What about Primerica?

This multi level marketing based company is active on Canadian market for some 20 years. Loved by somebody, hated by somebody else. If you want to start your successful(???) career there,I recommend you to read some articles from (ex)agents of Primerica.

I am here to present you some disadvantages of their PRODUCTS. And since I am insurance broker, it will be about their life insurance.

I have some experience in business (16 years are enough I think) to stress some points

1. Primerica is expensive. Their MLM structure causes additional costs, paid by - you. Your premiums will carry the weight of pyramid of advisers. So before you apply for their policy, check some online quotes, for example at life insurance Canada

2.Term life fits all - at least when talking about Primerica. But not in the real world. Term life is good, often the best, but sometimes permanent policy fits your needs better!

3.Captive agents. They are not going to offer you the complete market range of products. They know what their company offers and you will get no other option.

4.Part time advisers. Do you want your surgeon to be just part time worker? No, I think you would like him to be dedicated to his job. And the same with insurance - financial markets often need precision of a brain surgeon!

5. Non-convertible policies. Primerica is not going to give you the option of turning your policy into permanent. So if anything happens to your health, you have a big problem with your policy's renewal.

 

Long term care

Daily assistance in our living - something we are not imaginating during our retirement. Unfortunately, we ca never be sure - there is 50% chance of needing long term care after your 75 (according to theUnderwriters LTC council in). This is the price for prolonging human lives....

Long term care insurance Canada - what it is? - It is tool, which will pay the insured individual a tax-free benefit every week, if their medical condition requires to be given assistance with two out of the six activities of normal daily life. Bathing, eating, dressing, toileting,maintaining continence and transferring are all among (usually closer specified by each policy).

Our society is getting older and the expenses aimed on the senior citizens are growing. It creates pressure on public funds, which will be hardly sustainable in some years. Possible answer is the private long term care insurance. I have prepared short presentation in case you want to visit your broker prepared!

Temporary or Ongoing?
Temporary care occurs for weeks or months and is used to describe rehabilitation periods from a hospital stay, recovering from surgery, illnesses or injuries or terminal medicalconditions. Ongoing long term care means the need of assistance in caseof chronic medical conditions or chronic severe pain, permanent disabilities or dementia.

Skilled or Custodial care?
The first one refers to services which can be provided only by licenced medical personnel. On the other hand custodial care refers to services, which are not so complicated to be provided by licensed personnel only - it can be given by any individual. Some long term policies only cover skilled care.

Setting
Policies usually have specific limitations reffering to possible facilities - care can be provided at home, in the home of a family member or friend of the recipient, adult dayservices location, in an assisted living facility or board-and-carehome, hospice facilities or nursing home.

Elimination periods
The same as disability insurance in Canada - it refers to the amount of time which must pass before you begin to receive your weekly benefit. The benefitperiod determines how long you’ll receive the coverage for.

Premiums
Simply - how much are you going to pay for your policy. Elimination period, benefit period and the amount of daily benefits - these are the key factors to influence the premiums. Pay extra attention to premium caps, as most LTC policies inCanada offer guaranteed premiums only for the first 5 years after thepolicy takes effect.

Riders
The most important ones are the "cost ofliving adjustment" and "return a premium" riders. The former allows the benefit to be raised according inflation, whereas the return of premium benefit returns the premiums to your beneficiary in the event you passaway.

Disability insurance in Canada

Everyone can become disabled. Just one moment of inattention on the road (and it doesn't have to be you, who will make a mistake!) and your professional career is ruined. Of course, in modern world of insurance, there are ways how to be protected. Generally, there are 3 possible solutions (which may be combined).

1. Employer-paid disability insurance
Most of the emplyers have some group policy. Anyway, you should check it properly - it doesn't have to cover everything.

2. The Canada Pension Plan (CPP) disability benefit
This is the basic protection, provided by the government. It can save you from the worst, however, don't expect you will be able to handle the same living standard, not to say about new needs, emerging from your disability!

3. Private disability insurance
Disability insurance Canada policies, provided by private insurance sector.  You can buy a policy, which will be paying you regular monthly payments for certain period. All conditions are negotiable - bonus period (for how long you will be getting the money), elimination period (when will you get your first payment), sum of the payment, type of the policy (cancelable/ non-cancelable). You can apply also for discounts, eligible to some occupations. 
So remember, disability insurance in Canada can do a lot for you!