Life Insurance

Mortgage Life Insurance’s Perfect Storm

Mortgage Life Insurance’s Perfect Storm

How would you feel if you knew that the mortgage life insurance you get from your bank doesn’t actually offer full coverage when you sign up? Wait… What? Here’s why: There is usually no licensed professional insurance broker in the bank offering the mortgage life insurance. The only advice you receive is in the form of a brochure. You are not…
Protect Your Family from a Monster Mortgage!

Protect Your Family from a Monster Mortgage!

The RBC Housing Affordability Measure has been published since 1985. It is a recognized benchmark that reflects the costs of owning a detached bungalow at market value. The higher the measure, the less affordable a home is. As an example, a measure of 32 per cent means that homeownership costs, including mortgage payments, utilities and property taxes, would consume 32…
7 Things the Banks Don’t Tell You About Mortgage Protection Life Insurance

7 Things the Banks Don’t Tell You About Mortgage Protection Life Insurance

Mortgage Protection Life insurance is presented as part of the mortgage signing process with an implication that it forms part of the package. If you don’t apply for it, you must sign a statement declining the coverage and take on the responsibility of getting the coverage independently. That's way too much pressure, you're not given the information you really require…
Life Insurance That Pays You to Stay Healthy

Life Insurance That Pays You to Stay Healthy

Over 30 years ago, insurance companies came to the blinding realization that non-smokers live longer than smokers. Non-smokers welcomed this revelation, especially when they found they could save piles of money in insurance costs. A few decades later, we experienced further improvements through “Preferred Class Underwriting.” We started asking questions like “If I exercise regularly, don’t drink too much alcohol, have never smoked in…

Negotiate Your Term Insurance Renewal

Negotiate Your Term Insurance Renewal

Many of us have gone through this drill! We buy a term insurance policy and it tells us that in 5 , 10 or 20 years, the premium will increase to a certain rate. In our optimism, we ignore the impact of those increasing premiums. However, those years tend to pass by very quickly and all of a sudden we…
Death and Taxes

Death and Taxes

There is a theory out there called the theory of diminishing needs for insurance. It is based on the premise that, if we plan properly, we eventually become self-insured through the elimination of debts, the accumulation of investment assets and the reduction of expenses. I used to believe it but the past 30 plus years of experiences with my own clients…

Will a broken smartphone destroy your future?

Will a broken smartphone destroy your future?

The last time you bought a car, home appliance or electronic item, what add-on does the salesperson usually ask you to buy? Of course – the extended warranty. Most salespeople seem puzzled whenever I steadfastly refuse to buy the extended warranty. My answer is quite simple: “I only insure against catastrophic losses.” If my smartphone breaks down right after the regular warranty, is this…

About Those Power Tools!

About Those Power Tools!

Having grown up in an age of real fireplaces and having done some old-school camping, I also helped gather firewood, watching my dad quickly buck it into lengths using his chainsaw. Until I learned how to use it, it scared me! A chainsaw is a powerful, useful tool but dangerous in careless, inexperienced and uninstructed hands. Slowly, once I learned…