Peterson

oilfieldcalgaryHow do you know if you are talking with the right oil and gas insurance brokers Calgary? How sure are you that they can provide you with the help that you need? Indeed, the thought of finding the right insurance policy that will cover all your needs can be a daunting task. Not only are there a lot of options to choose from, but the fact that each one looks as closely as the last one your checked can really make it difficult to choose only one.

But how do others know that they picked the right one and paid for the one that’s worth their money? Is there some magic way of saying that you have found yourself a trusted broker who really helps you and not only aims at stripping you off with some cash? The truth is that there is no need for magic to get to do all these. All you need is a really faith in yourself and this list of must-know about brokers in Calgary.

  • First, you must make sure that you are only speaking with insurance brokers who are licensed. Without license, no one could ever tell you that this option is better than the last one offered to you, no matter how affordable it may seem.
  • Second, you have to keep in mind that your goal is to find insurance that will get you the oil and gas delivered to where it should be. It doesn’t have to come cheap or they never really do. It is after all a business investment, so you couldn’t expect it to come cheap.
  • Third, you must keep in mind that they will try to talk you into buying and at some point you will be convinced, but you have got to ask questions. You should know more about the services that they offer and the extent of the coverage they provide. All these will help you determine whether they are the right one to trust or not.
  • Lastly, always remember that buying the insurance is like a buying investment. You should be able to get the most out of it. At a certain level, it should be able to give you the kind of security that it promises to give. You have to make sure that they won’t falter in providing you with only that.
February 21, 2015

Oil And Gas Insurance Brokers Calgary: Did You Find The Right One?

oilfieldcalgaryHow do you know if you are talking with the right oil and gas insurance brokers Calgary? How sure are you that they can provide you with the help that you need? Indeed, the thought of finding the right insurance policy that will cover all your needs can be a daunting task. Not only are there a lot of options to choose from, but the fact that each one looks as closely as the last one your checked can really make it difficult to choose only one.

But how do others know that they picked the right one and paid for the one that’s worth their money? Is there some magic way of saying that you have found yourself a trusted broker who really helps you and not only aims at stripping you off with some cash? The truth is that there is no need for magic to get to do all these. All you need is a really faith in yourself and this list of must-know about brokers in Calgary.

  • First, you must make sure that you are only speaking with insurance brokers who are licensed. Without license, no one could ever tell you that this option is better than the last one offered to you, no matter how affordable it may seem.
  • Second, you have to keep in mind that your goal is to find insurance that will get you the oil and gas delivered to where it should be. It doesn’t have to come cheap or they never really do. It is after all a business investment, so you couldn’t expect it to come cheap.
  • Third, you must keep in mind that they will try to talk you into buying and at some point you will be convinced, but you have got to ask questions. You should know more about the services that they offer and the extent of the coverage they provide. All these will help you determine whether they are the right one to trust or not.
  • Lastly, always remember that buying the insurance is like a buying investment. You should be able to get the most out of it. At a certain level, it should be able to give you the kind of security that it promises to give. You have to make sure that they won’t falter in providing you with only that.
December 18, 2014

Mortgage! Does the Word Mean Debt or Lifestyle to You?

What Does Your Mortgage Mean To You?

What are you protecting when you insure your mortgage?

personal-life-insurance-vs-banks-mortgage-life-insuranceWhen a family or individual borrows money from the bank to finance a home, be it a traditional mortgage or home line of credit, they are going into significant debt for their home ownership. It would be nice if we could all save up the $300,000 to $500,000 to buy a home in Canada, but that would take too long. We Canadians want it all right now – the big house, nice cars, all our electronic toys, etc. This has led to a culture of debt – we borrow to have the things we want today.

There is Good Debt and Bad Debt

When borrowing money, we’ve all heard the term good debt and bad debt. This basically means that the purpose of our borrowing will either create value or create additional cost. For instance, if you borrow money to buy a car, and that car allows you to accept a higher paying job further away from home because you can now commute to work, this is good debt. If you borrow money to buy a very expensive sports car or big truck which has no practical purpose (just for fun or show) this is bad debt, because the interest on the loan has no real purpose. It just adds cost.

Generally home buying and mortgages are good debt. So long as you can afford the mortgage payments now and in the long-term, a home not only retains its value, it increases its value over time. The interest you are paying on the mortgage can be very costly, but you are also paying off the principle in the home, and building value. Considering that you would need a place to live anyway, you have three choices: 1) Rent; 2) Buy with a Mortgage; 3) Buy with all Cash Down. Since most people can’t afford to buy a house for cash, they really have only two choices. Renting is a pure cost and brings no long-term value. It only provides the home and shelter you need. A mortgage gives you the home and shelter PLUS builds value, in exchange for paying an interest rate on the money loaned to buy the house.

Are you Insuring your Mortgage?

When taking out a mortgage with a bank or other lender, they will invariably offer you a mortgage life insurance policy. Firstly, insuring the very large debt of a mortgage is a good idea, and everyone should have their debts covered in case a bread-winner or caregiver in the family dies prematurely. That being said, there is good life insurance and bad life insurance! The bank’s mortgage life insurance policy falls into the Bad Life Insurance category. And here’s why:

  • The bank owns the policy.
  • The bank controls the policy and will cancel coverage if you leave them for another lender.
  • The bank is the 100% beneficiary of the policy – your family gets $0 cash.
  • It’s the bank’s risk that needs to be insured – they lent you the money.
  • The policy is a declining benefit with a constant premium – as you pay off your mortgage you have less and less life insurance but your payments remain the same.
  • You’re paying the premium for the bank’s life insurance plan!

There is a far better option to having the bank’s mortgage life insurance policy – personal life insurance. Owning a personal life insurance policy is far better for the following reasons:

  • The cost of term life insurance is usually cheaper than the bank’s premium rates.
  • You can cover off more than just your mortgage – you can protect your family’s lifestyle too.
  • You can lock in premiums for a long time, like 20 or 30 years or even for life.
  • The life insurance benefit does not decrease as you pay off your mortgage.
  • Your family receives 100% of the death benefit as a tax free cash payout, which gives them options.
  • You can take your personal life insurance with you where-ever you go, even if you leave Canada.
  • You can choose to have a policy that is similar to buying a home, with a cash value and eventual ownership of the full life insurance benefit.

Are you insuring a debt or protecting your family’s lifestyle?

The question to me is what are you protecting? If you’re only focused on a debt, and making sure the debt is paid off, then I guess you can stick with the bank’s mortgage life insurance policy. It might be a little more expensive than personal life insurance, but it is convenient to buy. But, if your home represents more than just a debt; if it represents your family’s life, a place of love, a place to build a future …

December 2, 2014

Insurance Need Analysis Canada

Do you need insurance to protect your family? Do an Insurance Need Analysis Now!

Completing an Insurance Needs Analysis is the best way to find out how much insurance is enough coverage for you. Picking numbers out of the air that seem large enough could leave your family seriously under insured. 

What is your most valuable asset?

If you answered your house – you would be wrong!  Insuring major debts like your mortgage is always a good idea.

But YOU are worth so much more to your family than a paid off house

Look at this simple Canada-based example: Let’s say you own a home that is worth $450,000, and you owe $250,000 on it.  It looks like you have an asset worth almost half a million dollars, and equity of $200,000.

Now what is worth more – your house or YOU?

insurance-need-analysis1Protecting your loved ones from the devastating financial loss of losing your income is the most important part of a Life Insurance Need Analysis. Life Guard Insurance has three FREE insurance needs analysis tools you can use to help you evaluate your need for life insurance, disability insurance and critical illness insurance.…