1006How 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 about being older. This is the case for many younger people. Making the choices about your life cover while you young is best to get the lowest cost for premiums. If you wait until you are older, you could end up paying a great deal more because of any medical conditions you might have developed. Taking the time plan for your future while you are young is wise.

You may have coverage right now that would not be enough for your loved ones to sustain financially after your death. In fact, this is the most common mistake made by people buying life cover. Making sure you have taken out enough coverage to allow secure financial sustainability for loved ones after you are gone is essential. Consider expenses like your mortgage and the cost of sending your kids to college when figuring out the amount you need to take out.

If you are considering coverage from an insurer that does not require you take a medical exam, you might want to rethink that choice. The insurer that does require you to take an exam most likely can offer you more coverage and you can depend more on their stability in the future. Learn more about the insurers that do require medical exams instead of putting them off for the ones that do not require them.

Most everyone knows the importance of good health. When it comes to getting the lowest cost for life cover, the issue of good health becomes even more important. The fewer health problems you have to report, the less you will have to pay for coverage. Losing weight and stopping smoking are some of the steps you can take to promote your good health and pay less for your coverage.

Getting a low life insurance quote is good, but making sure you choose the right amount of coverage is important as well. Talking to a qualified agent about the choices you need to make about your coverage is best. You certainly do not want to leave your family in a financial crisis while grieving over you.

09065 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 the living spouse can become unable to work due to depression, fact which leaves the children in a very difficult position. Purchasing life insurance can offer protection against such a situation.

Reason No. 3: It takes care of remaining financial issues. If you are to pass away, the debt you currently have (if you have any) can be passed on to your remaining spouse and/or children. Such a situation can tear families apart. Insurance can cover for remaining debts, along with funeral and burial expenses.

Reason No. 4: It helps you set an example. By purchasing insurance, your loved ones will know that you care for them and are preoccupied with their financial safety. Your kids might just get a glimpse of how family is more important than anything else.

Reason No. 5: You might not be eligible when you're older. The younger and the healthier you are when you purchase insurance, the lower will the rates be. Also, some medical conditions may become quite problematic if you decide to buy a policy when you're, say, 60. By purchasing insurance when you're younger you can avoid paying expensive rates and undergoing difficult medical examinations.

Nobody knows what the future holds. Talk to your loved ones and decide on whether you should buy insurance. If you decide to go further with this action, don't forget to book an appointment with a Licensed, experienced insurance agent before taking any other steps in this direction.

0506How To Make The Right Choice In Buying A Life Insurance in Ottawa

Almost everyone is aware that life insurance plays an important role in every ones life. But when you visit a life insurance broker or an advisor, he will use some terms related to life insurance and you may not be aware of those terms. It is always advisable for such people to not to be shy of asking probing questions and to know what exactly that means. After all life insurance is taken once in a life time and it will allow you to choose the most appropriate life insurance protection to fulfill your needs. A wise person will always be the one who will take complete note of what is being told to him and then he will decide as to which policy is the best suited for him.

While choosing the life insurance always keep in mind to study and do your homework when applying. The best place to do the research is the internet. Internet is a place where you can find the details of almost each and everything. Simply logon to any search engine and type in the keyword insurance and you will be bombarded with loads of information about various kinds of insurance products that are available. Give some time to yourself to study and check out what is latest in the field of insurance. Then make a list of points that you would like the clarification on. Then you can call on any insurance broker and you can get your queries satisfied. Another good way of getting information on insurance is by talking to your friends and colleagues. If any of your friends have taken a insurance at least he would share some experience with you. He can tell you about which part he missed out and which part he took advantage of. You can also take the same advantage while avoiding the mistakes that your friend may have done. You can even call up any insurance company toll free number and you can ask them all the information that you may require.

Now once you have gathered all the information that you would like to have, and then you can make a list of exactly what is your requirement. You can check out what are your liabilities that you would like to be covered. What are the things that you can avoid? What are the things that you don't want? And what are the things that you would like to have if you get it on discounts or free of cost. Once you have prepared your list, you can call on to a financial advisor who can guide you in getting the best of deals from the insurance companies. Mind you these financial advisors are expert in this field, so to take their advice can always help you in making a right choice. This way you can always save money from the insurance companies, which can be used to pay your financial advisors fees. These are a few simple steps to make a right choice of buying a good insurance for you.

0306Universal Life Insurance in Ontario - A Smart Way to Insure Your Life

The world is full of unforeseen incidents and one must be well equipped for a mishap in daily life. Some people have an opinion that life insurance coverage does not have much importance in life since they are earning well and things are on better side. But sometimes a fraction of a second is enough to change things upside down. A slight slip is enough to change your entire life. Universal life insurance is there to help you to protect you from such incidents. The universal life insurance policies in Canada help the insured person to manage a tax- free income every month. The income is deposited in the account of the insured person, thereby increasing the total value of the policy.

In most cases, it directly benefits the insured person, but in some cases like when the insured person dies, it benefits the family and the beloved ones. Being a good human being, it is our duty to ensure security for our beloved ones who depend on us. There are many types of plans available so that you can choose the one that suits your budget. If you can’t afford to go for huge sum, there are a number of small policies that help insure your life. You have the option to call an executive to help you choose the best policy.

The universal assurance polices give the most flexible plans and they cover you for the whole life. They follow a cash value system in which the money paid more than the premium by the insured person will be paid back as cash value with interest. The insured person will get interest every month. The interest is determined by the policy holder; hence, it is called flexible insurance.

There Are Mainly Three Types Of Insurance:

- Single Insurance: Here the premium is paid annually.

- Fixed or Flexible Insurance: This policy is for a fixed period and the premium is paid in installments.

- Flexible Premium: This allows the insured to select the premium to be paid on due dates.


In Canada, the death cost is a part of premium and the rest portion is death benefits. This portion is disclosed by the insurer. It is better to opt for a plan in which the death cost remains standard throughout the year. Administration charges are the processing cost and the payable tax will be disclosed. After the deduction of administration charges and the mortality cost, the balance amount is invested in stock markets so that it will give revenue to the policy holder. The interest is deposited in the account of policy holder annually. The universal life insurance in Canada is the best option for those who wish to purchase a term life insurance and earn an interest on the investment regularly.

0106How to Lower Life Insurance Costs

There are several things that people can do to significantly lower life insurance premiums:

•Quit smoking, if you are a smoker. Tobacco use reduces life expectancy, and is taken into account by life insurance companies.

•Live a healthy lifestyle that that includes regular exercise, and also excludes very high risk activities. This primarily determines whether or not you qualify for the Standard of Preferred rates.

•Consolidate multiple, small life insurance policies. Having one major policy is cheaper than many small ones.

•First-to-die permanent policies insure couples, and pays a cash benefit regardless of who is the first to pass away. This is cheaper than having one policy per spouse.

•Purchase your life insurance while you are healthy. Generally speaking the younger you are when you puchase, the cheaper the premiums will be.

•Compare, compare, compare!

•Contact us! Let the professional insurance brokers at LifeInsurance-Orleans.ca help you to get the cheapest, best coverage that suits your particular needs.

2905Don'y buy 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 done).

If they had purchased term life insurance then Mrs. Smith would be the beneficiary, and would receive the benefits. It would then be at her discretion whether or not to pay off the entire mortgage, or pay part of it and use the other proceeds elsewhere.

It would be especially advantageous not to pay off the entire mortgage if they had obtained it at a good interest rate.

2105Common Life Insurance Mistakes That You Should Avoid

Shopping for a life insurance plan that fits your particular situation can be a daunting task. There are many companies that offer life insurance and each company has pros and cons. There are also different types of life plans with many different options.

In addition mistakes can be made when enrolling for a life insurance plan.

Please use the following to avoid the most common pitfalls when shopping for life insurance.

Note that we highly recommend talking to a Canadian life insurance broker. It is a broker’s responsibility to know the different life insurance plans available to Canadians, and to fit an appropriate plan to a client’s particular situation.

Mistake #1: Getting the Wrong Amount of Coverage

The purpose of a life insurance plan is to protect loved ones in case the insured passes away. In order to accomplish this, however, it is critical to know how much coverage is required to protect those loved ones.

A good estimate takes into account things such as:

•How many children you have.

•Is there money set aside for your children’s education?

•How many years of replacement income would you like your family to get?

•When is your spouse retiring (if applicable)?

•Value of all investments (e.g. bank accounts, RRSPs, TFSA savings, bonds, stocks, etc.).

•Amount still owing on mortgage(s).

•Amount of all other debt such as loans, leases, credit cards, etc.

•Monthly expenses such as clothing, utilities, fuel, food, etc.

•Funeral costs.


The best way to find out how much coverage you need is by speaking with an insurance broker and going through a needs analysis.

Mistake #2: Not Being Forthright When Applying

There are numerous stories where people have had a life insurance claim denied because of errors and/or omissions in their application.

Whether it is deliberate or unintentional, it is VERY IMPORTANT to be honest and forthright when applying for a life insurance policy! Most life insurance plans are medically underwritten (except for guaranteed issue plans), which means there will be an interview with a medical practitioner who may take some blood and urine for chemical analysis, depending on the amount of coverage you want. In addition the life insurance underwriters have access to your medical records. If something is in your medical records (e.g. things discussed with your doctor, any medical procedures you’ve had, etc.) then make sure you divulge these things when applying.

Some common things that people may be hesitant to be honest about are:

•Smoking and cigarette consumption.

•Alcohol consumption.

•Use of illicit drugs. Note that cannabis (e.g. marijuana) use does not preclude you from getting life insurance coverage. Occasional cannabis users get the standard smoking rates. All harder drugs will result in an application being denied, unless you have been clean for fiver (5) years.

•Depression: while everyone gets depressed at times, if you are taking anti-depressant medication, or if you have discussed depression treatment with your doctor, then it is advisable to disclose these things in your application.

Mistake #3: Not Getting Coverage While Healthy

It could be argued that this is actually the #1 mistake people make when it comes to life insurance!

Trying to get life insurance when you are getting older and/or when you have serious medical problems is difficult. Oftentimes the only option available in these circumstances is a guaranteed issue life plan, which offers much less coverage compared to plans that are medically underwritten.

Term life is particularly cheap right now, and getting a term life plan that has a long enough term for your situation while you are healthy is the recommended way to go.

Mistake #4: Getting the Wrong Type of Coverage

There are two main types of life insurance: term life and permanent life plans. Permanent life plans build up a cash value, and are often used for wealth and estate management.

Term life is simpler, cheaper and does not build up a cash value. It is only used for protection against unexpected loss, and is not designed for wealth management.

Oftentimes people are better off getting a cheap term life insurance plan, and then investing the difference in premiums (compared to permanent life) into other investment vehicles such as TFSAs (Tax Free Savings Accounts), RRSPs, etc.

Mistake #5: Illegible Application

Finally, be sure to fill out an application form carefully and legibly. Writing that is difficult to decipher can lead to delays in the processing of an application. It can also lead to misunderstandings if a claim is being made later on.

0105Life Insurance: Why do I need it? What does it do?

So, why do you need life insurance?

What often comes to mind when thinking about life insurance is that you can use it to pay final expenses. You’ve seen the commercials: Funeral expenses, burial costs and medical bills can add up to a hefty amount. The last thing you want is for your loved ones to shoulder this extra burden. Life insurance can be used to plan for these final expenses. Permanent life insurance is available in various amounts, so you can pick a death benefit that meets your needs.

But there are other considerations to keep in mind. You can use life insurance …

As mortgage protection. Whether you live by yourself, with a spouse or significant other, you may want to buy life insurance as mortgage protection. Think about it: You don’t want the person you live with to be homeless if you die unexpectedly, do you? Term life insurance can be used to pay off an outstanding mortgage balance. Just select a term that matches the length of your mortgage payment period. Some companies even offer decreasing term insurance, which means the death benefit decreases along with your mortgage balance.

For income replacement. You and your significant other may have planned for a future based on two incomes, but what if one of you passes away unexpectedly? Life insurance can be used to replace the lost income so the survivor can maintain the same standard of living.

For college funding. Yeah, I know. You don’t have kids, so this one only applies if you do or if you have grandchildren you want to help. Have you seen the tuition rates lately? Life insurance can help fund a college education. If you die, the death benefit may be invested and potentially grow to the needed amount by the time your children or grandchildren reach college age. If you have permanent policies, the cash value may be used to help fund tuition costs. Feel better knowing that you helped prepare for their future—even if you are not there to see it.

There are also a few provisions—additional benefits, if you will—that you may not be aware of.

Probate protection. If the beneficiary of a life insurance policy is a named person and not your estate, the death benefit is free from probate costs.

Incontestability. After the policy has been in force for two years, it becomes incontestable, meaning that the policy cannot be revoked, unless it was fraudulently obtained.

Free from the claims of creditors. In many states, the cash values of the life insurance policy are free from the claims of creditors if the policy is personally owned.

So, are you starting to see the need for life insurance? You will call your agent now, right? Don’t put it off! Remember, the younger you are when you get insurance, the lower the cost and the easier it is to get approved.

2504The MAIN reason to get Life Insurance…

Being that it is Life Insurance Awareness Month, I am constantly thinking of ways to get the message out there, get people educated, and help to protect their families and loved ones in the event that something unexpected happens. Life is NOT SCRIPTED. We all need to be prepared…

There’s a crisis in this country of people being uninsured, or under-insured. The majority of adult Canadians do not own an individual life insurance policy, according to LIMRA International. I place a bit of the blame on the industry itself, which may have lost sight of the real reason people buy life insurance. Some agents or advisors will sit down and talk a blue streak about life insurance in terms of numbers and percentages, and then whip out fancy illustration charts to explain to you why it’s an important financial instrument to own.

While those numbers matter, there really is only one very basic reason to own life insurance: because you love people and want to make sure that they are taken care of financially if the worst were to happen to you.

The bottom line: You buy life insurance to provide financial protection for your family and, as the case may be, the business you have worked hard to create.

What if something were to happen to you? Don’t you want your family to be able to continue living in your home and enjoying the life they’re accustomed to? And what about your children, don’t you want them to have the chance to go to college? If you are at or near retirement, don’t you want your spouse to have income to live on in his or her old age? And if you own a business, don’t you want your partners or successor to continue to run a healthy business, not one financially crippled by the loss of a key person?

It’s time to make sure that you are properly insured.


As life happens, we are continually faced with making a choice that involves a “what to do now?” dialogue with yourself and/or other interested parties. It might be a family member, a business associate, your doctor, or any host of additional participants. The choice might require a yes or no decision. Or perhaps, choosing between A, B or C. It may be something like “How am I going to pay for that?”. All of us face these and endless other types of questions every day. For example:

Some choices are superficial:

Do I want to buy the red, tan, silver or white Chevy?

are important:

Do I want to change jobs and relocate the family?

If the market tanks again like it did a couple of years ago, how do I prevent any loss of money on the downside, and participate in the upside? What are my choices, if any?

Some choices are downright critical:

Do I have the heart surgery or cancer treatment being recommended or seek an alternative, a second opinion or option? How would I pay for it?

I’ve become critically ill and no longer have health insurance (or the coverage I have won’t pay for the treatment I need), I’ve lost my job, bills are piling up and I’ve run out of money. I’m staring foreclosure and bankruptcy in the face. I have life insurance but need money now, not after I’m dead. I’d like a choice that gives me a shot at living, finding a cure, sending the kids to college, keeping the house and avoiding bankruptcy? What could I have done? Did I have any choices?

spouse is terminally ill and the doctors gives him/her six months to live. Our dream was to visit Paris or Italy or the Holy Land. We both have life insurance, but we’re short on money and I want to fulfill our dream. If only I could access some funds, my choice in a heartbeat would be to take the trip now while my spouse could still enjoy it.

Choices, choices, choices! That’s what we ALL want.

Not just a product, but a CHOICE.

1504WHAT IF?

Asking or answering what if questions can sometimes be fun. For example, what would you do if you won several millions of dollars in the lottery? Coming up with an answer is a more thought provoking exercise when the question addresses your families emotional and financial peace of mind for surviving the “what if” crisis with planning that can be implemented before the “what if” ever happens.

Most clients have some form of life insurance to provide their loved ones with enough funds to continue on after they have died. It is no surprise, therefore, that most think if it as death insurance. We believe that if life insurance is going to also help you and your family survive and thrive while you are living, and life happens, it must contain “LIVING BENEFITS”. Does your coverage include that feature?

The statistical evidence is staggering. Virtually everyone reading this article knows of someone who has suffered a debilitating chronic illness that requires help in performing the basic activities of daily living, or has suffered a critical illness such as stroke, heart attack or a diagnosis of cancer. Living Benefits allows you access to a portion of the policy face amount (death benefit) while you are living, not after you’re dead.

Bills don’t stop because you are seriously ill. They keep on coming and family income may have decreased dramatically or stopped altogether. You may need money NOW to avoid bankruptcy; to stay in your home and avoid foreclosure; to continue your children’s education; to pay high medical bills that are not covered by your health insurance plan (assuming you have one) or the alternative care that is recommended as the best treatment to save your life, but costs more than you could possibly afford.

If that happened to you or someone in your family, what would you do? How would you survive? How would you provide the security and peace of mind you are seeking, not just after death, but while you are living life, and before that what if ever occurs.

What if a life insurance policy was developed that INCLUDED access to the death benefit if money is needed to help you and your family survive the financial and emotional impact of dealing with chronic, critical, or terminal illness,




If it is going to be called “life insurance,” it must help you and your family to achieve financial peace of mind while you are living. Since it is a financial burden for many to purchase three different policies to provide the amount of life insurance needed; long term-care insurance; and another for critical illness coverage, doesn’t it seem reasonable to cover all three needs in one affordable contract that included living benefits.

1104Why do I need Mortgage Protection?

Just think, what would happen if the primary breadwinner in your home suddenly lost his/her income source and was unable to make the monthly mortgage payments? How long can you sustain that lifestyle before knowing your greatest fears and worries would soon become a reality? You would undoubtedly eventually lose what you’ve worked so hard to obtain…your most prized asset…your home!

That said, let’s look at the factors that can affect a family’s ability to stay on top of their mortgage and make monthly timely payments:

The economy

These days, with a questionable world economy and with job security being a thing of the past, more and more people have become concerned with their short and long term financial security. Whether you live in a single or dual income home, the loss of either income happens to be the primary source of stress in most homes. Sadly, as more and more Americans get laid off and find themselves unemployed for longer periods of time, the loss of that much-needed income can quickly jeopardize a family’s ability to stay afloat and continually make their monthly mortgage payments. Just think, how long can you continue to stay in your home if you’re unable to make your monthly payments?

Illness or Death

No one can predict when a long term illness or premature death will occur. The only thing you can plan for or predict is that if/when this occurs, without having a financial plan in place, your loved ones may be put in a very difficult financial position. In the event of an unforeseen or unplanned financial disaster, mortgage protection or mortgage insurance plans can offer you and your family a considerable amount of protection and peace of mind and serve as the perfect financial safety net.

So how can you protect yourself and your loved ones from such a horrific outcome? Easy! Look into Mortgage Protection and find out if it’s right for you and if so, how can it help protect your home.

0104Mortgage Protection Insurance 101

For most people, a home is one of the largest purchases they will ever make. As a result, a home mortgage will likely be a homeowner’s largest financial obligation. Mortgage protection can be referred to in a number of ways: decreasing term insurance, mortgage protection life insurance, or mortgage life insurance. Regardless of its name, its purpose is to help protect one’s home and their family in the event of a major life change that can impair the primary breadwinner’s ability to meet his/her mortgage obligations. This can occur as a result of job loss, long-term illness or disability, or premature death.

In the event of a job loss or illness, mortgage protection insurance is intended to cover of the monthly mortgage payment for a certain period of time or for the entire balance. For example, in the event of death, mortgage protection is intended to pay off the entire loan. With respect to illnesses and disability, depending on the type of coverage purchased, the protection can last for a specified period of time. In return, the policyholder pays the carrier predetermined premiums in exchange for this level of protection and peace of mind. In most cases, the policies pay the mortgage lender directly. But with so many plans, policies and options to choose from, it is critical to first determine your specific needs and budget constraints, then learn about all the different policies that are available to you, and then select a policy or plan that best meets your family’s short and long term financial needs.

Homeowners can purchase a variety of mortgage protection insurance plans yet the most popular plans tend to be Universal Life or Term Life plans; both with a variety of riders that can be customized to fit your specific needs. Some borrowers feel that mortgage protection is easier to purchase that typical life insurance plans, especially because no physical exam is required. However, on the flipside, in contrast, rates/premiums might be higher depending on the additional riders that can be supplemented to the policy. For example, a Return of Premium Policy (where at the end of the policy term, if the benefits have not been used, the policyholder then receives his/her premiums back), can cause the policyholder to pay even higher premiums. Regardless of the plan, purchasing and maintaining an adequate insurance protection can help your family keep their home should something happen to you.


The sluggish economy continues to put financial strain on many of us. So it just makes sense to examine our budgets and look for ways to trim the fat from our monthly expenses and put more into savings, if possible.

“That’s a great way to help stabilize your finances, but it’s also important that you have a financial safety net in place in case something were to happen to you,” says Lee Duncan, Vice President of Sales & National Training Director with Alliance Group in Lawrenceville, GA. “Life insurance is one of the few guarantees your family can rely on to maintain their quality of life if you were no longer there to provide for them.” (Check out these AMAZING testimonial Videos)

There are 95 million adult Americans without life insurance, according to LIMRA, an insurance industry research group. “The fact is the vast majority of Americans need life insurance and, sadly, most people either have none or not enough,” says Duncan. “If someone depends on you financially, you need life insurance. It’s that simple.” September is Life Insurance Awareness Month, making it the perfect time to take stock of your life insurance needs. Lee Duncan offers three additional reasons why now is the best time to look into getting life insurance…

You’ll never be younger than you are now. While that may sound obvious, youth is on your side when it comes to life insurance. It makes good financial sense to get coverage when you’re young and healthy, as premiums are based on your age and health. For most policies, your premiums will be locked in at that rate over the life of the policy, and can’t be raised due to a change in your health status.

It’s affordable, with rates near historic lows. People overestimate the cost of life insurance by nearly three times, according to a recent study conducted by LIMRA and the LIFE Foundation, a nonprofit insurance

education organization. In fact, life insurance rates remain near historic lows; the cost of basic term life insurance has fallen by nearly 50 percent over the past decade. With the addition of Living Benefits – Benefits You Don’t Have to DIE to USE – a life insurance policy like those offered through Alliance Group can be the difference between financial life and death.

“Life happens” says Duncan. “One day life is going along smoothly, and the next, you’re thrown a curve ball. No one knows what the future holds. None of us expect to die prematurely or suffer a critical or chronic illness, but the truth is roughly 600,000 people die each year in the prime of their lives – and more than half of us will be diagnosed with a chronic or critical disease at some point in our lifetime. That’s why today is always the best day to take care of your life insurance needs.”

“Life Insurance Awareness Month is the ideal time for a life insurance review,” says Duncan. “I urge everyone to take a few minutes out of their busy schedules this month to make sure they have adequate life insurance protection – ideally, with Living Benefits.” According to Duncan, consumers can get a general sense of their life insurance needs by visiting the Insurance 101 page – complete with a handy tool and calculator. The next step, suggests Duncan, should be to contact a local insurance professional, who can conduct a more comprehensive needs analysis and help you find the right products to fit your specific needs and budget .

2203Mortgage Protection Insurance

Just think, what would happen if the primary breadwinner in your home suddenly lost his/her income source and was unable to make the monthly mortgage payments? How long can you sustain that lifestyle before knowing your greatest fears and worries would soon become a reality? You would undoubtedly eventually lose what you’ve worked so hard to obtain…your most prized asset…your home!

That said, let’s look at the factors that can affect a family’s ability to stay on top of their mortgage and make monthly timely payments: <>The economy

These days, with a questionable world economy and with job security being a thing of the past, more and more people have become concerned with their short and long term financial security. Whether you live in a single or dual income home, the loss of either income happens to be the primary source of stress in most homes. Sadly, as more and more Americans get laid off and find themselves unemployed for longer periods of time, the loss of that much-needed income can quickly jeopardize a family’s ability to stay afloat and continually make their monthly mortgage payments. Just think, how long can you continue to stay in your home if you’re unable to make your monthly payments?

Illness or Death

No one can predict when a long term illness or premature death will occur. The only thing you can plan for or predict is that if/when this occurs, without having a financial plan in place, your loved ones may be put in a very difficult financial position. In the event of an unforeseen or unplanned financial disaster, mortgage protection or mortgage insurance plans can offer you and your family a considerable amount of protection and peace of mind and serve as the perfect financial safety net.

So how can you protect yourself and your loved ones from such a horrific outcome? Easy! Look into Mortgage Protection and find out if it’s right for you and if so, how can it help protect your home.

1903Banks Try and Make Cancelling Mortgage Insurance Hard

Mortgage Insurance can be cancelled with the stroke of a pen

Cancel the bank's mortgage insurance policy easily.My client wrote me an email last week that she had phoned into her bank to cancel her mortgage insurance policy. She said that the banker was making her go through a lengthy questionnaire before cancelling – saying that the questionnaire was mandatory. When my client had to leave the call because it was taking too long and she had another appointment, the banker said they would have to start all over again when she phone back in.

Wow! What a load of rubbish. If you own a product or service, and no longer want that service, you have the right as a consumer to cancel at any time. An insurance policy (be it mortgage insurance or personal life insurance) can be cancelled by you whenever you want. So why was the banker making it so difficult to cancel? Simply put the bank didn’t want to loose this very profitable piece of business.

The banker/sales person pulled out all the stops on my client. They questioned whether the personal life insurance policy would pay out if my client lost a limb – which was supposedly covered in the bank’s mortgage insurance policy (called Accidental Death & Dismemberment rider to a life insurance policy – very cheap to add because it almost never pays out a benefit). The banker tried to make it sound like insurance was required on the loan, and that my client would have to provide proof of insurance (mortgage life insurance is not required to get a mortgage – if it were this would be called tied selling, which is illegal in Canada).

As a consumer, you need to know why the bank tries so hard to keep your mortgage insurance policy on the books, and how to avoid their sales tactics to keep you, and just cancel the policy.

Phoning the bank to cancel will become another sales pitch

My first suggestion is to never phone the bank to cancel you policy. You will be transferred to a sales department, probably in Toronto, where they give you a highly trained sales person whose job it is to prevent you from cancelling the policy. They will use scare tactics, keep you on the phone for a long time, and generally waste your time trying to convince you not to cancel.

In fact, cancelling over the phone is a complete waste of time. Even if you get past the telephone sales team and persist in cancelling the policy, they will still require you sign some kind of document to cancel the policy. If all you need to do is sign something stating you want to cancel, then there is no need for a phone call. I will explain in more detail below.

Banks make huge profits on mortgage insurance, so they don’t want you to leave

The reason why banks want to keep your mortgage insurance on the books is because it is a huge money maker for them. Mortgage insurance is not like regular life insurance. It is way more profitable for the following reasons:

There is a declining balance on your insurance benefit as you pay down your mortgage, but the premiums stay the same.

The bank is the beneficiary of the policy, so all the cash payout in the event of a claim goes to them directly.

Banks don’t even hold the risk of paying the death benefit. They buy life insurance in bulk from a life insurance company and repackage it, as mortgage insurance. When someone dies, the life insurance company is actually paying the death benefit.

Mortgage insurance has post-claim underwriting. This means that full underwriting on the mortgage insurance policy is done after you are dead, and if there is some pre-existing medical condition they can use to deny the claim, they will. Mortgage insurance from the bank has the highest rate of denied claims in Canada.

There is one price for smokers and non-smokers alike, so non-smokers (80% of Canada’s population) are paying too much for their mortgage insurance coverage.

I used to work for a few major banks in Canada, and knew that they did not want their clients buying personal life insurance to replace the bank’s mortgage insurance. The bank managers could add something like 40-45% of the annual mortgage insurance premium directly to the profit line of the branch when reporting their revenue numbers. That is a HUGE profit margin. Life insurance companies don’t make nearly that much profit on term life insurance.

Banks will try hold onto their mortgage insurance clients with tooth and nail, since this line of business is so lucrative for them. It goes to show you that Canadians are paying too much for mortgage insurance and their policy is not as secure when it comes time to claim.

A signed letter, faxed in cancels your mortgage insurance

This is how you cancel a mortgage insurance policy: Fax in a Signed Letter! That’s it. A letter which clearly states your policy number (and certificate number or client number if that is how your mortgage insurance policy is set up) and is signed by the owner(s) of the policy is a legally binding document. The bank must honour your wishes when they are communicated in writing. In fact, you would still have to sign something to cancel a mortgage insurance policy even after speaking with a banker about cancelling. Skip the phone call – cancel by fax.

This is what you do. Take out your mortgage insurance policy paperwork. Locate the policy number and certificate/client number. Now find your mortgage identification number for the actual loan. Locate the fax number for the mortgage insurance department of your bank. There should also be an address for the bank’s mortgage insurance office on the policy. Then follow the template for writing a mortgage insurance cancellation letter below:

Mortgage insurance cancellation letter – a template you can use

Get personal life insurance and cancel your bank’s mortgage insurance policy

If you presently have a mortgage insurance policy with your bank, it is one of the worst types of life insurance in Canada. You should really look into getting your own personal life insurance policy and cancelling the mortgage insurance plan. Contact us today and we can give you the most competitive quotes for life insurance in Canada and find you a policy that will save you money over the bank’s mortgage insurance.

0203Privacy, Sharing Client Info and Being Passed Around the Bank

If You’re a Sales Opportunity the Banks Are Quick to Respond

banks have the right to share your client info between different divisions?

Privacy concerns and sharing client information by banksI bet it’s happened to you. A phone call at the supper hour from some kind of complimentary service offered by your bank and/or bank credit card. The worst I have found is when the bank actually sells your client info to a third party company selling a product or service, like identity theft insurance protection, and it can easily be billed through your bank credit card. You can bet the bank will be making a cut off every sale these companies make, plus the monthly billing will go straight onto your bank credit card, adding to your interest charges.

Who gave them the authority to sell your personal information? This is a flagrant breach of the trust we all place in the banks. But is it much more different when you are solicited for investment products, mortgages and loans and other offers from separate divisions within the bank? You might only have a few products with your bank, like a chequing account and a line of credit, but they want to get all of you. Your mortgage, your credit card, you investments! Did you ask to switch before the phone rang? No! So who gave the bank the right to pass on your personal information to another bank division to try sell you another product.

The fact is you probably gave them this right, unknowingly. Whenever you sign documents at the bank, there are reams and reams of paper with small font contractual wording that no one reads. Buried in these contracts is you giving the banker authority to share your information internally and maybe to specific outside companies to “better serve your needs” for financial products.

Canadians will ask when they need something

Everyone I know is connected to the internet. They all have certain needs for financial services, like renewing their mortgage, getting a business line of credit, applying for life insurance, etc. When they need to do financial planning the majority of Canadians will go online and research the best products and companies to meet their needs. Then it’s a simple matter of picking up the phone or sending an email, and everything is taken care of.

This is the way business should be done in this new technological age of information only milliseconds away via a Google search. Why should your bank still feel the need to pass your personal and confidential information around to multiple people inside the bank without your express consent (versus implied consent on the forms you sign)? If you need to renew or port your mortgage you can ask them for service – instead of them pouncing on you when they smell a sale.

Banks are quick to sell, slow to serve

If the local in-branch banker or teller sees a potential sales opportunity it is in their job description to send these “leads” onto the appropriate banker to make contact with you. Banks even have advanced lead distribution and tracking systems, call centres to contact potential sales clients and book them into meetings at the local branch, and track how quickly bank staff act on these leads and close the sale.

Unfortunately the relationship management systems are much less sophisticated. I worked at a bank that couldn’t implement a Client Relationship Management system (CRM) for their financial advisors to use, and promoted the use of Microsoft Outlook as the main client management tool. OUTLOOK!! It was a big joke among bank staff, when they saw their colleagues who are independent financial planners and brokers using state of the art systems like Salesforce.com for as little as $250 per year to professionally manage their client relationships.

Even those bankers who have the mandate to build a long-term relationship with their best clients aren’t provided with the tools to manage this (except for making notes in their email management system).

How do banks deal with life insurance referrals?

Many Canadians do have a good relationship with their local bank branch and/or banker and will ask them where to get proper life insurance. Now The Bank Act of Canada says that in branch staff are not allowed to sell personal insurance products or make any kind of promotion of specific products (this will be covered in detail in the next article). They are only allowed to give general advice about the life insurance industry and allow the client to find the insurance broker or agent they want to deal with.

Does this really happen? No! Bankers usually have a relationship with a life insurance broker who they refer to (against the rules) or promote the bank’s own life insurance company to the clients (doubly against the rules). It’s a really difficult situation for bankers to be in, where their client is looking for advice about life and health insurance and they are asking the local icon of Canadian financial services – their bank. Bankers feel they should have something valuable to offer here, and thus refer clients onto specific channels where the client can get their insurance needs met.

Unlike the situation above where the bankers are taking advantage of a spotted sales opportunity, here the client is asking for advice. The laws are very clear – bankers are not allowed to refer to any specific insurance broker or agent or promote any specific insurance company. This is as much to protect you as it is to keep the two industries separate. You have a wealth of personal and financial information at the bank. It is a fine line the banker is walking when they start to refer clients to outside financial services providers. It could quickly lead to the banker getting commission kick-backs and having your personal and confidential information forwarded to an insurance broker outside of the bank. How can the bank then guarantee the safety and security of your confidential information? In a situation like this they can’t. And even thought your local banker thinks they are acting in your best interest, they are putting you at risk. I

f you need life insurance advice, we can help

Life Insurance-Orleans.ca is an independent life insurance broker. We don’t have any direct contacts with the big Canadian banks. If we are offering you a complimentary service in the form of a referral, we will fully explain the nature of the referral, the services that our business partners provide and how we will keep your information confidential (for instance we can refer clients onto Manulife banker’s for an advanced home line of credit to replace inefficient traditional mortgages).

Contact us today and we will connect you with a local life insurance broker who can solve your insurance needs and who can also help you with your retirement and investment planning.

2602Buying Life Insurance? Get Good, Honest Advice from an Insurance Broker in Canada

Your Best Advice Is From An Independent Insurance Broker

Professional, honest advice from a Life Guard Insurance Broker

Your options for buying Life Insurance can be very confusing. Are you looking for qualified, professional advice from a life insurance broker you can trust?

has brought us many ways to buy life insurance in Canada. You can find products and insurance companies via the internet, or deal with bank owned life insurance companies through a call centre. What you really need to ask yourself, “Is the insurance advice I’m getting unbiased and really tailored to my needs?” This article will take a look at the pros and cons of buying life insurance through the various sales channels and where you can get personalized and professional life insurance advice.

Online sales

True online sale sin Canada – via point and click applications, are very limited in Canada, at least for now. Typically these sales are limited to health and dental plans and some forms of critical illness and travel insurance. There is almost no life insurance being sold totally via the internet, as you still need to speak with a Licensed life insurance broker/agent and sign some documentation. As a buyer of life insurance you might think that by cutting out the middleman would save you money. Not so. In fact, insurance companies will charge the same premium for a policy bought online as they will for one sold through a face-to-face advisor like a life insurance broker. There are no discounts on premiums in the Canadian marketplace to buy life insurance online.

And with purchasing policies online you do not get personalized service. Most life insurance policies have unique features from different insurance companies. They also offer many riders and benefits that can customize your plan for your unique situation. And there is future planning to consider, where a relationship with an insurance broker can help you change your life insurance policies as your circumstances change. Online quotes and sales of life insurance are typically limited to only term life insurance, and purchasing any permanent life insurance would require you to meet with a life insurance broker.

Call Centre sales

This is similar to buying online as most online life insurance sales have to be completed by a Licensed life insurance representative on the phone. Buying life insurance through a call center is also limited to only term life insurance with few optional riders and benefits. Call center sales-people only have a limited selection of products and lack the knowledge or skill to advise on permanent life insurance or various health insurance options.. Call centers typically represent only one insurance company (like a bank owned life insurer) and can offer only those companies products. Often this means clients can’t shop the entire Canadian insurance market for the best rates like they could with a life insurance broker, and are probably paying much more than necessary.

Special Mail-Out offers

A few Canadian life insurance companies offer members of groups, like university alumni or employees of an organization, special mail-out offers for association life and accidental death insurance plans. These policies are all built on group insurance platforms. This means you do not own your policy, but are only a certificate holder as part of the larger group. You would have no rites to convert your policy into permanent insurance in the future. On these plans, premiums will increase every five year as you age, so what seems cheap toady could get very expensive in 10 or 15 years time.

Many people opt for the accidental death coverage because they think it is cheap life insurance. But, it is NOT real life insurance covering all risks. You would have to die from an accident – NOT a sickness – in order to claim any benefit. Some planes also cover accidents in only certain circumstances, such as an airplane or bus crash, in order to get the full death benefit they advertise. Since sickness is the cause for over 85% of all deaths in Canada, it si highly unlikely these policies will ever pay out any benefits at all.

Mortgage/Creditor Insurance from the Bank

When purchasing a house or taking out a loan, your bank or mortgage broker will offer their Mortgage Insurance to protect your family in case you pass away while still paying off your mortgage. THIS IS DANGEROUS LIFE INSURANCE! Even though it might seem easy to be insured for this coverage, at time of claim (death) the insurance company will investigate whether or not you are eligible for the insurance. Any minor prior health issues that were not FULLY disclosed on the application could disqualify your family from getting the death benefit. Consider also that the bank’s mortgage life insurance has a decreasing insurance benefit; you have less life insurance coverage every time you make a mortgage payment, yet the monthly premium does not decrease. When you pay off your mortgage the bank’s mortgage life insurance cancels and there is no option to get a personal policy, and all your premiums are lost money.

Captive Life Insurance Agents

Captive insurance agents are life insurance advisors who represent only on insurance company. A captive agent can only offer products from their insurance company, meaning clients have very limited choice. It would be like shopping for a car but you are only allowed to visit the Ford dealership, and must chose a Ford – no other car companies can be considered. You are not guaranteed to get the best rates. Typically, premiums charged by captive agents are much higher than if a client bought through an independent insurance broker. You, the buyer, generally lose when buying from a captive agents as they are handcuffed by their inability to sell the entire Canadian market for life insurance. Companies that still maintain a captive life insurance agent sales force are Sun Life, RBC Insurance, Freedom 55 (London Life), Primerica, and Desjardins. And, by the way, all these companies offer their life and health insurance products to life insurance brokers too.

Independent Life Insurance Broker

An independent life insurance broker has access to all companies offering life and health insurance in Canada. They can research the market on your behalf to find the best possible solution for the lowest possible premium. Price isn’t the only driver when selecting an insurance policy that is best for you. Some companies could offer unique benefits and riders that better serve you, or you might have a health issues that is looked on more favorably by one insurance company vs. another. All this comes into play when advising clients about the best life and health insurance options for them. Be sure to also ask about your insurance broker’s experience, support system/network, professional credentials, etc.

We Can Help You

At Life Insurance-Orleans.ca, we are highly skilled, professional life insurance broker in Ottawa. Our brokers have access to specialized services from reinsurance, meaning we can negotiate a policy when there are health issues or foreign travel restrictions. Please visit our Instant Life Insurance Quote page, or feel free to contact us or phone us at 613.424.1937 to be put in touch with an insurance broker you can trust.