Personal Protection Products in Calgary: Life Insurance & More
You might not be able to control when an accident takes place but at least you can control the amount of personal protection you have. Calgary’s MB Wealth Management is here to help you plan for some of life’s unexpected moments. We provide independent advice and access to all personal insurance products including life insurance, critical illness insurance, disability coverage and long-term care plans. We can help you take a serious look at what personal protection products you and your family have in place. By doing so, we’ll be able to provide advice for any areas that need addressed or give you that piece of mind that your insurance needs are adequate.
We are based out of Canmore and have been working in the insurance business for over 20 years. Life insurance is the most affordable way to protect your family’s financial future. How much do they cost? How much do you need? Get in touch with us for more information as we offer insurance products for debt and mortgage coverage, income replacement, education funding, estate planning and equalization.
Mortgage Insurance vs Term Insurance
Mortgage insurance is offered through your lender when you apply for a loan. Often people choose to accept the coverage as it is convenient and the cost appears insignificant when adding it to your mortgage payment especially on a weekly or bi-weekly basis. We think it important to point out some of the limitations and restrictions of this type of coverage so you can make an educated decision when choosing life insurance to protect your family.
Mortgage Insurance with the lender:
1) You don't get to pick the beneficiary...the bank is in control here as they are usually the owner of the policy as well as the beneficiary.
2) Coverage amount decreases as the loan is paid back but your premiums stay the same, so you are often paying more than you need to.
3) Underwriting/proof of health is usually done upon claim not at application so this can cause issues for people that had some health concerns at application time that were not disclosed and could potentially have the claim denied.
4) If you change lenders when your mortgage term is up which is often the case with all of us shopping around for the most attractive rates in the market, you must start the process over at your new age with the new lender each lender has their own program making your coverage non-transferable.
Personal Life Insurance puts all the control in your hands:
1) You name the beneficiary instead of the bank...your beneficiary can still pay off the loan, but it gives you and your family the option of when to do so.
2) Level insurance coverage throughout the plan regardless of how much is owed on the loan.
3) Underwriting done at application and once approved it is non-cancellable and you have the option to renew or convert the plan without having to qualify again at that time
With over 20 years of experience as and independent life insurance broker it is my mission to continue to provide independent advice and access to all the different products and pricing in the market. We can customize your plan to suit your individual needs and budget. We assure you of a simplified approach to the insurance buying process. Being certified financial planners, it allows us to bring in a comprehensive view of your current and future financial well-being. From fixed term products to permanent life-long coverage plans, we have it all.
Critical Illness Coverage
In today’s time, medical advances are forever increasing the chances of surviving a critical illness. Critical illness coverage provides you and your family with a lump sum benefit. Unlike other coverages, critical illness is unique in that the lump sum benefit can be used to meet any of your individual needs: it can be used to help cover costs while your recover from your illness and be financially able to take time off work, arrange in-home care or modifications to your home if needed, help with debt payments, or maybe its having the financial means to pay for specialized or alternative treatments outside of Canada to access some of the best medical treatment options worldwide while still maintaining your current standard of living and preserving your hard earned savings.
Disability Income Coverage
With disability income coverage, your earning potential is protected. In the event of an illness or injury and you cannot work, this coverage will replace your income each month. We currently have programs for professionals, business owners, home-based workers and specialized occupations including truckers.
Long-term Care Coverage
To protect the health and well-being of your loved ones, long-term care coverage can ensure that your family has access to quality care services if and when the time comes. Whether you need funds for a care facility or services for an in-home caregiver, long-term care coverage allows you to have the finances to do so.
For advice from certified financial planner in Calgary, call MB Wealth Management today!