Small firms wanting cyber coverage should “hold an inventory” of personally identifiable information: Chubb
Bodily injury and property damage exclusions in cyber insurance policies means the Internet of Things has “big implications” for organizations, while malware that existed unbeknownst to a user before binding a policy can mean a cyber incident is not covered, speakers suggested at a conference Friday.
“What makes a great risk for a 10,000 employee company is going to be somewhat different from what is going to be a great risk for a 100 employee company,” said Matthew Davies, assistant vice president and professional, media and cyber liability product manager for Chubb Insurance Company of Canada.
For a large organization, “I would expect they would have an employee awareness program of security issues,” Davies said Friday.
“I would want them to have a business continuity plan that they have tested and an incident response plan that they have tested. That may be realistic for a large organization and may not be quite so realistic for a 100-employee organization that is privately held.”
Davies made his comments 3rd Annual International Cyber Risk Management Conference, produced by MSA Research Inc. and held Thursday and Friday in Toronto.
“If there is one thing that I would want a 100 employee company to do …. I would want them to have an education program,” Davies said.
He added he would also want a small organization “to at least have an inventory” of personally identifiable information that they hold, “so they know why they are collecting it what they are doing with it and what they do with when they are finished with it.”
Davies was one speaker on a panel, titled The Insurance Gap, at International Cyber Risk Management Conference.
When American International Group writes cyber risk, “we look at the type of data and the amount of data that a client has based on their business model,” suggested Jacqueline Detablan, vice president of financial lines at AIG Canada.
“Do they have a lot of credit card information?” Detablan said. “If they are a manufacturer, what type of data do they have? Are they an engineering firm where the plans might be of value to someone else?”
Also speaking was Joshua Gold, a lawyer and shareholder at New York law firm Anderson Kill, who has represented policyholders in insurance coverage disputes in the U.S.
“A lot of the cyber policies I have seen are for the most part geared towards liability or exposure or notification costs of having to address a breach of sensitive information, whether it’s customer information, or maybe some internal sensitive financial information of the company itself,” Gold said. “But I think we are going to see this whole shift back to what insurance used to insure as the primary focus – property damage and bodily injury coverage. That’s got really big implications, because a lot of cyber policies will have a bodily injury and property damage exclusion.”
With the Internet of Things, Gold suggested, hackers can disable safety mechanisms on vehicles and machinery.
“All of these kinds of catastrophic risk exposures out there that you are hearing about, it’s going to be interesting what the reaction is from the insurance industry,” Gold added.
The lack of retroactive coverage can be a problem for some policyholders, suggested Brian Rosenbaum, senior vice president and national cyber and privacy practice leader at Aon Canada Inc.
“One big dark secret that insurance buyers seem to find out, unfortunately a little too late … that when you typically buy cyber insurance and you may have a piece of latent malware on your system at time you that buy the insurance, and then something happens thereafter, you are not going to be covered, notwithstanding that you didn’t know about the malware in your system,” Rosenbaum told International Cyber Risk Management Conference attendees. “It’s because in the base wording of most cyber policies there is no retroactive coverage, which means that whatever the event was that led to the cyber loss, it has to take place after the inception date of the time that you bought the policy.”
Rosenbaum added he understands the point of view of insurers, who “don’t like to insure a burning buiding, so to speak” but added “the problem that I have is there are a lot of companies that do a decent job of monitoring and protecting their systems and notwithstanding some reasonable efforts, have not been able to detect this piece of malware.”
Rosenbaum also noted that the Court of Appeal for Ontario ruling in Jones v. Tsige has brought in a new “intrusion upon seclusion” tort. Sandra Jones had sued Winnie Tsige, one of her co-workers at the Bank of Montreal (BMO), because Tsige accessed and reviewed Jones’s bank records on 174 occasions in 2006 through 2009. The lawsuit was initially dismissed but the Court of Appeal for Ontario ruled in favour of Jones.
“There is now a body of law coming out of Ontario … that says … more for intentional or reckless conduct – that if your personal privacy has been invaded, even if you haven’t suffered any economic harm, you could still sustain an action,” Rosenbaum said. “In those one-off cases, we have seen awards – very modest – of $2,500 to $10,000 for violation. In a one-off case that is not a big deal but our plaintiff’s bar are thinking, ‘think of the numbers you could generate for a class action on that basis.'”
With thanks from Canadian underwriter
For most Canadians their primary home is the largest asset. Property insurance policies are very complicated and even getting more complicated. Water damage and its related terms for a layman includes Sewer backup, flood, surface water, seepage etc. From the layman point of view they look similar but insurance policies are "Insurance Contracts" with coverage and its limitations, deductibles, exclusions, policy conditions and so on. More interestingly, lot of customers won't even look beyond monthly payment. I strongly recommend the following:
1. Do not buy coverage online or from any of the direct writers if you feel advice matters to you.
2. Look for an independent broker as lot of brokers are owned and or controlled by insurance companies.
3. You should look for best coverage not only from face but underlying limits, Coverage against Sewer Back up, water damage, Seepage (Some companies offer limited coverage now) and very minimal exclusions if possible.
4. You should ask your broker best coverage and comparative price. Of course best coverage may be slightly expensive or it may be just a choice of insurance company that only an independent broker can offer.
5. Spend some time with you broker to understand what you are covered for. If you don't get the clear answers start thinking to change the broker not for price but knowledge reasons.
$2 million in water damage not covered by insurance
Imagine turning to your insurance company after catastrophic damages to your house and being told, “You’re not covered.”
That’s what happened to Hassan Hojjatian and Mitra Kermani in June 2011, when their house suffered extensive water damage to the basement, basement bathroom, garage roof and foundation.
An independent expert later assessed the loss to the Toronto house at more than $2 million.
Cost of being underinsured is too high ....look into your insurance policy today
What shocks me all the time is lack of awareness about Co-Insurance among the business community.
Since the concept of Co-Insurance is fundamental principle of property and business continuation insurance, it is imperative that you understand it before considering the amount of insurance you buy.
Co-Insurance is simply an AGEEMENT BETWEEN YOU AND THE INSURANCE COMPANY, WHEREBY YOU AGREE TO MAINTAIN CONVERAGE UP TP A STATED PERCENTAGE OF THE VALUE OF THE PROPERTY YOU WISH TO INSURE, (usually 80%,90% or 100%). As a result of this promise, a significant reduction in the rate is given.
Should a loss occur, consideration is then given to the amount of insurance carried compared to actual values prior to the loss. If the amount of insurance is within the agreed Co-Insurance percentage requirement, the loss is paid in full, up to the policy limits. If, however, the amount of insurance that you carry is below the agreed percentage, you and the company then share the loss.
EXAMPLE: Assume the value of the property you are insuring is $1,000,000.00 and the policy contains a 90% Co-Insurance clause; this means you should be carrying at least $900,000.0 coverage. If you were only carrying $500,000.00 coverage and had a loss of $400,000.00 the Insurance Company would pay based on the following formula:
AMOUNT OF INSURANCE CARRIED
------------------------------------------------------ X AMOUNT OF LOSS = CLAIM PAYMENT
VALUE OF THE PROPERTY X 90%
---------------------------------- x $400,000.00 = $222,000,00
$1,000,000.00 X 90%
In this example, you would suffer a $178,000.00 Co-Insurance penalty!
A regular and careful review of the value of your insured property is essential if Co-Insurance penalties are to be avoided. We recommend your insurable values be frequently reviewed by a competent, independent appraisal company and must update with your insurance broker.
The main reasons why almost a very high % of businesses are under insured are:
1. Lack of a good inventory system for your stock
2. Old machinery insured at 2nd hand equipment cost basis although you are covered for replacement cost and expect to replace the equipment in case of a loss
3. Not reviewing your policies year after year and not updating your policies when you purchase some additional equipment mid term.
4. Lack of awareness among business community
Cost of being underinsured is too high ....look into your insurance policy today and discuss with your broker.
This is just an simple explanation, speak to your broker or feel free to contact
Aaxel Insurance Brokers Ltd.
905-362-8080 ext 301
You can buy Auto Insurance through various channels. It is you to decide that if you want your Automobile Insurance needs met through insurance call centres of multi nationals or you want to met your Auto Insurance needs through a local independent insurance broker.
It does not matter you decide today or later ..Your best Automobile Insurance will always be through a licensed independent insurance broker.
We can assure you to have appropriate coverage for your Auto Insurance through financially sound and caring Automobile Insurance companies.
We will help you understand your Automobile Insurance and the options available and our premiums are very comparative. Moreover we will get you quote from multiple companies.
Coverage under Auto Policy:
Ontario automobile insurance is one of the best policy available if not across the world but at least across North America.
Liability (Bodily injury & Property Damage):
Protects you and any legally licensed person driving your car with permission against lawsuits or legal action resulting from the use or operation of the insured vehicle.
Provides benefits that you and other insured persons are entitled to receive in the event of an automobile accident causing injury or death. Includes payments for reasonable medical expenses, income replacement, caregiver expenses, rehabilitation expenses and other expenses resulting from an auto accident.
There are important changes to this part of the Ontario Auto Insurance Policy. Click here for more details and talk to your broker about your coverages.
Direct Compensation Property Damage(DCPD)
Uninsured Automobile Coverage (UA)
Covers your automobile for damage resulting from upset or collision with the ground or other object.
Covers your automobile for damage caused by perils other than collision, such as fire, theft and vandalism.
There are important changes to this part of the Ontario Auto Insurance Policy. Click here for more details and talk to your broker about your coverages.
Loss of Use (OPCF20)
Provides a specified limit for a rental vehicle while your vehicle is not in use as a result of a collision or comprehensive claim.
Increased Accident Benefits
Standard policy limits may not adequately protect you and your family. Aaxel Insurance Professional can help you determine if increasing limits are right for you.
Non-Owned Automobile Extension (OPCF 27)
Covers for physical damage to a rental vehicle for you and other insureds.
Accident Protection Waiver (OPCF39)
Protects your driving record and policy rating in case you are involved in an at-fault auto accident.
Removal of Depreciation Coverage ( OPCF 43)
If you bought a new vehicle with " Zero" mileage and it is not a demo vehicle, OPCF 43 protects you against depreciation in case of a total loss within 2 years. Some companies offer coverage up to 4 years as well.
Lienholder Protection (OPCF23A)
If your vehicle is financed OPCF23A is added to your policy to protect the interests of the lender.
Lessor Protection (OPCF 5)
If your vehicle is leased OPCF 5 is added to your policy to protect the interests of the lessor.
User Based Insurance:
What is Usage-Based Insurance and How Will It Save Me Money?
Telematics are changing traditional auto insurance polices.
Haven’t heard about how you can save on your auto insurance with telematics? Don’t worry; you’re not the only one. Telematics, or usage-based insurance (UBI), involves plugging wireless device into your car to gauge your driving habits. Connecting your my Driving Discount device is as easy as finding your On Board Diagnostics (OBD) port, which is usually under the dashboard, close to the steering column, at about the level of your feet.
By participating in the my Driving Discount program offered by Intact, you will be monitored for the following:
For more information about that my Driving Discount, please call our office at 1-866-358-2860
We are very confident that Aaxel Insurance is the right choice for your Auto Insurance needs please feel free to contact our licensed Auto insurance brokers at 1-866-358-2860 or Contact us.
Aaxel Insurance Brokers Ltd.
1550 South Gateway Road Suite 220
Mississauga, ON, L4W5G6
A proposal to prohibit right turns on red lights at some Toronto intersections and to ask the Ontario government to approve “automated speed enforcement” or photo radar, is scheduled for debate next Monday at a Toronto city council committee meeting.
A staff report dated June 10 recommends that City Council authorize the city’s general manager of transportation services, Stephen Buckley, to ask the Ontario Ministry of Transportation “to allow the City of Toronto to implement a mobile automated speed enforcement pilot project in school zones and construction zones.”
Customer satisfaction with auto insurance in Canada has increased for the first time in five years, according to the J.D. Power 2016 Canadian Auto Insurance Satisfaction Study, released earlier this week.
For more information CLICK LINK BELOW
Water damage losses can be very serious and as much serious as fire losses. Frequency of water damage losses is much more than that of fire losses. Insurers are much more concerned about water damage losses than fire losses due to aging municipal infrastructure. At the same time insurers are coming up with various solutions to cover the losses that were not usually covered in the past. Click the link below to know more about water damage losses and tips.
Click Here to learn more
An automobile crash involving hydro power lines can result in severe injury or death. Watch the video to understand how it differs from an ordinary motor vehicle accident.
Click here to watch the video
Insurance lawyer explains how Ontario court ruling affects vehicle owners who 'hand out their car like candy'
Insurance adjusters cannot always rely on legal precedents, now that the Court of Appeal for Ontario has overturned a previous decision by the same court, over the issue of a vehicle owner's vicarious liability for negligent operation of their vehicle, a lawyer suggested to claims professionals Wednesday.
Brampton Auto Insurance, Mississauga Insurance Brokers, Brampton Insurance Brokers
There’s an old saying that says, in life, nothing’s sure but death and taxes. Well, in Canada, there’s one other certainty to add to the list: winter’s coming, whether you’re ready or not.
That means driving in snow, sleet, hail, freezing rain and slush. Being extra careful and choosing travel times wisely are part of the equation. The other part is winter tires. In fact, it takes all three to add up to safe winter driving.
Many drivers think that winter tires are only for the country where the roads are snowy. The truth is that city drivers need winter tires too, even if urban roads are regularly cleared.
7 reasons winter tires make safety sense:
Not all winter tires have snowflake and mountain symbols, but the tires that do provide the best possible protection.
Did you say discount?
Most insurance companies offer discounts that vary from 3% to 10% on private passenger automobiles (not recreational vehicles) with 4 winter tires installed before December 1 and used until March 30.
For more info contact us
Aaxel Insurance Brokers Ltd.
Here is the holiday schedule for upcoming holidays
December 24th – Open 9AM – 12 PM
December 25th– CLOSED
December 28th– CLOSED
December 31st – Open 9 AM – 12 PM
January 1st - CLOSED
Cyber attacks on automobiles will increase sharply in 2016 due to the rapid increase in connected automobile hardware built without foundational security principles, suggests the McAfee Labs 2016 Threats Predictions report released earlier this week.
for more info CONTINUE READING
Supreme Court of Canada rules in favour of roadside suspensions for drivers failing breathalyzer tests in B.C.
British Columbia has the power under Canada's constitution, to impose roadside prohibitions on drivers who fail breathalyzer tests, the Supreme Court of Canada has ruled.
The Supreme Court of Canada ruled in favour of the British Columbia Motor Vehicle act provisions for roadside suspensions for impaired driversCanada's highest court announced Friday it dismissed an appeal, on constitutional grounds, of four motorists who had been subject to roadside driving prohibitions in B.C. The court did find that part of the administrative roadside prohibition (ARP) scheme — in place from 2010 through 2012 — violated motorists’ rights to be protected against unreasonable search and seizure. For more info click here .
Distracted driving penalties increase under new Ontario law-Maximum $1K fine and three demerit points for drivers who text, email or talk on handheld phone
Ontario has passed new legislation to increase penalties for drivers who text or use a handheld phone, impose a one-metre distance rule between vehicles and bicycles, and hike fines for "dooring" a cyclist.
Fines for distracted drivers will increase from the old range of $60 to $500 to between $300 to $1,000 plus three demerit points.
Using handheld electronic devices while driving has been outlawed in Ontario since 2009, except for 911 emergency calls.
Click the link below to read more.
The Canadian Radio-television and Telecommunications Commission (CRTC) has issued its first notice of violation under Canada’s Anti-Spam Law (CASL), the CRTC announced on Thursday. For More info click the link below
Cold temperatures can reach areas of your facility that you cannot see or seldom visit, such as:
>Enclosed spaces (e.g., attics, lofts, roof spaces)
>Isolated storage areas
Cold weather preparedness is important to help reduce potential business interruptions and related losses resulting from cold temperatures.
Domestic Water Piping
In severe cold, water pipes have the potential to freeze and break. If safe to do so, make sure pipes that are located in isolated and/or poorly heated spaces are shut off and drained or protected with a supplemental heating source.
Protect your Fire Protection Sprinklers
Fire protection sprinkler systems are dependent on the ability of water to flow freely when needed. Ensure that wet piping systems, which may be subject to cold temperatures, are sufficiently heated to prevent freezing.
Severe cold weather can also delay the response time of the local fire department; therefore, it is imperative to properly maintain your fire protection systems.
Lastly, if heating is lost in a building protected by wet sprinklers, it should be restored immediately.Only after exhausting all options to re-establish sufficient heat, sprinkler systems should be shut off and completely drained. If this is necessary, be sure to take appropriate precautions, including notifying local fire officials and Travelers by using the Travelers impairment notification program “Fire Protection Impairments – Are You Prepared?”
Some prevention strategies to consider:
>Properly insulate and/or provide approved heat tracing for water-filled pipes located in exterior walls or unheated spaces. Drain any piping that is not required during the winter months, if possible.
> Maintain a minimum temperature of 40° F (4.4° C) in building areas with processes susceptible to freezing, wet-pipe sprinkler systems, fire pump houses and dry-pipe valve enclosures.
>Ensure that anti-freeze sprinkler systems have sufficient concentration (appropriate specific gravity readings) of antifreeze to withstand freezing weather.
>Inspect dry systems to help ensure air settings are correct, air maintenance systems are in good operating condition, and any pipe closets are well insulated. If any heat tape or heating systems are being used, ensure that they are UL-listed for this specific purpose and are in good operating condition. Dry-pipe sprinkler systems low points and auxiliary drains should be opened and drained of any water or condensation.
>Any branch lines on wet sprinkler systems exposed or subject to extreme cold weather should be insulated and heat traced. Electric heat tracing should be UL-listed for this specific purpose.
>Fire pump test headers should be checked to ensure they have been properly drained.
>Fire pump and dry-pipe sprinkler system equipment rooms should be checked routinely to ensure the heaters are in good operating condition.
>The use of low temperature supervision can help to ensure rooms are being properly heated.
- Check heating systems ahead for proper operation and service as needed.
- Have a plan to know how to respond to a lengthy power failure and loss of heat.
- Have a plan ready for keeping drains clear and removing excessive snow loads from the roof.
- Line up appropriate licensed sprinkler contractors, plumbing contractors and electricians, in the event of need.
When a power failure disrupts the delivery of heat for several hours to several days and the temperature in the building falls below.
- Shut off and completely drain all fire sprinkler systems.
- Notify the local fire department and alarm company that you have shut off your fire sprinkler system(s).
- Drain fire sprinklers installed on suspended ceiling areas especially over valuable items and equipment.
- Turn off automatic diesel fire pumps and start manually to conserve fuel.
- Shut down hazardous operations, such as welding and torch cutting, while sprinklers are off.
- Provide a constant fire watch of trained personnel for all areas while the sprinklers are off.
- Shut off and completely drain the domestic water and heating piping systems.
- Operate portable heating systems in accordance with safe use and manufacturer instructions.
- Follow manufacturers instructions in operating emergency generators, installed by licensed electricians.
- Clear all roof drains, gutters and scuppers. - Clear snow and ice from roof (if done safely) if there is a roof/building collapse potential.
- After the event is over and the power restored:
- Inspect and repair all fire sprinkler, domestic water and heating system piping before restoring them to service.
- Keep around the clock surveillance even after restoring for additional damage as piping begins to thaw.
- Do not use open flames, lamps or other high temperature devices to thaw frozen pipes.
- Restore all fire sprinkler, domestic water and heating system piping to service.
- Notify the fire department and the alarm company that the systems are back in service.
- Maintain the weather watch. Watch for rainstorms which can cause pooling and collapse.
- Take measures to ensure all roof drainage is in service. - Watch for post storm drifting on roofs and remove the extra weight, if this can be done safely.
- Clear fire lanes, fire hydrants, fire sprinkler valves, process valves, gas shutoffs, etc. of snow accumulations.
- Resume normal safe operations.
Advisors@Aaxel Insurance Brokers Ltd.
An Ontario government bill proposing to raise distracted driving fines to a range of $300 to $1,000 - and to change the rules for rebranding damaged vehicles as either salvageable or irreparable - has been referred to committee.
Bill 31, the Transportation Statute Law Amendment Act (Making Ontario's Roads Safer), was referred Tuesday to the Ontario legislature¹s Standing Committee on General Government.
Click the link below for more info
How to protect your family if you die...what everyone must know about life insurance
What you'll discover in this report:
• How to make sure your family is really protected!
• Cut through the confusing "insurance jargon" and know what a life insurance policy really says!
• The different kinds of life insurance policies...what they're good for, when to use which one
• Why smart consumers use life insurance...and the mistakes that other people make too often
• ...and much more!
How to protect your family if you die...
Life insurance is a simple concept -- you buy a policy that pays to your beneficiary or beneficiaries when you die -- but the decisions of what kind life insurance to purchase, how much of a death benefit and how much you pay are extremely complex.
You want to make sure your life insurer will be around for the long haul. How do you do this? You can consult one of Erb and Erb's seasoned insurance professionals, which is probably your best bet, or you can look at how various independent organizations "rate" the life insurers you are considering. Ratings are like school grades, A+, A, A-, B+, etc. In general, it's wise to stick with companies that are rated A or better by most rating organizations.
Many Purposes for Life Insurance
Life insurance is far more than just a decision of how much to buy. Depending on your financial situation, life insurance can be used for a variety of purposes, such as:
• Estate planning
• Accumulating cash
• Transferring wealth
• Achieving estate tax liquidity.
Life insurance is like auto insurance in that you can buy a lot of it or not very much of it. Life insurance differs from auto insurance in that, depending on the type of policy you buy, you can pay a lot or a little for basically the same death benefit. Keep in mind, though, that the younger and healthier you are, the less you will pay for coverage. Life insurers like to have their policyholders around for a long, long time.
How much life insurance do you need?
It depends. One common benchmark says your death benefit should be about six to eight times your annual earnings, but there are a variety of factors to consider:
• Other income sources.
• The size of your family.
• Whether your spouse works and his or her earning capacity now and in the future.
• The number of people who are financially dependent on you and for how long.
• The death benefits your family will receive from Social Security and any life insurance plan through your employer.
• And any special needs such as mortgages, college education funds and estate planning.
Make Sure Death Benefit Is Adequate
What kind of life insurance should you buy? That also depends. But keep this very important principle in mind:
Whatever type of policy you buy, make sure it provides enough of a death benefit to meet your family's needs if you aren't there. When you consider buying life insurance, calculate what your family must have in terms of a death benefit. Don't lose sight of this number.
What kinds of life insurance policies are there? There are several, but keep in mind that the terms and costs of the policies vary widely among insurers.
There are two basic types:
1. Term Life, which is good for only a certain period of time, and,
2.Whole Life, which is "permanent" insurance. It can also include a build-up of value in cash in addition to your death benefit. You can borrow against your cash value. You can even take out some of that cash value, but your death benefit will be reduced.
What exactly is "cash value?" It's the part of a whole life insurance policy not needed for so-called "mortality expenses." The greater your risk of dying, for whatever reason, in the near term, the greater your mortality expense to your insurer.
When young, healthy people buy life insurance, they have a very low mortality cost to their insurer (which is why life insurers are so willing to provide coverage to the young and healthy).
What You Need to Know about Term Life Insurance...
Term life policies provide coverage for specific periods of time, sometimes as little as one year. While you usually can renew term life policies for one or more terms even if your health has changed, there's potentially a big risk here if you get sick during the term.
Here are a couple of term life policy options:
1. Yearly Renewable Term Life -- This is coverage for a longer term, five, 10 or 20 years. The longer term also means that the costs to cover you are spread out so that you will avoid the potential for huge annual premium increases.
2. Convertible Term Life -- This is yearly renewable with the option to convert to a permanent policy in the future. The coverage, which often has the lowest cost and highest death benefit options of term insurance, can be a good choice for younger people who can't afford permanent coverage but who need a large death benefit and the option to convert to a permanent policy down the road.
What you need to know about Whole Life Insurance...
Cash-value life policies have premiums that are higher at the beginning than they would be for the same amount of term insurance.
The part of the premium not used to cover the yearly cost for mortality and other expenses is invested by the company and builds up a cash value that you may use in a variety of ways. Here are some specific examples of cash-value life insurance:
• Whole (or Ordinary) Life -- Like other cash-value policies, this is permanent coverage. The cost is literally stretched out over your entire life, or what the insurance company expects your entire life period to be. Life insurers have tables that tell them how long, on average, someone of your age and physical health will live.
Say you want $500,000 in coverage. The insurance company's rates are based on how much they need to charge you in order to allow the company to recoup the eventual death benefit while you are alive. The premium and the death benefit don't change much in whole life policies. You pay so much a month for a given death benefit. However, dividends to policyholders can increase the coverage or decrease the premium.
• Universal Life -- This is the flexible life insurance. You can change your premium and your death benefit at any time, although a substantial increase in the coverage usually requires you to prove you are still in good health.
• Variable Life -- This is a hybrid whole/universal coverage in which the death benefit is dependent on the investment performance of the insurance company's assets. And you get to choose the investment vehicle -- money market fund, bond fund or stock fund -- for your premium.
If your investments do well, your policy's cash value and death benefit will increase. If not, they'll go down, but most variable life policies won't let your death benefit drop below a certain level. However, it's possible a company will charge you for a guaranteed death benefit.
Which type of policy is best for you?
In general, if you have significant assets, it's better (and less risky) to have some sort of cash-value policy. But which one? It's more important to buy the coverage from an insurer that has the best chance of performing well in the future; an insurer that has low actual expenses and mortality costs. Such an insurer will be able to offer better terms, including higher death benefits, higher cash value and lower premiums.
For More Information Contact
Aaxel insurance Brokers Ltd.
905-362-8080 xxx 500
The Canadian dollar is again back below 80 cents Friday, with a report showing Canada's contribution to the worldwide oil glut.
The loonie was trading at 79.83 US cents at 11.30 a.m., down about a fifth of a cent from yesterday.
The Canadian Energy Research Institute reported today that Canadian oil output would grow by 3.5 per cent this year, despite lower oil prices.
Aviva Canada reports that one of its policyholders in Quebec is scheduled to appear in court today on criminal charges that allege he set fire to his house with the intent to defraud.
Aviva Canada announced Thursday that this May, it will offer Ontario and Alberta homeowners an overland water endorsement - coverage which has generally not been available to Canadian homeowners - insuring losses arising from the accumulation or run off of surface waters.
Aaxel Insurance Brokers Ltd.
The City of Toronto's Subcommittee on Climate Change Mitigation and Adaptation plans to hold its inaugural meeting March 2 and the public is invited to make recommendations on its terms of reference, the city recently announced.
That subcommittee was established by the City of Toronto's parks and environment committee.
New research from KANETIX.ca shows the majority of Ontario cities with the most expensive car insurance premiums are in the Greater Toronto Area (GTA), with Brampton topping the list. Ontario has the highest auto insurance rates in the country, notes a statement Tuesday from KANETIX.ca, Canada's first online insurance marketplace that currently provides a million-plus quotes annually to consumers looking for insurance and comparisons for mortgage rates and credit cards.