Tag Archives: Lorne Marr

2018 New Year’s Resolutions: Expert Promises

Well it’s that time again. We have a bright shiny New Year ahead of us and an opportunity to set goals and resolutions to make it the best possible year ever. Whether you are just starting out in your career, you are close to retirement or you have been retired for some time, it is helpful to think about what you want to accomplish and how you are going to meet these objectives.

My resolutions are to make more time to appreciate and enjoy every day as I ease into retirement. I also want to take more risks and develop new interests. Two of the retirement projects I have already embarked on are joining a community choir and serving on the board; and, taking courses in the Life Institute at Ryerson University. After all, as one of my good friends recently reminded me, most people do not run out of money, but they do run out of time!

Here in alphabetical order, are resolutions shared with me by eight blogger/writers who have either been interviewed for savewithspp.com or featured in our weekly Best from the Blogosphere plus two Saskatchewan Pension Plan team members.

  1. Doris Belland has a blog on her website Your Financial Launchpad . She is also the author of Protect Your Purse which includes lessons for women about how to avoid financial messes, stop emotional bankruptcies and take charge of their money. Belland has two resolutions for 2018. She explains:
  • I’m a voracious reader of finance books, but because of the sheer number that interest me, I go through them quickly. In 2018, I plan to slow down and implement more of the good ideas.
  • I will also reinforce good habits: monthly date nights with my husband to review our finances (with wine!), and weekly time-outs to review goals/results and pivot as needed. Habits are critical to success.
  1. Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances and blogs at Money We Have. He says, “My goal is to work less in 2018. I know this doesn’t sound like a resolution but over the last few years I’ve been working some insane hours and it’s time to cut back. The money has been great, but spending time with my family is more important.”
  1. Chris Enns who blogs at From Rags to Reasonable describes himself as an “opera-singing-financial-planning-farmboy.” In 2017 he struggled with balance. “Splitting my time (and money) between a growing financial planning practice and an opera career (not to mention all the other life stuff) can prove a little tricky,” he says. In 2018 he is hoping to really focus on efficiency. “How do I do what I do but better? How do I use my time and money in best possible way to maximize impact, enjoyment and sanity?”
  1. Lorne Marr is Director of Business Development at LSM Insurance. Marr has both financial and personal fitness goals. “I plan to max out my TFSAs, RRSPs and RESPs and review my investment mix every few days in the New Year,” he notes. “I also intend to get more sleep, workout 20 times in a month with a workout intensity of 8.5 out of 10 or higher and take two family vacations.”
  1. Avery Mrack is an Administrative Assistant at SPP. She and her husband both work full time and their boys are very busy in sports which means they often eat “on the run” or end up making something quick and eating on the couch.  “One of our resolutions for next year is to make at least one really good homemade dinner a week and ensure that every one must turn off their electronic devices and sit down to eat at the table together,” says Mrack.
  1. Stephen Neiszner is a Network Technician at SPP and he writes the monthly members’ bulletin. He is also a member of the executive board of Special Olympics (Kindersley and district). Neiszner’s New Year’s financial goals are to stop spending so much on nothing, to grow his savings account, and to help out more community charities and service groups by donating or volunteering. He would also like to put some extra money away for household expenses such as renovations and repairs.
  1. Kyle Prevost teaches high school business classes and blogs at Young and Thrifty. Prevost is not a big believer in making resolutions on January 1. He prefers to continuously adapt his goals throughout the year to live a healthier life, embrace professional development and save more. “If I had to pick a singular focus for 2018, I think my side business really stands out as an area for potential growth. The online world is full of opportunities and I need to find the right ones,” he says.
  1. Janine Rogan is a financial educator, CPA and blogger. Her two financial New Year’s resolutions are to rebalance her portfolio and digitize more of it. “My life is so hectic that I’m feeling that automating as much as I can will be helpful,” she says. “In addition, I’d like to increase the amount I’m giving back monetarily. I donate a lot of my time so I feel like it’s time to increase my charitable giving.”
  1. Ed Rempel is a CFP professional and a financial blogger at Unconventional Wisdom. He says on a personal finance level, his resolution are boring as he has been following a plan for years and is on track for all of his goals. His only goal is to invest the amount required by the plan. Professionally, he says, “I want 2018 be the year I hire a financial planner with the potential to be a future partner for my planning practice. I have hired a couple over the years, but not yet found the right person with the right fit and long-term vision.”
  1. Actuary Promod Sharma’s resolutions cover off five areas. He says:
  • For health, I’ll continue using the 7 Minute Workout app from Simple Design.
  • For wealth, I’ll start using a robo advisor (WealthBar). I’m not ready for ETFs.
  • For learning, I’ll get my Family Enterprise Advisor (FEA) designation to collaborate better in teams.
  • For sharing, I’ll make more videos.
  • For giving, I’ll continue volunteering.

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Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

LTD for seniors hard to find

By Sheryl Smolkin

The abolition of mandatory retirement across the country has removed a major obstacle for people who want to work beyond age 65. But options for older workers who need to be insured for long term disability (LTD) late in their career are very limited.

The reality is that if you stick with the same employer, your group LTD coverage will typically terminate at age 65. So I asked Lorne Marr, Director of Business Development at LSM Insurance* what’s available in individual LTD policies.

He told me that only one company (The Edge) he is aware of offers coverage to age 70 but the policy is less comprehensive than a more typical LTD policy from RBC ending at age 65.

Table 1: RBC LTD Quotes
Mid-level male manager
Non smoker

AGE ELIMINATION PERIOD BENEFIT PERIOD To Age 65 MONTHLY PREMIUM
30 30 days X $224.80
90 days X $128.68
45 30 days X $573.61
90 days X $261.14
60 30 days X $808.98
90 days X $519.62

Source: LSM Insurance

First of all, the RBC policy provides that insured clients are covered if they are unable to work at their own occupation until age 65. In contrast, The Edge only pays benefits for three years if a disabled individual cannot be employed in his/her own occupation and then he/she is expected to work in “any reasonable” occupation.

The premiums on the RBC LTD policy are also guaranteed for the life of the policy. The younger the insured is when the policy is taken out, the lower the monthly payments. The Edge plan is guaranteed renewable, but the premiums can be increased for the whole class.

Finally, The RBC LTD policy has residual disability provision allowing disabled plan members to work in a limited capacity both during the elimination period and once they are receiving disability benefit payments. The Edge does not have comparable flexibility.

It is also interesting to note that policies from The Edge with an age 70 benefit period split out coverage for injury and illness and only 30 day and 120 elimination periods are available. Therefore, to get similar coverage to the RBC policy (subject to the differences discussed above), an individual would have to buy both.

Table 2: The Edge LTD Quotes*
Mid-level male manager
Non smoker

AGE INJURY ILLNESS ELIMINATION PERIOD BENEFIT PERIOD To Age 65 MONTHLY PREMIUM
30 X 30 days X $67.50
X 30 days X $129.25
X 120 days X $47.50
X 120 days X $82.15
45 X 30 days X $67.50
X 30 days X $208.55
X 120 days X $47.50
X 120 days X $132.15
60 X 30 days X $67.50
X 30 days X $396.05
X 120 days X $47.50
X 120 days X $251.15

Source: LSM Insurance 

Table 2 illustrates that injury only coverage is relatively inexpensive. Furthermore, it is not displayed in the table, but The Edge’s guaranteed issue, injury only coverage is available to age 75.

In addition, Hunter McCorquodale offers unique solutions and high issue limits for executives and other highly-paid people still working beyond age 65 for as long as they are working. They will quote on full accident and illness coverage underwritten by Lloyd’s of London.

If you are applying for LTD at a young age, it may be difficult to predict if you will want or need to work beyond age 65. And with the limited, less than optimum types of polices with a benefit period to age 70 or beyond, you may eliminate such extended coverage from consideration almost immediately.

But Marr sees extending LTD benefit periods to age 70 as a good niche market opportunity for other carriers. “Because none of us can predict how long we might want to work, and coverage can be cancelled at any time, I’m hoping more companies will revisit their benefit periods and at least give clients the option to select coverage until age 70,” he says.

*LSM Insurance Brokers is located in Markham, Ontario. They have a working relationship with Delorie Jacobs and Gord Martens affiliates with the Sentinel Financial Group headquartered in Saskatoon.