38 ~ Wednesday, May 23, 1990 - North Shore News BUSINESS TERM DEPOSITS 13% 12%4% 30-89 DAYS 1 YEAR S years 12%% Choose life insurance that suits circumstances iCHFC) course. Ask what other products and ALL RATES SUBJECT TO CHANGE VATHOUT NOTICE § VANCOUVER 815 West Hastings Street VANCOUVER 5701 Granvilie St. at 41st Ave. W NORTH VANCOUVER Lonsdale Quay NEW WESTMINSTER 435 Columbia Street WHITE ROCK 1959-152nd Street f CALGARY 506-6th Street S.W. 883-7283 263-7283 983-3773 524-2288 $31-1123 AH, LIFE insurance writing out the pros and cons of something most of us need at some point but few of us enjoy dealing with. Reader D.L. is no exception. ‘“A mind-boggling array of slightly differing plans is available which we find quite confusing,’’ he said. “We with several have met agents and they alli sound like they have excellent products that meet our exact needs. Our accountant said term insurance is usually the best — and then mentioned he had a universal life plan. “*We'’d appreciate your response. If you could state your position in one sentence, that would be great.”” I can’t manage one sentence, but here are some guidelines whether you are buying insurance for the first time or reviewing coverage you already have. (1) Why do you need the in- surance? Typically, the survivors will need to replace lost income when the wage-earner dies, in- cluding funds for children’s (and perhap’s spouse’s) education. Insurance proceeds might also be used to pay off debts (especially the mortgage), allow a retiring person to choose a pension paying the highest income or provide funds to enable business partners to buy out the interest of a deceas- ed partner. (2) How much coverage do you need, and for how long? If other family members will support the survivors, or if a spouse works or can return to work outside the home, you might need a srnaller policy than if family support is not available or if the spouse is unable or unwilling to earn income. Perhaps the spouse will stay home until the youngest child is in school. Do you have group insurance at work? What income will other sav- ings and investments produce? What about CPP benefits? How high a priority is insurance, and so how much can you afford for insurance premiums? (3) Which type of insurance is best? Term insurance provides pay-as-you go coverage, similar to car, home and possessions in- surance. It is the cheapest in- surance when you first take it out and usually the best for short-term needs. The cost rises as you get older. Whole or universal life insurance always costs more than term in- surance during ts early years but the annual premium usually stays the same. Over a long period, it could have a lower total cost and more flex- ibility than term insurance. Uni- versal life offers certain tax advan- lages. (4) Help! What's the best way to find the right answers? Find an expert, unbiased and under- standing agent to help work out your needs and suggest several alternative insurance programs, each, (5) How do you find a good agent? The Canadian Life and Health Insurance Association has just issued a list of suggested steps. “Try to find an agent who is a successful business person in the community,”" says CLHIA. ‘tAsk relatives, friends and associates for dollars and sense Mike Grenby names. Then choose three agents for a preliminary interview.”’ Ask how long the agent has been in the life insurance business, the name of the company the agent represents and — this is important — whether the agent can shop around and deal with other com- panies as weil. Ask if the agent belongs to the Life Underwriters Association of Canada and follows LUAC’s code of ethics. Ask what ongoing train- ing the agent has had — the LUAC training course, the Chartered Life Underwriter (CLU) designation, the Chartered Financial Consultant 286-7321 services (if any) the agent sells, and what service the agent provides after the sale. Ask for the names of other clients as references — and contact them. During the meetings, says CLHIA, be prepared to answer personal and financial questions. The agent needs to know the whole picture to provide appropriate ad- vice. Ask for several different ways to meet your insurance needs. Beware of high-pressure tactics to sell a particualr plan or package. Ask questions, don’t nod your head if something is not clear. It’s the agent’s responsibility to explain everything so you do understand. You need to know if both the amount of coverage and the premium structure are guaranteed for the life of the policy. Are there any tax implications both benefits and costs? As part of your research, read some ‘‘how to” insurance books, including those critical of the in- dustry. You can easily spend sev- eral thousand dollars on life in- surance over the years, so make sure you get good value for your premiums. een Mike Grenby is a Vancouver- based columnist and independent personal financial advisor who will answer your questions as space allows in his column. Write to him c/o North Shore News, 1139 Lonsdale, North Vancouver V7M 2H4. Tole HHEMIER CANADA CAPILANO COLLEGE Business Management Information meeting Monday, May 28—7 p.m., Room H501 Time is running out! Our two vear full time Business Management Diploma Programs start this September. Come to the meeting to find out how you can become job ready for today’s market place. Programs include Accounting/Finance, Administration, and Marketing, and a new Business Computing Co-op Program that includes 8 months of paid work in addition to 16 months of academic study. Information will also be given on the new International Business Program, as well as course and career information on Merchandising Management. For early acceptance, bring pertinent transcript(s), two personal references, and your resume. Cail 984-4960 and let us know you are coming. 2055 Purceli Way © North Vancouver ¢ B.C. “WHAT'S HAPPENED TO YOUR PROFITS? HOW TO CAPITALIZE ON A CHANGING MARKET Creative Real Estate Sales Tools For The Nineties A TWO DAY SYMPOSIUM ON THE TECHNIQUES THAT WILL ENSURE YOUR SUCCESS AS A REAL ESTATE REPRESENTATIVE DURING THE NEXT DECADE. 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