IFSE Institute Related Exams
LLQP Exam
Jack is excited to be joining his new employer, which offers group medical, dental, and retirement benefits to its employees. For his meeting with Human Resources, he brings his completed application form for medical and dental coverage, as well as a form to contribute to the GRRSP, since his employer matches contributions. The HR representative returns his application forms for group benefits to Jack and tells him that he is not eligible until certain conditions are met.
When might Jack become eligible?
Surjit and Rajbir got married in 2010, and Surjit named Rajbir as the irrevocable beneficiary of his life insurance contract. In 2017, the couple divorced amicably, and Surjit met with his insurance representative, Ivan, to review his plans. Surjit tells Ivan that he would like to keep Rajbir as his beneficiary.
What should Ivan counsel his client to do?
Manitoba resident Patrice works for ABC Inc. where he is covered by group life insurance. He consults Louise, his insurance agent, because he wants to maintain some life insurance coverage when he retires at age 65.
How much of Patrice’s group life insurance can he convert to individual life insurance coverage when he retires?