Professional Spotlight: Jane Hauck, Sun Life Financial

I’ve known Jane for about a year now. She works for Sun Life and provides a wide range of financial products and services including insurance (life, disability, critical illness etc) and investment products. She is very dedicated and knowledgeable and I try to refer my clients her way if they have investment or insurance needs.
With Jane’s permission, I’m reprinting a brochure she’s given me regarding life insurance for your mortgage. In the article she compares regular creditor life insurance (usually offered by your mortgage lender) versus individual, separate life insurance purchased through an institution such as Sun Life. There are some really good points here and valid food-for-thought.
If you have any questions for Jane, please contact her directly. She’d be very happy to answer your questions and complete a free review of your current insurance products!

Insuring your biggest investment- your home
Your home in probably the biggest investment you’ll ever make. When arranging your mortgage, your mortgage company may offer you mortgage insurance. Have you considered the advantages of personal life insurance to cover your mortgage? Consider the differences:
Mortgage Insurance:
-most companies offer decreasing term insurance. Even though the death benefit if decreasing, the cost remains level. The coverage expires without allowing you the opportunity to purchase other insurance or provide you with cash values.
-The proceeds are payable to the mortgage company. In the event of dearth, the mortgage is automatically repaid.
-In most cases, if you take your mortgage to another company, you lose your protection. To obtain mortgage insurance with the new company you must submit new satisfactory evidence of health and are subject to the current rate charged by the new company.
-The face amount can only be the exact amount of your mortgage (no more, no less).
-You may not be able to insure both you and your spouse if the mortgage is registered in only one spouse’s name.
Individual Life Insurance:
-You can choose term coverage and match the term length to your amortization period. A term policy may be converted, regardless of health, until age 65.
-Or you can choose permanent coverage immediately. At some point in the future, the cash value of a permanent policy may be sufficient to pay off the balance of the mortgage.
-You appoint a beneficiary who can use the proceeds in whatever manner he/she wishes (ie. To invest rather than pay off a low interest mortgage.
-Your policy is portable. If you transfer your mortgage to another company, your insurance remains in force. You don’t need to re-apply and prove your insurability. You’re protected from the danger of losing your insurance because of a change in your health.
-You may select an insurance amount sufficient to cover your mortgage and other outstanding debts and term length to match your amortization.
-You can insure both you and your spouse even if the mortgage is registered in one spouse’s name.
©Sun Life Assurance Company of Canada, 2007.

Jane Hauck, Advisor, Sun Life Canada
Phone: 780-443-1919
Fax: 780-481—0356
Cell: 780-991-4954


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