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People like me shop at big box stores for good deals on many useful products.

From tires to toilet paper, consumer-friendly pricing explains the packed parking lots and overstuffed shopping carts.

A recent email campaign from a major retail chain promoting Term Life Insurance was brought to my attention by the number crunchers behind the LifeGuide® Professional Financial software. Their analysis revealed that a "discounted premium" offer wasn’t a deal at all.

The ‘deal’ of $93.06 per month for a male, non-smoker, age 50 bought exactly $500K of insurance - but with the help of an independent advisor the very same monthly premium would buy $622,822 in coverage from another tier one carrier, a difference of more than $122,000!

You may recall this post about hidden finance charges when premiums are paid in monthly installments.

The ‘deal’ is a perfect example of what to avoid.

By paying monthly versus annually for term life insurance, there is a load factor of almost 19% (18.6% to be exact)

The sum of $1,116.72 (12 x $93.06) paid as an annual premium buys even more coverage with a tier one insurer, upwards of $675,000 (remember, we started at $500K).

These products are 5 year term renewable versus 10 year term renewable which makes the cost potentially even more expensive.

The renewal rates are not revealed and the policy contract wording is not available until purchase.

Pricing issues aside, most Canadians need help from professional advisors just to determine how much insurance they need and what kind they need.

When something goes wrong, having a professional advisor to advocate for you can make a huge difference when a claim is made.

Avoid the risk of buying insurance products online, and don’t do it yourself.

Read 5 reasons why Insurance companies don’t want you to review your policies.

Also, be sure to use our FREE Estate Planning Toolkit, update your will and Powers of Attorney (you need two!) and review your estate planning and insurance.

Please be in touch if we can help you with a no-obligation consultation, a second opinion review of your protection portfolio, or an introduction to my professional colleagues.

Contact me now to get started at 1-866-566-2001 or send an email to info@illnessPROTECTION.com

I look forward to helping you and your family.

Stay healthy