Our Main Services
Life Insurance
Term Life and Permanent Life InsuranceAll of us go through changes in our lives – physical, emotional, spiritual, and financial. Knowing how to cope with changing priorities is especially important. Many people purchase life insurance to address their financial priorities at a certain time in their lives, whether it be protecting their income, securing debts, or securing their mortgage. As these priorities change, it is important to understand one’s options when it comes to their protection program. Many of our clients who have purchased term life insurance enjoy the option of convertibility. Convertibility allows you to convert your current term insurance policy into a guaranteed insurance policy. If you are one of our clients with a convertible term life policy, we would like to take this opportunity to remind you of some of the advantages of policy conversion. A permanent policy is a valuable tool when considering the following:
Income protection
Mortgage Protection
Pension maximization
Estate preservation
You can take advantage of these features by converting your existing term policy. Best of all, conversion does not require a medical examination. You can take advantage of this feature within a time frame regardless of the status of your health, and obtain a permanent policy at rates reflecting your health at the time of the original policy application.
Speaking to an experienced Insurance can make a world of difference
Speaking to an experienced Insurance broker adviser does make a world of difference understanding our business and the many products available. In fact, a non-obligatory conversation over the phone with an experienced adviser is the best way to learn and address all the questions you may have concerning the insurance industry and what it can offer. The common discussion with an experienced insurance adviser are the following:
• How best to address certain personal and business priorities
• Review or discussion of existing policies
• Product types available to address common and unique needs
• Contract guarantees and limitations not commonly reflected by getting best quotes
• Medical Underwriting
• Existing Health issues and how best to overcome them
Term Life Insurance vs. Bank Mortgage Insurance
Bank Mortgage Insurance
The Pros:
It’s simple to implement.
Price is generally competitive for much younger applicants.
The Cons:
Only pays declining balance of mortgage, yet premiums remain level. No sales tax payable.
Not portable. If you change banks, you may lose your coverage.
8% sales tax is added.
You can purchase term life insurance that is convertible to a guaranteed permanent plan, without a medical examination.
Coverage ends upon refinancing.
Coverage ends if mortgage is transferred.
Coverage ends when mortgage is paid in full.
Not convertible. If you ever become uninsurable due to health problems, you have no other options.
Limited to joint first-to-die coverage only for couples.
Must be on title of mortgage to qualify.
Death benefit is paid to the bank. You cannot elect a beneficiary.
Term Life Insurance
The Pros:
Competitive pricing.
Level protection. Your coverage does not decrease over time with your mortgage.
Fully portable. If you switch banks or move, you are still covered.
No sales tax payable.
You can purchase term life insurance that is convertible to a guaranteed permanent plan, without a medical examination. This is ideal if no other insurance plan has been implemented and you face a medical impairment in the future.
You can elect a beneficiary for the cash proceeds payable upon death.
Coverage can extend to beyond age 70 depending on the insurance company.
The policy will pay even if the mortgage is paid off.
Separate policies can be purchased, allowing more flexibility for couples.
The Cons:
The fact that we’ve listed no cons here probably has you considering term life. Contact us – we’ll be glad to answer all your question.
Contact us at: 1.866.757.7882 for a free consultation