The floodgates have opened...again. It seems a week doesn't go by lately without another insurer sending me an eMail that their Permanent Life insurance (ie, Whole Life, T100, Level Cost UL) premiums are about to increase.

And the timelines are short. The end of this week for one. The beginning of February for another. March. Sometime in the first quarter. And so on...

Across the board increases are happening. Here's how it's explained by one insurer, but the same kind of info is coming from them all:

"The current environment of low interest rates has caused Canadian insurers to re-evaluate the pricing of universal life insurance. We have determined it is necessary to increase our level and limited-pay COI rates."

What to do, then? Quite simply, if you've been thinking about converting (no medical evidence required, with your existing insurer) to or buying Permanent Life insurance -- do it now! You will not save money by waiting; it will definitely cost you more. Procrastination is not your friend this time.

Aren't sure what to do or wondering whether you need Permanent Life insurance? Contact me, asap, and I'll help you figure it out.

But don't delay...it will cost you!

WT

PS: On the other hand, Term Life insurance premiums are very competitive right now. If your need is temporary, terms of 10 to 40 years are available at very reasonable rates to fit your specific needs.

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...from 2010...

I recently went to a seminar put on by an insurer launching some new products into the Ontario marketplace. This one piqued my interest.

As a runner, sometimes cyclist and quasi-active guy -- I occasionally fall down and go boom. Mostly, it's no big deal but the odd time, I break something. I work around it but I do end up spending some time in hospitals, doctor's and physiotherapist's offices. Unpaid time.

These kinds of accidents don't usually trigger disability insurance benefits because you can still work and the waiting period might be 90 or more days. But getting a little cash for the very real inconvenience of a serious break would be nice.

So here's who could benefit:

• Active people like runners, cyclists, triathletes, etc.
• People with disability or critical illness insurance
• Those who don't have or can't qualify for disability or critical illness ins

Different coverages* that are available for $7/month each:

• Accidental Fracture - $7,000 (2 units: $14,000 for $14/month)
• Accidental Death & Dismemberment - $70,000
• Hospital - $70 per day
• Disability Insurance - $700 per month - for 7 months - see below...
• (In the event of an accident resulting in hospitalization, dismemberment, fracture, major burn or major laceration)

Some cool features:

• No medical exam
• Benefit payment is guaranteed within 7 business days
• Can be done over the phone and by mail to optimize your limited time
• Premiums are level

This is not a replacement for your other insurance -- but it could be a great complement to it. Call me now to get some or for more information.

*Maximum benefits are shown; Call for details; Errors & Omissions, Excepted