I see a lot of clients looking to get home insurance and when I ask them how much they want to insure for, they always say, "we only want the minimum, we don't have a lot of stuff". It's interesting when people say that because all they're focused on is how much it would cost them to buy the insurance. They never really think about how much it would really cost to replace what they own. Home insurance policies are normally set up to insure you for "replacement cost". This means that they'll get you back to where you were before the loss, never more, never less. So if your neighbor upstairs had a water leak and your 55" 4K Ultra HD TV that you bought for $2,500 3 years ago short circuits because of that, the insurance company will replace the TV with the same brand, size and model without depreciation. They're not going to say that it's 3 years old now, here's $500 to replace it. People don't realize this so they underest...
Life insurance, especially Permanent Life insurance like Whole Life and Universal Life Insurance is one of the most underrated tool that one can use as a savings vehicle. Depending on the type of insurance used, you can get returns like you get from a GIC or like a mutual fund with he added benefit that the returns in a life insurance policy are tax deferred or can potentially be tax free. These are some of the benefits of a life insurance policy with cash values. Did you also know that the cash value in a life insurance policy is also protected from creditors? All life insurance policies and life insurance products like segregated funds offer creditor protection if set up properly. This is because there is a designated beneficiary in the policy. However, for a life policy to be properly protected, the beneficiaries have to be set up properly. Bankruptcy I recently came upon a client who is undergoing bankruptcy. The bankruptcy happened because of a divorce and the ex-wife is now en...
A funny thing happened to one of our clients the other day. She lives in a condo with two kids under 3 years old. One day, she started smelling something bad coming out of her second bathroom so she called her property manager to complain and the property manager told her to call a plumber. The next day, a plumber came in and told her that since she doesn't use that shower that she should just run the shower for a while and the smell should go away. She did as the plumber suggested but the smell didn't go away. In fact, it just got worst each day. She called the plumber again and the plumber said he couldn't figure out what was wrong. So he decided to remove the wall to find out if there was a broken sewer line which could be the source of the smell. Once the wall was taken out, the smell got even worst, in fact, 10 times as worst. She described it as like hitting a wall of stink and it was unbearable. The plumber found nothing wrong and said the smell must be coming ...
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