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Mitch Reynolds
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Mitch Reynolds

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Generally, life insurance is a pretty straight forward thing – you pay either for a term or a whole life policy and assuming you’ve kept up your policy, money is paid out to the people you nominated on your death, whether that should happen a week after you took out the policy or eighty years later. However, one area where a lot of people aren’t sure where they stand when it comes to life insurance is the situations insurers won’t pay out in.
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Tamara Humphries's profile photoMitch Reynolds's profile photoBob Watt's profile photo
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Hi Bob. Your understanding of a TIA would be true for a career sales force like Sun Life, where the first premium is taken, and monthly premiums are withdrawn from the account even before the policy is issued. Then the policy is back-dated to the date of application. For broker policies this is not the case. No PAC is set up until the policy is accepted and put in force. The first premium is held in trust and applied to the first month, sometime in the future when the policy is issued. Then, the premium taken at application for the TIA is applied to the first month, and PAC withdrawals start in month 2 following the issue date. There are advantages both ways. I think Sun Life's TIA would provide a strong level of insurance coverage for the client, since premiums in effect have already begun. For budgeting and cost control during the underwriting period the broker way is more effective.

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Protect your retirement from the high cost of elder and long term care as you age. With one in two Calgarians needing some form of care as they age, it is very important that you plan for the rising cost of care. Without a plan for your long term care, your retirement plan is in jeopardy of collapsing in 3 - 7 years after care is needed. There is a simple and effective insurance policy that can take care of this risk called Long Term Care Insurance. It could be the best investment you ever make!
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3 great reasons why business owners, either partners or primary share holders, would buy life and health insurance on the owners and key people. Make sure your business can fund a buy-sell agreement, cover the costs of a lost key person and shelter your profits from taxation.
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You might have heard of a PHSP or Private Heath Services Plan (also called a Cost Plus plan or a Health and Welfare Trust), but how does it actually work? Can it really save you money? It sounds like a gimmick when you first hear the concept: pay for your medical expenses yourself and then pay an extra 10% premium to have the expense run through your company. Are you just paying and extra 10% over the cost of your medical expense for nothing? How does this tax savings actually put more money in your pocket?
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Surviving a critical illness can be very challenging, physically, emotionally and financially. We all could use some help when such a tragedy strikes out lives. Critical illness insurance was designed to take the financial worries and pressure out of your life while you are trying to recover from something major in your life, like cancer or heart disease.
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Good article on longevity and how the rich outlive the poor. Better be rich to have a long life.
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Interesting article Mitch.
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Mitch Reynolds

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Critical illness insurance can be instrumental to comfortable retirement. While there are many issues to deal with when someone is diagnosed with a critical illness, one that’s often overlooked is the financial burden it can place on family and loved ones.
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Article analyzing the value of a Return of Premium (ROP) Rider on a disability insurance policy in Canada. Let me know what you think of this analysis.
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In this article we will discuss the cost/benefit analysis of having a return of premium rider on your disability insurance policy. That being said, the most important thing when buying disability insurance is to have enough income protection in place to ensure that your lifestyle and monthly bills are covered. After that we can look towards building value into a plan with pseudo-equity component which is the ROP rider.
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Copy of the Life Insurance Insider Newsletter for March 2013. Hope you enjoy our online version.
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Protect your family's lifestyle with personal life insurance instead of just protecting them against debt with the bank's mortgage life insurance policy. If your mortgage represents more than a debt, if it represents your home, a place of love, and where you will build your family's future, then you need to protect much more than a debt. You need to protect your family's hopes, dreams and their lifestyle.
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If you’re like most people, the idea of buying life insurance seems like a chore – something that is easily put off until tomorrow. Well, for the procrastinator in all of us we know that tomorrow never comes. It’s a funny thing that we all put off important things for “another day”, especially when they seem uncomfortable or costly. Buying life insurance can be both.
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Have them in circles
179 people
William Shung's profile photo
Brent Trickett's profile photo
Todd Terry's profile photo
Jason Smith's profile photo
Delia Bauer's profile photo
Igor Savchenko's profile photo
rusty o'connor's profile photo
Steve Schiffman's profile photo
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President of Life Guard Insurance