The Advantages of Dealing with an Independant Insurance Broker

There are many considerations when choosing your life insurance coverage and the details can be overwhelming to someone who is not in the industry. That is why brokers are heavily tested and write both a college and provincial exam before being granted the privilege of servicing the public. I myself had to endure 4 hours for each exam and the studying process was grueling but did provide me with a lot of new information that I just didn't know. I would also like to point out that my education continues even now and I must; by regulation, earn yearly credits in order to maintain my license.

I know that as a fellow consumer my default has always been to go direct to the company I am dealing with; however with life insurance I now know better and here are the reasons why.

1.       An insurance broker works for you, not the insurance company. This means that I am not restricted to one specific company's product line. I have the ability to search numerous offerings to ensure that you get the right coverage the first time while maintaining your budget and ensuring the right fit for you.

2.       Brokers are experienced and professional. Since I deal with a wide breadth of product line and invest in continuing educational credits I am better equipped to recommend policies that best suit your needs from a broader portfolio of options than a direct insurance agent. I also must maintain Errors and Omission Insurance which ensure that if I do make a mistake that both you (the client) and I (the broker) can rest easy.

3.       Better Cost. Contrary to popular consumer belief I found that broker pricing was actually better than direct insurance.  The reason for this seems to be due to insurers providing different rates to brokers, in order that premiums are lower. Why would insurers provide special broker pricing? Simple: because the risk is lower for the insurer. Brokers are professionally trained to choose the right policy for their customers, and not to under insure, therefore avoiding unnecessary claims while maintaining the correct premium income. Also Independent brokers reduce their overhead and are usually more efficient because their income is directly impacted by their performance and work ethic.

As you can see from the points above there are some good reasons for using an independent broker who puts your interests first above the Insurance company. I would also like to point out that there is also an advantage to having a singular point of contact. Now you don't have to bounce from one customer service representative to another. Dealing with me allows you access to someone who is dedicated to make sure their employers; aka you the clients are happy.

My main concern is protecting what matters most, your families and supporting informed decisions.

I work directly with several Insurance companies in order to provide the right solutions to my clients every time. This also allows me to provide the lowest premium available in any type of insurance plan, giving you access to all major financial institutions for price comparison and allows you to make informed decisions.

Here is a list of some of the companies I represent:

AXA Assurance

BMO Life Insurance

Blue Cross

Canada Life Insurance

Canada Protection Plan

Desjardins

Empire Life Insurance

Equitable Life of Canada

Faithlife Insurance

Foresters

Heritage Education Funds

Industrial Alliance

Manulife

RBC Insurance

Standard Life Insurance

Sunlife

Transamerica Life

Unity Life

SERVICES PROVIDED:

* Life, Disability & Critical Illness Insurance.

* Mortgage Insurance & Travel Insurance.

* Investments-Segregated Funds, TFSAs, RRSP, RRIF.

For more information please call: (416) 806-5813 or email edgarschuchardt@gmail.com
www.protectingwhatmattersmost.com

Assuris - Protecting your life insurance

Did you know that Insurance Companies just like banks are governed and provide protection to clients should they fail?

Assuris is the name of the organization protecting your life insurance products. To Learn more or see a list of memeber companies visit http://www.assuris.ca/Client/Assuris/Assuris_LP4W_LND_WebStation.nsf/welcome_en.html?ReadForm

To see the level of protection for specific products check out this brochure. http://www.assuris.ca/Client/Assuris/Assuris_LP4W_LND_WebStation.nsf/resources/assuris+brochure/$file/Assuris+Brochure+2011.pdf

 

Foresters Family Life Policy

Familylife is a participating whole life insurance product that provides flexible, cost-effective permanent protection.

Life insurance is about protecting your loved ones and having the assurance that you've planned effectively for the future. Familylife is an attractive option for families looking to protect their financial security in the event of an untimely death.


Check out the corporate video here:

Protecting What Matters Most

As of June 1, 2013 I am operating as an Independent Insurance broker under the sponsorship of Covenant of Life Insurance Brokers and Canada Life.

I work directly with several Insurance companies in order to provide the right solutions to my clients every time. This also allows me to provide the lowest premium available in any type of insurance plan, gives you access to all major financial institutions for price comparison and allows you to make informed decisions.

Here is a list of some of the companies I represent:
...
AXA Assurance
BMO Life Insurance
Blue Cross
Canada Life Insurance
Canada Protection Plan
Desjardins
Empire Life Insurance
Equitable Life of Canada
Faithlife Insurance
Foresters
Heritage Education Funds
Industrial Alliance
Manulife
RBC Insurance
Standard Life Insurance
Sunlife
Transamerica Life
Unity Life

SERVICES PROVIDED:

* Life, Disability & Critical Illness Insurance.
* Mortgage Insurance & Travel Insurance.
* Registered Educational Savings Plan (RESPs).
* Investments-Segregated Funds, RRSP, RRIF.
* Residential & Commercial Mortgages/Refinancing.

For more information please call: (416) 806-5813 or email edgarschuchardt@gmail.com

Protecting What Matters Most.

A little Money Psychology

I read an article by Goldengirl Finance this moring titled: Riches to rags: Why most lottery winners end up broke. It echos the same money principle that I hold true; which is, if you don't work for it you will never esteem it's value correctly. Money that comes easy will go in the same fashion, whereas hard work an struggle will bring a greater level of appreciation for every dollar earned.

Proverbs 13:11 King James Version (KJV) Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase.

"Here’s an experiment for you: Place a small bowl of M&Ms (or your fattening/sugary vice of choice) right within reach. Leave it there all day and then count how many you ate. Think that was a test of self-control? Now try putting a huge bowl in the same place. We’d venture to guess you’ll end the day with as few left at the bottom as when you started out with less.

Indeed, it’s hard to stop when it seems like you’re hardly making a dent. That’s because we tend to adjust our consumption based on what’s available to us – and we aren’t just talking about candy. Many people treat money the very same way"

Read the whole article here

My Mission Statement

Now that I have passed my provincial Life Insurance exam I figured it’s high time I wrote a mission statement.  To let potential client’s know who I am and what I am all about, after all a mission statement is basically a resume to each and every client, or should I say employer.

Yes, I said employer because that is how I see my role. My vision or mission if you will is to help people avoid risk and protect their families through education and knowledge. I do not want to be known as just a life insurance agent, but as a trusted advisor, someone who is on your side and will give you all of the options so that you can make the right decisions for you and your families.

As part of my plan, education will be playing a big role in my own life. My second stepping stone will be to get my Mutual Fund license followed by my full Certified Financial Planner designation. This dedication that I have for my career will be the same kind I bring to the table every time I engage you, my employer.

Over the next couple of months I will be training and learning all about the Faith Life Financial life insurance products that are available. This company strongly reflects my heart for the supporting the Christian Community and provides many opportunities to work with Ministry. If you would like to learn more about them please feel free to visit http://www.faithlifefinancial.ca/en/index.asp.

In the meantime if you would like to know more about who I am and my current qualifications you can visit my Prezi, which is kind of like a power point presentation on caffeine. If you would like to stay informed in general about life Insurance news I would suggest connecting by signing up to this blog. And if you are one of those people who require mobile up to the second information and response please considering following me on twitter. You can also connect with me on linkedin or facebook if you are a social media butterfly.

Thank you for your attention and consideration,

Sincerely,

Edgar Schuchardt

A Different Kind of Millionaire Model

Just because you have money does not mean you have a license to squander it as shown by this Chinese woman who wished to set an example to her children and has wound up as an example to the world. I am still reeling from the recent Canadian report that Nationally the average of spending is above 164%,  once again I am impressed that in a world of excess, some hope can still be found.

Access the article,

"Millionaire works as sanitation worker to set good example for kids"

 by following this link. http://ca.news.yahoo.com/blogs/lookout/millionaire-works-sanitation-worker-set-good-example-kids-195646986--finance.html.

Advice from a hockey player on investing.

I really liked this article from Money Sense titled,

"The payoff: Know your strengths

Wayne Gretzky reflects on going through life with goals."

In it Wayne describes several well learned principles from his father regarding investing and life management which are still sound today. Although the article is coming from a sports perspective and based on an occupation that is shorter than others with a higher income than normal, the concepts are commutable to regular occupations as well.

One comment I enjoyed in particular was" I never risk more than 10% of my family’s net worth at anytime because I’ve worked too hard to get to the position I’m at. I don’t want to gamble my money away." This is wise advise for many people even today.

To read the full article follow this link, http://www.moneysense.ca/2012/12/24/the-payoff-know-your-strengths/.

Enjoy.

How will you land in retirement?

Original Posting from FaithLife Newsletter

It’s never too late to make adjustments to spending and saving habits in order to protect your future.

A lack of money and time are given as the top two reasons for not saving much for retirement. Proverbs 21:5 says, “The plans of the diligent lead surely to advantage, but everyone who is hasty comes surely to poverty.” It’s never too late to make adjustments to your spending and saving plan in order to protect your future – ensuring a safe landing into retirement.

20 years from retirement
If you have children, the 20 years from retirement time period could look very different, depending on whether or not you are saving for their education. If you had your children in your 20’s, you may be and “empty nester” who is looking to spend some money on yourself. As you get closer to retirement, you may have a better sense of what you want to do in retirement and how much it will cost for you to get there.  This is a crucial time for you to adjust spending and saving habits with a view on the future!

If you have a little to save:
•  Put away what you can. Even if it’s only $100 a month, this is a good habit to maintain and you’ll be surprised at how quickly your money can grow.
•  Set clear guidelines for what you can afford to pay for your children’s education. Create a plan with your children before they get to college/university age.

If you have a moderate amount to save:
•  Avoid “midlife crisis” splurging.
•  Stick to your budget – especially for those big ticket items like a vehicle.
•  Consult with a financial representative to make sure you are receiving the best after-tax returns on any investments.
•  Consider purchasing permanent life insurance.
If you have a lot to save:
•  Make additional “catch-up” contributions to your RRSP.
•  Guard against “lifestyle creep” where you become accustomed to living the “good life”. Higher expenses will quickly eat up your income for retirement.

10 years from retirement
This decade is when you really focus on saving for retirement. It’s possible that as much as 80% of retirement savings get set aside during this time. Generally by this time, you should be increasing savings rates and eliminating debts.

If you have a little to save:
•  You may have to consider working a few years beyond age 65. This will give you a chance to boost monthly Government benefits, build up your RRSP account and reduce the period you’ll have to rely on retirement assets.
•  You may have figured out how to live on less, but don’t stop saving for retirement – or don’t give up if you haven’t started. Any little bit saved will help!

If you have a moderate amount  to save:
•  Pay off all outstanding debts.
•  Consider making a “catch-up” contribution to your RRSPs.
•    Become more conservative with and protective of your savings and investments.
•  Purchase long-term care insurance to help ensure a nursing home stay doesn’t deplete your assets.
If you have a lot to save:
•  Consult a legal advisor to make sure your estate plans are set up and are flexible enough to withstand tax law changes.
•  Speak with your financial representative about investments in addition to RRSPs and TFSAs.
•  Consider leaving a legacy gift.
We know that most Canadians are not saving enough money for their retirement because $149,200 is the amount that the average baby boomer, aged 60 to 62 with an RRSP plan, has saved for retirement.

Although a lack of time is a top reason that people give for not planning for retirement, do not be discouraged – there is still time. You can start by adjusting spending and saving habits immediately. You will be pleasantly surprised at how quickly your savings will add up so that you can land safely and confidently into retirement.
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