universal life

Use Marijuana? Game Changing Update

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In the world of insurance, Sun Life has made a monumental, game changing announcement in regards to marijuana usage and is the first insurer to do so:

“Clients who use marijuana will no longer be charged smoker rates, unless they also use tobacco.”

Time and time, again, clients who recreationally use pot have insisted they are not smokers; or at least not smokers in the traditional sense. However, in the eyes of all insurance companies, they were still considered a smoker. Smoked a hundred joints a year? Smoker. Five joints a year? Smoker. One joint a year? Smoker. Consumed marijuana in various forms of baking? Yep, you guessed it, smoker. As a smoker, the premiums you pay are 30-50% higher than those who are considered non-smokers.

What’s led to the change in decision? Given the latest medical and health research studies and impact of marijuana use, Sun Life has decided to update their guidelines, accordingly. It’s highly possible that the other major insurance company’s will follow Sun Life’s lead. Given the new Federal Government’s plans to legalize marijuana, it will be interesting to see what other insurance changes transpire moving forward.

Have an existing Sun Life policy that you pay smoker rates on due to marijuana use? You can apply to have the smoker status removed, provided you do not consume tobacco products and are in good health/ there has been no negative change in health.

Have questions? Contact me anytime.

Make it a great day!

Ryan Schade
204-292-6585
ryan@rlsinsurance.ca

The New Year – Why It’s An Excellent Time To Review Your Insurance

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Hi everyone, hope your 2016 is off to an excellent start! The New Year is welcomed by many as a clean slate; a chance to start fresh. It’s an opportunity to get things in order, beit their finances, commitment to health, or other worthwhile goals. The beginning of the year is also the perfect time to review your existing insurance plan with your advisor.

How often should it be reviewed?

Ideally, your insurance plan should be reviewed every 1-2 years, or any time there’s a major life event, to ensure it’s still relevant. Many can inadvertently leave themselves, their families, or their businesses exposed because insurance that was purchased to meet their needs 2, 5, 10 years ago may not be relevant, or adequate, today. Remember, insurance is not a ‘set it and forget it’ plan. Rather, it is designed to be tailored to you as you go through life, and adjusted only if need be.

Several reasons why a review of your insurance plan makes sense – Do any apply to you?

  • Purchase of a new home, cottage, rental property, other property
  • Marriage, or divorce
  • Birth of a child, or grandchild
  • Change in career, or change in income
  • Major health event, or passing of a loved one
  • Start of a business, or purchase of an existing business
  • Have mortgage insurance

Please be sure you meet with your advisor to ensure your plan is up to date. Wishing you all the absolute best in the New Year!

Have questions? Feel free to contact me today. Always here to help.

Ryan Schade
RLS Insurance Solutions
204-292-6585
ryan@RLSInsurance.ca

Here’s Why You Need Critical Illness Insurance (But Maybe Your Parents or Grandparents Didn’t)

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One thing that makes critical illness insurance unique is that it was not created by an insurance company, but by a world-famous heart surgeon, Dr. Marius Barnard. He was part of the team, headed by his brother, Christian Barnard, that successfully performed the first human heart transplant.

Dr. Barnard was practicing medicine in South Africa, and saw that, with the changes taking place in medicine, when a critical illness struck he was able to heal his patient physically, but the financial stress that accompanied cancer, heart attack and stroke was killing his patients.

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