Over the course of this year, I have talked about the importance of being prepared for those moments in life that no one wants to experience. Those moments that can put enormous stress on us, our families, and our businesses.
The role of the financial advisor, in many respects, is to warn clients of possible threats to their financial well being and to offer protection from those threats.
This month, I will present one of the easiest and cost effective ways to prepare yourself financially: life insurance. Specifically, I’ll focus on what has come to be called mortgage insurance. I receive many questions about mortgage insurance, which is really just another name for life insurance. It is of vital importance to many homeowners, especially with the dramatic increase in house prices over the last few years.
Like many other products and services we buy, it is a good idea to shop around and compare prices and products. Do not feel that you are obligated to take the insurance that is offered by your mortgage lender. It may be convenient, but it may not fit your needs and there may be a better value out there.
I hope that these two resources, one from the Financial Consumer Agency of Canada, and the other an article from moneysense.ca that features Peter Wouters, can offer you perspective and information. If you would like to discuss your personal insurance situation, I would be happy to talk to you.
Financial Consumer Agency – mortgage insurance
moneysense.ca – mortgage insurance
I hope that everybody has a wonderful holiday season and is able to visit with long unseen friends and family! Stay safe and healthy and here’s hoping for a great 2022!