Decreasing benefit term life insurance is a policy that has a specified duration (term), a level premium, but a face amount of coverage that decreases each year. For example; a person may have a decreasing policy that starts with $250,000 of insurance in the first year and decreases to zero by year 20. The premium […]
Guaranteed Life Insurance
Guaranteed life insurance (or guaranteed issue life insurance) is a life insurance policy that is literally guaranteed to be issued regardless of your health. Sounds good right?? Sort of…but it comes at a price. If you’re considering guaranteed issue insurance, then be absolutely sure that it’s your only option. An independent insurance advisor might be […]
How Much Life Insurance Do You Need? (part 1)
What is your life insurance “need”? Well, to get things started off I think that a distinction between “needs” and “wants” is important. For the sake of simplicity I won’t be discussing other forms of insurance (i.e. critical illness, disability insurance). An insurance “need” arises where there are definite, identifiable risks to the people that […]
Mortgage Insurance: Turning a Lose, Lose into a Win, Win
This topic has been a controversial one for a few years now and I thought that some facts might help to clear things up. Many Canadians own homes and have a mortgage. When we get a mortgage we are also offered “mortgage” protection from the banker or mortgage salesperson. This is where the controversy starts […]