Stick with AIG, Life Insurance Expert Says
Toronto, Canada, September 19, 2008 --(PR.com)-- Canadians should not hastily replace their existing AIG Life of Canada life insurance policies, independent life insurance broker Lorne S. Marr said today.
"This company has not been affected by the U.S. credit crisis, and you could loose thousands of dollars on surrender charges if you act heedlessly," Mr. Marr says.
President of LSM Insurance Services Ltd. (www.lsminsurance.ca) and Certified Financial Planner Lorne S. Marr added that AIG Life of Canada is a separate legal entity with solid financial footing. He also gave five additional reasons why clients of AIG Life of Canada should keep their life insurance plans.
"New coverage will be based on your new age and your current health status. It will also be subject to a new incontestability and suicide provisions," Mr. Marr points out. "Canceling your existing AIG life insurance policy may trigger a taxable gain, many older AIG policies have valuable tax benefits".
He points out that certain AIG policies carry surrender charges for canceling the plan. "These penalties can be in the thousands on certain Universal Life policies," Lorne S. Marr says. Another reason why AIG policyholders should not be concerned is that AIG is Member Company of Assuris, a not for profit organization that protects Canadian policyholders in the event that their life insurance company should fail. "Assuris covers 100% of the death benefit on policies $200,000 or less. On policies over $200,000 they cover the greater of 85% of the original face amount or $200,000" observes Mr. Marr.
Lorne S. Marr adds that those who choose to replace their existing AIG policy have to make sure the new agent or broker completes a life insurance disclosure form. "This form is required by law and gives you a snapshot comparison of the your new proposed coverage and your existing plan. You have 20 days from the time you receive a copy of the disclosure form to withdraw the new application and receive a full refund of any premiums paid," Mr. Marr concludes.
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If you'd like more information about this topic, or to schedule an interview with Lorne S. Marr, please call LSM Insurance at 905.248.4849 or e-mail Lorne at info@lsminsurance.ca
Lorne S. Marr Insurance Services Ltd. is a full service insurance broker offering life insurance and health insurance within Ontario from Canada's top insurers in custom-tailored plans.
"This company has not been affected by the U.S. credit crisis, and you could loose thousands of dollars on surrender charges if you act heedlessly," Mr. Marr says.
President of LSM Insurance Services Ltd. (www.lsminsurance.ca) and Certified Financial Planner Lorne S. Marr added that AIG Life of Canada is a separate legal entity with solid financial footing. He also gave five additional reasons why clients of AIG Life of Canada should keep their life insurance plans.
"New coverage will be based on your new age and your current health status. It will also be subject to a new incontestability and suicide provisions," Mr. Marr points out. "Canceling your existing AIG life insurance policy may trigger a taxable gain, many older AIG policies have valuable tax benefits".
He points out that certain AIG policies carry surrender charges for canceling the plan. "These penalties can be in the thousands on certain Universal Life policies," Lorne S. Marr says. Another reason why AIG policyholders should not be concerned is that AIG is Member Company of Assuris, a not for profit organization that protects Canadian policyholders in the event that their life insurance company should fail. "Assuris covers 100% of the death benefit on policies $200,000 or less. On policies over $200,000 they cover the greater of 85% of the original face amount or $200,000" observes Mr. Marr.
Lorne S. Marr adds that those who choose to replace their existing AIG policy have to make sure the new agent or broker completes a life insurance disclosure form. "This form is required by law and gives you a snapshot comparison of the your new proposed coverage and your existing plan. You have 20 days from the time you receive a copy of the disclosure form to withdraw the new application and receive a full refund of any premiums paid," Mr. Marr concludes.
###
If you'd like more information about this topic, or to schedule an interview with Lorne S. Marr, please call LSM Insurance at 905.248.4849 or e-mail Lorne at info@lsminsurance.ca
Lorne S. Marr Insurance Services Ltd. is a full service insurance broker offering life insurance and health insurance within Ontario from Canada's top insurers in custom-tailored plans.
Contact
Lorne S. Marr Insurance Services Limited
Laszlo Juhasz
905.248.4849
lsminsurance.ca
Laszlo Juhasz
905.248.4849
lsminsurance.ca
Contact
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