Category Archives: Mortgage Life Insurance
There are many reasons why one should work with an Insurance Broker
What is a Life Insurance Broker?
Working with a Life Insurance Broker is the best way to buy Life Insurance. A life insurance broker is a committed individual that encourages and listens to the needs of any individual. An insurance broker will be able to find appropriate rates for you to choose from. A life insurance broker can provide from many sources. Specifically: we can shop for life insurance you require from a carrier in another city or province. This means that a Broker frequently offers better rates then a local life insurance company.
There are many advantages in dealing with a life insurance broker when you want to obtain life insurance.
You Should Avoid Mortgage Insurance In Canada
Reason #1 Generally, you should avoid mortgage insurance because mortgage life insurance from most lending institutions is non-convertible term insurance. Therefore there is no cash value.
Reason #2 No premium flexibility. You have no flexibility when it comes to premium payments.
Reason #3 No ability to move to a permanent life insurance policy if your needs change.
Reason #4 Usually mortgage life insurance covers the exact amount of your mortgage. Policy coverage decreases as the mortgage is paid down.
Reason #5 Coverage is lost when the mortgage is paid off.
Reason #6 Your lender owns the policy and if you find a better mortgage rate at another lending institution,
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,