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THE DANGERS OF MORTGAGE LIFE INSURANCE!!!
Signing up for the Mortgage Insurance offered by your bank or mortgage broker may be the worst financial decision you ever make!
SAY NO TO YOUR BANKS MORTGAGE INSURANCE!.. Make sure you watch the disturbing investigation on CBC'S MARKETPLACE to find out why!
LIFE INSURANCE: Life insurance can provide a financial payment to your family and loved ones upon your death. When you purchase a life insurance policy, you name a beneficiary who will receive the death benefit specified in the policy upon your death. You can name either a revocable or irrevocable beneficiary. Regardless of the type of beneficiary you name, your beneficiary will receive the death benefit tax-free.
You may also choose to leave the money to your estate or to a trust. However, if you leave the death benefit to an estate or trust, it will be subject to taxes when the estate is settled. There are two main types of Life Insurance: Term or Permanent.
Term life insurance provides coverage if you die within a specific period of time, unless you do not pay your premium. Term life insurance premiums are generally less expensive than permanent life insurance premiums.
Permanent life insurance provides coverage throughout your lifetime, unless you fail to pay your premiums. At first, premiums are usually higher than for term life insurance policies, but will then be lower than term premiums in later years.
HEALTH INSURANCE: There is a variety of health insurance products available that could help you to pay for services that your regular health care plan does not cover, supplement your income if you suffer a major illness or severe injury, or pay for your medical expenses if you become ill while on vacation.
Critical illness or trauma insurance pays a one-time lump-sum payment if you are diagnosed with a critical illness that is specified in your policy, such as cancer or Alzheimer’s disease. There are often exclusions, so read the policy carefully. Be sure you know what is and is not covered.
Disability insurance provides coverage if you cannot work temporarily or permanently due to a injury or illness, such as loss of a limb, a heart attack or an operation.
Long-term care insurance provides coverage if you enter a long-term care facility such as a nursing home.
Supplementary health insurance pays for health services, such as prescription drug and dental services, not generally covered by provincial and territorial government health plans. Before buying supplementary health insurance, check your employer’s benefits plan to make sure that you do not buy coverage you already have. For example, you may already have dental coverage through your employer’s plan.
Travel medical insurance pays for medical treatment while you travel outside of Canada. The policy will likely not provide coverage for medical conditions you had before applying for coverage.
At F1RST CHO1CE Insurance Solutions were passionate about sharing our knowledge, experience and unbiased opinions with families and individuals that are looking for a trusted advisor to help them with their Insurance options.
ANY QUESTIONS?…Contact a Licensed Insurance Advisor today!