CONSUMER ALERT!

 

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!

 

“Casey you are definitely the man!  You saved my wife and I over $120 dollars per month for the same exact coverage, just by getting us preferred insurance rates that our last advisor never even mentioned!  I guess it definitely was worth our time to have you review our existing policies!…thanks again for all of your help.”

 

Dave Degrassi & Jessica Robinson, Mississauga, Ontario


 

“We had Sunlife Insurance advisor that sold us some insurance and then we never heard from him ever again.  After speaking with Casey he clearly showed us why the type of insurance we had was not benefiting us at all, and had really only benefited the agent who sold it to us.  Thankfully we now have the proper type of insurance that will protect our family when we need it most, and we’re very grateful to have Casey as our financial advisor. It’s very clear that Casey’s always looking out for our best interests before his own, and we would highly recommend him to anyone looking for solid unbiased financial advice!”

 

Ben & Sheena Poitven, Oakville, Ontario


 

“Thankfully my wife and I were referred to Casey for a second opinion on our insurance policies.  Not only did he clearly explain all of our available options to us, but he was very patient and didn’t pressure us to buy anything in anyway.  After listening to his recommendations based on our specific situation, Casey was able to give us a much better insurance policy that was not only less expensive but was also for more insurance coverage!  Thanks to Casey’s advice we’re now saving money every month that we will definitely be investing with F1RST CHO1CE as well.  We would highly recommend Casey’s advice for any insurance or other financial planning needs.”

 

Mark & Magdelena Budisa, Streetsville, Ontario


 

“My wife and I have been clients for several years now, and in that time, we’ve conducted numerous transactions with both Casey and Wayne from mortgage refinancing to life insurance to managing our investments. These individuals have demonstrated that they have superior knowledge of their respective products and are able to deliver them with exceptional customer service. I have found that this combination is a rarity these days, and as such, I whole heartedly recommend their service to both friends and family with confidence.”

 

Clifton Sookdeo & Shelly Sharma, Caledon, Ontario


 

“Honesty, integrity, and professionalism are the three words that come to my mind when I hear Casey’s name. He has provided my clients over the years with the highest level of service and they always thank me for introducing them to him. Casey truly goes above and beyond.”

 

Deborah Robinson, Real Estate Agent – Royal Lepage


 

“We’re extremely thankful that we came in contact with Casey otherwise we would have the worst type of insurance coverage available! Our bank really pushed us to sign up for the mortgage insurance they were offering which we thought was a good thing.  If Casey hadn’t helped us to understanding the many disadvantages of the insurance offered through a bank, we still be overpaying for less beneficial coverage that may not have even paid out if we ever needed it!  Thanks again for your advice Casey, and going forward we will definitely be coming to you for our future mortgage, insurance, and other financial advice.”

 

Renato Silva & Jhenny Rodriguez, Mississauga, Ontario




LIFE INSURANCE:

Are you protecting what’s most important?

 

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. Premiums are usually fixed for the length of the term, often at intervals of ten or twenty years. However, your premiums may increase when you renew the policy. Most life insurance policies will only cover you up to a maximum age – usually age 85.

The death benefit is paid if your death occurs during the term or duration of the policy. For example, your policy will pay the death benefit to your beneficiary if you die before the policy expires. However, once the term ends, the coverage ends, and you or your beneficiaries will not receive any payment. Most term insurance policies do not accumulate a cash value.  This form of life insurance is worth considering because it is your most cost effective way of owning life insurance and is primarily used for short term or temporary needs such as a covering a mortgage.

 

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.

Permanent life insurance policies generally accumulate a cash value that is either added to the face value of your policy and paid out upon your death, or returned to you if you cancel your policy. Most policies will also allow you to take a loan against the cash value of your policy. Loans that you have not repaid reduce both the death benefit and any cash value. The two most common types of permanent insurance are whole life and universal life policies.

• Whole life insurance is a type of permanent life insurance that guarantees the amount of your premiums. Your premiums will not change as you get older, and your policy will often have a guaranteed minimum cash value. As well, a portion of your cash surrender value (CSV) will be fully guaranteed, and in some cases, your entire CSV will be guaranteed contractually. The death benefit, or amount paid out upon your death, is also guaranteed.

• Universal life insurance is a hybrid or “happy medium” between term life insurance and permanent life insurance. You still have a fully guaranteed death benefit and cost of insurance, but in this case, you have the ability to take advantage of investing your money inside a life insurance policy and earning tax deferred interest at the same time. In other words, you control how much coverage you own, how much of your money you invest each month or year, and even how your money will be invested once inside this policy. This is great for those looking to protect their hard earned money from having to pay more taxes on the interest you earn. A simple analogy is to consider Universal Life Insurance as a way of keeping “money under the mattress” while still earning tax deferred interest at the same time.

 

Should I Buy Term Or Permanent Life Insurance?

Term life insurance and permanent life insurance are two very different kinds of protection. Choosing between term or permanent insurance will depend primarily on your short and longer term needs and preferences for flexibility and risk.

Term may be all the insurance you ever need, or it may be used as an interim step before purchasing permanent insurance. Possibly, a combination of term and permanent in the same policy may be the best solution for you.  When examining permanent solutions, be aware that they can be in the form of participating or non-participating permanent coverage, or universal life insurance.

Your individual needs must be considered and prioritized before making any decisions. We can help! Contact us today to help you determine your needs and decide which product is best for you.

 

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 Life Insurance options.

ANY QUESTIONS?…Contact a Licensed Insurance Advisor today!