Get it before it's gone - The gift that keeps giving

Geoff Cook - CFP, CHAIP

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Every once and a while insurance companies offer massive bargains and part of our job as independent advisors is to identify anomoly products as they come to market and notify people before they dissapear.

Life Insurance and Critical Illness Insurance has gone through a lot of changes over the last few years due to record low interest rates, and regulatory changes. What does this mean for you and me?

- Less guarantees
- Less options
- More expensive and less permanent policies

These changes are tough for consumers and are not stopping any time soon. 

BUT...there is still a company who has left an incredibly attractive product left on their shelf...for now.

LS Mutual has a Critical Illness Insurance policy that has great features and is very affordable. We find the product is most attractive for childeren under the age 16.

Here are some key facts;

- Coverage for 25 illnesses. (including loss of independence
- Policy paid off in 20 years.
- If you dont want the policy after 20 years you can have all your premiums back.
- Premiums are returned upon death.

This policy covers more illness then most products on the market, it is paid off in 20 years, and if you dont want it anymore you can have all your money back. If it sounds to good to be true its because it is. It will not last long.

The statistics are astounding on the amount of people who get a Heart Attack, Cancer, or Stroke. Purchasing an insurance policy for a child is a way of guaranteeing their insurability for the future. This is a great opportunity for parents or grandparents to offer a "gift that keeps giving" or a way to leave a legacy.

The proceeds from Critical Illness Insurance are recieved in one lump sum, tax free cheque. 25 years down the road should a grand child be diagnosed with cancer or have a heart attack, a cheque for $100,000 from "Grandpa" would be very much appreciated.

Here is a look at the pricing details;



As this table illustrates - If I were to buy a $100,000 policy on my 5 year old son, it would cost me $557 a year (or $46 a month). After 20 years I would have paid a total of $11,140 at which point I could cancel the policy and get all my money back or I could keep the policy and never pay another cent.

Here are some more interesting features...

- Ability to pay annual premiums with Visa or Mastercard.
- LS Mutual has been a mutual insurance company since 1937. If they demutualize, all policy holders would be offered cash or stock options.
- LS Mutual is a member of Assuris.
- This policy provides Benefit Coverage Increases of 15% on the 2nd, 4th, 6th and 8th year with no medicals
- This policy provides the integrated services of Best Doctors.
- To review the details of this policy - click here

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When dealing in financial matters, you are urged to consult an advisor for legal, tax or investment advice. Every effort has been made to present information in a clear, exacting manner. However neither the publisher nor the authors can be held responsible for any losses incurred due to the actions of any individual as the result of this post or any errors or omissions contained herein.

Infinite Financial places mutual fund transactions through Banwell Financial Inc. and Life Insurance transactions through Bridgeforce. To learn more about these relationships - click here

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