Term life insurance is the most basic of life insurance products in that it has no savings component, and thus no cash value. By the name, it is purchased for a ‘term.’
Term life insurance is the most basic of life insurance products in that it has no savings component, and thus no cash value. By the name, it is purchased for a ‘term.’
Term life can be purchased in many ways. Your employer may offer term life with special terms as a benefit to you and your family. Many affinity groups (alumni associations, professional groups, etc.) offer special products. Although term insurance may be available from many sources, purchasing an individual policy provides the best features and flexibility and often at a better price.
One of the most common uses of Term Life insurance is known as “Mortgage Insurance” which is offered by banks and large financial institutions to provide funds to pay off a mortgage in the event of the premature death of a mortgage holder.
The “Real Deal”
If you want the “Real Deal” on what you get with Mortgage Insurance you may be interested to know that the vast majority of Canadians who purchase mortgage insurance from a bank don’t fully understand what they are getting – and what they are NOT getting.
An investigative report by CBC Marketplace on February 6, 2008: “In Denial”, reveals details about mortgage insurance that few Canadians know about – until it is too late.
Watch the video clip below to become fully informed and learn how an independent insurance broker can assist you in getting the right insurance for protecting your mortgage.
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At Open View Wealth Advisory, we aim to help you own your future through the use of personalized plans that set you and your family up for success.
With almost 40 years of combined experience, our team utilizes proven strategies that have helped our clients navigate the financial world so that they can reap the benefits of what life has to offer without the fear of financial burden.
If you wish to build a plan that helps you own your future, please click the link at the very bottom to book a consultation.
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