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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!
& BUYING ADVICE:
Life Insurance Buying Advice for Canadians: Buying life insurance, like buying a house, is one of the biggest investments many of us will ever make. You want insurance to protect your loved ones against any mishap. Before you do anything else you should start by reading our Life Insurance Buying Guide. Don’t skip this step! – if you buy life insurance without this guide you risk paying thousands in extra premiums for what you could pay for the same coverage with a better plan.
At F1RST CHO1CE Insurance Solutions we know the system better than anyone and we’ve always seen it as our duty to protect our clients. These special tips contain years of our experience distilled into the most important elements of buying insurance to help make sure you get the right policy and don’t pay more than you have to.
8 ESSENTIAL TIPS FOR BUYING AN INSURANCE POLICY
1. Determine your needs: Life insurance can be used to protect your family in the event of your death, or to pay off a mortgage or business loan. Life insurance can also be used to offset taxes on RRSP’s or a cottage. Be sure to work with a qualified insurance broker who has ample training in analyzing his or her clients’ insurance needs, to insure the proper type and amount of coverage is selected.
2. Understand the two types of life insurance: Term insurance where your premiums are fixed for a stated term such as 5, 10 or 20 years. With this type of coverage the initial premium starts off very low but increases as you get older. Permanent insurance offers you coverage for life and depending on the type of policy, the premiums can also be guaranteed for life and/or can be paid-up after a limited number of years. The options with permanent policies vary greatly, and should be thoroughly explained by an independent insurance broker.
3. Know the company you are buying from: Verify the financial stability of the company. This information can be gathered by rating services such as AM Best at www.ambest.com. This becomes of increased importance if the policy exceeds $200,000.00, the maximum death benefit covered by Assuris which protects Canadian life insurance policy holders against loss of benefits due to financial failure of a member company.
4. Worked with a trusted independent insurance broker: who’s able to shop the markets for you. An independent broker offers you the advantage of working with many carriers as opposed to a captive agent who’s generally limited to a single insurance carrier. Because of this, the selection process with a captive agent can be skewed towards one company.
5. Review your insurance as your circumstances changed: Many people buy an insurance policy and then simple tuck it away in the drawer, or the safety deposit. Your insurance needs will often change with life event changes i.e. your insurance needs should be reviewed after you have a child, purchase a home, enter a new business, or any change, which can have an impact on your financial situation.
6. Be careful when replacing an existing life insurance policy: Many permanent policies have surrender charges if they’re terminated. You also have to be careful, when comparing policies, that the provisions under your new policy match your existing coverage.
7. Be prepared to answer questions: about your health history or about your family’s medical history as well as personal habits, such as smoking or alcohol consumption. It’s vital that you answer truthfully to avoid claims be delayed or denied. Check your application thoroughly before submitting it to make sure there are no errors or omissions.
8. Be careful when adding expensive riders or benefits to your policy: An example of this is adding a disability waver to your life insurance policy. The disability waiver under most life insurance policies is much more limited than those in individual disability insurance policies, and the cost is usually more prohibitive. You are often better off simply upgrading your disability coverage to satisfy the increased need.
Our Independent Insurance Advisors are dedicated to providing you with the most competitive insurance quotes from the leading insurance companies. We can research nearly all the insurance companies operating in Ontario to find the life insurance solution that you are looking for – at the best price. Our licensed professionals are trained and equipped to handle your inquiry no matter what type of life insurance you are considering. So when you’re ready for expert help in finding and choosing the best policy for you, we hope you will CONTACT US to set up a personal meeting.
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!