Here at Northern Sky Financial, our mission is to help you plan, grow, and protect your finances. We enjoy taking time to learn about your specific situation, and creating the best plan for you, your family, and your business. Once you have a plan, you can begin to grow your finances through one of our may different savings and investment options. And of course the plan isn’t complete without a way to protect you and your family from the unexpected.
Why should I meet an advisor to create a financial plan?
An Insurance Broker? Or my Bank Advisor?
By working directly with a financial broker you will receive the benefit of many more options to choose from. Brokers generally have access to almost all Canadian insurance companies, whereas a representative of one company has access to only one company’s products. By reviewing all your options from various companies, you can ensure you have the best products at the best rates.
How does cannabis usage affect my insurance?
With the law change on this subject, it’s important to know that some insurance companies will classify cannabis users as “smoker status.” However, other companies will not. Be sure to discuss your specific situation with us so we can help direct you to the best plan for you.
Here are some major differences between life insurance and mortgage insurance:
Underwritten Life Insurance
- This is purchased from an insurance company
- The death benefit remains the same amount, no matter how much your mortgage is paid down
- This is pre underwritten, so you know if you qualify or not up front
- You can designate your choice(s) of beneficiary
- There are two different types (Term and permanent)
- Term Insurance is usually less expensive than mortgage insurance
- This is creditor held life insurance
- The lender (such as the bank) is the beneficiary
- This is post underwritten (Therefore you may not know if you qualify until time of claim)
- This only pays off outstanding balance of the mortgage (Declining benefit)(For example, if your initial mortgage is $400,000 and at time of death it has been paid down to $200,000, the insurance would pay off the $200,000 debt)
- This is usually more expensive than traditional term life insurance.
Do I even qualify for insurance? I have an illness.
This is a very common question. Thankfully, we have been able to help many clients who thought they were “uninsurable” to receive coverage with us. Sicknesses may include fibromyalgia or diabetes, for example. We are able to access some insurance companies, such as Canada Protection Plan, that offer no-medical policies and therefore may still be able to provide you with the protection you need. Contact us today to book an appointment to discuss your situation further.
What are the best rates for health and dental plans?
Depending on your age, family size, and how much coverage you need, there are various plans out there to protect you. Some of them include Greenshield or Blue Cross for example. Please contact us to run a specific quote for your needs.