Why life insurance is better than mortgage insurance

Why life insurance is better than mortgage insurance

Posted on by Matthew Laker

1. You are not paying for diminishing protection.

I did not think about this at first when I was buying a house. The mortgage insurance pays the balance of the mortgage left at the time of death. That payment goes to the bank and not to you.  

What this means is you bought your house for $400 000. Let’s say there is $200 000 left. You pay the same premium throughout the diminishing mortgage, and they will cover that 200 000 left on the house when you die.

But if you got life insurance for 400 000 to cover the house in case of your death. Your beneficiary get $400 000 to direct where you or they want.  

2. Better estate planning.  

When buying mortgage insurance, you are just thinking about one debit. But what if you could step back, take a financial analysis and assess where you are at and what are your future needs and goals. Life insurance can take into account a broader range of needs and help you better protect your family. The beneficiary can be helped with funeral costs, other debt and provision for a legacy to your grandchildren.  

3. It stays with you. 

If you change lenders, this does not mean that your insurance will move with you. That will mean an increase in cost. Your life insurance will stay with you no matter where the mortgage is. 

4. Health is assessed at the time of underwriting.

What many people do not understand is many mortgage insurance is assessed after you die. So if there was an existing issue you may not be covered. CBC did a series on this.

When you get life insurance it is assessed as you are applying. If the policy is issued that means you have it. That is not the case with the other way.

So do you need a review of where you are at let’s talk.  

8 Questions to ask in your Financial Checkup

8 Questions to ask in your Financial Checkup

Posted on by Matthew Laker

Have you done a financial check-up recently? Would you like another opinion?

The reality is many of us do not have a full picture of where we are at financially. At the same time, many are just hoping somehow that debt will take care of itself. It won’t.

When do you do your financial Check?

8 Question to ask

1)Are your investments getting the return you want?
2)Review what was actually spent compared to expected? Did you spend more money than came in? Is this good or bad?
3)Do you have a plan to get freedom from your debit?
4)Do you have income protection?
5)What financial goals do you have for the next 12 months, 3 years, 5 years, 20 years?
6)What are you doing with the cash you are sitting on? How are you going to make it work for you?
7)Who can help you develop a plan?
8)What is your system for paying the bills.

You do not have to do this alone. Sometimes it can be to have a coach from the side to point out things you do not see. That coach also can push and encourage you along in reaching your goals.

Let me be your coach? Start today with a complimentary financial analysis. There is no cost to you and no obligation to buy anything.

What questions do you have?

How I paid for my life insurance!

Posted on by Matthew Laker

How did I pay for my life insurance?

The first step was to learn about life insurance and the different parts of it. Second, I did a financial analyst of where I was at with the help of someone, and this provided the opportunity to see how much life insurance I need. No need to pay for more then you need.

Through this learning process about life insurance, I soon realized it is better to set up life insurance at a younger age. I bet we all wish we could go back with some truths for our younger self.

Anyway, how did I pay for my life insurance? In my review, I found two products I was paying.

The first was credit insurance on my mortgage. If I died, this would kick in and pay off my mortgage. Great idea, but there is a better way. The second was insurance through my credit card that also paid off the balance in death and a little accident insurance. The cost of this would change each month based upon how much was on the credit card.

So looking at these two products, the combined cost would pay for my life insurance. What that means is month to month; my living cost did not change. I would get life insurance, which was a better option then what I was paying before.

Life insurance gives my family control of how the money will be used, which is important to me. The option I was giving up meant it just covered some debt and went straight to the creditor. Life insurance provides income protection and debt coverage, and my family benefits and gets control.

Now perhaps this is not an option for you. However, let’s do a finical review and see what kind of solutions we can provide for you?

If I can find a solution that is affordable and provides for your family, are you interested?

Yes let get a Financial Analysis –

Fill out the form below.

Understanding Critical illness insurance and disability insurance

Understanding Critical illness insurance and disability insurance

Posted on by Matthew Laker

Your greatest asset is the ability to work. What if that was taken away?

As you are looking at protecting your family with life insurance, something to consider is critical illness insurance and disability insurance.

Critical illness insurance and disability insurance are tools in your financial box that can help your family’s financial security.

Critical illness insurance and disability insurance help cover the cost in case of certain health risks that could leave you unable to work for the short or long term.

Critical illness insurance and disability insurance work by supplementing or replacing income while you are alive. In turn, this helps your family’s financial well being.

Each family is unique and have unique financial goals. The best place to start is to understand where you are and what you need. Perhaps you are in a different season and needs have changed. After that, then take a look at products that will meet your needs.

Let me help you with a free no-obligation Financial Analysis.
What questions do you have about critical illness insurance and disability insurance?

Understanding Term Life Insurance

Understanding Term Life Insurance

Posted on by Matthew Laker

You have people who depended upon you, and life insurance is about providing a safety net for them if something should happen to you.

Simply put, you pay a monthly premium for a set amount of death benefit. 

TERM INSURANCE IS DESIGNED FOR PEOPLE WHO

  • Require the coverage for only a specific period of time. For example: to pay off a mortgage or replace a spouse’s income.
  • Have a limited budget and a high need for insurance.
  • Have young children.
  • Have a large amount of debt.

PROBLEMS THAT TERM LIFE INSURANCE CAN SOLVE

  • Providing money for unexpected expenses after the passing of a loved one.
  • Ability to care for loved ones when unfortunate life events occur.
  • Assistance in replacing the loss of income in the event of a death.
  • Assistance in covering costs of funeral arrangements.
  • It can also cover the educational needs of the children.
  • It can help pay off the mortgage and/or other debts.

  If the death benefit need to be paid out, this will be tax-free to the listed beneficiary.

Next Steps 

1)Write out the questions you still have?

2)Set up a time to get your questions answered? 

Day/Month/year