The findings indicate that people in Canada have been overpaying for coverage by 36 percent. Canadian life insurance is substantially more expensive than it should be, according to a recent PolicyMe study which showed that people in the country to our north are paying an average of 36 percent too much. This analysis was based on the data from 4,800 existing policies in Canada. The findings have shown that the Canadian life insurance industry may be ready for somewhat of an overhaul. The reason is that the traditional methods used…
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Canadian life insurance companies no longer equate marijuana use to “smoking”
Changes to the country’s laws and social attitudes have brought about change in industry policy. Life insurance companies in Canada have traditionally labeled cannabis users as being “smokers.” However, a recent change in the country’s industry has changed this situation among many insurers. Smokers are typically penalized by life insurance companies and, until recently, that included pot users. The Canadian Life and Health Insurance Association director of health and disability policy, Joan Weir, explained in a CBC report that many life insurance companies have stopped equating light marijuana use with…
Read MoreLife insurance fraud culprits caught faking death
A family has been accused of making false claims on a number of policies totaling over $1 million. A former resident of Toronto, Canada, was discovered living in California after having made claims on several life insurance policies in his name half a decade ago, allowing his family to collect. This fraud against the insurers racked up payouts of over $1 million for the individual’s family. The fraudsters took out a number of life insurance policies on the man and then faked his death so that they would be able…
Read MoreInternational insurance acquisition made of Ireland’s largest insurer
Irish Life Insurance will be purchased by Great-West Lifeco, an insurer that is headquartered in Canada. Great-West Lifeco, Inc. has just announced its latest international insurance acquisition, with the purchase of the largest insurer in Ireland, Irish Life Group, for a total of $1.75 billion. This deal has now been officially announced after having had to receive official approval. The Government of Ireland had to give its approval of the international insurance deal, as it took on the largest life insurer in Ireland in the summer of 2012, after its…
Read MoreCanada introduces new insurance regulations framework
New framework will guide the development of insurance regulations Canada lawmakers have revealed a new framework that will dictate changes being made to the country’s insurance regulations. The initiative is part of a global financial services overhaul of which Canada is a significant part. The global endeavor aims to impose stricter capital and liquidity regulations on banks and will have an impact on the insurance industry as well. By announcing the new regulatory framework, Canada officials are offering insurance industry officials with the opportunity to provide insight that could shape…
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