Buying Life Insurance in Canada

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Buying Life Insurance in Canada Five Big
Mistakes to Avoid
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•  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
  its hard to read the fine print, its important
  one pays attention to policy details and stays
  aware of what coverage theyre signing up for.

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Heres 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

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Mistake 1 Getting the wrong type of coverage 

• When youre thinking to Buy Life Insurance
  solutions in Canada, theres an inclination
  towards getting life insurance. However, its
  important to realise- death isnt your only risk.
  One must make a note of their potential risk and
  exposure, for example If youre 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!

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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.

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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.

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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 youre buying
  insurance, try to be as truthful as possible

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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 youre essentially paying for
  declining coverage. Instead explore private owned
  insurances that offers full flexibility and puts
  the beneficiary in control.

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