The roots of Insurance can be traced back to Babylonia, where traders were encouraged to assume the risk of caravan trade through loans that were repaid (with interest) only after the goods had arrived safely. The practice was given legal standing in the code of Hammurabi (2100 BC). The Phoenicians applied a similar system to their Mediterranean trade. The Romans used burial clubs as a form of life insurance providing funeral expenses for members and later payments to the survivors.
"Show me a man who does not believe in Life Insurance. Let him die once without any. That will change his mind." - Will Rogers
So you have to apply for this product. Out comes a large looking form. What should you know? A company has to determine if you are a client that they will accept. As part of the process, we ask questions about you and your health.
Often a “paramedical exam” is required by the company. The more the risk, age, and amount, the more diligence is required by the underwriter.
What happens in a paramedical exam? A nurse will contact you to schedule an appointment. This is at your convenience: home or office, morning or afternoon. This exam will usually include:
- Blood pressure check
- Height and weight (nurse brings a portable scale)
- If a blood profile is required: 2 to 3 vials of blood and a urine specimen are taken
Don’t engage in strenuous exercise prior to the test (this can elevate heart rate). Drink a glass or two of water 30 minutes before the test.
The specimens are sent to a special lab which does only these tests for insurance companies. From your blood and urine specimens, they will check for liver function, kidney profile, cholesterol, nicotine (yes, even one cigarette will show up), cocaine use, and other drugs.
If you use herbal products, note that on your application. Some things, such as betel nuts, can trigger a negative result. It may be best to discontinue their use 6 to 7 days prior to the test. The results are then sent directly to the insurance company. No records are kept by the lab.
Insurance: the magic of averages to the rescue of millions. - Winston Churchill
Canadian Life Insurance company mergers and changes of ownership
If you have a policy but are not sure who now manages it, this may help:
Abbey Life: now part of AIG Life Insurance Company of Canada.
Aetna Life: merged with Maritime Life and is now Manulife.
Aeterna Life: taken over by Desjardins Group.
Canada Life: bought by Great West Life in 2003.
Crown Life: bought by Canada Life: now part of Great West Life.
CNA Life: bought by Canada Life: now part of Great West Life.
Colonia Life: taken over by Empire Life.
Confederation Life: individual life insurance contracts and segregated funds bought by Maritime Life: now part of Manulife.
Commercial Union Life: bought by Manulife Financial
Counsel Life: bought by Co-operators Life.
The Credit Life: changed to Union Fidelity Life.
Financial Life: bought by Aetna Life, then Maritime Life, then Manulife.
Gerling Global Life: bought by Maritime Life, then by Manulife.
Glacier National Life: bought by The Bank of Nova Scotia.
Holland Life Insurance Society Ltd: book of business was assumed by Manulife.
Imperial Life: taken over by Desjardins.
Laurentian Life: now part of Desjardins.
Laurier Life: now part of Desjardins.
Liberty Health: now part of Manulife.
London Life: bought by Great West Life but still operates as London Life and markets under the name of Freedom 55 Financial.
Maritime Life was bought by Manulife Financial in 2004.
Mony Life: now part of Transamerica Life.
Monarch Life: now part of Manulife.
Metropolitan Life of Canada: bought by Mutual Life which has since changed its name to Clarica. Mutual Life changed its name to Clarica.
Mutual of Omaha: purchased by RBC Life. (Royal Bank)
New York Life: absorbed by Canada Life.
NN Life: bought by Transamerica Life.
Norwich Union: bought by AIG Life Insurance Company of Canada.
Paul Revere Life: Now part of RBC Insurance. (Royal Bank)
Prudential Life Insurance Company of England: bought by Mutual Life which has since changed its name to Clarica.
Royal & SunAlliance: was purchased by Maritime Life; now part of Manulife.
Seaboard Life: now known as Industrial Alliance Pacific Life Insurance Company, still on West Broadway, Vancouver, BC.
Sovereign Life's individual life insurance book of business: assumed by Standard Life.
Sun Alliance: bought by Maritime Life, then by Manulife.
Unum Provident Canada: bought by RBC Life in 2004.
Westbury Life and Canadian General Life: combined became part of RBC Life.
The Federal Civil Service Mutual Benefit Society: taken over by Sun Life.
Toronto Mutual Life: changed its name to Unity Life.
Transamerica Life: was bought by Aegon but continued under the Transamerica Life name.
U.N.A. Life was absorbed by Maritime Life; now part of Manulife.
If you have questions about your policy and do not have an agent servicing the contract, call us. We can likely answer your questions. You may be able to:
• Convert it
• Stop paying and still retain the protection
• Rewrite it on more favourable terms
• Consolidate several policies into one
“The frequency or probability of loss is irrelevant. It must be measured with the magnitude of the outcome”
Read Real Stories
What People are Saying:
"Best financial decision I ever made!”
“You can only trust a company with knowledge, and InsuranceForMe is the best!”
- John Smith