Just bought a home? Now it’s time to get life insurance for your mortgage. Here’s what you should know about choosing the right policy and term.
7 in 10 Canadians have an unplanned retirement, according to SunLife Financial. Are you prepared to leave the workforce early?
Your dad’s always got your back – and a recent RBC study finds this plays a large role in the type of life insurance fathers prefer.
Not sure of your life insurance needs? Insurance can be bought to provide coverage for a number of reasons. Some insurance consumers are looking to provide income for loved ones in case they should die, while others want to cover ongoing financial commitments such as a mortgage or tuition. Others are looking to add to their financial assets and build equity over time.
Are you paying more than you need to for that peace of mind? It’s true that the best coverage can be a hit to the wallet over time. Fortunately, there is money to be saved by understanding your insurance options. Check out these methods for paying less on your coverage:
Life insurance is financial coverage that pays a specified amount of money to a chosen beneficiary upon the death of the main policy holder. The face value of the insurance policy is paid by the insurer in exchange for regular payments over the insurance term, referred to as premiums.
No one can see the future – which is why it’s fortunate that insurance products exist to keep your family, home and valuables safe in a worst case scenario. But why must peace of mind come with so much paperwork?
Using an insurance broker is the first step to getting the best coverage for your needs. Before you sign, though, ensure you understand exactly what kind of coverage you’ll get for your money – and whether there are any hidden limitations.
There’s no doubt, your home is likely the largest purchase you’ll ever make. If you arrange your mortgage through the bank, it is their responsibility to ask you if you want to insure your mortgage through them. While it’s easy to say yes, it’s a good idea to explore your options thoroughly first. Mortgage insurance is a good idea for some, but there could be a better option – life insurance. Let’s look at each closely and compare them for their drawbacks and their benefits.
What if you want to buy a house with a friend or family member? On first blush, it’s a really smart thing to do. It can mean you both together can afford a house in a nice neighbourhood, instead of a tiny condo. But buyer beware. Sharing the biggest purchase and investment in your life has risks.