Comments on: Protecting Your Mortgage and Other Assets with Term Life Insurance http://wheredoesallmymoneygo.com/protecting-your-mortgage-and-other-assets-with-term-life-insurance/ A personal finance blog written by Preet Banerjee Thu, 24 May 2012 10:29:13 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Protect Your Mortgage With Term Life Insurance and Food Dehydrators http://wheredoesallmymoneygo.com/protecting-your-mortgage-and-other-assets-with-term-life-insurance/#comment-7842 Protect Your Mortgage With Term Life Insurance and Food Dehydrators Thu, 21 Apr 2011 17:30:44 +0000 http://www.wheredoesallmymoneygo.com/?p=1265#comment-7842 [...] Where Does All My Money Go discusses protecting your mortgage and other assets with term life insurance. [...] [...] Where Does All My Money Go discusses protecting your mortgage and other assets with term life insurance. [...]

]]> By: Simplify Your Finances and Tips and Ideas To Save Money http://wheredoesallmymoneygo.com/protecting-your-mortgage-and-other-assets-with-term-life-insurance/#comment-7800 Simplify Your Finances and Tips and Ideas To Save Money Wed, 06 Apr 2011 21:34:58 +0000 http://www.wheredoesallmymoneygo.com/?p=1265#comment-7800 [...] Does All My Money Go discusses protecting your mortgage and other assets with term life insurance. – September 18, [...] [...] Does All My Money Go discusses protecting your mortgage and other assets with term life insurance. – September 18, [...]

]]> By: Brian Poncelet, CFP http://wheredoesallmymoneygo.com/protecting-your-mortgage-and-other-assets-with-term-life-insurance/#comment-7167 Brian Poncelet, CFP Fri, 26 Nov 2010 02:38:14 +0000 http://www.wheredoesallmymoneygo.com/?p=1265#comment-7167 Here is an interesting story from the National Post http://opinion.financialpost.com/2010/11/24/three-in-ten-dont-have-life-insurance/ Jonathan Chevreau November 24, 2010 – 10:50 am Three in ten Canadians lack life insurance, according to a TD Insurance poll released today. Not surprisingly, six in ten don’t have the more esoteric critical illness insurance. Actually, it’s impressive that 70% DO have life insurance, considering there are so many single people who don’t really need it. Of the 31% who lack coverage, TD says 40% don’t think it’s necessary, 23% admit they “probably should” have it and 23% say they just can’t afford it. In addition, 33% worry they aren’t adequately protected by their insurance policies. Brian Here is an interesting story from the National Post

http://opinion.financialpost.com/2010/11/24/three-in-ten-dont-have-life-insurance/

Jonathan Chevreau November 24, 2010 – 10:50 am

Three in ten Canadians lack life insurance, according to a TD Insurance poll released today. Not surprisingly, six in ten don’t have the more esoteric critical illness insurance.

Actually, it’s impressive that 70% DO have life insurance, considering there are so many single people who don’t really need it. Of the 31% who lack coverage, TD says 40% don’t think it’s necessary, 23% admit they “probably should” have it and 23% say they just can’t afford it. In addition, 33% worry they aren’t adequately protected by their insurance policies.

Brian

]]> By: Bikergofast http://wheredoesallmymoneygo.com/protecting-your-mortgage-and-other-assets-with-term-life-insurance/#comment-7151 Bikergofast Wed, 10 Nov 2010 19:03:52 +0000 http://www.wheredoesallmymoneygo.com/?p=1265#comment-7151 Thanks for the replies Brian. I guess I'm paying extra for the security of having a $100k policy until i'm 65 with some return of premium. It's more to cover my mortgage right now anyway. I'll check out your site as I have other questions too. Thanks for the replies Brian.
I guess I’m paying extra for the security of having a $100k policy until i’m 65 with some return of premium. It’s more to cover my mortgage right now anyway. I’ll check out your site as I have other questions too.

]]> By: Brian Poncelet http://wheredoesallmymoneygo.com/protecting-your-mortgage-and-other-assets-with-term-life-insurance/#comment-7111 Brian Poncelet Tue, 26 Oct 2010 19:36:09 +0000 http://www.wheredoesallmymoneygo.com/?p=1265#comment-7111 Bikergofast , I am curious what exactly you have. If you have term policy for thirty years? If what you are looking for is return of premium, you could do that in twenty years with 100% money back. Brian Bikergofast ,

I am curious what exactly you have. If you have term policy for thirty years? If what you are looking for is return of premium, you could do that in twenty years with 100% money back.

Brian

]]> By: Bikergofast http://wheredoesallmymoneygo.com/protecting-your-mortgage-and-other-assets-with-term-life-insurance/#comment-7110 Bikergofast Tue, 26 Oct 2010 17:57:42 +0000 http://www.wheredoesallmymoneygo.com/?p=1265#comment-7110 Thanks Brian, I've gone ahead with a "return of premium" policy for 30yrs, so I'll get something like 80% of my premiums back after 30yrs. More coverage for longer than the bank for much less in the long run (although double the price right now). Thanks Brian, I’ve gone ahead with a “return of premium” policy for 30yrs, so I’ll get something like 80% of my premiums back after 30yrs. More coverage for longer than the bank for much less in the long run (although double the price right now).

]]> By: Roger Ralf http://wheredoesallmymoneygo.com/protecting-your-mortgage-and-other-assets-with-term-life-insurance/#comment-6633 Roger Ralf Thu, 19 Aug 2010 04:20:28 +0000 http://www.wheredoesallmymoneygo.com/?p=1265#comment-6633 I had a hard time when I got struck by a speeding truck and had to be in hospital for a couple of months. I could not join my job and had to bear financial loss as well as health loss. I got compensated via structured settlement from the law courts but I was looking forward to a lumpsum payment to clear off my dues. It was then that someone suggested to me regarding Genex Capital (www.genexcapital.com) who purchased my structured settlement for an excellent deal. That was certain a great help on time. I had a hard time when I got struck by a speeding truck and had to be in hospital for a couple of months. I could not join my job and had to bear financial loss as well as health loss. I got compensated via structured settlement from the law courts but I was looking forward to a lumpsum payment to clear off my dues. It was then that someone suggested to me regarding Genex Capital (www.genexcapital.com) who purchased my structured settlement for an excellent deal. That was certain a great help on time.

]]> By: Brian Poncelet, CFP http://wheredoesallmymoneygo.com/protecting-your-mortgage-and-other-assets-with-term-life-insurance/#comment-6580 Brian Poncelet, CFP Fri, 13 Aug 2010 00:43:51 +0000 http://www.wheredoesallmymoneygo.com/?p=1265#comment-6580 Bikergofast says: Do banks offer this ability to convert to permanent insurance? I got a call this week from my house insurance agent asking if I was interested in buying term insurance for my mortgage instead of paying the bank $20/month for the insurance that ends when I pay the house off. Term is sounding much better right now. I’m glad to see this news on the blog, thanks Preet. Answer: No Term is great for many people, I have it myself. Remember, if you like renting then over time renting like term is way more expensive. Since many people do not understand income taxes or corporate taxes they also do not understand permanent life insurance. One example I have on my web site is under free financial tools person A vs. person B. If you want to have more money in retirement, pay less taxes review this. cheers, Brian Bikergofast says:

Do banks offer this ability to convert to permanent insurance? I got a call this week from my house insurance agent asking if I was interested in buying term insurance for my mortgage instead of paying the bank $20/month for the insurance that ends when I pay the house off. Term is sounding much better right now. I’m glad to see this news on the blog, thanks Preet.

Answer: No

Term is great for many people, I have it myself. Remember, if you like renting then over time renting like term is way more expensive.

Since many people do not understand income taxes or corporate taxes they also do not understand permanent life insurance.

One example I have on my web site is under free financial tools person A vs. person B.
If you want to have more money in retirement, pay less taxes review this.

cheers,

Brian

]]> By: Bikergofast http://wheredoesallmymoneygo.com/protecting-your-mortgage-and-other-assets-with-term-life-insurance/#comment-6567 Bikergofast Wed, 11 Aug 2010 13:17:52 +0000 http://www.wheredoesallmymoneygo.com/?p=1265#comment-6567 Do banks offer this ability to convert to permanent insurance? I got a call this week from my house insurance agent asking if I was interested in buying term insurance for my mortgage instead of paying the bank $20/month for the insurance that ends when I pay the house off. Term is sounding much better right now. I'm glad to see this news on the blog, thanks Preet. Do banks offer this ability to convert to permanent insurance? I got a call this week from my house insurance agent asking if I was interested in buying term insurance for my mortgage instead of paying the bank $20/month for the insurance that ends when I pay the house off. Term is sounding much better right now. I’m glad to see this news on the blog, thanks Preet.

]]> By: Brian Poncelet, CFP http://wheredoesallmymoneygo.com/protecting-your-mortgage-and-other-assets-with-term-life-insurance/#comment-4139 Brian Poncelet, CFP Sat, 24 Apr 2010 15:00:08 +0000 http://www.wheredoesallmymoneygo.com/?p=1265#comment-4139 Hi Preet, Two things which was missing here is the ability to convert to permanent life insurance. Most insurance companies allow you to do that. One company that does not have that feature would be Primerica (which charges higher rates for women as well!). The other is term (which I own) is renting coverage. Claims are paid on 1% of all term policies owned. If one is forward thinking, you can get back all your premiums back pay less taxes and still have protection for your family. Hi Preet,

Two things which was missing here is the ability to convert to permanent life insurance. Most insurance companies allow you to do that. One company that does not have that feature would be Primerica (which charges higher rates for women as well!).

The other is term (which I own) is renting coverage. Claims are paid on 1% of all term policies owned. If one is forward thinking, you can get back all your premiums back pay less taxes and still have protection for your family.

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