Chapter 5: Buying The Right Insurance

Chapter 5: Buying The Right Insurance
Author:  Glenn Cooke
Website: LifeInsuranceCanada.com
Background: Glenn Cooke is an online life insurance broker and president of Life Insurance Canada.com Inc. He has been involved in a variety of technical aspects of the life insurance industry for 25 years. Glenn also provides marketing and consulting services to insurance companies, banks, and other insurance brokers both in Canada and the U.S. Glenn has been quoted frequently in mainstream media by such publications as the Globe and Mail, CBC News, and Moneysense magazine.
Chapter Summary: In this chapter we find out how to remove the emotional aspect of insurance sales by testing against basic insurance principles. Treating insurance as a financial decision, we should test our decisions against three things: Catastrophic, Financial, and Loss. In this final chapter we see how to apply these tests to life insurance, disability insurance, and critical illness insurance. The chapter also explores determining how much insurance we need as well as providing easy to understand descriptions of the different insurance types. When you’re done reading this chapter you’ll know how much insurance you need, and what type.

Resources:

  • Online Life Insurance Quotes- shop the market using LifeInsuranceCanada.com’s online calculator.
  • How Much Life Insurance Do I Need?- this is the calculator referenced in the book.
  • Critical Illness Comparison - this downloadable chart compares product features for most of the critical illness companies in Canada. It was provided by our friends at VitalCheque.
  • No Medical Life Insurance- Canada’s first and only online quotes for multiple companies. Compare prices and features of 12 no medical exam life insurance companies.
  • With the Stroke of a Pen – a book by Jane Blaufus. A veteran of the insurance industry, Jane has lost two husbands. The book is both motivational and educational, providing a checklist of planning tools that can help before and after the death of a loved one. The book is also available in bulk for financial advisors wishing to provide copies to their clients.