An important part of your financial plan involves getting the right insurance, based on your financial situation at that time.
Whether you buy insurance to protect yourself of your loved ones, your assets or your future way of living, make sure you have a knowledge of what you are getting.
Your financial plan has to be reviewed every year with your advisor, to make sure you update it based on the changes that may have happened in your personal, professional or financial life.
Did you know that banks life insurance have different features than personal insurance?
Personal life insurance has following features:
-you own the policy, not your lender
-your beneficiaries choose how to use the funds-pay off the mortgage, provide monthly income, go for a vacation etc
-the insurance protection stays in place even if the property is sold
-your coverage doesn't decrease as the mortgage is paid down
-the underwriting of your medical file is done at the time of application, once the contract is approved you are not at risk of declined claims.