Life and Disability

Accidental Bodily Injury Insurance including Accidental Death Benefits

No matter how careful we are, accidents still happen in day to day life. Being financially prepared is a crucial step to recovering or to protecting loved ones. With our Specialty Life Accidental Death & Dismemberment Plan (which includes Critical Accident Recovery Benefits), there are no medical exams and no health questions. Best of all, it’s affordable, at only  $50 per month for $500,000 in coverage. If you are under the age of 69 and have a permanent Canadian residence – you can qualify!

To view accidental loss coverage options and apply online now click on the following link: Specialty Life

Note: Prices and Coverage are subject to change and vary with type of insurance selected.

Life Insurance 

Life Insurance helps you protect the financial security of the ones you love in the event of your demise. Knowing that your loved ones will receive tax free cash benefits to protect their financial security when you pass on is comforting. Our insurance representatives can help you choose between the major insurance companies and the many life insurance products they offer including Term and Permanent Insurance Coverage.

Term insurance has a low initial cost that allows you to access cost-effective coverage over a fixed term, usually 5, 10 or 20 years. Permanent life insurance typically has fixed premiums, provides guaranteed lifetime protection and can allow you to grow additional funds inside the plan on a tax-sheltered basis. The sooner you purchase life insurance the quicker you and your family will start to benefit from one of the only products that can help safeguard your family’s financial security and allow you to accumulate tax-deferred savings.

Life Insurance vs. Mortgage Insurance

Why should I buy life insurance instead of mortgage insurance from a bank? These are some of the issues with purchasing mortgage insurance from the banks. You are in a vulnerable position as you have just received your mortgage from the bank and can feel obligated to buy the insurance from the bank as they push the forms in front of you, often with little explanation or recommendations.

The most important reason is that Bank mortgage insurance is a type of “No Medical Insurance”, often with very little support to ensure that the medical questions are answered correctly and may be sold by unlicensed bank employees.  Only after you have passed away do the life underwriters start asking the hard questions about your health. It is what we call POST-CLAIM UNDERWRITING. If you have a medical condition and you inadvertently answer one of the questions incorrectly, your claim will likely be denied. By protecting your mortgage through a life insurance policy the underwriting is done at the time of application.

The amount of coverage under the bank plan is usually equal to the mortgage limit and that limit of coverage will decrease as your mortgage decreases. Whereas the amount of coverage in your life insurance policy remains same for the policy term. The premiums under a bank mortgage plan usually increase every 5 years while the limit of coverage continues to go down. Whereas life insurance limits and premiums remain the same for the term of the policy. Another advantage of permanent life insurance is that it is portable. With mortgage insurance if you were to become seriously ill and want to change lenders you most likely won’t qualify for mortgage insurance with the new mortgagor. This means you won’t be able to leave your current lender and the amount of coverage will continue to decline over time unless you are prepared to go without insurance all together. So you can’t move and can’t borrow more money that will be protected by insurance. Having a permanent policy prevents this from ever becoming an issue. Therefore mortgage insurance may be a couple dollars less initially but the advantages of permanent life insurance far out way those savings and those cost savings will diminish over time as your mortgage limit decreases and the premiums rise. The fact is that you rarely ever need less life insurance coverage as you age. The smart money is on buying permanent coverage vs mortgage insurance as it will serve you well in the future. By purchasing a life insurance policy through a licensed insurance broker you can feel secure in the knowledge that you have the right coverage that is fully secured.

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Critical Illness Insurance
Critical Illness Insurance (CI) helps provide some additional financial security for you in the event you happen to receive a diagnosis of approximately 22 major illnesses such as Cancer, Heart Attack, Stroke, Multiple Sclerosis, Alzheimer’s, Parkinson’s or Major Organ Failure. Critical illness insurance pays a tax-free lump sum directly to you 30 days following the diagnosis and survival of these and other listed illnesses. This product has been gaining huge acceptance and momentum largely due to the fact that the CI funds are not tied to health care bills or time missed from work. You can spend it on what you need when you need it. The funds are paid directly to you and you completely control how best they will help you and your family. People have used the funds to allow for time off work for a spouse, access to alternate care, hotels near the hospital and even a dream holiday with loved ones after recovery.

LPI is now offering new Allstate CI coverage which has no waiting period, no pre-existing condition exclusion and no age termination. Allstate is a Fortune 100 company and a leader in the field of CI coverage. To learn more about how Allstate’s CI coverage can be added to your employee benefit plan click on the following link: Allstate Voluntary Coverage

If you or your employer are interested in this enhanced coverage contact our in house CI expert: Alan McNulty, B.Econ. CAIB, at Mobile: 604.220.5884. He will be happy to assist you.

Disability Insurance
Disability Insurance helps protect people’s most valuable asset, their ability to earn an income. While most people think about insuring the things they acquire (cars, homes, jewelery etc), many people fail to adequately insure the income that allowed for these same purchases against a major health event that could prevent them from working. Disability insurance can provide a monthly income in the event of disability right up to age 65, greatly reducing the financial strain on a household battling a major illness or injury. There are numerous types of disability coverages available and it is important to analyze the terms and conditions that define being disabled so that you maximize the likelihood and amount of payout should an illness or injury strike.

Long Term Care Insurance
Long Term Care Insurance helps families facing care costs either at home or in a facility by providing a monthly cash benefit. This cash benefit really provides clients with choice, including where to receive care, who will provide the care and for how long. Long Term Care insurance benefits can be paid for a physical injury or a cognitive impairment (such as dementia). Families who have purchased and received payments from these plans have expressed how the extra resources also had the added benefit of significantly reducing patient and family stress.

Call us today with any questions you may have about Personal Insurance Coverage: Tel. 604.276.2474. One of our experienced life insurance representatives will be happy to guide you through the many options of life, disability, and/or critical illness/injury coverage.