our Financial Heartbeat was inspired by the fitness industry’s widespread adoption of wearables and was innovatively adapted to help our members more easily track and manage the most important aspects of their finances.” Behavioral economics show that consumers avoid engaging with their finances because they’re complex, difficult to take action on, and more often than not, leave people feeling stressed rather than inspired. Additionally, finances are the number one cause of stress among Americans, with 44 percent of Americans reporting being stressed about their finances. To address these challenges, MoneyLion’s Financial Heartbeat combines a simple yet dynamic framework for monitoring financial health and empowers members to improve daily. By simply opening the MoneyLion mobile app...

Toronto, ON (Mar. 18, 2019) – The Canadian Life and Health Insurance Association (CLHIA) today welcomed the recent Saskatchewan court ruling with respect to the Ituna Investment LP, Mosten Investment LP and Atwater Investment LP litigation that targeted several life insurance companies. The ruling, issued on Friday, March 15, by the Saskatchewan Court of Queen’s… Read more » The post CLHIA welcomes Saskatchewan court ruling in Ituna, Mosten and Atwater litigation appeared first on Insurance-Canada.ca.

Commentary Ask someone why they’re investing for retirement, and they’ll usually give two answers: to cover post-retirement living expenses and to help provide for a spouse after they’re gone. But what if “gone” comes far earlier than you expect? Term life insurance is a great – but often misunderstood – safety net. Term life insurance is a policy with a fixed end date – usually 10, 20 or 30 years out, depending on when you expect the kids to be out of the house and your nest egg to be sufficient. It is meant to ensure your family can cover funeral expenses, debt and other needs after you’re deceased. I bought a term life insurance policy after my children were born, and think it’s a smart move for most families. Those wanting lifelong coverage may find permanent life insurance more beneficial. Yet industry observers have found many folks don’t investigate life insurance options. TermLife2Go, which seeks to help consumers navigate this complex industry, found most people assume life insurance costs three times more than it really does. Why? Insurance companies can’t provide a quote until you answer a slew of questions about your health, habits and lifestyle. It’s the verbal...

Disability insurance attorneys Gregory Dell & Cesar Gavidia discuss “factual disability” versus “legal disability” for occupations that require a license to practice such as lawyers, chiropractors, financial planners, or doctors.

From Staff and Wire Reports Indexed life sales set a new record for 2018, according to Wink, Inc. in its 86th edition of Wink’s Sales & Market Report. Indexed life sales for the fourth quarter were $617.4 million, up more than 16.8 percent compared with the third quarter, and up more than 7.2 percent compared to the fourth quarter 2018. Annual indexed life sales were over $2.1 billion. “Given the recent trends in indexed life product development, it is no surprise to see both a record quarter and a record year for indexed life sales.” said Sheryl J. Moore, president and CEO of both Moore Market Intelligence and Wink, Inc. Wink, an industry leader in indexed life insurance sales data since 1997, expanded in 2017 to include fixed universal life (UL) and whole life product lines. Non-variable universal life sales for the fourth quarter were more than $965.4 million, up 10.3 percent compared to the previous quarter and down 7.9 percent as compared to the same period last year. Annual sales for 2018 were over $3.6 billion. Non-variable universal life sales include both indexed UL and fixed UL product sales. Noteworthy highlights for total non-variable universal life sales in the...

Meridian is making news as of late, as it recently posted the lowest two-year fixed-interest rate in recent Canadian history, compared to the “Big Five” banks and other lenders on the market. As Ontario’s largest credit union, Meridian is offering a two-year fixed mortgage at 1.98 percent. This competitive rate may be good news for potential home owners in Ontario. Buying a home has become increasingly difficult across the country in recent years, especially in city centres like the Greater Toronto Area and Metro Vancouver, due to rising interest rates and the mortgage stress test cutting into affordability. “The reality is that it is next to impossible for many young people to get into the housing market in Ontario today,” said Dayna Whitney, Associate Vice President, Retail, Meridian, in a press release. “We believe this is an extremely competitive rate and it represents an exceptional opportunity to save – particularly for first-time homebuyers.” The new rate is available to Ontarians who are: looking to own a primary property up to a maximum purchase price of $1 million with an outstanding mortgage balance (after down payment) of $799,000 or less. looking for an amortization period of 25 years or less. Home buyers should note, however, that...