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Watch As Local Vancouver Insurance Broker Mark Huber Explains Your Life Insurance Options (A Quick Start Guide Video)
Hello and Welcome!
My name is Mark Huber I am a local Vancouver insurance broker and Certified Financial Planner (CFP) with over 28 years of experience in the financial services industry.
I have authored numerous blog posts, reports and videos over the years but I am best known for:
“The 13 Dirty Little Secrets Your Bank Doesn’t Want You To Know About Your Mortgage Insurance”
“How To Get Rid Of Your Mortgage And Create Wealth – The UnCanadian Way”
“How To Get Rid Of Your Credit Card Debt Fast”
You can access these resources through this site http://MarkHuber.ca
So, that said, one of my roles as a financial planner is to offer guidance and assistance in helping you as you research your life insurance needs…
In fact, here is what B. Taylor, Surrey BC says:
“I first made contact with Mark Huber when I was searching for life insurance on the Internet.
Mark sent me a link to “Understanding Your Life Insurance Options” – a report that he authored which gave me a better understanding of which type of life insurance would best meet my needs.Mark guided me through the application process in a very efficient and professional way.
I would highly recommend Mark to anyone looking for life insurance.
Getting life insurance with the help of someone so pleasant and knowledgeable as Mark was a very positive experience.”
I am honored by that review and work hard on your behalf to continue raising the bar in client service.
You can read more reviews similar to this at: http://MarkHuber.ca/reviews/
Now, as a professional in the industry I work diligently to serve you and to make sure your needs are identified and that your personal and financial goals are met!
But first, let me ask you a question…
Focusing on insurance for a moment…
If I could explain life insurance to you in an understandable way in just a few minutes – wouldn’t you want to know?
Of course you would – and that’s why your here today.
And in fact, we’ll soon have you more knowledgeable than 95% of Canadians out there today!
Your lending institution offers “mortgage insurance”…
But why settle for an insurance product that does just one thing? Pay off your loan to them which leaves nothing for your family.
When it comes to protecting your mortgage and your other loans and obligations – as well as replacing the very most important thing – your ability to earn income – there are other insurance options to consider that protect your home as well as your
In other words, protect more than your mortgage – protect your families future!
Its interesting that while the need for life insurance can last a lifetime – it’s the reasons for insurance coverage that change over time…
Essentially, insurance products cover the evolution of needs through out ones lifetime.
The thing about life insurance is that it creates an instant estate – which can do many things!
Initially, it is used to “replace lost income” for the surviving partner in the event of premature death and to cover off things like a mortgage, loans, charge card debt, children’s education, etc.
However, it’s a balancing act.
Over time the need for insurance changes to preserving assets, conserving your estate from taxes, having money to pay for final expenses and to pay taxes due and payable on death.
Having insurance is not a right – it’s a privilege!
Insurance isn’t a commodity that you can get in and out of at will. You have to qualify for it medically to be insured.
And having life insurance in place before health issues begin is a very wise and prudent thing to do.
Following is a summary of the basic life insurance options available for you.
For younger clients term insurance is often considered more cost-effective for shorter term needs but here’s how it works…
A) 10 year term insurance.
This is the cheapest insurance today, but the price skyrockets every 10 years, becoming very, very expensive over time. You can cancel at anytime, but you get no money back.
Assuming a case where you continued to pay the increasing prices it will automatically cancel at age 80 or 85 anyways.
B) 20 year term insurance.
This is the same as a 10 year term, except the price won’t increase for 20 years. However, after 20 years, the price usually increases by 10X the amount. It will then increase every 20 years thereafter and automatically cancels at age 80 or age 85.
Side Note: When you get term insurance make sure that it is guaranteed renewable and that it is convertible to permanent options without having to requalify medically. Also, go with a provider that offers strong permanent solutions as well as competitive term products…You may not see the need or experience the benefit of this for some time but if and when you do – you’ll thank me for this planning strategy– trust me!
C) Permanent life insurance, Pay for Life.
With this option, the rate will never increase, so you will have insurance forever. A great option for this is Universal Life insurance.
D) Permanent life insurance – Paid off in 20 years.
With this option, you only pay for 20 years guaranteed, and then the insurance is paid off forever. The bonus feature is you can get more than 100% of your money back as time goes on! This also falls under Universal Life insurance category.
E) Combination Plan.
With this option you take some Term and some Permanent to meet both your current needs and future needs and budget.
Now to illustrate these various options we are going to use a 26 year old male, non smoker at Standard Rates.
Here are the rates for $400,000 of insurance coverage.
$400,000 – 10 year term
With this option the rate jumps every 10 years. So at age 36 the new rate is $64.89/month. At age 46 it’s $127.53/month. At age 56 it’s $315.45 per month and at age 66 it will be $920.61 per month and at age 76 it will be $2,114.73 per month! (How
would you feel about that?)
Then it automatically cancels at age 80 – assuming you’ve been paying all these years. You can cancel at anytime, but you receive no money back.
(Total premiums paid to age 80 – $301,249.80. Still a good deal for $400,000 of insurance coverage for 54 years.)
$400,000 – 20 year term
With this option, the rate jumps up every 20 years. So at age 46 the new rate is $158.58/month then at age 66 the rate is $1,017.54. It then automatically cancels at age 80, assuming you’ve been paying all these years. However chances are
you probably would cancel it at age 70 or so. Should you cancel you receive no money back.
(Total premiums paid to age 80 – $193,756.32. An even better deal for $400,000 of insurance coverage for 54 years.)
$400,000 – Permanent (Universal Life) – Pay for
With this option, the rate will never increase and the insurance will last forever. As long as you continue to pay, your family is eventually going to get the $400,000 as tax free payout, as everyone eventually dies. So if you passed away in
54 years at age 80, you would have paid a total of $73,671.12 in premiums. A great guaranteed return on your money.
This option is called Universal Life insurance and they come with a bonus feature where you can pay ABOVE the $113.69/month.
Anything you pay above that gets invested into a tax free savings account. As that account grows, your life insurance grows. It’s a fantastic feature, however you never have to use it if you don’t want.
$400,000 – Permanent (Universal Life) – Paid off
in 20 years
With this option you only pay for 20 years, and then your insurance is paid off forever. So after 20 years you’ve paid a total of $52,836.
So an even better return on your money.
The bonus feature is that this policy offers more than 100% cash back should you want to cancel your insurance after a certain time.
20 year cash back (age 46): $26,030
25 year cash back (age 51): $42,036
30 year cash back (age 56): $59,243
54 year cash back (age 80): $206,504
So even though you’ve stopped making payments after 20 years, your cash back options continue to GROW every year.
Everyone loves the low price of term, but term is not designed or priced for a long term solutions! As you have just seen.
Everyone loves the paid off features of option D and the greater than 100% cash back should you need to cancel, but of course the prices are much higher. Ideally the more you can afford of option D the better.
So, a good solution is to take a little bit of both.
For example $300,000 of 20 year term and $100,000 of 20 year Pay.
$300,000 – 20 year term – $26.10/month
$100,000 – Permanent (Universal Life) – Paid off
in 20 years – $167.43/month
What this does is give you $400,000 of coverage over the next 20 years with a guaranteed premium of $193.53/month.
Then at age 46, you cancel your term insurance, and you now have $100,000 of permanent life insurance coverage that is paid off for the rest of your life!
You know, if insurance were free we would all own allot of it.
But because it’s not, we need to review the need, the amount and the price – and make adjustments accordingly – to find what is suitable for you and for your pocketbook…
I realize this is a lot to absorb in one sitting, but I trust that it makes sense to you.
Perhaps you can see why it is useful to have an experienced guide to help identify all the practical options available for you.
Now in closing, the last thing to know is that getting insurance is a process – and it’s not guaranteed that you will even get coverage.
Contrary to popular belief, getting insurance is not a right – in fact – it’s a privilege…
So, if you think that you want to “think about it” so in fact, does the life insurance company…
They want to make sure that you are a worthy candidate to do business with.
They want to know that you will be a healthy person who can commit to paying for the privilege in accepting an insurance contract from them – and being able to pay for it…
In fact, it takes approximately five to seven weeks for the insurance company to “think about it”, make the medical reviews etc., before making up their mind that you may (or may not) get approved by them for life insurance.
The point being, is that you should feel very special if they come back with an offer to do business with you.
Because there are allot of people who apply – that are turned down because of either their health status or their families health background issues…
So it is going to take some time. The reason it takes time is because the insurance companies are very thorough when they’re doing their checkups and — it’s actually a good thing. You want them to be that thorough up front because once you’re
approved, now they’re on the hook. Now you’ve got them. So they’ve been very thorough and they’ve done their checkups, that type of thing, so if you – one day “fly to the angels” – they’re going to pay out for your family.
So to sum up:
Why did I put this information together for you?
Well, because I believe that an informed person will be able to make better decisions for what is right for their needs and situation.
Also, I provide the 3 things that are always in short supply: time, wisdom and trust…
And while the Internet gives great information – it doesn’t give “experience”!
Feel free to connect with me to get my experience working for you today!
I specialize in working with busy people like you and welcome your call.
The process is proven, easy and takes a minimum of your time.
My role is not to pressure you in anyway, but rather to help you through the process…
I look forward to the opportunity to be of service and speaking with you shortly.
Mark Huber, CFP
PS: I am always available for a chat about any thoughts you may have on this report or on anything else you may have on your mind.
Feel free to connect with me. I look forward to being of service…
successonthefly (AT) @gmail.com
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