Insurance SpotInsurance SpotBlue Sky Financial Group is an Ontario Insurance Brokerage providing auto,home, business, travel and life insurance, as well as financial services. On this blog, we will provide readers with informative insurance tips, news, links and articles. Articles
New Crash Tests for Mid-Size Cars
2008-05-01 18:11:00 IIHS: New crash tests of midsize cars: protection in side impacts improves, but most cars tested still afford marginal or poor protection in rear crashes ARLINGTON, VA - Occupant protection in side impacts of midsize cars is improving as automakers introduce safer designs and add side airbags as standard equipment. The Insurance Institute for Highway Safety recently completed front, side, and rear tests of seven 2008 model midsize cars, both moderately priced and luxury: Chevrolet Malibu, Dodge Avenger, Infiniti G35, Kia Optima, Mitsubishi Galant, Nissan Altima, and Saturn Aura. All earn the highest rating of good for occupant protection in frontal crashes. All but the Kia Optima earn the top rating of good for side crash protection (Malibu's rating applies to cars built after February 2008). Rear crash protection results vary more widely. Among the seats/head restraints evaluated, only those in the Optima earn a good rating."The side impact results represent a huge change from jus... More About: Cars , Size , Crash , Tests
Seat Belt Safety
2008-04-29 20:22:00 One person, one seat beltEffective December 1, 2006, in Ontario, every person travelling in a motor vehicle must wear a seat belt or use a child safety seat. The penalty for seat belt infractions is a fine between $60 and $500. Convicted offenders will receive two demerit points.Drivers are responsible for ensuring that passengers under 16 years of age are using the seat belt or an appropriate child car seat properPolice officers may request that passengers who appear to be at least 16 years of age provide their name, address and date of birth. These passengers may face a fine for not using or wearing a seat belt properly.There are limited exemptions from wearing seat belts.Fact...Wearing your seat belt properly will dramatically increase your chance of surviving a motor vehicle collision.For every one per cent increase in seat belt usage, five lives in Canada are saved (Transport Canada).Since seat belts were made mandatory, the number of people killed and injured in collisions in ... More About: Safety , Seat , Belt
Flow-Through Investments
2008-04-28 18:06:00 To encourage investment in more speculative, resource-based ventures, the Federal and Provincial Governments of Canada have created Flow -Through Investments Who should invest in Flow-Through Shares? Typically, Investors in the top marginal tax bracket would receive the most benefit from a flow-through investment. However, most investors, regardless of their income level, would likely receive some benefit from investing in flow-through shares. Investors should also be comfortable with risk and volatility in the value of their investment. Due to the highly speculative nature of resource exploration, the value of the investment could vary widely. What am I investing in? An investment in a Flow-Through Share is required to be used for the exploration and / or development towards production and must be kept separate from general operating funds. After the tax deductions are made, capital gains are possible. Some shares even allow for conversion into other investments. What are t...
Life Insurance Solutions for Small Business Owners ---- Part III
2008-04-24 20:15:00 Life Insurance Solutions for Small Business Owners- Part III from ManulifeExecutive Compensation Small business owners often offer supplementary benefitpackages to attract executives. These packages offer awide assortment of benefits, which may include lifeinsurance protection. The life insurance protection ensures that if the executivedies, his or her dependants receive money that can be usedto cover funeral expenses, education costs, reduce debt and provide future income. The policy may be purchased by the business/employer, or it may be owned and funded jointly by the employer and the executive. The executive?s dependants would be named asthe beneficiary of all or a portion of the policy. The employer paid portion of the life insurance premium must be reported as a taxable benefit to the executive. It is important that the amount reported represents a reasonable cost for the benefit received. Wealth Creation Often a business?s profits or surplus cash are invested in GICs or taxab... More About: Life , Small Business
Life Insurance Solutions for Small Business Owners
2008-04-22 22:19:00 Life Insurance Solutions for Small Business Owners - Part II from ManulifeBuy-sell FundingA key component of an integrated financial plan is planning for business succession. The business interest often accounts for a substantial portion of the wealth the business owner has accumulated. Ensuring that a plan is in place for the eventual transfer of the business interest will help the owner realize full value for the business interest and it will also help the business and the remaining owners survive the transition. This is particularly true if one of the owners dies prematurely. Changes in ownership may create financial obligations for the remaining owners. Ownership changes can also have income tax implications for the withdrawing owner and theowners who remain. An integral part of any succession plan is to ensure that financing is in place to fund the purchase and sale of the business interest if an owner dies. The succession plan should also provide the business owner with suffic... More About: Life , Small Business
Life Insurance Solutions for Small Business Owners
2008-04-21 17:09:00 Life Insurance Solutions for Small Business Owners - Part 1 From ManulifeSmall businesses fail for a number of reasons, including lack of planning, poor management,inadequate funds, downturns in the economy, debt overload, etc. As you work through yourbusiness plan, you'll be looking for financial solutions that bring your business stability tosituations where you can be particularly vulnerable. You should plan for the unexpected.Life insurance can provide a cost-effective solution for many situations that could threaten a small business, such as the loss of an owner or a key employee. This section provides an overview of how life insurance can be used to help a small business plan for the unexpected, including: • Key Person Insurance• Business Loan Protection• Buy-sell Funding• Funding Capital Gains Tax on a Business at Death• Split Dollar ArrangementsWe also look at how life insurance can provide small businesses with an opportunity for tax-advantaged investing and how i... More About: Life , Small Business
Retirement and Long Term Care
2008-04-18 23:39:00 From Manulife Have you considered long term care in your retirement planning? Like many Canadians, probably not, but you might want to think again. The following questions and answers may assist you in understanding the need for long term acre planning.Q: I’m a boomer. How will my care needs in older age be different from my parents’?A: The makeup of boomers’ families is unique to any previous generation. We have fewer kids, experience more divorce, and our adult children migrate more frequently from city to city. This means we can’t rely on family as primary caregivers to the same degree our parents have. Life expectancy is also increasing, so if you’re lucky enough to live to age 85, there’s a strong likelihood you will require long term care. Q: Is it true that elderly women face more hardships?A: It’s certainly true in terms of long term care. Women often spend their lives as caregivers, but when they need old age care, there may be no one to turn to. Women tend to... More About: Retirement , Care , Long , Term
Phising: A new form of identity theft
2008-04-17 20:45:00 from Public Safety Canada The term phishing refers to luring techniques used by identity thieves to fish for personal information in a pond of unsuspecting Internet users. Their objective is to take this information and use it for criminal purposes such as identity theft and fraud. Phishing is a general term for the creation and use by criminals of emails and websites -designed to look like they come from well-known, legitimate and trusted businesses, financial institutions and government agencies- in an attempt to gather personal, financial and sensitive information. These criminals deceive Internet users into disclosing their bank and financial account information or other personal data such as usernames and passwords. Canada's Department of Public Safety and Emergency Preparedness and the United States Department of Justice are jointly issuing this special report to advise the public about the risks of responding to phishing emails and websites, and the steps to take when they e... More About: Identity Theft , Theft , Form , Identity
Tips for Preventing Identity Theft
2008-04-16 18:25:00 You can take measures to help prevent yourself from becoming a victim of identity theft. The following list outlines some things you can do to make yourself a harder target: Use a shredderCarry only one credit card and guard your credit card receiptsCheck for the VeriSign or the lock at hte bottom right corner of your Web browser window.Carry minimal personal information. Memorize yoru passwords and PINs and never carry them with you.Don't leave mail in the box overnight and don't mail your bills from unprotected curbside mailboxes or personal mailboxes. You don't want them falling into the wrong hands.Pay attention to billing cycles. If you don't receive your bills on time, follow up with your creditors; an identity thief may have taken over your account and changed the billing address.When ordering cheques, have them sent to your bank to be picked up; reduces the risk of having them stolen from your mailbox.Be stingy with your personal information, and never give personal inf... More About: Tips , Identity Theft , Theft , Identity
Shopping for a Safer Car in 2008 - Part II
2008-04-15 16:14:00 CHOOSING A CRASH WORTHY DESIGNThe main aspects of design that determine vehicle crashworthiness are structure and restraints. A good STRUCTURAL DESIGN means a strong occupant compartment (safety cage), crumple zones to absorb the force of a serious crash, and side structure that can manage the force of a striking vehicle or struck object.Until recently RESTRAINT SYSTEMS typically included a basic lap/shoulder belt and frontal airbags. But now restraints are becoming more sophisticated. Crash-activated tensioners canreduce safety belt slack. Force limiters can reduce the chance of a rib injury from the belt itself. Advanced frontal airbags have inflation characteristics geared to specific crash circumstances,and other airbags are protecting people?s heads and chests in side impacts. Even vehicle seats and head restraints, which can reduce the risk of neck injuries in rear impacts, are being upgraded.The best way to evaluate a vehicle?s structural design and restraint system is in dyn... More About: Shopping , Part , 2008
Shopping for a Safer Car in 2008
2008-04-11 19:07:00 Part 1from the Insurance Institute for Highway SafetyCRASH AVOIDANCEAll vehicles have basic features to reduce crash likelihood — lights so other motorists can see you, brakes to stop when needed, etc. Now innovative technologies are being added to helpavoid crashes. These include features to alert you if you stray from your travel lane orwarn if you’re about to back into something. Most of these new features haven’t been scientifically evaluated. We don’t know yet if they reduce crashes, though some of them show promise. One that already is proving effective is ELECTRONIC STABILITY CONTROL. You’ll findit by a variety of tradenames (StabiliTrak, Stability Assist, etc.), but the systems are basically the same. They’re extensions of antilock brake technology that help drivers maintain control in the worst situation — loss of control at high speed. If a driver enters a curve too fast, for example, the vehicle may begin to spin out. Then electronic stability control engage... More About: Shopping , 2008
Accident Forgiveness Coverage
2008-04-10 20:43:00 What is accident forgiveness coverage?If you are involved in an at-fault accident, accident forgiveness protects your driving record from falling to the bottom of the insurance rating system. For example, if your insurer uses the common 6-star rating system and you have an at-fault accident, your 6 star rating might drop down to a 0-star designation. If you were previously a 6-star driver this means your rates will significantly increase. However, with accident forgiveness your star rating will not fall as much, if at all. By protecting your standing on the star rating system, accident forgiveness results in a break on your auto insurance premium that you would otherwise have to pay if it did not exist. Who can get accident forgiveness? The availability of accident forgiveness varies by company. If available, it is simply as a built-in feature of an insurer's auto insurance coverage, or is purchased as an endorsement on the policy.1. Accident Forgiveness - As a built-in feature of ... More About: Coverage
Tax Free Savings Accounts
2008-04-09 18:23:00 A new tax-savings vehicle for individuals was announced in the recent 2008 federal budget. Called the Tax-Free Savings Account, it will enable investors to contribute up to $5,000 a year. It was billed by Finance Minister Jim Flaherty in his budget speech as the "single most important personal savings vehicle" since the introduction of the RRSP. Investors in these accounts will receive no tax deduction when they contribute. But they won't be taxed on amounts withdrawn either. What makes the account particularly attractive is that any capital gains, dividends, interest and other income are free of tax when held in the plan, and not taxable at the time of withdrawal either. By comparison, RRSP contributions are tax deductible, while also allowing income earned within the plan to accumulate tax-free. But RRSP withdrawals are fully taxable at the individual's highest marginal tax rate.The budget calls for the Tax-Free Savings Account to be implemented in 2009. Individuals who are at l...
Carrying a Heavy Load or Towing a Trailer
2008-04-08 19:41:00 A growing number of Canadians take trailer vacations. Others haul a boat or extra load to their destination. Yet others simply pack a lot of items for a few weeks away from home. Driving a heavily loaded car or towing a trailer means you need more space to stop or pass. Leave plenty of distance between yourself and the vehicle ahead. Keep your distance - at least three seconds for each six metres (20 ft.) of vehicle length. A car six metres long pulling a six metre trailer should have at least six seconds following distance in ideal conditions. For conditions that are less than ideal, increase the following distance. If cars cut in front of you, drop back to keep your separation.Before you tow a trailer or haul a load, make sure your vehicle is properly equipped for the job. Check your owner's manual or if in doubt contact your vehicle dealer. Check that your rear view mirrors give a clear view of the road behind.When traveling slower than the flow of traffic, be courteous. Pull ov... More About: Trailer , Load , Heavy , Carrying
Safety & Tips for Personal Watercrafts
2008-04-07 18:52:00 The law states that a PWC is a pleasure craft. This means that a person using one has to follow the laws and rules that apply to other types of pleasure craft with motors.To enjoy safe PWC use, bring along the right gear and basic safety equipment. As well, be sure to know and follow the safety rules when you are out on the water!BE PREPAREDSafety equipment you must have on boardEvery time you go out on the water, make sure the following items are on board and are in good condition:Always wear your lifejacket or personal flotation device when on the water. It could save your life.The law states that you must have a lifejacket or PFD that fits each person on your PWC or any person you are towing. If you don?t, you could be fined $200 on the spot. Choose a Canadian-approved lifejacket or PFD with three or more chest straps so it won?t fall off if you hit the water at high speed. Choose brightly coloured lifejackets that are easy to see. A valid Pleasure Craft Licence NumberA floating ... More About: Personal , Boats , Tips
Commercial General Liability Insurance
2008-04-05 19:13:00 Commercial general liability insurance, or CGL, is coverage that will protect your business in the event that you are sued. It is used to cover claims against your business for injury or property damage. Without a commercial general liability insurance policy, you may be leaving yourself and your company vulnerable to lawsuits that could have a devastating impact on your business. The possibility of being sued is prevelent. For this reason that commercial general liability insurance is extremely important to business owners.What is coveredThere are four main types of coverage included in the standard Commercial General Liability (CGL) policy: Bodily Injury and Property Damage Liability, Personal Injury Liability, Medical Payments, and Tenants? Legal Liability (for those that rent or lease their business location.) A. Bodily Injury and Property Damage LiabilityIf your company, your product, your work, your employees, or anything else associated with your company causes physical injur... More About: Commercial , Insurance
Recreational Vehicle (RV) Safety
2008-04-04 19:22:00 In order to stay safe on the road make sure to take precautions before you even begin your trip.Remember your size Many road mishaps occur because of an RV's additional size and weight. For instance, operators sometimes accidentally drive under an overpass without enough clearance because they forget about the additional height. Know your RV's height and keep it handy. Also know the clearances of the bridges and tunnels along your route - especially on back roads. A road atlas specifically for RVers or semi drivers can help. A GPS navigation system can also be very helpful.Maintenance is vitalAn RV that is mechanically sound will be less apt to break down. Be thorough with your maintenance. Make a pre-trip checklist and do an inspection whenever you get behind the wheel.Review these safety tips to ensure the correct maintenance of your RV:Inspect all belts, and hoses for cracking and replace as required Check headlights, turn signal, tail lightsCheck your tires for the correct ai... More About: Safety , Vehicle , Recreational Vehicle , Recreational
Vehicle Theft and Identity Fraud
2008-04-03 20:48:00 Here are some tips to prevent Identity and Car Theft .Keep your vehicle permit and insurance certificate in a secure place on your person so you can provide this information, if requested, to law enforcement.Avoid putting it into an open purse or large pocket where it may be easily stolen or fall out.When at home and not operating your vehicle, carry your vehicle permit and insurance certificate in a secure place.Never leave your vehicle permit and insurance certificate carelessly lying around, especially if you employ outside help or where thieves or strangers looking into your house can easily see it. Placing it in the glovebox of your vehicle is not particularly secure either, in case the vehicle is stolen.Never leave originals or even photocopies of your vehicle permit or insurance certificate inside your vehicle, particularly not in plain view. Thieves may be tempted to steal these and use the information they contain to perpetrate fraud.Store your vehicle permit and insurance c... More About: Fraud , Vehicle , Identity Fraud
Time to take out that Motorcycle
2008-04-02 17:31:00 It's almost time to start preparing for motorcycle season.To get your bike ready for that first day of riding, follow these tips and remember to refer to your owner's manual for specific maintenance instructions:Remove your bike from storage.Remove the cover and any blocks that were used to keep your bike in place during winter storage. Also remove any plugs or covers from the exhaust pipes. Wash away any wax you may have applied to protect the frame, rims and chain. Change the engine oil and spark plugs. In addition to regular scheduled oil changes, many bike manufacturers recommend that you change the engine oil and filter prior to storage and in the spring. During storage, the oil can separate, causing a condensation buildup that may harm your engine. While you're changing the oil, replace the spark plugs. Use a gap setting tool to set the gaps to the manufacturer's recommendations. You also should check and clean your carburetor, replace the air filter and check the transmi... More About: Motorcycles , Motorcycle , Time
Safe Driving - It's Your Call
2008-04-01 20:24:00 Many of the 15 million wireless phones in Canada are used in motor vehicles. With a cell phone in the car you can call for help or report a dangerous situation; Canadians use wireless phones to call 9-1-1 over six million times annually. If you drive with a cell phone, avoid unnecessary calls and always make the driving task your top priority. Here are a few basic safety tips from the Canada Safe ty Council: Keep Your Hands on the Wheel.Buckle your seat-belt and place all ten fingers on the steering wheel. Wrap them firmly around it, positioned at "10 and 2 o'clock" and keep them there while you drive. Keep Your Eyes on the Road. Learn how to operate your phone without looking at it. Memorize the location of all the controls, so you can press the buttons you need without ever taking your eyes off the road. Practise Off-Road. If your phone is new, practise using it and the voice mail while your car is stopped. Practice will make you feel more comfortable - and safe - using it when yo... More About: Driving , Call
Pension Income Splitting
2008-03-30 19:40:00 Beginning with 2007 income tax returns, Canadian residents will generally be able to allocate up to one-half of their income that qualifies for the existing pension income tax credit to their resident spouse (or common-law partner) for income tax purposes.The amount allocated is deducted in determining the net income of the person who actually received the pension income, and it is included in computing the net income of the spouse or common-law partner. Pension splitting affects the calculation of income and tax payable for both persons, so they must both agree to the allocation in their tax returns for the year in question.Splitting eligible pension income does not have any effect on how or to whom the pension income is paid, so it does not involve the payer of the pension. Information slips will be prepared and sent to the recipient of the pension income in the same manner as previous years.A pension recipient (pensioner) and his or her spouse or common-law partner can elect to s... More About: Income
Tax Refund Strategies
2008-03-28 17:50:00 What should you do with your tax refund?How you invest in RRSPs, especially what you do with your income tax refund is an often-overlooked practice that has a huge impact on the size of your retirement funds. In this section, we identify five RRSP refund strategies, each producing different levels of retirement income.To illustrate, let?s say that you have $1,000 to invest and are in a 50% tax bracket.Strategy # 1: Spend your refund Unfortunately, the most common RRSP refund strategy is to spend it. If our primary goal is to produce never-ending retirement income, we must recognize that if the refund is spent, it produces absolutely no retirement benefit. The $500 tax deduction that Melissa receives for contributing $1,000 to an RRSP reduces her after-tax cost from $1,000 to $500. Therefore, if she spends the refund, Melissa?s after-tax commitment to her retirement goal is only $500. Strategy # 2: Reinvest your refund As a disciplined investor, Melissa knows that to get more benefi... More About: Strategies
Builders Risk Insurance
2008-03-27 19:52:00 Building a new home this year? Adding an addition or significantly remodelling your current home?You will of course want to find a qualified and competent builder but you will also want to purchase Builders Risk Insurance . Your regular home insurance may not provide the required coverage. Contact your insurance broker before commencing the construction to verify what type of insurance you?ll need.Builders Risk insurance is sometimes referred to as "Course of Construction" insurance. It covers a building during the construction stage and normally includes coverage for all materials entering into the project.It must be purchased immediately upon start up (breaking ground) of the project and is in force until substantial completion for the full amount of the construction cost.If there are cost overruns or increases beyond the original estimate, the insurance underwriters will typically "adjust" the final premium on the total cost and term of the coverage.Your insurance broker will need...
Why should I have Tenants Insurance?
2008-03-26 13:33:00 There are several reasons that a tenant should carry tenants insurance. One of the most important is that as a tenant you are liable ? yes, legally responsible ? for any harm you cause to any part of your building and to others who live or visit there. If your faulty toaster oven starts a fire that damages not only your apartment, but also the entire complex, you may have to pay out a lot of money.You could even find yourself in trouble if your party guests get out of hand and cause damage.If you don?t have insurance and your actions (for example, leaving the bathtub running) caused damage to your, or your neighbours, apartment or the apartment building itself, you would be held financially responsible for the cost of repairs to the structure, and of replacing the damaged property of your neighbours. The resulting claims would be paid by the landlord?s and your neighbours? insurance?but their insurance companies will come to you to recover their costs. Tenant insurance is there to p... More About: Insurance , Tenants
Regular Home Maintenance is Key
2008-03-25 18:28:00 Inspecting your home on a regular basis and following good maintenance practices is the best way to protect your investment in your home. Whether you take care of a few tasks at a time or several all at once, it is important to get into the habit of doing them.Establish a routine for yourself and you will find the work is easy to accomplish and not very time consuming. A regular schedule of seasonal maintenance can put a stop to the most common ? and costly ? problems, before they occur. If necessary, use a camera to take pictures of anything you might want to share with an expert for advice or to monitor or remind you of a situation later. By following the information noted here, you will learn about protecting your investment and how to help keep your home a safe and healthy place to live. If you do not feel comfortable performing some of the home maintenance tasks listed below, or do not have the necessary equipment, for example a ladder, you may want to consider hiring a qualif... More About: Home , Maintenance , Regular
The Basics of Ontario Automobile Insurance
2008-03-24 20:04:00 What's in a Basic Automobile Insurance Policy? If you own a vehicle in Ontario , you are required to, at the very least, purchase the following automobile insurance coverage: Third-Party Liability Coverage: This section of your automobile insurance policy protects you if someone else is killed or injured, or their property is damaged. It will pay for claims as a result of lawsuits against you up to the limit of your coverage, and will pay the costs of settling the claims. By law you must carry a minimum of $200,000 in Third-Party Liability coverage. Statutory Accident Benefits Coverage: This section of your automobile insurance policy provides you with benefits if you are injured in an automobile accident, regardless of who caused the accident including supplementary medical, rehabilitation, attendant care, caregiver, non-earner and income replacement benefits. Direct Compensation - Property Damage (DC-PD) Coverage: This section of your automobile insurance policy c... More About: Basics , The Basics
Check your credit report for signs of Identity Theft
2008-03-21 22:49:00 March is Fraud Awareness Month: FCAC advises consumers to check their credit report for signs of identity theftFraud can cost you both time and money. During Fraud Awareness Month ? the month of March ? the Financial Consumer Agency of Canada (FCAC) is advising consumers to order a copy of their credit report from Canada's credit-reporting agencies to check whether they have fallen victim to identity theft. "Identity theft can happen to any of us," said FCAC Commissioner Ursula Menke. "One of the best ways to protect yourself from fraud is to check your credit card and bank statements carefully, on a regular basis. That way, you will be better able to notice discrepancies in your personal finances and quickly report any irregularities to your bank or to authorities." "It is important to order a copy of your credit report from all three of Canada's credit-reporting agencies every year, to check it for signs of identity theft," added the Commissioner. "Identity theft is not always o... More About: Credit , Report , Identity Theft , Signs , Check
Protecting Your Nest Egg
2008-03-20 17:42:00 As you approach retirement, protecting what you?ve built up becomes very important. A Financial Advisor can help you reduce risk, while ensuring you will have enough to live your desired retirement lifestyle. Some of the key strategies your Financial Advisor might recommend include: Reducing risk and enhancing return potential via diversification strategies . Some Strategies might include diversification by geographic areas and sectors.Balancing your asset mix between growth and safety (Stocks versus Term Deposits)If you?ve maximized your Registered Retirement Savings Plan (RSP) your Financial advisor may suggest tax-effective ways to save beyond your RSP. While the tax advantages offered by your RSP are hard to beat, there are some tax-effective ways you can save, either in addition to your RSP, or in place of it. Some of the most common are Individual Pension Plans, Insured Retirement Plans and Retirement Compensation Arrangements.The latest Federal Budget introduced the concept o... More About: Nest
Drinking and driving on the rise in Canada
2008-03-19 19:40:00 A new poll by the Traffic Injury Research Foundation (TIRF) reveals that progress in reducing Canada ?s drinking and driving problem has halted.?We?re no longer seeing a pattern of declines in drinking and driving behaviour,? says Ward Vanlaar, a research scientist for TIRF. ?This is very similar to what?s occurring in other countries.? Indicators the poll used to gauge progress showed little change. However, an indicator for the percentage of Canadians who drove over the legal limit climbed to 8.2 per cent, up from 5.6 per cent in 2004. Vanlaar suspects several factors are responsible for the halted progress, but he pinpoints repeat drinking drivers as a major contributor.?Repeat drinking drivers were responsible for 6.6 million drunk-driving trips in Canada last year; that adds up to about 90 per cent of all drunk-driving activity,? says Vanlaar. ?Clearly this group isn?t getting the message.?Vanlaar also suspects a lack of concern about the problem among drinking drivers may be st... More About: Driving , Drinking , Rise
Term Life Insurance versus Bank Mortgage Insurance
More articles from this author:2008-03-18 18:01:00 Whether you're buying a home for the first time, or refinancing an existing mortgage, someone has probably suggested you purchase mortgage life insurance. But don't rush into buying a policy until you've looked at all the possibilities. You could end up saving money and getting added life insurance coverage at the same time by purchasing a term life insurance policy instead.What is mortgage life insurance?Mortgage life insurance, also known as mortgage insurance or creditor insurance, is offered by most banks and lending institutions. It is a life insurance policy that pays the balance of your mortgage to the lending institution if a person listed on the mortgage passes away. How does term life insurance cover your mortgage? When you purchase a term life insurance policy, you take into account all the money your family will need in case you are not around to help out. This includes your mortgage payments.Mortgage life insurance vs. term life insurance Depending on your age and he... More About: Life , Insurance , Life Insurance , Versus 1, 2, 3 |
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