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Which is better mortgage insurance or life insurance?

Posted by on in Term Life Insurance

Which is better mortgage insurance or life insurance?

 

I feel like Rick Mercer when I hop up on my soap box and tell clients what a lousy product mortgage insurance is, I get quite animated and I wish Rick would do a public service televised rant because this product is really bad.

 

I got myself in a bit of a lather this week talking to new clients about mortgage insurance and the value of independent advice. If your financial advisor is not telling you about all the options available in the market place, even those they can’t sell, then you are not getting independent advice, beware, you are talking to a salesperson who can only offer you their company’s products.

 

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Don’t Wait Too Long to Convert Your Term Insurance

Posted by on in Term Life Insurance

Don’t Wait Too Long to Convert Your Term Insurance

Don'twait

 

Many of us purchase large amounts of low cost term insurance to cover our needs while we are raising our families or growing our businesses.  However, as the saying goes, “there is no free lunch”.  Eventually this low cost term insurance starts to become expensive and other options should be considered.  If you are unable to qualify for a new permanent insurance policy don’t worry, your safety net is the conversion option in your existing policy.


Most term life insurance contracts include two important features. The first is that the coverage is contractually renewable and the second is that it is convertible.
Renewable means that the coverage will continue, at rates that are guaranteed in the contract in accordance with the term. If you own 10 year term coverage the premium will increase every ten years.

 

The other feature is convertibility. This means that you can change your increasing term contract to a level premium permanent contract any time without having go through a medical.

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