Insurance Specialist

FINANCIAL CENTS - Integrity driven Insurance Representative Helping successful Businesses and Families in the Okanagan, BC

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With all the rules regarding use of Marijuana in Canada. If you have ever been declined for your use of medicinal marijuana, lets take a look again at your options.  Give me a call to discuss. 250-681-0372

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If you love to travel or work in a high risk occupation and feel like no insurance company will give you the time of day, I can help you.

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TOP 5 Things to consider when buying Mortgage Insurance from a Lender versus a Financial Institution. 

Mortgage insurance was created for the sole purpose that if something was to happen to you, your mortgage will be paid off. Many people in the marketplace today are not aware of the fact that there are options when it comes to purchasing insurance to cover your mortgage. The key to buying insurance to cover your mortgage is understanding the benefits and the downfalls of the coverage being offered. We have outlined some common questions consumers ask when buying insurance. This will allow you to understand the key differences for obtaining insurance from your lender or as standalone coverage from a financial institution. 

1. Who gets the benefit if you die or become seriously ill? 

Lender: There are no exceptions. Automatically the mortgage lender is the beneficiary. 

Insurance Broker: Whatever is best for you and your family? You decide how it’s used and who gets the benefit. Some could be used towards the mortgage or to pay off outstanding debt elsewhere. 

2. What does the insurance cover? 

Lender: Only the balance of your mortgage is what is covered. As your mortgage decreases your coverage decreases along with it. However your premium remains the same. 

Insurance Broker: It covers all spectrums. It is up to YOU. This ranges from mortgage to credit cards, lines of credit and even income replacement. Your premium will be a reflection of the kind of product you decide to go with. Various options are available to suit your affordability. 

3. Who does the insurance cover? 

Lender: Only the person(s) listed on the mortgage. 

Insurance Broker: It can cover you; from your family to whomever you want, even if they aren’t responsible for paying your mortgage. 

4. When do they underwrite? 

Lender: When you sign up for mortgage insurance with a lender the question is asked if you would like mortgage insurance which is followed by a few additional questions. At the time of claim it is understood that the underwriting takes place then. This could become problematic for the claim to be paid out. 

Insurance Broker: Underwriting is done at the time of application. Once the underwriting has been completed and the insurance is in place, it becomes a legally binding contract with the understanding that all information provided was truthful. 

5. What if I want to change my insurance?

Lender: No exceptions. You cannot.

Insurance Broker: You get the flexibility and choice depending on the coverage you have chosen. It is all up to YOU. 

As a seasoned Insurance Specialist working with all the major Insurers, I would be happy to review the coverage you have as well as compare other options that suit your needs. Please feel free to contact me.  terrabouvier.ca

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Why Should you Consider Converting your Term Life Insurance Policy?

Term life insurance is a low cost option for obtaining life insurance. Depending on the carrier you choose, the term and options vary. Some terms are as low as a 5 year term, whereas some term coverage stays in place until the age of 65 or even higher. The length of the term will impact the cost of the coverage. However, when it comes to purchasing coverage, it is important to look at other factors of the coverage as well. The key elements of term coverage: Cost of coverage, The length of the term,  Is the policy renewable after the term?,What are the rates for renewing the coverage?,Is the coverage convertible to permanent coverage?, What options are available for conversion? 

Ultimately, this low cost term life insurance can become quite expensive as a result of the rates that may be locked in for a period of time. It is the case that with most term policies, the conversion option is likely to be very helpful in the future. If your health status were to change and you become uninsurable, you will often have the ability to convert to permanent coverage without a medical exam. Here are 4 main reasons to convert your term coverage: 

1. A change in your health – You have received a sub-standard rating and/or you are no longer able to qualify for life insurance. With your conversion option, you will most likely be able to purchase permanent coverage without new medical conditions being a factor. 

2. Lock in your rates – Converting to permanent coverage will mean that you are purchasing permanent coverage. The rates will remain the same for the life of the policy and you will not have to worry about renewing your coverage. The older you are, the more expensive your rates will be. 

3. A change in your residency – After obtaining your policy in one location, let’s say that you moved to another country. Most insurers in Canada will not offer new coverage if you are living abroad. Since the conversion feature in your policy is contractual, converting to a permanent plan is allowed regardless of location. 

 4. A change in occupation – If you have changed occupations and are now working in a more dangerous environment, conversion allows you to obtain permanent coverage at standard rates. Most people do not realize the value of the Conversion Option contained in their term insurance policy. It may be beneficial to schedule a review and determine if you have a permanent need for insurance or if it is the right time to convert. You always want to be well-informed and consider all your options!

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As of January 1, 2015, the UCCB has increased by $60 a month. What does this mean to you? Beginning July 20, 2015, if you have a child between: 0–5 years of age, you will receive $160 a month. 6–17...

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What are you Planning to do with Your Lump Sum UCCB Payment July 20th 2015?

As of January 1, 2015, the UCCB has increased by $60 a month. What does this mean to you? Beginning July 20, 2015, if you have a child between: RESP 0–5 years of age, you will receive $160 a month. 6–17 years of age, you will receive $60 a month Also in July 2015, you will receive a lump-sum retroactive payment, of up to $360, for the first six months of the year. That’s a total of up to $20,160…

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Travel Medical Insurance – What Does Your Plan Cover?

Baffled by benefits to look for in an emergency medical travel insurance plan? If you’re an avid traveller, you know the importance of getting travel insurance before your trip. But sometimes it’s hard to tell what you’re actually getting.

To make sure you’ve got the most complete coverage, look for these benefits. Ask if your travel insurance:

provides continuous coverage from the time you…

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Visiting Friends and Family May Need Preapproval to Enter Canada

Visiting Friends and Family May Need Preapproval to Enter Canada

Visiting Friends and Family May Need Preapproval to Enter Canada.

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Government Grants Deadline

If you have young children, you probably know about the Universal Child Credit Benefit (UCCB) that provides families with an allowance for children under age 6. Under proposed legislation, the Government is increasing and expanding the UCCB starting January 2015 – to increase the benefit for children under age 6 and to expand the benefits to children aged 6 to 17.

The first enhanced payment will…

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Reduce tax bite with effective estate planning

Reduce tax bite with effective estate planning

Reduce tax bite with effective estate planning.

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Passionately putting lifes “pieces” together for your “peace” of mind

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Canada’s household imbalances intensifying

Stats Canada shines the light on a problem that has industry players divided as to what it means.

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TOP 5 Things to consider when buying Mortgage Insurance from a Lender versus a Financial Institution.

 Mortgage insurance was created for the sole purpose that if something was to happen to you, your mortgage will be paid off. Many people in the marketplace today are not aware of the fact that there are options when it comes to purchasing insurance to cover your mortgage. The key to buying insurance to cover your mortgage is understanding the benefits and the downfalls of the coverage being offered. We have outlined some common questions consumers ask when buying insurance. This will allow you to understand the key differences for obtaining insurance from your lender or as standalone coverage from a financial institution.

 1. Who gets the benefit if you die or become seriously ill? Lender: There are no exceptions. Automatically the mortgage lender is the beneficiary. Financial Institution: Whatever is best for you and your family? You decide how it’s used and who gets the benefit. Some could be used towards the mortgage or to pay off outstanding debt elsewhere.

 2. What does the insurance cover? Lender: Only the balance of your mortgage is what is covered. As your mortgage decreases your coverage decreases along with it. However your premium remains the same. Financial Institution: It covers all spectrums. It is up to YOU. This ranges from mortgage to credit cards, lines of credit and even income replacement. Your premium will be a reflection of the kind of product you decide to go with. Various options are available to suit your affordability.

 3. Who does the insurance cover? Lender: Only the person(s) listed on the mortgage. Financial Institution: It can cover you; from your family to whomever you want, even if they aren’t responsible for paying your mortgage. 

 4. When do they underwrite? Lender: When you sign up for mortgage insurance with a lender the question is asked if you would like mortgage insurance which is followed by a few additional questions. At the time of claim it is understood that the underwriting takes place then, this is called post death underwriting. This could become problematic for the claim to be paid out. Financial Institution: Underwriting is done at the time of application. Once the underwriting has been completed and the insurance is in place, it becomes a legally binding contract with the understanding that all information provided was truthful. 

5. What if I want to change my insurance? Lender: No exceptions. You cannot. Financial Institution: You get the flexibility and choice depending on the coverage you have chosen. It is all up to YOU. 

As a seasoned advisor working with all the major financial institutions, I would be happy to review the coverage you have as well as compare other options that suit your needs. Please feel free to contact me. 250-681-0372

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HAVE YOU BEEN DECLINED LIFE INSURANCE?

Putting life insurance in place gives you piece of mind that your loved ones will be taken care when you are not around. Although you might want the coverage, certain circumstances could arise that have made you high risk and therefore you are unable to purchase traditional coverage.

The good news is - you are not out of options. An insurance company can decline coverage for numerous reasons including; pre-existing conditions, lifestyle, general health (i.e. over weight), or a variety of other reasons. For that reason there is a large percentage of the population that needs life insurance however are unable to obtain the coverage they need. Several insurance companies have created life insurance solutions to help those that have been declined coverage in the past and/or suffered an illness that might be viewed as uninsurable or high risk. These solutions are called “non-medical” insurance solutions. Depending on the company that is offering the coverage just like traditional coverage, solutions may vary from company to company in the amounts of coverage available, the pricing and the structure of these life insurance policies. 2 main types of Non-Medical life insurance: Guaranteed Issue: Just like the name, this coverage is guaranteed with no questions asked, however it is always important to read the fine print as there might be certain stipulations where the coverage does not apply. Since no questions are asked or underwriting is done, usually the benefit amounts max out at $25,000 with high premiums. These are also considered “deferred” where there is a two year waiting period prior to being able to make a claim. Simplified Issue: Just like guaranteed issue no medicals are needed to qualify and the only underwriting that is required are you answering questions. Coverage amounts may vary depending on the carrier, however are dependent on you being able to answer the questions. Coverage ranges depending on the company for up to $300,000.

If you had issues obtaining life insurance coverage or know someone who has, I would be happy to help. Being an Insurance broker allows me to find the best possible solution for you and your circumstance even if you have been declined in the past

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"The Money Box" one of the best ways I have seen Insurance explained in a long time

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Advice for creating wealth for yourself, excellent tips #investing #wealth

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Some T-slips may not have been mailed yet, putting you at risk of failing to report income