Shop
around

for life |
insurance;

“YOU SHOULD not accept
the first life insurance policy
that comes along.”’

But unfortunately, many people
do just that. They get sold an ex-
pensive policy by a slick insurance
agent who is more interested in the
commission he gets than in pro-
viding his clients with the coverage
they need at a price they can af-
ford.

That’s the word from David
Gowman of North Vancouver, a
former insurance agent who now

"works independently of any in-

surance company. Gowman, a
self-described ‘‘maverick’’ of the
life insurance business, warns con-
sumers to be wary of the hard sell
and tc shop around.

is made to
sound more complicated thanit re-
ally is,’? says Gowman.

While there is a multitude of
different policics and options, life
insurance basically comes in two
forms. The first is ‘‘term’’ in-

“Life insurance

surance. You pay an annual
premium that is based on your age,
health and occupation. In return,
if you die within a set period of
time, the company will pay your
beneficiaries a fixed amount.

Term insurance must be renewed
either annually or every five years.
The older you get, the more ex-
pensive your annual premiums are.
There is no guarantee that you will
always be able to renew.

The other type of life insurance
takes the form of a ‘‘cash value’
policy, also known as a ‘twhole
life’ policy. Generally rnuch more
expensive than a term policy, a
cash value policy includes a savings
vehicle.

Part of each payment you make
is put into a cash fund, which may
pay you interest or dividends upon
the insurance policy.

Gowman warns that policies that
provide the same coverage can
vary in price by hundreds of
dollars per year, depending upon
the company and the options.

To make sure you are gettluig a
variety of policies to choose from,
Gowman suggests asking an in-
surance broker for ‘‘at least five or
six quotes’’ from different com-
panies. One cf these should be a
“benchmark’’ quote — the price
of a low-cost, annual renewable
term insurance policy for whatever
category you fit into.

Gowman offers an example of a
low-cost policy, one offered by
Alico Canada. According to rates
listed on July 2, the basic premium
a 35-year-old, non-smoking female

See Treat
Page 21

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