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Buying Life Insurance in Canada

Buying Life Insurance solutions in Canadau00a0can sometimes be a little complicated,u00a0 but knowing the most common insurance mistakes might make getting the right coverage a lot easier.

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Buying Life Insurance in Canada

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  1. Buying Life Insurance in Canada: Five Big Mistakes to Avoid

  2.  Buying Life Insurance solutions in Canada can sometimes be a little complicated, but knowing the most common insurance mistakes might make getting the right coverage a lot easier. While it’s hard to read the fine print, it’s important one pays attention to policy details and stays aware of what coverage they’re signing up for.

  3. Here’s how you can evade the big ones-: Mistake #1: Getting the wrong type of coverage  Mistake #2: Under Insuring Yourself  Mistake #3: Picking a term policy that cannot be converted Mistake #4: Providing incomplete personal details in your Life Insurance application Mistake #5: Buying creditor life insurance

  4. Mistake #1: Getting the wrong type of coverage  When you’re thinking to Buy Life Insurance solutions in Canada, there’s an inclination towards getting life insurance. However, it’s important to realise- death isn’t your only risk. One must make a note of their potential risk and exposure, for example : If you’re buying a home on loan you can buy Mortgage insurance Policy in canada or if you have a family history of heart diseases, you can layer your existing life insurance with a critical illness plan. Whatever you do, do not settle for a ‘one fit all’ plan that sits well with a lot of people. Find one that suits you the best!

  5. Mistake #2: Under Insuring Yourself  Some people believe that the cheapest insurance is the best insurance, this is not true. The right insurance offers benefits that leave no gap in your safety net. So, quit settling for ‘just group benefits’ or ‘a plan that lasts for a short period of time’ because for a small additional cost you can ‘buy a plan that actually pays out’.

  6. Mistake #3: Picking a term policy that cannot be converted Without the flexibility of being able to convert your term coverage into a permanent plan; you will eventually have to buy new coverage that would end up costing you more. When you go and buy a life insurance, make sure you look for the types of plans your policy is convertible to. Non-convertible term policies are more common amongst no medical hard to insure clients.

  7. Mistake #4: Providing incomplete personal details in your Life Insurance application All life insurance policies in Canada have a two-year incontestability period, which means the insurance company can contest a claim if provided information is incorrect. So when you’re buying insurance, try to be as truthful as possible

  8. Mistake #5: Buying creditor life insurance Mortgage insurance plan from the bank are a good example of creditor life insurance. The coverage is nor portable, neither permanent while premiums remain the same, so you’re essentially paying for declining coverage. Instead explore private owned insurances that offers full flexibility and puts the beneficiary in control.

  9. For more details on Insurance visit us on-https://www.chesfinancialservices.ca/

  10. Thanks for watching

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