Insurance talk super, Insurance, customers, education, essential

librazhy

First I don't work in the insurance field. Recently many people approaching me to sell various kind of insurance. I'm not super intelligent but I know that the $$$$ that the insurance company makes - comes from the customers monthly payment.

some insurance like car/work/home/education savings insurance are like pretty much essential:eg. can't drive without insurance, some employer includes some kind of work insurance on the employer's cost, ...etc. Those insurance to me, are like kind of needed.

But if an insurance agent wants to sell me life insurance, I mean, what's the odds that I will die in thirty-something? I just feel that buying life insurance in the 30s is like insulting ones intelligence.

anyways, i open this topic because I want to know - what do you guys think for the "Job loss protection mortgage"? How do you analyses this product? i mean, when you apply for the mortgage, the lender already check to make sure you have a stable job in the term, sufficient income for the periodic payments, enough equity percentage in case theborrower defaults...etc

so, what do you guys think of this "Job loss protection mortgage" product?

B2L2

Maybe you could think of this insurance (and other insurance) as a mean to protect yourself.

Bank could check whatever they want, but those are just for the bank's benefit.  So it has little to do with what actually happen to yourself when bad situation happens.

This type of insurance sure have its own customer.  It isn't applicable to you, doesn't mean other doesn't want it.  Same, "buying life insurance in the 30s" definitely not insulting anyone's intelligence.  There are many types of life insurance.  Some are better to buy earlier in your life.

P.S. I don't work in the insurance industry, and I'm not trying to convince anyone that you need to buy insurance.

大C姐

First I don't work in the insurance field. Recently many people approaching me to sell various kind  ...
librazhy 發表於 2012-10-22 12:57

    有幾種唔同保險，你講嘅life insurance（人壽保險）我就覺得如果你冇家庭負擔，其實係唔洗買，因爲你死咗屋企都唔係有任何經濟影響。

但係有危疾同傷殘保險就冇得咁計，因爲意外就係意料之外。

Job loss protection我冇買，因爲本人覺得冇工做幾個月都仲供得起，真係好唔掂供唔起就一係按一係賣樓套現啦。呢個Protection冇意思，你估真係唔洗俾咩，咁個個孭住mortgage都搏人炒啦！

fibbi

Why need Job loss protection? We have EI mah...

KittyLeung74

回復 4# fibbi


    EI 唔夠供樓呢!
如果layoff咗,有冇錢供樓 depend on individual situation!

fibbi

回復 5# KittyLeung74


    So this job loss protection is for mortgage?
But EI max is around $1600/month. Depends on how much is the monthly payment, won't be too far off from the mortgage payment(I think...)?

KittyLeung74

回復 6# fibbi


    it is for the mortgage.  And, $1600 might not afford both daily spending and mortgage together. BC hydro, natural gas, property tax, management fee, car insurance.......have still to pay

fibbi

回復 7# KittyLeung74


    that's true...so it's better to buy property with two income...so even one got laid off...there's still another one...

Nam

I bought job loss/disability and life insurance with my mortgage and life insurance at 30 is not insulting either.  In fact, I am actually considering looking into it next year... should haven listen to my brother when i was young. Oh well.

Put it this way, buying life insurance is never beneficial to the buyer, it is a protection for our loved one.  

I bought mortgage insurance simply I want to protect my family.  I believe if I die, the mortgage is paid off and should pass the asset to my parents.  Just a thought that I can leave something for them.

same as life insurance, it's another protection to my loved one.  I want to leave something to my parents if I pass away...

Nam

insurance industry.. I am no expert but I believe they make 3 % off the payment ....

let say a regular car insurance, I think the agent make $50 off it.