Wednesday, July 28, 2010

AXA Canada Term Offers Bonus: Disability Benefit

Insurer AXA boast an great reputation all around the world with a network of four thousand professional brokers and associates coast to coast. In AXA they have 250 qualified workers who can help individuals to pick from a variety of good term,universal and whole life insurance products and art collectibles insurance plans.

AXA's Universal Life Insurance combines adjustable life insurance with a savings component. Another well-known policy is the AXA Art policy, where individual art collectors can defend their delicate items such as antique furnishings or vintage wine and more.

AXA Canada's Term 10/Term 20 life products have unique element that many clients are completely unaware of. AXA Canada is the single life insurer in Canada to prepare a term insurance product with a ready-made Extreme Disability Benefit (EDB). Sometimes instances, the cost is less expensive than normal term insurance products. The advantage of this policy is that, not only is the insured's loved ones protected if he/she dies within the stated time, but the policy provides the added protection of the EDB. This bonus can provide additional value to citizens who live with long and often hazardous winter road conditions. The EDB pays out half of the policy amount (up to $250,000) for insurees who suffer the disability. An extreme disability claim needs the claimant to have been influenced by a permanent disability and is dependant on assistance with five of the 7 aspects of regular living.

I can see there are certainly boundaries bounded to this AXA life insurance product, and it should not be exchanged with usual disability product (which protects a much wider spectrum of disabilities). The extreme disability must come before age 60, and this benefit strips the death benefit claim dollar-for-dollar. Therefore, if someone with a $600,000 life insurance policy develops an serious disability, and consequently dies--the $250,000 EDB will be subtracted from the $600,000 insurance claim.

picture by Ravages

Monday, July 19, 2010

Were You and Your Loved Ones Caught Up in The Earthquake In Canada Last Week?

Did you feel the earthquake that struck south eastern Ontario and some of Quebec on June 23, 2010 at 1:41 pm EST?

Luckily, the magnitude was only 5.0 according to the US Geological Survey, and no extreme damage was reported. Just 61 km north of Ottawa is where the epicentre of the earthquake happened.

As reports came in, many people spoke of a gradual rumbling which escalated in intensity, a bit like building work going off below or around you. The vibrations could be felt as high up as the 9th floor of office and apartment blocks according to eye witnesses. The rumbling sensation may have been mild, but Lorne certainly felt the earthquake.

Even though natural disasters happen very rarely in Canada, they do occur and it brings home to us all how vulnerable we all are. It definitely makes me wonder what I can do to protect myself and my family should another disaster hit us.

Along with normal emergency preparedness, part of your preparation should include life insurance.

What many people do not understand is that along with disasters such as floods or hurricanes, earthquakes are one of the most expensive natural disasters. Earthquakes account for 30% of all damage by natural disasters from 1950-2001. While the human cost of earthquakes is only 9% compared to the 42% occurring due to famine, famine only accounts for 4% of the damage which is tiny in comparison to earthquakes.

People losing their lives fell in the 90's from 86,328 per year in the 80's to 75,252; but those touched by natural disaster climbed from147 million in the 80s to 211 million people a year in the 90's.

With a big increase in monetary impact from natural disasters since the 1960's we also see an increase of occurrences, which isn't good news.

With more disasters occurring then it stands to reason that more and more people are going to have their lives affected by them, as a result it is only natural to look at ways of minimizing the impact on your family.

The five influential Canadian insurance organizations we surveyed do provide death benefits for you and your family if such disasters take place, but you need to check the policy carefully if you choose not to use them and go elsewhere. If you are urged not to travel somewhere, such as a war zone and you do, be aware that this is one exception that insurance companies put in place on their schemes.

Delivered by Lorne Marr, the founder of LSM Insurance and mortgage life insurance expert

Not every shake is the same!

Green shake in a cup.

image by elana's pantry