Term life insurance runs for a specific term at a fixed premium. Then it renews at a new premium for the same term and so on until the terms reach expiry age. It allows you to have inexpensive protection for a vulnerable time when first getting coverage. Term insurance is like renting an apartment. The lease is renewed at the end of each term but at a higher rate.
Whole Life
Whole life Insurance is protection at one premium for life. It does not change. It is managed by the insurance company which will build up the death benefit and the cash value. It allows you to build your savings, tax advantaged. Whole life is permanent insurance with cash value managed by the insurance company.
Universal Life
This is permanent insurance, the same as whole life except managed by you. You choose where the money is invested and gain or lose from the investment returns. It is flexible in that you must pay premiums between a minimum and maximum amount at your choice.
Both whole life and universal life are like purchasing a house as opposed to renting.
Mortgage Insurance
Mortgage insurance will keep your lender away when you may not be able to pay. It is term life insurance with or without critical illness insurance and / or disability insurance on a fixed or declining balance of coverage.
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Testimonials.
"...Barry does not 'sell' insurance. He provides a helpful framework, offering his products as part of the client’s total financial umbrella. And Barry does this with a sense of humour and practicality that is valued by his customers."
- John Majanlahti, Mortgage Broker, AlphaHouse Mortgage
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My Educational Approach.
Insurance can be a confusing topic. Understanding which plans and benefits are best suited is an essential step in safeguarding your company, your family and yourself.
BG Financial Strategies, making protection make sense.
Insurance can be a confusing topic. Understanding which plans and benefits are best suited is an essential step in safeguarding your company, your family and yourself.
With us, it's not about selling a package; it's about educating our clients on what different types of insurance available, explaining how insurance actually works and deciphering the double speak around critical illness planning for corporations or individuals.
