ILNRE: Thinking About Mortgage Insurance? Jeff Romansky Tells Us What To Look For

August 1, 2016 | Posted by: The Mortgage Guy Niagara

Steve Dainard speaks with Jeff Romansky, an insurance broker with 10 years of experience.  In this episode, Jeff talks about the importance of not procrastinating about your insurance coverage, and 2 types of insurance that can help you and your family.

 

Term insurance and Permanent insurance 

  • Term insurance (if you die or get sick).
  • This is protection on your income if you die or become ill. You will be able to continue to make mortgage payments.
  • This option might be a cheaper plan than an individual mortgage, credit card, or loan insurance.
  • Permanent insurance (when you die).
  • Estate planning.
  • If you want to leave property to your children, there might be capital gains tax.
  • The capital gain is based on half the growth at your marginal tax rate. For example, you bought a property for $200,000, by the time you die, it’s worth $700,000. The capital gains would be $100,000 if the marginal tax rate is 40%.
  • Insurance can help in this situation if the estate might not have the funds.

Current trends

  • Quick insurance by big brokerages.
  • These are only beneficial if you are in perfect health.

3 things to look for in an insurance broker 

  • An adviser who takes the time to find out your needs.
  • A good adviser knows who the best insurance carrier for you.
  • Lots of experience and product knowledge

Contact Jeff Romansky

 

 

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