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Let’s briefly touch upon a problem in dealing with inexperienced insurance agents and brokers. I ran into this situation a few days back and I want to share with you the misleading statement I heard.
There is a permanent insurance plan that allows you to pay the premiums over the course of a defined period of time (called “quick pay insurance”). That is, once the premiums are paid for 10, 15 or 20 years, the policy becomes “paid up”. There are no further premiums due and the coverage remains in place for life. Continue reading »
This is a continuation of the previous blog entry entitled “The Infinite Banking Concept: Scam or legitimate?”
We established that the Infinite Banking Concept (IBC) or system is not a scam. However, it is definitely not for everyone. If you have decided to proceed with this strategy you must ensure it is carefully planned and implemented using the right type of product.
Choosing the right product could be a daunting task, as there are many types of universal life and whole life policies in the Canadian market. Perhaps a good approach would be to enumerate the ideal features we seek and go from there.
New neighbourhoods are springing up in Newmarket, especially in the northwest end, near the Upper Canada Mall.
And as usual, I have encountered many individuals who have obtained a mortgage and accepted the mortgage insurance that was offered at their bank. Many don’t know that you are not obligated to purchase coverage at the bank. In fact, you can save a lot of money if you simply shop around.
The real estate market has been quite active this year, with the average home sale price within Aurora being about $435,000.
This also means that relatively large mortgages are being taken to finance these homes.
Many people also sign up for mortgage life insurance with their banks in order to protect their family in the event of death or a critical illness. But what most people don’t realise is that substantial savings can be obtained if they shop around for coverage.
I have been asked on several occasions my thoughts on the Infinite Banking Concept (IBC) or System, both by clients and other brokers.
Basically, the idea is that you can become your own banker. Over time, you create a “bank account” by building cash reserves within a participating whole life insurance policy (i.e. one that pays dividends). You can then borrow funds from this account and pay yourself the interest, rather than paying another lending institution. By doing this, you not only save on interest, but your account continues to grow exponentially.
At least that is the theory.
There are two ways to obtain a life insurance quote online thru this web site. One is through the simplified term quote on the home page, and another is through a more detailed term and whole life quote by following this link. Both are Canadian based and are valid for Ontario residents only.
The home page quotation interface is quite simple. Simply select your date of birth, gender, smoking status, the amount of insurance (from $10,000 to $10,000,000), and the length of term (10, 20, or 30 years). Click the “Show quotes” button and you will instantly be directed to another page listing the top 15 premiums from various life insurance companies.
There are a number of guaranteed life plans currently being advertised on television, targeting those who, for medical reasons, have been declined for life insurance or have difficulty getting the amount of coverage they need.
They promise “guaranteed acceptance”, “no questions asked”, or “affordable premiums as low as $20 a month.”
While this all sounds good, there may be far better alternatives for most people who deem themselves uninsurable, hard to insure, or who simply don’t want a medical exam.
It sounds attractive. You buy a critical illness plan in case you are diagnosed with a critical illness, such as heart attack, cancer, or stroke. If you are still healthy after a certain period of time, you get all your money back!
I’ve been asked many times if the ROP option is worth the extra money. I always say: “it depends on your particular circumstances and needs.”
Before we get into that, let’s examine the premise behind obtaining this feature.
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