Financial Future

So, you’re buying your first home, upgrading to a new house, or refinancing with a new bank/lender. Out comes the paperwork, and they show you life insurance (and maybe a disability or critical illness policy) as part of the monthly payments. It has been included in the price of your mortgage/monthly payments, and you have to sign to decline your coverage and NOT be insured.

Is this type of life insurance protection best for you? When evaluating all your life insurance options, does a mortgage life insurance plan offer you real value? The simple answer is NO! There are many reasons why this type of life insurance coverage is one of the most dangerous forms of life insurance protection you can buy – and is just a huge profit maker for the banks or mortgage lenders.

You pay the premiums but the bank/lender is protected, NOT YOU

Mortgage insurance does offer some life insurance and maybe health insurance protection, but who is it protecting? If you think you are the one being protected you are very wrong.

The bank/financial institution lends you money to purchase your home. If you die, are injured or sick and can’t make payments, the lender risks having to foreclose on a house. The mortgage life insurance policy is designed to protect them if you can’t pay. The bank/financial institution is then free and clear of the creditor, but your beneficiaries have no cash in hand. With every-day costs of living like taxes due, heat, water and electricity bills piling up, how does owning the property outright help with daily living expenses today? Your family might have to sell the home to meet lifestyle needs; likely not what you had intended.

Rising premiums and no portability/convertibility

If you are young you might find the monthly or bi-weekly premium for your mortgage insurance rather low. As you enter your late 40s or 50s this is no longer the case. Mortgage life insurance premiums become very steep as we get older, and are often two or three times more costly than personal life insurance. The banks have priced their product well for young homebuyers, but the chances of young people dying are much lower than when they are older. Combine this with rising premiums; most banks structure their mortgage life insurance to rise every five years as you age, so the low price you are paying today might increase sharply as you age.

What are portability and convertibility?

Portability is having a policy that can travel with you, from home to home and bank to bank. Mortgage insurance is not portable ; it is only available on the home you are buying/refinancing now and only with the financial institution that is doing the lending. If you move homes or move financial institutions, the group mortgage insurance does not go with you. You would have to reapply with another bank at higher rates because you are now older. What if your health has changed for the worse and you can’t qualify for life insurance protection any longer? By moving banks or homes you would lose your insurance coverage altogether!

Convertibility means that your Term life insurance policy (mortgage life insurance is Group Term insurance) can be switched into a Permanent life insurance plan later on if you so choose. This gives you planning options that a mortgage insurance product never will.

Declining coverage – fixed/increasing premiums

Think about this; every time you make a mortgage payment you owe less on your principle. This is great news, as you are paying down the debt you owe the bank. The bad news is that your group mortgage insurance coverage has also just gone down. The smaller your mortgage balance, the less life insurance protection you have – but your premiums have not gone down. They have remained constant during those years, and in some cases have gone up as you have gotten older. This is truly unfair! Why pay a premium for a plan that gives you less and less coverage? Shouldn’t the premium also go down?

For example, if you owed $400,000 when you first bought the house and your group mortgage insurance premium was $150 per month that seemed like a decent price for coverage on a couple in their early 30s. Fast forward 20 years. Assume you have stayed with the same bank all those years and your insurance premiums have remained the same – you are still paying $150 per month but for only $40,000 of outstanding mortgage debt. In comparison, the cost for $50,000 of life insurance today (for a couple aged 55, non-smokers) is as low as $40 per month. You are paying almost triple the going rate for life insurance coverage!

Underwriting at time of death – possible decline of your claim

Another major flaw in mortgage creditor insurance is that you are only underwritten when a claim is filed. This means you are qualified for life insurance protection only when you die. Your original application had three or four broad questions to rule out candidates with insurable, serious health conditions. Often these questions are asked by the lender, not a licensed insurance professional. When you die, the insurance company offering the mortgage insurance will look back to see if you had any pre-existing health conditions. If you had something serious, like diabetes, heart disease, cystic fibrosis, etc, they could deny the claim and return the premiums. Even less serious things, like elevated cholesterol and high blood pressure could cause a denied claim if you died because of complications from these conditions. You may think you are fully insured with mortgage creditor insurance, but the truth is you may not be – only when you die is your policy approved (claim paid out) or denied.

Your best alternative – personal life insurance

When considering where to buy your life insurance protection you should speak to a licensed and professional insurance advisor, like our team at Life Guard Insurance. We can evaluate your debt risks, and all other personal risks you might have. We can design a short term life insurance plan for you, with fixed premiums for a 10, 20 or 30 year term. Or you could look at a permanent cash value policy that will act as a savings/investment product while providing you life insurance protection. You should consider all your options, and get a policy that pays your family, not the bank, if you die. Get a plan that has level coverage for a level cost. Have a plan that is fully underwritten at time of application, so you know you are properly protected.

To review your current mortgage life insurance policy, or review any insurance planning, please contact us at Life Guard Insurance.

(403) 209-3800 ext. 224 OR (403) 680-7730 in Calgary, Alberta, Canada.
www.lifeguardinsurance.ca

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The world has repeatedly experienced the crisis. From the beginning only regional to global. Asia, for example, has experienced a crisis in 1997-1998.

This crisis originated from Thailand which although not spread far from East Asia and Southeast Asia. Recovery of the crisis occurred in 1999 and then we saw economic conditions in East and Southeast Asia continue to improve. However, in 2008 the world was a global crisis that started from developed countries are the United States. The whole world felt the impact. East Asian crisis and Southeast Asia in the 1997-1998 financial crisis began with the then spread to the economic crisis. For most of Asia, this economic crisis also spread to the social and political crisis. While the global crisis also began with 2008-2009 financial crisis, followed by the economic crisis. Fortunately, there is no social and political impact of the means.

Now many are saying that the global crisis was over. National income has increased again. However, often said that the new restoration feels for the financial sector. While the economic sector recovery was more sluggish. Even the social impact of the crisis is still felt to this day. In a recent UNDP report (The Global Financial Crisis and the Asia-Pacific Region, 2009) argued that social recovery is usually slower than the economic recovery. Even the social impacts such as low nutrient in children can last forever.

Meanwhile, many people who still worry about this economic recovery. The world’s financial system was the cause of all crises are the same as before the crisis. Financial sector is always growing fast, much faster than production sector growth. Though the financial sector is needed to help the growth of the production sector. Financial sectors like oil for motor vehicles can run well. When the oil is too much, any vehicle will stagger and perhaps even strike. That’s what happens when the financial sector drove rapidly, leaving growth in the production sector. This has repeatedly occurred.

Financial sector growth is remarkable, which is also reflected by the growth of national income, eventually followed by the financial crisis. Even worse, the dynamics of the financial sector is often very dependent on “gossip” among investors in the financial sector. When these investors lose confidence, they trooped to sell their securities. Financial sector to fall and consequently create more confidence in the fall. Bank may fall so that the economy hit resin.

When the confidence of investors to recover, the financial sector also recovered. However, do not automatically recover the production sector. Restoring production sector requires a longer time than just building confidence of investors. Unfortunately, until now we have not managed to regulate the sector controlled by the “rumors” these investors. Would our economy and social sector we are constantly influenced by the gossip these investors? If the rumors they make a mess the financial sector, economic sector apart, and social sectors affected by the old.

If the gossip they improved, improved financial sector, investors again triumphed. However, the sector followed with a slow economy, and social sectors will be followed by much slower again. Without a fundamental change in world financial structure, the same pattern will continue over and over. Financial sector grew rapidly, then the crisis, and recovery occurs. Then the financial sector grew rapidly again, and again the crisis. And so on. With the financial integration and a stronger economy, a crisis will occur even more widespread and profound. The distance from one crisis to another crisis would be shorter.

Financial and economic crisis is feared finally brings social and political crisis. Currently in some countries the property sector has provided heat symptoms. People raced to speculate in the property sector. Inflation in some countries began to worry about a new danger. This all danger signals. The crisis will happen again soon? Volume II global crisis? And, suddenly, last Wednesday (November 25, 2009), Dubai World, a Dubai government owned conglomerate, announced the postponement of payment of their debts.

This indicates this conglomeration of financial difficulties. Suddenly this news makes investors panicked. They raced to sell their securities. Meanwhile, because the date 27 days holiday (Idul Adha), followed by week-end, financial markets are closed and not much information obtained from Dubai. On Sunday (November 29) United Arab Emirates government to try to calm investors by saying that they would help the liquidity of the financial sector in Dubai. This week is the week that counts. We’ll see whether this crisis will remain Dubai in Dubai alone, or be extended to Asia, Europe, and the whole world.

Is this going to be a global crisis of volume II? Hopefully, this crisis can be detained Dubai in Dubai and did not spread everywhere. Whatever the outcome, it seems we should have immediately made the financial arrangements of the new world, which does not rely on gossip investors. We should not have to rush immediately to integrate our financial sector to the world’s financial sectors. We can give an example to regulate the financial sector so as not to grow leaves production sector growth. Financial sector needs to be returned to the original function of helping the growth of the production sector.

Do the financial sector into a separate profit center, regardless of the production sector, as long as this happens, and always produces a crisis. In addition, to guard against the possibility of a global crisis of volume II, either because of crisis Dubai or any other crisis, we need to further consider the domestic economy. Integration of the domestic economy became far more important than any regional integration or global integration. With the dependence on market and major factor in the country, we can reduce the impact of the global crisis on our global economic and social sectors. This Crisis clearly shows that we benefit in two ways.

First, the financial sector, we have not really integrated into the world financial sector. Second, the contribution of our exports is still low.

Although only 35 feet wide per side only, but the selling price of homes in the West Village, New York, it’s not like the form of small buildings and narrow, the house is sold at a price of Rp 27.9 billion.

As quoted from wcbstv.com, on Wednesday (26 / 8), because the small building, then to address it only takes half an address, ie, Bedford st No. 75 1 / 2.

Just imagine, three-story house also has a basement and has only 2.7 meters wide and 12.8 meters long, it has various facilities need a complete household.

Starting from the refrigerator, a bathroom on each floor, gas stove, fireplace and even a small garden at the rear of each floor.

In addition to his unique condition, the house with a red brick wall was found to have their own history.

The house was built in 1800 it was once inhabited by famous people, such as actor Cary Grant and John Barrymore, Pulitzer Prize-winning poet Edna St. Vincent Millay, cartoonist William Steig, and anthropologist Margaret Mead.

History of this house who also driving up the sale price.

In the international business world, Donald Trump is one of the most successful entrepreneurs ever in the 20th century. Besides known to have abundant wealth, Donald Trump is known also as entrepreneurs “Back from the Brink” or “Rising From Ruin chasm”.

How not, when it was the 90′s recession hit the United States. Property business faltered. Falling stock prices. Billionaire Donald Trump, including the right to feel the impact of the crisis, then he has a fortune estimated at U.S. $ 1.7. But in a recession so, his wealth at any time can evaporate without a trace. Moreover, he also had a debt with the Bank to invest in the casino “Taj Mahal” of nearly U.S. $ 1 billion.

Trump pockets situation more difficult because the banks that had been supported also increasingly restless. In 1992 for rescuing a luxury hotel Trump Plaza Hotel, Trump gave 49% of its shares to the banks with some funds on the condition that he remained as Chief Executive even without pay. Trump debt continues to swell, in 1994 had reached U.S. $ 3.5 billion. But with a number of skilled negotiating stance, he could convince the credit provider. Trump survived until the property industry and then recovered.

After struggling with a difficult time for ten years, entered the year 2000 began binis Trump bergeliat again. In 2004 he became a producer for the TV show “The Apprentice” who then sold.

He also founded the Trump University, held a “Miss Universe”, and so forth, which certainly adds koceknya. With these measures continue to increase their wealth. In 2008 and his property was mentioned already reached U.S. $ 3 billion!