Since 2008 I have referred dozens of clients to the online video of the CBC Marketplace telecast of February 6, 2008. I have decided to add this link on my website update for easy access and to hopefully reach more people with this important revelation.


If you have a mortgage, there is a good chance that you have “Mortgage Insurance.” You no doubt believe that in the event of death your mortgage will be eliminated, and your family therefore protected. According to this investigative report, bank staffers selling mortgage insurance are not insurance licenced and rarely trained to explain the details and legalities of those insurance products. The result is people pay premiums thinking they are covered, only to realize after tragic events that they are not.

View the video Mortgage Insurance: In Denial from CBC Marketplace

If you have “Mortgage” or “Creditor” Insurance sold to you by your lending institution or know someone who does, please watch the attached video clip, and then call us and we will provide a no fee, no obligation analysis and premium survey for replacement insurance you can count on.

Term Insurance

Term life insurance is the most basic and least costly of life insurance products. It has no investment component, and therefore no cash value and is purchased to protect for a specific time period (or term). Most commonly held “term” are 10 year, 20 year and 30 year (T-10, T-20, T-30).We regularly develop insurance plans with multi term policies so that the insurance coverage is linked to the duration of the need. For instance, a couple may need insurance in case of death for:Income replacement until retirement in 30 years - T-30 reflecting an amount to generate replacement income.Payout Mortgage with 20-year amortization remaining – T-20 policy or T-20 reducing policy.Post Secondary Educational for children aged 6 & 8 – T-10 reflecting cost of education starting in 10 years. In this way the amount and term of the insurance is equal to the need, insuring the couple is only paying for insurance for the amount and time that is required.

Download A Sample Inusrance Analysis Showing Layered Terms (PDF)

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Permanent Insurance

Permanent insurance provides lifelong protection, and the ability to accumulate cash value on a tax-deferred basis. Unlike term insurance, a permanent insurance policy will remain in force for as long as you continue to pay your premiums.Whole and Universal life insurance fall into the same category—Permanent life policies. These policies have two main parts—an investment portion and an insurance portion. A portion of your premium funds the policy. The rest of your premium is invested by your insurance company and those investment gains build up your cash value. You can take policy loans against your cash value, use the cash value to pay your premium if life events leave you in a financially difficult position, or it becomes part of the death benefit when the policy later pays out to your beneficiaries.

Beach Gary Cole Financial Management Cambridge OntarioWhole Life

As is implied by the name these policies stay with you until death or, in the case of most insurance companies, age 100—whichever comes first. Your monthly premium and the death benefit will not change. Because of the predictability of the policy, insurance companies tend to invest the cash value of the policy conservatively (dividends and interest).

Whole life insurance offer consistent premiums and guaranteed cash value accumulation.

Universal life

These policies give you some flexibility in the premium payments and the duration of the policy. Deposits are applied to the policy as they are paid each month or year. The insurance company deducts the cost of insurance and administrative costs from the deposits and the balance is then applied to the saving/investment account which is made up of a selection of investment options that you can manage.

Universal life insurance can provide you with a variety of different payment options, including the flexibility of changing your death benefits, as well as the potential to accumulate cash value over time.

  • Since there is a cash value component, you may be able to skip premium payments if there is sufficient cash value in the policy.
  • Some policies may allow you to increase or decrease the death benefit to match your circumstances.
  • In many cases you may borrow against the cash value that may have accumulated in the policy.

Critical Illness Insurance

Insurance should always be about protecting your family’s lifestyle should something tragic occur. Life insurance can protect your loved ones in the event of death. However, medical advances have dramatically improved the survival rates of people who suffer critical illnesses such as cancer, stroke and heart disease. Recovery may come with a significant financial cost that impacts both you and the people close to you. Critical illness insurance offers the financial help for those when they become sick with an illness. You decide how to use the money – replace lost employment earnings, consider new medical treatments and medications not covered by private or government health insurance plans, pay off debt, take a family vacation – your choice.

Disability Insurance

Disability insurance is designed to replace a portion of your income if you become disabled and are unable to earn an income. A disability can result from any number of causes, including an injury, a serious illness or a mental health issue. And the duration of a disability can be either short- or long-term.

Long Term Care Insurance

Long term care provides an income-style benefit if you become unable to care for yourself due to aging, an accident, illness or deteriorated mental abilities.

About Gary Cole Financial Management

We provide a complete range of Investment and Financial Services without charge. Whether you are investing $25 per month or your entire life savings, you deserve the highest level of customer service.

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