There are a number of guaranteed life plans currently being advertised on television, targeting those who, for medical reasons, have been declined for life insurance or have difficulty getting the amount of coverage they need.

They promise “guaranteed acceptance”, “no questions asked”, or “affordable premiums as low as $20 a month.”

While this all sounds good, there may be far better alternatives for most people who deem themselves uninsurable, hard to insure, or who simply don’t want a medical exam.

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There are two ways to obtain a life insurance quote online thru this web site. One is through the simplified term quote on the home page, and another is through a more detailed term and whole life quote by following this link. Both are Canadian based and are valid for Ontario residents only.

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It sounds attractive. You buy a critical illness plan in case you are diagnosed with a critical illness, such as heart attack, cancer, or stroke. If you are still healthy after a certain period of time, you get all your money back!

I’ve been asked many times if the ROP option is worth the extra money. I always say: “it depends on your particular circumstances and needs.”

To understand this, let’s examine the premise behind obtaining this feature.

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The worst one-day decline in modern history for the S&P/TSX composite index occurred in 1987, when the index plunged 11.3%. In mid-morning trading on Monday, the index was close to that record, down 10.8%. As of noon, it was trading down 5.8%, which ironically presents a huge relief for investors.

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The TSX is officially trading in record territory, with energy, materials and financials leading the pack.

Gordon Pape wrote on Monday in his article entitled “What bear market?” (GlobeinvestorGOLD May 12, 2008): “So it's time to break out the bubbly. A new record high is always worth a toast but when it happens while most of the world is battling market downturns, it represents a remarkable accomplishment.”

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