Disability Insurance for the Long TermWritten by Ivon T. Hughes
Disability insurance covers you for an extended period of time. Should you be injured or take ill and as a result be unable to perform duties of your employment, you will be covered under short term disability, then long term disability insurance will cover you. The coverage can be for a period ranging up to five years or until disabled individual turns sixty five.Long term disability insurance is often provided by your employer as part of your benefits package. If you purchase it on your own, benefits are tax free. Disability insurance on an individual basis makes great sense as if involved in an accident you are more likely to be disabled than die. Therefore it can be argued that it makes more sense to buy long term disability insurance than life insurance. Disability insurance policies differ from one provider to next. It is important that you do your research and find disability insurance policy that best meets your needs with insurance company that you trust most. Insurance companies, through an independent insurance broker, will gladly offer you disability insurance quotes free of charge. You can get quotes online now which is easiest way as you are not being pushed by an agent.
| | Mortgage Insurance Plans: How Good Is Yours?Written by Ivon T. Hughes
Mortgage insurance, to pay off a mortgage, is something you'll inevitably be asked to take out by bank. Mortgage insurance is necessary so that if something happens to you or your spouse then your loan will be paid off which is good news for your family and bank. Banks act as if doing you a favour by offering mortgage insurance through their own group plan. Are they?Mortgage Insurance Is Probably A Much Better Deal From Any Number Of Insurance Companies. Mortgage insurance is no different than term life insurance; in fact it is term life insurance. With either, your policy lasts for a specified period of time and pays if something happens to you or your spouse if you are both insured. The real difference is how much control you'll have over your policy and how much you'll pay for it. Mortgage insurance offered by bank, does not allow you to customize a policy to fit your needs and you'll be lumped together with other borrowers under a group plan. So, you will have no control over your policy. For example, through a company of your choice, such as Canada Life or National Life, you would be able to choose your own beneficiary and decide how to spend proceeds. These options are not available with a mortgage taken from a lending institution. If insured party dies, mortgage loan is completely paid off, even if you need some money for other things. Additionally, bank has right to not renew your policy and to cancel policy when you sell house. Do you want to give up this control as now you may have become uninsurable?
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