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Uninsured Parents are a taking a big risk

Don't buy the bank's Mortgage Insurance in Canada

Buying a home is a major investment, and usually this means purchasing mortgage insurance from either a bank or some other financial lending institution. Most of the time the lending institution (often a bank) requires this mortgage protection before they will approve the application.   What is often not made clear by banks is that term life insurance has numerous advantages when compared to bank mortgage insurance!   With term life: • The beneficiary is whom you choose (e.g. spouse), instead of the lending institution • You own the policy, and not the lending institution • Many policies can be converted to permanent life insurance for investment and tax purposes after the term is finished (dependent on the policy) •Premiums are not taxable Here is an example scenario:   Mr. and Mrs. Smith have purchased mortgage insurance protection from their bank when they bought a home. Unfortunately, a few years later Mr. Smith passes away. The bank immediately forces Mrs. Smith to pay off the entire mortgage with the proceeds of the policy, even though Mrs. Smith has other pressing needs for those funds (there are several tuition fees from her children to pay for, and renovations need to be...

Why should i use life insurance broker

5 Reasons You Should Buy Life Insurance

Life insurance is a very efficient financial safety net and a great means to protect your loved ones. Even though the pros of such an investment are highly mediatized and, pardon my saying so, quite obvious, some people still aren't convinced that they need life insurance. Reasons which lead to purchasing insurance vary from individual to individual, but a pattern can be noticed. Reason No. 1: It gives you peace of mind. Leaving aside the stronger, financial arguments aside, I advise you to think about the other kind of protection you could buy alongside life insurance: your thoughts and your spirit will be at peace in case something terrible happens to you. For most people the thought of their families having to move on in case something happened to them is close to unbearable. Knowing that your loved ones won't change their lifestyle after you rite of passage can be a very comforting thought.   Reason No. 2: It protects your spouse and your children. People basically buy life insurance for their loved ones, not for themselves. As beneficiaries, your close family will be able to go through the grieving period without having to worry about finances and income. Sometimes...

Why is it important to have life insurance?

How To Choose The Best Life Insurance Quote in Orleans

Avoiding your choices about the time after you die is not good. Making the best decisions now about the way your family will be cared for after you die is extremely important. You can have greater peace of mind knowing the ones you love will not suffer financially after you die. Follow these tips for making the right choices about a life insurance quote. Avoid going with the first company you find for coverage. Shopping around can allow you the benefit of locating the lowest cost for premiums. You should explore your option with at east three different companies. Doing so gives you enough information to make the necessary decisions for obtaining the right amount of coverage.   Many people do not tell the whole truth when applying for life cover because they may have to pay higher premiums. If you have a medical issue or you are a smoker, be sure to put these issues in your application. Always being truthful on your application helps to ensure your family receiving benefits in the event you pass away from a listed condition or smoking related disease. If you are young, you may not be thinking about when you die or...

Why you need disability insurance

Is Disability Insurance Important?

We all know how important typical health insurance is, but did you know that disability insurance is just as important? In the event that you are hurt on the job, and cannot work, disability insurance will give you peace of mind-you will still able to provide for your family. While we would like to think that we always work safely, accidents do happen and you need to be sure that you have every angle covered in the event of an accident. If you become ill or injured on the job and as a result you are unable to return to work, there are a couple of options that will replace lost income. These types of disability insurance are not going to fully replace your income because they want you to have an incentive for returning back to work once you get well.   Workers Compensation benefits are paid to you when your disability is expected to last for at least 12 months. Most of the time this is when no gainful employment can occur and you must remain out of work for the entire duration of your leave. Employer-paid disability is required by all provinces. This type of disability insurance...