Canada Life participating policyholder 2009 Canadian dividend scale announcement

Canada Life participating life insurance offers consumers important advantages and choice as part of a sound financial security plan. The company committed to maintaining choice and flexibility for clients and advisors.

While some companies have exited the participating life insurance market, Canada Life promises to continue to be a leader in this area. They believe in participating life insurance and know the value it has delivered to policyowners. Canada Life is part of an organization that is the leading provider of participating life insurance in Canada. In 2007, the organization's collective participating life insurance sales grew by 15 per cent, surpassing $100 million in premium. Their extensive portfolio of life insurance products gives advisors choice in how best to serve their clients' financial security needs.

Participating life insurance policies are eligible for a periodic policyholder dividend. A review has been completed of the Canada Life participating account experience. Regarding the company statement, the 2008 dividend scale for Canada Life individual life insurance participating policies will continue to apply in 2009.

• Participating policyholder dividends are estimated to be $168 million in 2009.
• The interest rate for dividends on deposit will remain at 2.75 per cent or if greater, the minimum guaranteed interest rate in the contract.
• The policy loan interest rate will remain at 7.5 per cent, or if lower, the guaranteed interest rate in the contract.

Fidelity to transition its Canadian group retirement and savings plan record-keeping business to Great-West Life

Agreement represents $2.2 billion in assets

Great-West Life today announced that it has entered into an agreement with Fidelity Investments Canada ULC (Fidelity) whereby Fidelity will transition its Canadian group retirement and savings plan record-keeping business to Great-West Life, representing $2.2 billion in assets under administration. A link to the news release sent out earlier today is below.
The agreement includes approximately 100 plan sponsors, 470 group retirement plans and 95,000 members, and is effective immediately.

Great-West Life is very pleased to have been selected by Fidelity as the service provider for its Canadian clients. This transaction further solidifies Great-West Life’s position as a market leader in group retirement and savings plan administration, providing record-keeping services for 30 per cent of the capital accumulation plans in Canada.

Fidelity chose Great-West Life based on its commitment to client service, reputation for quality, and wide range of options for group retirement plan sponsors and plan members.
Over the months ahead Bill Kyle, Senior Vice-President, Group Retirement Services and his team will focus on ensuring a smooth transition for the plans currently served by Fidelity, and continuing to provide high quality service for Great-West Life’s existing group retirement plan sponsors and plan members.

A dedicated project team has been assigned to work on the transition of this business. As well, we anticipate some Fidelity administration and service staff will join our organization and continue their involvement with these clients to maintain continuity of service.

Group Retirement Services has significant expertise in managing large transactions, including the transfer of over 7,300 plans, 860,000 members and over $14 billion in assets to Great-West Life. This experience will help ensure a smooth transition for these clients.
Here is a link to the news release: http://www.greatwestlifeco.com/english/news/lifeco_10_22_2008.pdf
Some questions and answers follow.
How significant is this?
This transaction further solidifies Great-West Life’s position as a market leader in group retirement and savings plan administration, providing record-keeping services for 30 per cent of the capital accumulation plans in Canada.

How much will this increase our group retirement and savings business?
Prior to this agreement, our presence in the Canadian capital accumulation market represented nearly 17,000 plans and more than 1.1 million members. The Fidelity business to be transitioned to Great-West Life represents approximately $2.2 billion in assets under administration, and includes approximately 100 plan sponsors, 470 group retirement plans and 95,000 members.
This business represents growth of approximately 10 per cent for our capital accumulation plans.

How much did Great-West Life pay for this business?
The purchase price was not disclosed.

When do you expect the transition of this business to be complete?
We anticipate completing the transition by June 30, 2009.

Will Fidelity clients automatically transition to Great-West Life?
Great-West Life has been chosen by Fidelity as the service provider for this business and we will be working to ensure a smooth transition for these clients.

How many Fidelity staff will be joining our organization and where?
We anticipate adding staff from Fidelity – client relationship managers, customer service specialists and investment and retirement specialist positions -- however the number of positions has not yet been determined. Most of these positions would be located in our offices in Toronto.
Other Fidelity staff who work for the group retirement record keeping business will have the opportunity to apply for positions at Great-West Life and affiliated organizations as these positions become available.

Why did Great-West Life enter this agreement now?
We are always looking for opportunities to grow our business. This agreement is the result of ongoing discussions that have taken place over the past few months.

Has Great-West Life been affected by the continuing turmoil in financial markets?
Over a long period of time, our companies have maintained prudent and conservative investment policies and practices with respect to the management of their consolidated assets. Our balance sheets continue to be very strong, and we are well capitalized.

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Insurance Claims Secrets - The INSIDE STORY

Insurance claims can be a first class PITA!

With that in mind, this little bit of INSIDE INFORMATION is offered.

EVERY CLAIM HAS:

1. An Adjuster (human type)
   
2. A File (either electronic or paper or both)
3. A Supervisor (also the human type)

The claim process looks like this (considering the three above items)

1. The Adjuster mediates and calculates the value of the claim. (Why? Because that's what he's paid to do)
   
2. The Adjuster documents The File. (Why? Because The Supervisor is going to check that file)
3. The Supervisor reviews the file. (Why? Because once a year, the state insurance commission will audit the insurance company and randomly review claim files to be sure that the money paid out was justified, documented and in accordance with state insurance law. When there's an issue, the insurance company is fined -- HEAVILY! )

Here is the extremely valuable information ! When you're negotiating with the insurance company to settle your claim, remember while making you happy is important to them, passing the eventual audit is more important. A badly documented or poorly calculated claim can cost the insurance company -- MANY MORE DOLLARS than giving you a couple hundred extra for your bent fender.

Generally, the adjuster does not personally care how much they pay to settle the claim. Let me say that again.

Generally, the adjuster does not personally care how much they pay to settle the claim.

I say generally because you will occasionally run into that young buck, fresh out of 'ADJUSTER SCHOOL" who wants to save the world and treats the insurance company money like his own. THAT'S a discussion for another day. They're paid employees with families, bills, problems, vacation plans, and a host of other issues just like you and I face everyday.

The claim adjuster doesn't really care what he pays to settle the claim.
The claim adjuster wants to get the file closed as much as you do.

As long as he can document the amount paid, he'll write the check now and be done with it.

THEREFORE......

Whatever assistance you can offer to document a better value for your claim, the faster you'll get paid.

1. When you think your car is worth more than they're offering, get some documentation that supports that additional value.
2. When your repair job exceeds the insurance company estimate, get a letter or itemized estimate explaining the difference.
3. When the replacement cost of your kitchen exceeds what the insurance company is willing to pay, get pictures of your old kitchen and an itemized bid from the contractor that clearly indicates that you're putting yourself back as you were -- No better, no worse.
4. When the 'facts of the accident' are not clear, get witness statements or police report clarification.

The more you're willing to work WITH the claim adjuster to properly document their file to justify higher payments, the more you'll get paid for your claim.

Contact me if I can help you in any way.

After all..... it's what I do.

It's a Good Life !

Dennis Volz Insurance Agency
10783 Jamacha Bl, Suite 1, Spring Valley, CA 91978
OFFICE: (619) 670-1000 - FAX: (619) 670-1121

eMail:mailto:Dennis@DennisVolz.com

Websites: Company Site: DennisVolzInsurance.com

Client Convenience Site: 6701000.com

My 'Other Blogs'
Working by Referral
Musings from California

Time To Buy Canadian Travel Insurance

As the summer season heats up, so are economic concerns for the travel industry. However, increased gas costs and airfare may not impact the travel industry as much as you think.

According to the Conference Board of Canada, there was a recent surge in Canadian auto travel to the US. In the survey, many travelers also indicated an intention to make longer versus frequent and shorter trips. When asked about their destinations this summer, travelers say they're choosing to spend their longest vacation traveling within Canada. Recent news also shows continued increases in gas sales, a strong indication that Canadians have not made significant lifestyle changes and will continue to drive this summer.


As you can see, traveling isn't just about flying. For me, summer road trips have always been about spending time with the family and sightseeing. Despite increases in gas costs, traveling by car is still more cost effective for families and is still a very popular and flexible way to travel. The open road also means no check-in times, flight connections, or luggage fees – which have been rising – allowing travelers to truly get back to the basics of rest and relaxation.


But before you hit the road, remember the importance of proper travel protection. Thousands of Canadians travel outside of their province or territory of residence each year but those who go without travel insurance do so at great risk to their health, finances and peace of mind. Additionally, did you know that Travel Underwriters also offers Rental Car Protection that covers everything from scratches and dents, to collision and theft of rented vehicles? No matter how safe a driver you may be, accidents can happen on and off the road.

Michael Arbetov, CFP, FMA
Insurance And Financial Advisor

Related articles and websourses
Travel Insurance: Minimize the Risks of Travel
Travel insurance for Canadians
Appropriate Canadian Travel and Visitor to Canada Insurance
Insurance Of Immigrants, Guests And Tourists In Canada
Buy Visitors to Canada Medical Insurance Online
Health Insurance For Visitors To Canada
Buy Online Medical Insurance For Visitors To Canada
Buy On-line Emergency Travel For Visitors To Canada
No Exam Life Insurance

Whose Insurance Does What during "DELAYED POSSESSION"?

Got this great question from Jennifer Allan, author of Sell With Soul today and thought the answer might be helpful.

Hey Dennis...

What's the deal when a home sells and closes, but there's a delayed possession - that is - the seller retains possession of the property for a few days past closing to move out?

If there's damage... which homeowners policy pays? The buyer's (who owns the property, but hasn't yet taken possession) or the seller's (who no longer owns the property)?

J

WOW! Great questions, Jennifer.

Homeowners insurance for the buyer goes into force to close escrow. After the closing, the BUYER owns and insures the house. Should there be damage to the home, it would fall on the BUYER'S insurance to cover the loss. The new owner would be responsible to pay the deductible. (there could be some stipulations in the RENT BACK AGREEMENT about that, but without some agreement to the contrary, that's how it would likely settle out.)

Loss to any contents of the SELLER (those items remaining while they move out) could be covered one of two ways.

1. Using the homeowners insurance for THEIR (the sellers) new home
2. Using Renters Insurance if they're moving to a rental

Most insurance companies offer at least 30 days of "EITHER PLACE" coverage. In other words, their stuff can be covered by their existing policy for up to 30 days in the old OR the new location. So if they're moving to another home, they will have homeowners insurance in place on that new home. If they're moving to a rental, they need to roll their old homeowners insurance over to RENTERS INSURANCE for the new residence at the close of escrow, In either case, the EITHER PLACE coverage still applies using the new insurance policies to cover their contents during moving.

If you have any questions, please call, write, email, signal flags, or smoke signals.... :)

p.s. My insurance company, which is available nationwide, offers additional location coverage without a time limit. In other words, your stuff is covered anywhere in the world -- PERIOD. Doesn't matter if you're moving, storing, vacationing, or stocking your Ski Chalet in Switzerland.

Point here being that not all insurance companies handle this situation exactly the same. Check with your local insurance professional to be sure.

It's a Good Life !

Dennis Volz Insurance Agency
10783 Jamacha Bl, Suite 1, Spring Valley, CA 91978
OFFICE: (619) 670-1000 - FAX: (619) 670-1121

eMail:mailto:Dennis@DennisVolz.com

Websites: Company Site: DennisVolzInsurance.com

Client Convenience Site: 6701000.com

My 'Other Blogs'
Working by Referral
Musings from California

I've had a FIRE! What do I do now?

Fire can be one of the most traumatic and devastating losses anyone can experience.

If you've had a fire and there were injuries or a death, my sincere condolences. If you've experienced just loss to property, please take a moment to be thankful that there we no injuries or death.

You're probably still in shock that this has happened to you and bewildered by the seemingly endless task ahead of you. This is going to be a ONE DAY AT A TIME process. If you can settle into that thinking, this will be much easier. Every day that you make progress toward rebuilding your life is a WIN. Ask yourself at the start of each day, "What does WIN THE DAY look like TODAY?" Make a VERY SHORT list of a few things that will get you to that WIN THE DAY feeling and be happy with that.

FIRST THINGS FIRST
If your loss is a severe one (a total loss or one where SUBSTANTIAL work is required to get you back into your home) then you need to first think about some long-term living arrangements.

This should be your first priority. You might be put up with friends or in a hotel at first and you may need to get some basic items like clothing, personal items (toothbrush, etc) but don't get involved with any other stuff until you're settled into where you're going to live.
Your insurance company should be very generous here. You can usually rent a place similar to yours at their expense. They won't pay you any extra though.

For example, if you were renting a house or apartment, you won't be required to pay rent while you're out of your home, so you'll just be paying rent someplace else. The insurance company might make up the difference if there's nothing available similar to yours. The goal is to keep your monthly expense about the same.

If you owned a house, you'll still be responsible for your mortgage so the insurance company should pick up the entire cost of renting another place.

Just rent some furniture for now and then SLOWLY, replace it with items you purchase along the way. You'll have plenty of time to shop for furniture once the contractor gets busy rebuilding your home.

OK. So now you have a "home base" from which to rebuild your life. Its important to have this so you can focus on gathering, replacing, purchasing the things, memories and items necessary for daily living.

DON'T BE TOO HASTY TO "HIRE" THE SERVICES of a 'PUBLIC ADJUSTER'. This is someone who will show up EARLY. (like while the fire department is putting the hoses back on their truck) They will tell you that they will do all the negotiating with the "big bad" insurance company for you for a small fee. SAY NO FOR NOW.... (you can always go to them later and their "small fee" is THOUSANDS of dollars....) You're better of without them.

Your claim adjuster is going to be your new best friend. That's an important mind-set to adopt. Look to him as a source of information, encouragement and ideas to get the most out of your insurance policy. The company I'm with (and most companies) will look for ways to BE ABLE TO PAY YOU rather than looking for ways to get out of paying you. Remember, losses are calculated into what they charge and a good claim experience and positive results serve them much better than saving a couple thousand dollars by nickel and diming you to death.

GET ORGANIZED
TAKE NOTES. You should pick up a 3-ring binder w/ some paper. You might want to get some tabbed pages to keep track of THINGS TO DO, NOTES ON CALLS, CONTACT INFORMATION, etc. Remember think MARATHON not SPRINT. You're going to need a central location (the notebook and maybe a small file box) to keep track of your information.

They're going to start by giving you an overview of the entire process. There will be a contractor to find, plans to draw up, lists to create, receipts to keep, and plans to make. Take good notes and remember to keep thinking 'just one day at a time.'
KEEP YOUR PERSPECTIVE AND HAVE FUN! Yeah, I know that sounds a little off. But this is such a once-in-a-lifetime opportunity. You get to start all over. Fresh! New!

Make a decision to enjoy this process -- This curve ball that life has thrown your way. If you're married you can play 'newlyweds' all over again. If you're single you can make a substantial change in your lifestyle, your look, anything you want.

Decide to be BETTER not bitter because of it.

Yes.... Make a conscious decision that this is probably one of the most exciting adventures you'll ever have. Get just a few things and relish in how simple life can be. You'll "clutter back up" soon enough so just enjoy the spartan simplicity.

Buy a different brand of underwear, splurge on some really plush socks, or get a pair of just THE COOLEST JEANS EVER! Try out new ways of cooking with new dishes. Get back to enjoying the simple things in life. You'll be a bigger and better person because of it.

Don't forget to let your friends help you. You'll deepen your relationships and forge new friendships along the way. Just let it all happen.

THOUGHTS ON REBUILDING
There's way too many variations and possibilities to go into within the scope of this blog. But here's a few things to think about as you begin to work with your adjuster and contractor.

1. The insurance company will generally pay to build the house just like the one you lost but YOU DON'T HAVE TO BUILD IT THE SAME WAY. If you've always wanted a big picture window on the west side... then GET ONE!
   
2. Take your time with your architect or making your own sketches of how you want your house rebuilt. You might even be able to change the "footprint" of the slab (the basic shape and orientation of the house) One of my clients who lost their home in the San Diego fires of 2003 had always lamented that the side of the house with the best view had just one little tiny window. Well.... They fixed that w/ 4 huge picture windows and instead of having the bathroom there, it was their den and fireplace area. Turned out BEAUTIFULLY!
   
3. Have a plan to refurnish your home. Just slowly replace your rented furniture with your new stuff as the "building the home" process unfolds.

The process of rebuilding your home can be the most challenging event you've ever experienced. It can also (at the same time) be the most rewarding and life-changing! After all, if you can survive this, sitting in traffic or having to replace your refrigerator just won't phase you any more.

Contact me if you have any questions.

It's a Good Life !

Dennis Volz Insurance Agency
10783 Jamacha Bl, Suite 1, Spring Valley, CA 91978
OFFICE: (619) 670-1000 - FAX: (619) 670-1121

eMail:Dennis@DennisVolzInsurance.com

Websites: Company Site: DennisVolzInsurance.com

Client Convenience Site: 6701000.com

My 'Other Blogs'
Working by Referral
Musings from California

A word about DEDUCTIBLES...

Simply stated: A deductible is the amount that you pay toward a loss or claim before the insurance company begins to pay. The higher your deductible, the lower your premium.

• The more you are willing to participate in your loss, the greater the savings on your premium.

The insurance company will offer your a lower premium if you take a higher deductible because your LOSS FREQUENCY and your LOSS SEVERITY will be lower. Consider if you have a $2000 deductible instead of a $500 deductible:

1. You'll make fewer claims because you won't be making claims for $600, $900 or $1995 losses. You'll simply pay those yourself. (FREQUENCY)
2. When you do submit a claim the insurance company will be paying $1500 LESS than if you had the $500 deductible. (SEVERITY)

There is no "correct" deductible to choose. It depends on what I like to call your personal LOSS THRESHOLD. So before we get too far ahead, lets take a moment to diagnose your "loss threshold."

Lets say you go out and buy a $3 picture to hang in your bathroom. Are you going to insure it? Of course not! Now you go out and buy a famous $252,000 masterpiece painting. Are you going to insure it? Unless you are a multi-millionaire, you certainly will. Somewhere in between the $3 print and the $252,000 masterpiece is your loss threshold. Your loss threshold is the amount of money you can stand to lose without doing any great harm to your daily lifestyle or your peace-of-mind. In the above example, different people will have different thresholds. There is no right or wrong answer here!

ANOTHER SIMPLE CALCULATION....

OK. Let's say you're ok with a loss threshold of $1000 or less. Now you can choose between a $1000 deductible or a $500 deductible. Here's all you have to do.

1. Find the premium difference between the two.
2. Let's say you save $80 a year in premium to take the $1000 deductible.
   
3. Now look at the DIFFERENCE between the 2 deductibles which is $500. It would take you over 6 years ($80/yr x 6 years = $480 ) to save the DIFFERENCE between the deductibles.
   
4. Now you simply ask yourself, "Do I think I'll have more than 1 claim in the next 6 years?"
   
5. If the answer is yes, you should probably take the lower ($500) deductible.
   
6. If the answer is no, then the higher deductible ($1000) probably makes more sense.

If you're still confused by this, just give me a call and I'll walk you through it....

It's a Good Life !

Dennis Volz Insurance Agency
10783 Jamacha Bl, Suite 1, Spring Valley, CA 91978
OFFICE: (619) 670-1000 - FAX: (619) 670-1121

eMail:Dennis@DennisVolzInsurance.com

Websites: Company Site: DennisVolzInsurance.com

Client Convenience Site: 6701000.com

My 'Other Blogs'
Working by Referral
Musings from California