Category Archives: Insurance Brokers
“The greatest gift you can give your family and the world is a healthy you” – Joyce Meyer
Over a century’s worth of research underscores the link between life expectancy, physical health and strong, healthy family connections. The researchers behind a new meta-analysis conclude family support can increase survival by up to 50 percent. Moreover, exercising or losing excess weight turns out to be less important to physical health than interpersonal social networks.
The researchers analyzed results of studies going back to the early 1900s with a total of 308,849 participants. Strong family connections were found to help improve health and extend life expectancy by protecting individuals from stressful situations or establishing a standard of healthy living.
First of all, what is “Term Life Insurance” ?
Term Life Insurance is where you take out a policy to cover a death of the insured for a set period – the Term. These are typically used by people who may have a mortgage, or other large repayment commitment, and require coverage to make sure that during the period of the commitment the payments are covered in the case of death. Once the Term insurance is finished you do not get any funds in refund for not making a claim against the policy nor do you get a surrender value.
Once you stop paying the premiums of a term life insurance policy, or joint term policy,
Things like smoking or having a high risk job will affect your life insurance policy – namely the premiums will be higher in relation to the risk you take. Most people, however, do not think of their hobbies when they take out a policy (or their policies when they take up a hobby). However some activities that you perform as a hobby in your spare time will make your insurance company very nervous. An obvious example; having “skydiving” as a weekend hobby will affect your policy – It will cost you a lot more than someone who doesn’t go skydiving as you have a greater risk of being killed while enjoying this hobby.
Failure to inform your life insurance company of a potentially dangerous hobby could result in the company not paying out in the event of a death while partaking in that hobby,
Life Insurance companies are in the business of making profits from the policies that they sell. This means that for each policy they issue they expect to receive more premiums, and the associated investment income from those premiums, than the amount they agree to pay out upon the event of your death. If they didn’t do this they would go out of business.
This means that they have to judge and assess your lifestyle with a view to evaluating how much risk there is of you dying an unnatural or early death. The greater risk of you dying an early death, then the higher the premium the insurance company is going to charge you.
This risk is based on a set of industry wide statistics used by most life insurance companies.
Life insurance is a difficult subject, it is a decision we all have to make, and a thing we all should have. Whether it be a simple policy that will pay out when we die so that our families are not overly burdened by our passing, or an investment for our retirement. The industry is full of difficult language, clauses, contracts, exceptions and fees. It is a minefield waiting to catch the unwary, and one that some people dread to walk upon.
That’s why we have insurance broker, and life insurance agencies. They are there to make the minefield seems a little less perilous, safer to walk through. They are there to make sure that you connect with the policy that suits you best,
There are numerous people that have charities that are near and dear to their heart. Throughout their lives they may give a considerable amount of their time and money to specific charities. Such individuals may also want to continue giving to these particular charities even after they pass on. The individuals that want to leave funds to a charity upon their demise have the option of obtaining life insurance for a charity. Although this may sound somewhat peculiar, there are a number of people that take this particular route in order to ensure that their special charities continue to receive the monies they are used to receiving even after a person’s demise. While some individuals may choose to leave monies to a charity via a will,
Finding the correct life insurance policy can be easy, difficult, impossible, or just extremely frustrating depending on how much time you have to research it and the people who you end up talking to on the phone. Each person you phone with regards to a policy is going to try and get you to sign their policy by telling you about all of the good things, while conveniently glossing over some of the not so good things. Unless you are an expert at reading contract language there is a strong chance that you signed for something you may not have wanted. This is where an insurance broker comes in.
They know the product.
By definition an insurance broker sells insurance.
Canada is known for its largest fresh water lakes in the world which makes it a place or destination to enjoy scuba diving. Many Scuba Divers go to Canada to enjoy this adventurous thing to do. Scuba Diving is known to be exciting more than ever now that you don’t have to rely on a breath hold or air pumped from the surface. It is now a lot safer and a free way to scuba dive by carrying your own air source in a tank. This allows divers to move freely under water more than that with an airline.
Scuba Diving is an adventurous thing to do without any doubt but with the adventurous things comes the risk of injury or dealth.
An insurance broker is a professional who specializes in selling life insurance from various insurance companies. The main difference between a broker and a captive agent is that the agent sells insurance from a single company, while a broker represents multiple companies giving them more options to find you the most suitable coverage.
Licensing in Canada
In Canada each province is responsible for the licensing requirements for brokers. The life insurance industry is active and ever changing, and can be complicated; a professional broker is a necessary resource when you are shopping for life insurance. Brokers are tasked with keeping knowledgeable about the latest policy offerings and industry trends, and applying that knowledge to help you.
Guaranteed (issue) life insurance is a type of life insurance policy where acceptance is literally guaranteed however there may be restrictions for the first 24 months of the policy i.e. it may only pay for an accident for the first 24 months, after that the policy would pay for any cause of death. This might sound ideal, but it comes at a price, literally. If you’re considering this type of policy, be absolutely sure that it’s truly your best option. An advisor may be able to save you substantially on your premiums with a more traditional form of life insurance, and get you better coverage in the process.
Who is Guaranteed Life Insurance For?
Unfortunately there are some groups of people who are too risky to insure through conventional markets and have to go to a guaranteed life insurance product.