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




DISABILITY INSURANCE:

Would you be able to maintain your standard of living?

Disability Insurance is the most commonly known and accepted form of insurance to help protect your family from a loss of income due to an inability to work. In the event of an injury or sickness rendering the insured unable to work, a disability policy will pay a monthly benefit up to sixty six and two thirds of the total income of the insured person (NOTE: Total income is gross income less expenses but before taxes). This type of coverage is crucial for self employed individuals and people who do not have disability insurance through their employer or Association plan. Click here to visit the KEY PERSON INSURANCE PAGE

If you were to ask a group of working people whether or not they have disability insurance, most of them would say, “Yes.” But the fact is, most of these individuals are either under-insured, or have inferior coverage. Government disability plans are very limited in scope and coverage amounts. Most group plans cap the monthly disability benefit for employees. For example, employees earning 75,000 a year may only receive $2,000 a month or less in disability benefits.  Click here to use the LOSS OF INCOME CALCULATOR, to see exactly how valuable your ability to earn an income really is!

THE BENEFITS OF DISABILITY INSURANCE:

Different types of insurance were created to fit the various needs and situations one might encounter. Life insurance, for instance, is offered to provide a sufficient money coverage for those that are hit by the sudden loss not only emotionally, but also financially. On the other hand when a person becomes (totally) disabled, not only the person is not fit to maintain sufficient income for themselves and their family, but on the top of that the extra medical and other care for this person takes even more money out of their pocket, or the pocket of their family that has to provide the extra care for the once self-supporting. Therefore the disability insurance is often more important than the life insurance.

Being classed as disabled doesn’t necessary mean that the person is not able of some kind of employment (see the different definitions of disability), but it has been reported that around 15% of those filing for bankruptcy have done it due to illness or accident. As disabled, you are eligible to receive some government benefits, but they are very limited. The coverage group plans won’t match your current income either: they mostly cover only 50% to 60% of your net income. (see Group Disability Plans)

When deciding whether to apply or not for the disability insurance, consider your options in case you become limited in earning a sufficient income. You could:

- rely on your spouse/family income

- use your savings or retirement funds

- sell your property/other assets

- live on credit

- be sufficiently covered by disability insurance that would supplement the missing income

THE IMPORTANCE OF DISABILITY INSURANCE:

What people mostly imagine under ‘disability’ is the loss of mobility after a sudden accident related either to work or sport. But the statistic tells us quite a different story: people are twice as likely to be disabled due to a serious illness such as cancer, diabetes or heart disease than to an accident.

Your chances of becoming disabled:

When you’re young it’s easy to think you’re invincible and nothing will ever happen to you, but the hard truth is, if you’re under 65, you’re 60% more likely to become disabled than you are to die.  Of course the chances of becoming disabled gradually rises with age:

- 3 in 100 children up to 14 years of age become disabled

- 4 in 100 young adults between 15 to 24 become disabled

- 7 in 100 adults between 25 to 44 become disabled

- 17 in 100 adults between 45 to 64 become disabled

- 40 in 100 adults 65 and over become disabled

- 53 in 100 adults over 75 reported disability

At the moment 14 in 100 Canadians (4.4 million) are classed as disabled.

 Go to DISABILITY DEFINITIONS & GROUP DISABILITY

Go to DISABILITY INSURANCE PLANS: PAGE 1 or PAGE 2

Go to CORPORATE or PERSONALLY OWNED INSURANCE


 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 Disability Insurance options.

ANY QUESTIONS?…Contact a Licensed Insurance Advisor today!