Mortgage Insurance at the bank….not a good deal

When you are finishing getting a mortgage or renewing it, the banker will offer you insurance on the mortgage which will pay off the balance should you die with a balance still in place, or will cover up to two years of mortgage payments should you be off work that long due to injury or illness. On the surface, this seems like it might be good coverage, however, there are some significant disadvantages. [click to continue…]

Life Insurance for Tax and Estate Planning

A few months ago I was in Palm Springs for a reward trip/insurance conference. It was a lot of fun – some friends and I toured the San Andreas fault! [click to continue…]

I have enough life insurance…Don’t I?

How much life insurance is enough?
The stock answer to this important question used to be “10 times your salary.” But, in my experience this ‘one-size-fits-all’ formula fails to consider the most important factor – the life of the person being insured.

If you are single and debt-free, 10 times your salary is probably far too much. If you have four children, a large mortgage and a stay at home spouse: it probably isn’t. [click to continue…]

“Guaranteed Life Withdrawal Benefit” (GLWB) or “Guaranteed Income for Life” Products

Guaranteed Income for Life products have become very popular over the past several years, particularly since the market downturn of 2008. These products were introduced to address the risk of people outliving their retirement savings. The GLWB and GIL are not actually new products, rather they are an enhancement to segregated fund products (which are basically mutual funds offered through an insurance company with additional guarantees). [click to continue…]