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Should You Refinance Or Modify Your Mortgage?

Have you ever wondered why do some homeowners refinance and others do a loan modification? There might be a lot of reasons driving their decisions. In this article, we identify some of the key differences between a loan modification and a mortgage refinance. They both can be beneficial to someone with a high mortgage payment, and so they need help with one of the two options to lower their mortgage payment. They have similarities and differences alike. Let’s check them out!

A refinance simply completing the process of acquiring a new loan for financing your current mortgage. When you do a refinance, you will have to run your credit to meet the minimum requirements to be eligible for the new mortgage loan you are requesting. You will have to provide proof of employment, meet a minimum income requirement, have a good payment history, in addition to other conditions. When you refinance, you are paying off your old loan with a new loan and starting over again. You can take out equity in the property or leave it in. You can often do a 15yr or 30yr mortgage. You might want to do a refinance with a cashout and pay off another high-interest loan such as a credit card, revolving store card, other loans, finance college, buy a new car, among other things. When doing a refinance, your credit score and payment history will be weighed heavily in the final determination to grant you credit or deny you.

Most refinance will take anywhere from about 2-4 weeks to complete, and your old mortgage lender will be paid off. Homeowners will often refinance when the interest rate is at least one percentage point lower than they are currently paying. It’s good to refinance if you intend to stay in the home for at least another 5yrs. The reason why it’s not a good idea to refinance if you don’t plan on staying in the property for at least five more years is due to the fees and closing costs associated with doing a refinance. It is like getting a new loan – in fact, that is exactly what you are doing.

A loan modification is similar to a refinance because it is actually lowering your mortgage interest rate to give you lower house payment. However, there are some key differences. A loan modification is not focused on your credit score or credit history as much, if at all. Some loan modifications don’t ever check your credit history, a small number of lenders do check, but your credit is not weighed much at all for granting you a loan modification. When you do a loan modification, you will rarely get charged anything, and if you do, they are minor changes that are rolled up in the mortgage balance, unlike a refinance. Many people that apply for a loan modification are often in deep trouble with their mortgage payments. They commonly have a poor credit history and will usually not qualify for a refinance.

Not to say a refinance is better than a loan modification, but many homeowners who do a loan modification do it as a last option. Homeowners who refinance do it because they choose, and they can try to use their good credit history to their advantage by getting a lower mortgage payment. Ironically, a refinance and a loan modification will often give you a much lower mortgage interest rate over your initial interest rate. Yet, the requirements for getting them can be so different. One of the disadvantages of a modification is not having a cash-out option whenever the homeowner does it; With a refinance, a cash-out possibility exists. Once the loan is modified, the loan will start over again, with good credit reporting showing up with the credit bureaus.

So you are having to pay the closing cost that will take a few years to recover from before you actually start seeing some actual savings. You will not need to refinance if you are not going to get a lower interest rate of at least 1 point. It would not be worth it in the short term. If you need to cash out without refinancing or selling the property, you might want to consider a Home Equity Line Of Credit(HELOC). It’s like a kind of revolving credit that your home serves as collateral for that loan. You can get access to the funds all at once or over some time. So keep in mind that it is not so much whether you did a loan modification or a refinance because the results are often very similar. The key is to get your mortgage payment lower. Get in touch with the professionals at DLC ESTATE MORTGAGES for all your mortgage needs in

 

The Cost of Cancer Treatment in Canada

It’s human nature to avoid thinking about our health deteriorating, but it’s a sad reality that nearly one in two Canadians will get cancer at some point in their lives, according to a report by the Canadian Cancer Society. Smart financial planning involves preparing yourself for unexpected as well as expected expenses. You can save enough money to cover your expected cost of living during retirement, but you also need to be prepared for unexpected expenses, such as a cancer diagnosis.

So, how much does cancer treatment cost in Canada? The short answer is: more than you expect.

The cost of your cancer depends on many variables, such as:

  • the kind of cancer you have
  • how early you’ve been diagnosed
  • the kind of treatment you undergo
  • how much time you need to take off work, and whether anyone needs to take off time to care for you

Another variable is location. If you live far from the nearest cancer-care centre, your out-of-pocket costs – transportation, accommodation, meals – will be higher than if you live nearby. The location also matters when it comes to paying for chemotherapy. Here’s why: In the past, chemotherapy was almost always given intravenously in hospitals, so it was covered by government health plans, just like other hospital-administered medications. But today, many kinds of chemo are taken orally, at home – and not all provincial health plans fully cover them. Currently, only British Columbia, Alberta, Saskatchewan and Manitoba cover home-administered chemo.

There are ways to help cushion the cost. Government assistance may be available if your drug expenses exceed a certain percentage of your income, and there are special arrangements with some drug manufacturers. Applying for these programs can be complex and time-consuming, which is why cancer centres have social workers on staff to help you navigate the system.

Health insurance can also help you cover the cost of cancer treatment. Workplace health benefits like supplemental medical insurance will help you pay for medicines and equipment not covered by your provincial plan, and disability insurance will pay you part of your lost income while you’re off work. Both kinds of insurance come with deductibles and limits, and you’ll need to submit receipts to get your money back.

Critical illness insurance works a little differently. It can help you cover whatever expenses you incur while you’re fighting and recovering from one of the types of cancer that your policy covers, with no deductibles to pay and no receipts to submit. If you’re diagnosed with one of the serious illnesses covered by your policy, after the required waiting period (typically 30 days following diagnosis), your insurance company will pay you the entire amount of your policy, all at once, to spend on whatever you want. You could use the money to make up the difference between what your workplace health insurance covers and what you’ve had to spend on medicines. You could use it to cover the hotel bill that your spouse ran up while you were in an out-of-town hospital. You could pay someone to clean your house and look after your children, while you’re not feeling up to it. You could even use some of the money to go away for a weekend to rest and relax, once you’ve recovered your health.

How Much do These Types of Insurance Cost?

The younger and healthier you are when you buy your policy, the less you’ll pay each month. Usually, the longer the policy term (commonly 10 years, to age 75 or to age 100), the higher the cost. Policies that cover more illnesses cost more. And special features, such as getting back some of what you’ve paid if the policy expires or you die without making a claim, also cost more.

If you buy a 10-year-term critical illness insurance policy and renew it every 10 years, your cost will increase each time you renew. If you buy a non-renewable policy that expires at age 75 or age 100, your cost typically won’t increase as you get older. You can buy most critical illness insurance policies until you’re 65 and make a claim at any age during the policy term.

Make well-informed decisions with helpful advice from Nonmed Insurance Inc. today.

Booming and Low-Investment Small Business Ideas (Part 1)

A few years ago, most people’s life plan consisted of a relatively common and uniform project: Study until you get a degree, start a family, and keep a good job until retirement age. Simple, safe, quite comfortable and predictable. And most of us would often ask ourselves: what should I study? In which company do I apply? What additional incentives can I apply for? The space for uncertainties or innovative thinking was minimal, if not nil, and was limited to making proposals (and crossing your fingers) with one or two improvements to the work environment or the company’s products and services for which you worked.

Fortunately, times and people have changed synergistically and based on that; the tendency to undertake has taken hold. It’s no longer rare to get someone to look favourably upon exploiting your own small business ideas. In other words, now it has become very rare to find someone who wants to stick to the traditional plan and leave the idea of ​​starting their own business to others. Even those who combine both visions to obtain an intermediate version with the best of both life plans. For these people, the predominant questions are others: What do I invest in? What business ideas pay off the most in the shortest time? How much money do I need to invest? Let’s check it out!

Personal trainer

Is life fitness your thing? Are you happy sweating and moving your body? Then becoming a personal trainer is ideal for you. This idea to start your small business is perfect for you if your willingness to help others and your voice of command is combined with a certification. A growing trend is quite popular in all sports disciplines that are also marketed very well on Social Networks and can lead to other related businesses, such as healthy meals and healthy eating and life coaching.

Local Delivery Services

Yes, the big courier and package delivery companies are still there, and they are not going anywhere. However, nothing better than a private motorcycle, car or bicycle to deliver packages locally, quickly and efficiently, and at a lower price. Every day more people add their personal means of transport to help avoid the bureaucracy and slightly more expensive rates that use a more recognized courier and delivery services.

So, the image of a person in shorts uniforms delivering packages no longer dominates the market. And it makes sense. The field of work has expanded thanks to many others’ entrepreneurship, and thus, other small entrepreneurs do not have their own home delivery service. The individual needs lunch or a pair of shoes to be brought to him because they’re stranded somewhere. There you fit perfectly. If you also add the services an application, then your business opportunity goes to the fixed. Make yourself known and start pedalling.

Food Trucks

In Latin America, the big business of preparing and shipping fast food from a truck has been part of the picture forever. However, new trends and market demands add differentiating elements that you can use to introduce your own successful business idea and make it extremely profitable. Do you prefer sweets rather than fast food? A waffle and cupcake food truck is perfect for running too! In any case, investing in a food truck does require a little more investment, study, preparation and compliance with laws and regulations. Among them, you must specify the point where you will put your truck, the demand for similar businesses at that point, and the permits related to the handling and sale of food.

Manager 

Many people who keep office hours or are dedicated to their own ventures lack the time necessary to do personal errands such as going to the bank, taking clothes to taking clothes from the dry cleaner, buying food for the week, etc. In some Latin American countries, taking care of these tasks is called an agency and whoever executes it is called a Manager. It is usually an occupation that leaves good money since the services can include everything from going to Notaries to picking up movie tickets and the like. Having an agency that places a manager at third parties’ services is an idea for a small business that promises to emerge in the coming years.

Personal Shopper

This is the most stylish and elegant name for Personal Shopper. A personal shopper is generally in charge of choosing, purchasing and delivering clothing and footwear for special events. However, some hire services to take care of the entire wardrobe, without obeying a special occasion. More than an investment, what you really need to become an excellent personal shopper and make your business successful is to have a good eye and sensitivity to choose the best clothes and shoes for your clients, and take care of details related to finances who entrust you with their wardrobe. Start with your friends, and get them to spread the word. Then you can open your own blog or website and share tips related to your niche. If you are persistent and dedicated, you will soon be hiring and training others to make your small business idea a trustworthy personal brand.

On the other hand, the Internet has given way to a whole new range of jobs that began to exist only a couple of decades ago and have emerged a lot in recent years. What is unique about this line of employment is that they do not require the employee and even the employer to satisfy the demand for services, and most importantly: Each one in itself represents a successful small business idea to manage from the comfort of your home.

Now that you have decided which industry you want to start a business in, you can begin the journey of becoming an entrepreneur! Check out the second part of this article here!

Booming and Low-Investment Small Business Ideas (Part 2)

Does the idea of ​​starting your own business appeal to you, or are you thinking of expanding the one you already have? Do you need ideas to start your own business? In other words, what are the most profitable small businesses today? Which ones can you start with a small budget?

It is important to emphasize that starting a business is not the end of the road and that you’ll still need to work hard to make sure it grows and remains healthy. And this is achieved with recurring investments! A business without investments tends to be stranded and does not advance.

All small businesses follow a simple law: “You need to invest money to make money.” So once you start your business, don’t forget to plan investments that will strengthen it, and you must consider getting external funds to do so. If you’re looking for a personal loan to kick start your small business in Toronto, talk to the experts at DLC Estate Mortgages INC.! Whether you’re looking to apply for a short-term or long-term loan, they provide one of the best loan solutions and reliable advice. 

If you’re looking for small business ideas, here is a rather impressive list of the latest trends in small business ideas. Hopefully, they inspire you and help you take the necessary actions to transform them into your new reality. This list of ideas for small businesses does not follow a particular order, although it is organized by two main types of entrepreneurship: Traditional and Online. Check it out and be surprised by businesses’ trends requiring little investment and always have room for another value proposition.

Local Tourism

Tourism has also evolved in terms of tastes and demands. Thus, from the so-called extreme tourism or adventure tourism to cultural tourism or experiential immersion, the strong point is to get accommodation at various hotel sites. How do you become a tourist guide then, and how do you make it a very profitable small business idea? Simple: Design several packages and offer close and real experiences for people interested in getting in touch with your immediate environment’s unique opportunities. You can even provide one of the rooms in your own home to accommodate your clients and include typical breakfasts to offer a full immersion experience. With the potential for word of mouth and recommendation, your business can flourish! 

Likewise, you can use an online marketplace application and make contacts and alliances with interpreters, restaurants, inns, iconic places according to their interests (you can collect that information from a form). You can make a name for yourself with everything long-term business potential. Get creative! Design immersion tour packages for seniors with religious interests, adventurers with a thirst for extreme experiences, animal lovers, etc. And speaking of animal lovers…

Canine Hotels (and Other Related Services)

Many people shy away from going on a trip, even for short periods, because they don’t have someone to take care of their pets while they are away. This small business idea itself lacks innovation. However, it has picked up in recent times because traditional hotels or kennels are often expensive. You can start by housing one or two animals in your house for a few weekends and then include other services such as hairdressing, morning walks, and even accompanying pets for international trips. They are ideal for small businesses settled in the same pet services niche that yield good money, and whose investment is relatively low and whose ROI is usually practically immediate. 

Online Tutor

Education has always held a place of honour in all societies. Children will always need someone to clarify their doubts, and they will surely feel more comfortable from home, in a controlled and safe environment where they can use other tools. If you have the ability and skill to teach online, this small business idea is for you. Topics and topics can range from simple to complex, and creating an interactive platform with exciting programs can be quite an adventure that also pays good dividends.

Translator 

Although Google and other similar companies offer instant online translations, the truth is that translators have the sensibility and knowledge of the world that automated translation tools lack. Creating an online business that brings together translators willing to provide humane solutions to translation problems is an excellent idea for a small business that promises high demand.

Small Business Ideas That Create Big Profits

Entrepreneurship ceased to be a taboo word and concept widely related to risks and uncertainty, misfortune and bankruptcy. However, to ensure that your investment has the best results, the search for small businesses’ ideas must initially resonate with your essence, potential and talents. That simple action will leave you big profits and better experiences. If you have other small business ideas that have a real chance of turning into significant gains, share them here. You can always learn and start with suggestions. If you’re looking for more small business ideas, make sure you check the first part of this article!

Why Benefits Can My Child Get from Non-Medical Insurance?

The ongoing health crisis has been a wake-up call for many families about the need for robust life insurance. While it appears to make sense for adults to have life insurance, so they can provide for those who rely on them in case the unthinkable happens, there has also been an increase in life insurance purchases for children under the age of 17. In this article, we will explore the reasons for this trend and the pros and cons of life insurance for kids.

First off, what is life insurance for a child?

Similar to an adult’s life insurance policy, a child’s life insurance policy is a contract with an insurance company whereby monthly or annual premiums are paid in exchange for the promise that said insurance company will pay a benefit in the event that the child dies.

Life insurance policies for children typically are whole life insurance policies, which means they will provide lifelong coverage so long as premiums are paid. Premiums tend to be guaranteed, so they won’t increase over time. Plus, a portion of the premium goes toward building cash value, which can be accessed while the child is alive for any reason.

While you can’t buy term insurance for children (where the child is only covered for a certain number of years), you can add them to your own term policy as a rider for a certain amount of time, and then convert coverage to permanent policies for them at an additional cost.

Important things to know about buying a child life policy

Compared to an adult’s life insurance policy, the purchasing process is relatively simple and quick – all you need to do is fill out an application form and pay the premium. Unlike purchasing a policy for yourself, your child won’t need to have a medical exam prior to underwriting being completed.

You can usually buy a child insurance policy up to the age of 17, although this does vary from insurer to insurer. For some, the age cap can be as low as 14, where others can go up to age 21 provided the child is still in full-time education and living at home.

The younger your child is when you buy a policy, the cheaper it will be. With a whole life policy, the low rate you lock in at the time of purchase will be guaranteed for the life of the policy. Premiums are also affected by the type of schedule you choose. For example, you could buy a policy for a newborn that is payable until they are 65 or even 100, which can result in ultra-low premiums. On the flip side, some insurers offer an option to pay off the policy within a set period of 10 or 20 years. This may result in higher premiums in the short term, but you can eventually turn over a fully paid-off policy to your child to cover them for the rest of their life.

Pros of Buying Life Insurance for a Child

The biggest advantage of a child insurance policy is the guarantee that your child will still be covered if they develop health conditions later in life. Not only that, but you also ensure your child will still have coverage if they take up a dangerous hobby like scuba diving, which tends to put off a lot of insurers.

Another major advantage, which we touch on earlier, is that a child insurance policy locks in a low premium. Child insurance policies also provide funds for funeral expenses. While this is not a good reason to buy a child insurance policy, it can provide relief to a family if the unthinkable happens.

Lastly, a child insurance policy has a cash value which can be accessed for any reason. You can use it as a complement to any other savings you may be making for your child’s future. It is important to note however that withdrawing cash from the policy could trigger a tax bill and will reduce the death benefit.

Cons of Buying Life Insurance for a Child

While child life insurance does have a great deal of positives, it’s not all peaches and cream. The biggest downside to these policies is the low return on investment they offer. As we mentioned above, child life insurance policies do offer a cash value, this is significantly lower than a more specialized product like a college savings plan.

Coverage limits are also very low, and once your child becomes an adult, it is likely that they will need to buy an adult insurance policy anyway.

In Conclusion

Working with a financial planner can help you decide whether life insurance for your kids is a good fit for your family and your overall financial situation. Also consider working with an independent insurance broker like Nonmed Insurance Inc., who works with several insurance companies and can help you find the best policy at the best rate.

Do I Really Need Boat Insurance?

As the saying goes, the two happiest days in a boat owner’s life are the day you buy your yacht and the day you sell it. It’s no secret, as a boat owner, you’ll have plenty of beautiful memories and fun trips on the water, whether it’s a pond, lake, or the ocean. However, owning a boat can involve a lot of work, maintenance, risk, and never-ending expense. And one vitally important thing to consider if you own a yacht is to insure it!

Often, boating lovers think they don’t need any additional protection in the ocean, especially if they’re experienced and have a safe track record on water. The truth is that boat insurance is just as important as car insurance, and yes, you’re more prone to risk on the water than on the roads due to the numerous uninsured boaters out there! So, no matter how much you’re on your guard or a how much of a crackerjack boater you are, unfortunately, you simply can’t protect yourself against these inexperienced and reckless boaters or nature’s wrath!

With reliable boat insurance, you can benefit from a whole lot of advantages! From protecting you financially to keeping your prized possession safe from all possible risks (injuries onboard, off-season damage, theft, etc.), it certainly brings utter peace of mind. (And let you sip your well deserved cold beverage while enjoying the gentle ocean wind!). Let’s have a look at why you should totally opt for boat insurance!

But, What is Boat Insurance?

Yacht, Crew and Passengers Insurance | Yacht Agent Montenegro

Let’s say you’re out on the lake, relishing a gloriously wonderful day, brimming with joys and proud for being finally a boat owner. Sadly, your happy day is abruptly ruined when you stumble upon a boulder that was hidden just below the water surface – yikes! Your gorgeous, well-maintained boat suddenly has an enormous wound on the side, hurting both your boat and your heart.

That’s where marine insurance comes on board! With valid yacht insurance, you can rest assured that your boat will be reconditioned to its original condition – with all expenses covered by the insurance company. Marine insurance can really be an amusing subject. Well, not exactly that enjoyable. But still, it’s more fun than having to pay thousands of dollars to repair your yacht.

And What Happens If My Vessel Is Not Insured?

Let’s just say you’re sailing down a stream without a paddle. (To be more precise, it’s more like you’re in a sinking ship since there’s a huge hole in there – but you get the point!). While you may think that marine insurance is only for the boating season, the risks linger all year round and even during winter. Of course, you could save some bucks by canceling your policy when your vessel is not in use, but just because your precious boat in storage doesn’t mean it won’t be stolen or damaged. Although “seasonal” coverage may be available, the best option is to retain full coverage year-in and year-out. Accidents happen on and off the water, and your significant investments deserve uninterrupted protection, no matter where they happen to be.

What Does Marine Insurance NOT Cover?

While the best times to enjoy your boat are those spent on the water, your prized possession may see dry days if you ever transport or store it ashore. Generally, (depending on your State), when a boat is offshore, it’s not covered by marine insurance! Refer to your existing insurance policies to find out what coverage you have in such cases. For example, if it’s hitched to your truck or car, it may be covered by your automobile insurance policy. And if it’s parked on your property, your homeowners’ insurance will often take precedence over boat insurance.

Be sure to check with an insurance agent to understand how your policies will cover your boat at different times. You can contact licensed insurance advisors at Mimbs & Associates Insurance for further information.

Why Should I Hire an Insurance Agent?

With insurance comes utter peace of mind when unforeseen circumstances result in physical or financial damage. When purchasing coverage from an insurance agency, you benefit from competent professionals who are readily on hand for personal appointments and an individual assessment of all your insurance needs.

Questions? Your Solutions Are Just One Phone Call Away!

If you hold a policy online and need an answer to a question, chances are you’ll be calling more than 800 different numbers. Not to mention the long waiting times, frequent transfers to various services, and repetition of your situation or question to multiple representatives – if you’re lucky enough to talk to a live person! Whether you’ve got an urgent query, a distressing claim, some changes to do in your policy, or simply questions about your coverage, all it takes is one phone call to get a familiar and lively voice and a trusted answer. You can gather information online or talk to an agent at BREVARD INSURANCE & MARKETING to get an idea of your coverage in Florida.

Having A Relationship with A Person

Nowadays, almost everything can be done online, from ordering your pizza, sending flowers, internet banking to online schooling. The Internet often replaces face-to-face interaction, and it can be a real struggle to remember the advantage of talking to someone online. If you are in a car accident, your computer can’t answer questions about your coverage or get specific documents for you. Having an insurance agent offers the benefits of a business relationship with a real human being who cares about you and your family.

Geography

Your geographic location may require specific types and levels of insurance coverage. Local insurance agencies employ agents who understand your area and can make coverage suggestions accordingly. For example, your agent can advise you if your business is located in a potential flood zone, which would require flood insurance that regular structural insurance may not cover.

Someone Is Watching Out for You

At independent agencies, we conduct a complete review of your policy at each renewal and when changes are made. If a new discount is available, you have a chance to save money for your family! Your insurance agent wants you to save as much money as possible while getting the best coverage possible, and it’s his job to work between you and the insurance company to make that happen. Insurance agencies take pride in knowing the majority of their insureds personally and look out for YOU and your family!

Individuality

In addition to your geographic location, your circumstances may affect the types and amounts of insurance you need. By working with an agent directly, you can explain your circumstances and find the most beneficial coverage for you, which helps protect you against inadequate insurance coverage.

They May Help You Save Money on Other Insurance Policies

A major perk of hiring an independent insurance agent is that they can help with all of your personal insurance needs and coverages for your family’s assets. A vast array of insurance services is available from auto to life, renters, homeowners, boat, RV and motorcycle insurance. Your insurance agent knows your personal needs, your family’s situation, your assets/estate and can recommend policies and coverages to save you money and ensure you’re adequately covered.

Considerations

Although insurance agencies give personal and individual attention to their clients, you may pay more coverage than you originally anticipated. Insurance agencies often pay commissions to agents based on the amount of coverage they sell you. In other words, depending on your insurance agent’s compensation structure, a commission-based sale could result in your agent, offering more insurance than you need.

A Car Insurance Agent Can Keep Your Records in Order

Independent insurance agencies are equipped with the latest technology in the insurance industry while offering the excellent face-to-face customer service you are accustomed to. Whether you have one or more policies, an insurance agent can quickly access your information and easily familiarize themselves with your policy. Agencies typically keep detailed records of your assets, as well as a history of your calls, claims and current inquiries.

Why Do Children Need Life Insurance?

Not a moment goes by when parents aren’t worrying about their children.  Is he the appropriate height and weight for his age? Does she get along with other kids? Will they ever eat their vegetables?

One thing parents don’t often think about is ‘do I need life insurance for my child?’. Some may even frown on the idea of insurance for minors because of a life insurance policy’s primary purpose of replacing the income of a working adult. However, there are many other reasons why buying a life insurance policy for your child could be a good idea for you. Here are a few:

The Time and Resources to Grieve.

There is likely nothing more devastating than the loss of a child. In such an unfortunate and untimely event, day-to-day responsibilities might be overwhelming – the demands of your job, paying the bills, and having to care for other children in the household. The reality is you might not have enough paid sick or vacation time from work to take care of yourself, your spouse or your other children during this difficult time. If the unthinkable were to happen, would you have done enough financial planning to have the resources to go back to work on your terms?

Cash Value and Living Benefits.

The cash value earned from a permanent life policy (such as whole life, universal and variable life) can be withdrawn or borrowed against, providing living benefits that can used by your child as he or she gets older for many things such as:

  • College tuition and expenses
  • Financing a vehicle
  • Paying for a wedding
  • Collateral for loans

If you opt for a whole life insurance policy for your children, ask if there are penalties for early withdrawals before a certain age. Building cash value shouldn’t be the main reason you buy a life insurance policy for your children, but the right policy can include a financial perk.

They’ll Always be Insured.

There are a number of factors that can affect your child’s future insurability. High blood pressure, diabetes, obesity and cancer are just a few of the many health complications that might prevent your child from being insured down the road. One of the primary benefits of purchasing a life insurance policy when they are young is that they will always be covered regardless of their future health as long as premiums are being paid.

Guaranteed Insurability.

Some life insurance policies for children come with an optional guaranteed insurability rider/endorsement that may be available for a nominal cost. As your child grows into an adult, this rider allows you to buy additional life insurance above the face value of the current policy (on specific dates and in certain increments) regardless of his/her health status at the time. Usually, the older the child gets, the fewer dates the policy owner has to purchase more life insurance under the rider. In some instances, after a certain age, the rider may not be exercised.

A Locked-in Rate.

Life insurance premiums for minors can be very affordable. Buying life insurance for your child now could give you an opportunity to lock in that rate for the life of the policy. As long as the required premium is paid, the policy will stay in force.

Policies vary greatly from company to company. A life insurance professional like Nonmed Insurance Inc. can help you select the right policy type and optional policy riders so your child will get the most out of their policy – even when he or she is grown with a family of their own.

Disclaimer: It is important to note that this article was not written by a qualified Life Insurance broker and should not be considered legal advice. Please make sure you seek advice from professionals before purchasing any form of financial product.

The Insurance Diaries – 6 Sagacious Tips To Choose The Perfect Homeowners Insurance

So, you’ve beavered away for years struggling to save some bucks for your dream house (in this rocky economy), and now, you just got off the phone with your mortgage specialist, who has some excellent news for you! The agonizing wait is finally over, and you’re pre-approved and ready to dive into the house hunt with confidence. What an exciting time! But before jumping in, there are a few other things to keep in mind to ensure you find the perfect balance between your needs and budget, and one of them is homeowner’s insurance!

Purchasing a house can be so mind-boggling that it’s easy for first-time buyers not to worry much about the homeowner’s insurance process. But what if there’s a natural calamity or a fire breaks out in your house? Disasters can strike unbeknownst to you, and that’s why protecting your property with the best home coverage is primordial. Buying home insurance entails a myriad of intricacies and can often feel pretty overwhelming. How often have you heard of cases where people have purchased home insurance only to discover that it didn’t protect the only item they were trying to protect? Here’s a handy step-by-step rundown to help you cover all the basics!

Choose Your House Wisely

The choice of housing is often a process of elimination. As you hunt for houses, you’ll realize that many are just not right. It’s not uncommon to compromise on features but search for a home that can meet your current and future needs. The location and individual characteristics of the home you pick can affect the amount and type of insurance coverage you may need.

Get A Clearer Picture of What It Covers

While this may sound surprising, most people don’t understand home insurance at all. To choose the right policy, you need to be able to have a clear understanding of what it entails and covers. Once you’ve got a clear picture, you” ll be able to assess your needs and negotiate better terms and conditions. A standard home insurance policy covers your home and its contents, as well as any public liability. Although the law doesn’t require you to purchase home insurance, it’ s essential to protect your most significant investment if something goes wrong!

Evaluate Your Needs

When purchasing insurance, be sure to know what you precisely need before starting to shop around. You can gather information online or talk to an agent at BREVARD INSURANCE & MARKETING to get an idea of your coverage.

Compare With Other Insurance Companies

After you’ve had an understanding of your requirements, you need to start shopping around for the best coverage and may need to purchase additional insurance – such as flood insurance. Start by looking for reputed insurance providers and then make a list of policies that meet your requirements. You don’t have to buy insurance at the first insurance company you’ve googled online. Instead, compare the plans based on the prices, deductibles, limits, and customer reviews. Make sure you get the right type and amount of coverage. Focus on value, not necessarily bottom price.

Consolidate Your Policies

Ensure your insurance companies offer discounts if you bundle other types of insurance, such as auto or health insurance, into your home insurance policy. You may be surprised to learn that some companies may even bundle policies together with a 10% or more discount on your premiums.

Don’t Forget Your Pooch!

Always disclose your dog. It shouldn’t even be a question. Dogs of all breeds can be a huge liability. You never know when a dog might feel threatened and act out of fear, biting a stranger, or even a family member. If someone sues you for a dog bite, you could be charged thousands (or even hundreds of thousands) of dollars. By insuring your dog, you’re also assuring that dog bites are covered by your insurance policy.

All You Need to Know About No Medical Insurance in Canada

Here’s a little secret: you can purchase life insurance without a medical exam! (That’s some pretty good news for those who are afraid of doctors, needles and anything doctor-ish!). In this modern era, Canadians have so many life insurance options at hand. With the ability to buy life insurance online, search for different policies and look up the different types of life insurance available, it’s no wonder they’re discovering how convenient it is to get a life insurance policy with no medical exam. Is this option better, and if so, why? What are the points to watch out for, and what are the perks? Here’s everything you need to know about non-medical insurance policies in Canada!

Why Does Life Insurance Require A Medical Exam?

Before we jump start, first things first. Why does life insurance require a doctor’s visit? Traditionally, obtaining life insurance requires a medical or health exam; the insurance company wants to assess all risks associated with your health. Details about your medical condition, family medical history, drug usage, smoking status, critical illness, and more help the insurance company determine how risky it may be to get you insured.

If you go through the exam and are deemed in above-average health, an insurance company can offer you a lower rate. On the flip side, if the exam establishes that there may be health concerns looming, insurance companies will typically place a rating on your policy, which is an additional premium to compensate for the elevated risk they take.

Can I Get Life Insurance If I Have Health Concerns?

Yes. Depending on the specific ailment(s) in question, many life insurance products are available for Canadians with medical conditions. The choices may be limited, depending on the state of your health. However, there’s an increasing number of products that cater to those with prior medical conditions. Many of these also offer coverage, with some limitations, without requiring a medical or health examination.

But What Is No Medical Exam Insurance?

In today’s tech-driven world, where instant gratification is available at the click of a button, it is no surprise that no medical life insurance policies are the fastest-growing segment of the life insurance market. This type of insurance refers to a category of life insurance products that don’t require a medical exam or a physical or even a medical statement from your doctor.

Increasingly, Canadian insurance companies are offering life insurance policies that don’t require a medical examination. Canadians are in a time crunch, between work, children, and other obligations – no medical life insurance makes obtaining coverage easier for their potential clients. 

How Much Life Insurance Can I Get Without A Medical Exam?

It’s possible to get up to $1,000,000 in insurance coverage in Canada without a medical examination. The amount of life insurance you can get without a medical exam depends on the type of policy you apply for, your age and the insurance company you choose. (And if that’s not enough, combine two or more policies to get the amount you need.)

It can sometimes be mind-numbing to explore all of the various products because of so many insurance options out there. The best thing to do here is working with an insurance advisor; they can help you compare different policies across multiple companies. 

For Whom? 

Because of its ease of application, no medical exam life insurance is particularly suitable for people who were refused life insurance following an underwriting review, or who suffer from serious health problems such as cancer. People with riskier lifestyles, such as those practising extreme sports or working dangerous jobs, or people simply wanting to be insured without delay, are regular customers of this type of insurance.

Why Should I Get A No Medical Life Insurance Policy?

#1. Stress-Free

There’s no doubt about it. Being able to secure life insurance bypassing a medical exam is very convenient. You no longer have to bother scheduling a visit with a nurse, fasting for 12 straight hours and trying to have a healthy diet in the days leading up to the exam (oh yes, you can use these tips to ace your medical test if you decide to go that route).

And who says no medical checks says no needle to suck up your blood (doctors won’t steal your blood), no need to provide a urine specimen, no scale to take your weight (your weight can be kept a secret) and no blood pressure meter thing on your arm! However, no medical exam policies still ask your health history and look at your public reports.

#2. Price Ain’t A Factor

Yes, price is an excellent reason to look into a no medical exam life insurance. In many instances, applying for life insurance without a visit with the nurse can save you money. Just think about it, how long has it been since your last physical. If it’s been a year or longer, how can you be sure that your cholesterol, blood counts or sugar levels are all in check? You can’t. If you decide to go with a medical exam policy, you might be moved to a different health category due to elevated blood pressure, for example.

#3. Available Riders

That’s one of our personal favourites. Many of the no medical exam life insurance policies include build-in riders. These riders are often referred to as living benefits. In a nutshell, life insurance with living benefits allow the insured to accelerate his or her death benefit while still alive, in some cases. In other words, you don’t have to die for your life insurance to pay. That’s a huge benefit. With the modern advancement of medicine, you might survive a heart attack, but could you afford it?

#4. Zippy Process

You need coverage as soon as possible. You can’t wait 4-6 weeks for underwriting to be completed. Life insurance policies without a medical exam tend to have faster processing time. Many policies can be issued almost instantly or within 48 hours. This is extremely important if you have to get life insurance right away. There are many instances where people are required to secure a policy due to a loan application, work, divorce decree, etc. Obtaining a policy without an exam will provide the speed and coverage needed.

The contemporary life insurance market is way more extensive than a source of income for beneficiaries when catastrophe strikes. With a plethora of options, these plans offer you and your entire family peace of mind. They often give your money investment opportunity to allow you to enjoy the money invested during your lifetime.

Choosing the perfect life insurance plan depends as much on your financial needs than your health class rating. Are you looking for no medical and simplified issue life Insurance in the surrounding of Toronto and the GTA? Contact Nonmed Insurance Inc. to have your own personal plan!

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