Want to Pay Lower Premiums for Life Insurance on your Mortgage? Make a few changes.

April 10, 2014 by Aleksandra Emmerson • Industry News •

Drop that cigarette right now, if you know what’s good for your finances.

Tobacco use is a major factor insurance companies look at when they assess your premium. How big is the gap between premiums? In one account, a smoker’s policy costs $135 a month, while a nonsmoker’s costs $70. The good news is most insurance companies only require you to quit smoking for one year to qualify for non-smoking rates. Forbes’s Kate Ashford reports on this and other factors that can really add to what you will pay for life insurance.
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Making Informed Choices for Life Insurance in Toronto

March 12, 2014 by Aleksandra Emmerson • Industry News •

This is a prime example of why people should avoid Creditor Insurance offered by lenders. There was only a simple questionnaire and after death this application went through the approval process and Mr. Foreman was essentially declined. Had he went to a Life Insurance broker and applied for proper underwritten insurance it is likely that he would have been rated or declined. At least he would have known prior to dying that he didn’t have insurance on this loan. A quality life insurance broker would have then sourced him some guaranteed issue insurance and at least he would have been covered.
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Know How to Use Life Insurance on Mortgage—Ask an Insurance Broker

March 10, 2014 by Aleksandra Emmerson • Industry News •

“Canada’s national housing agency has increased the cost of insuring mortgages for homebuyers who make down payments of less than 20 per cent.

Starting in May, the housing agency will charge an average of about 15 per cent more to insure mortgages, CMHC said in a release Friday.

Prior to the announcement, the premiums ranged between 0.5 per cent and 2.75 per cent. Under the new rules, they will range from 0.6 per cent to 3.15 per cent.

The changes are unlikely to have a major effect on the housing market, but in real-dollar terms, the move makes it incrementally more expensive to buy a home. A heavily leveraged buyer — someone with only five per cent down, and therefore borrowing 95 per cent of the home’s value — would be most affected by the hike.”

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Ask about Life Insurance Rates in Toronto—Even When You’re Single

January 29, 2014 by Aleksandra Emmerson • Industry News • 1 Comment

If you’re currently living the “single” life, then you’re very much aware of all its advantages. You get to watch TV whenever you want and as much as you want. You get the whole bed to yourself. You can move to a new apartment, a new city, a new country—at a moment’s notice. You can live the life you want without compromise or worry, except perhaps, when it comes to your finances. Kimberly Palmer reports, for US News and World Report:

“According to a 2011 survey from USAA Life Insurance, the number of single people buying life insurance increased 10 percent compared to a year earlier. The biggest growth was among 20-somethings, which experienced a 24 percent increase in life insurance purchases.

The increase appears to be driven in part by the economy. During economic downturns, people across the board tend to buy less insurance, simply because they can’t afford it. So part of the increase in life insurance purchases, which is happening across multiple demographic groups, can be attributed to the economic recovery following the most recent recession.” More