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How Much Life Insurance Do You Need? (part 2)

This is continued from PART 1 Here’s how it works out… Let’s assume that the breadwinner earns $50,000 each year.  We will use the income approach to determine the amount of coverage needed on his life.  The duration of the risk is 25 years and the assumed interest rate is 3% (this is the inflation [...]

How Much Life Insurance Do You Need? (part 1)

What is your life insurance “need”? Well, to get things started off I think that a distinction between “needs” and “wants” is important. For the sake of simplicity I won’t be discussing other forms of insurance (i.e. critical illness, disability insurance). An insurance “need” arises where there are definite, identifiable risks to the people that [...]

Advocate for Your Best Rate!

In my years as an insurance advisor I’ve seen it all when it comes to medical challenges and getting the approval from an underwriter.  Some clients come to me having been declined or after having to pay an additional premium (a substandard rating) on their insurance policies to get help.  Removing a substandard rating can [...]

“Smoker” Life Insurance Rates – Say Good-Bye and Save

It used to be that 50% of the adults in Canada smoked, but times have changed since that statistic was released in 1965.  Today between 15% and 20% of adults admit to smoking some form of tobacco on a regular or occasional basis, and many Canadians are thinking about quitting or have quit altogether.  This [...]

Mortgage Insurance – Turning the Lose, Lose into a Win, Win.

This topic has been a controversial one for a few years now and I thought that some facts might help to clear things up. Many Canadians own homes and have a mortgage.  When we get a mortgage we are also offered “mortgage” protection from the banker or mortgage salesperson.  This is where the controversy starts [...]