Longer term, term.

Term insurance has a solid place as part of most Canadians' financial portfolio. The amount of protection that can be offered at reasonable premiums for short periods of time should not be overlooked. Specific needs can be covered with the various types of term offered. Mortgages for example tend to run for 20 or 25 years, and when the mortgage is over, that particular need is also gone.

Common to Canadians is the popular 10 year term insurance. Premiums are usually guaranteed level for the first 10 years, then if the need continues and the client wishes to renew, the insurance is offered for a second 10 year period at a predetermined price. Older term policies however renew with the OLD rates books which were in effect several years ago.

Since the cost of “term” has come down in recent years, if one is “insurable” and willing to undergo common insurance related questions and testing, NEW term insurance rates can save you a lot of cash.

A typical 40 year old with an older 10 year term policy can save up to 30 or 40% by switching to a NEW 20 year term policy.

This is only an example, yet in most cases, clients can save lots of hard earned cash, and the savings can be used anywhere you want.

You can define your path

The Un-Sale

You won't find people lining up outside the offices of financial planners on Boxing Day. Likewise, Canadians won't be heading south of the border on Black Tuesday for a bargain on premiums. Insurance products never go on sale, and its due to their nature. It's not a consumer market of goods that needs clearance to make way for next season's merchandise.

It's about continuity, consistency and security.

That being said, there exists favourable times where one can take advantage of an opportunity. It is my personal ethics that define my approach to selling. I don't convince people of anything. I simply give them the facts, and if they are interested, I can sell it to them.

Currently the facts point to a window of opportunity in Critical Illness and Universal Life Insurance.

Insurance companies have to be very secure, and with low rates of return in markets worldwide, insurance funds have not achieved their projected targets over the last few years. Deductively, premiums will have  to rise between 15-17% next month, and thus are currently underpriced. This knowledge creates a "sale" of sorts, and we are happy to share this information with our clients.

Contact me for more at 1.902.444.7000 or visit my website here.

For more info, see this Financial Times article:

http://www.financialpost.com/opinion/columnists/time+insurance/5503230/story.html

Corry Collins - Inspirational Speaker & Financial Planner

Insurance and investment advisors are not created equal. I am a Chartered Life Underwriter, Chartered Financial Consultant, and a Certified Health Specialist with over 25 years experience. I am recognized as a world leading expert in the field of living benefits.I am a sought after speaker around the world, and work with my client in Nova Scotia.

Maritime Wealth Management Limited is a Nova Scotia based financial planning firm with offices in Halifax, Dartmouth, Bridgewater and Yarmouth. We are a devoted group of professionals who help clients navigate life's financial decisions by sharing ideas and creating solutions. We believe in long term relationships, effective communications, and simplicity of solutions.

Visit my websites to find out more at www.corrycollins.com or www.livingbenefitsatlantic.com

MDRT 2010 Speaker Request

For those MDRT friends of mine who would like to make a suggestion for the main platform 2010, here is a short window of opprotunity. While planning is well underway, if you have a suggestion, please act quickly.

I am looking for ONE suggestion from you.

"Of all the people that you have ever seen in the world..., if you were given the responsibility to pick ONE speaker only, who would you stake your reputation on? Who is that one person that MDRT needs to hear? I need a name, topic and contact info.

Medical Student Disability Insurance

Medical Students in Canada who are members of the Canadian Federation of Medical Students (CFMS) have a great advantage when it comes to disability coverage. Members may enroll for coverage and unless they have been declined coverage before, their enrollment is guaranteed. This product is underwriten by the RBC Insurance. This provides life long disability coverage even for students who currently have health issues. (A pre-exculsion period may be added).

Generally, students are insurable however the "guaranteed issue" benefit can still be usefull. Since the policy may contain a "Future Income Option", members may add to their policy in later years, and may never need to prove good health when their income increases.

Other benefits of the CFMS plan are;
Guaranteed Definitions, Guaranteed Premiums, World Wide Portability, and membership is not required in the future. In fact, the policy goes as far to say that your occupation may change in the future and the policy will still remain in force- Guaranteed.

Term Insurance - 10 yr term vs. 20 yr term- cost

The cost of term life insurnce has reduced in recent years in part due to the fact that we are living longer. Policies sold under a 10 year term have a premium which is guaranteed in 10 year blocks. As each 10 year period goes by, the premium will increase to a predetermined level. The longer you own the coverage, the higher the premium goes.

If you need for term insurance expires within the first 10 years, this is a very useful product. If your insurnace need will last for more than 10 years, you may be well advised to consider a 20 year term product. Within the 20 year term policy, the premium is higher then the 10 year term policy however the premiums in the later half of the 20 year term are quite faverable.

Calculated to the 20th year, the 10 year term becomes more costly overall.

Introduction of Living Benefits Atlantic Limited

Living Benefits Atlantic Limited is a financial planning firm located in Halifax NS, Canada. Owned and operated by Corry Collins CLU, CHFC CFP RHU. Corry has been a financial planner since 1986 and specializes in the financial matters of Physicians and our other clients.

We are a risk based firm and work specifically with Disability Insurance, Life Insurance, Critical Illness Insurance and finances of physicians.

We welcome your questions. Medical Students, Residents, Staff physicians, may post all of their questions.
Underwriting questions? Amounts of coverage avaliable? Insurance health questions? How to apply? Ask it all.
our phone number is 902-444-7000 if you have a personal question.

Corry