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THE HERALD OUTLOOK Saturday May II 1990- Page 1 Shopping around for life insurance Life insurance is probably the toughest product to shop for that there is Why There is a bewildering array of products It is not uncommon to discover the same product being sold by two different life com panies under two different names Also the companies use this technique to try and create and reinforce a perceived difference between products Most of us like to keep the idea of dying in the back of our minds I do dont you So we re not inclin ed to shop insurance The majority of life agents work for only one company some life agents are brokers they are in dependent and may represent as many as life companies Life companies and some agents like to keep it complicated they know that few people imtiate the pur chase of life insurance or shop prices The biggest area of confusion is In the variation of life insurance costs Life companies can sue cessfully sell at inflated prices because consumers dont know how to check to see if those prices are competitive HOW CAN YOU AVOID THIS PROBLEM Back in 1982 a company named Compulife Software was started in Kitchener Ontario It provides a service to life broker subscribers on a monthly basis to survey and compare the prices of almost all available life insurance products from life companies Deal with a broker who will share this information with you In comparing equal coverage at different costs have the agent ex plain so that you understand why there is a difference Are there ings features or other things that you dont need or can do better yourself Does the life company and the agent make more money out of the product with the higher premium ITS YOUR MONEY LIFE INSURANCE IS ABOUT DEATH Many life policies have been sold that include both protection and Trouble is you can col on both If you die you dont get the cash value only the face value and dividends if your policy has them If you borrowed from your policy and died your beneficiary would have received the face value of the policy less the balance of your loan Would you put your money in a bank account if the only way you could get your money back was to pay interest on your money or cancel the ac count completely WHO NEEDS LIFE INSURANCE Basically the purpose of in surance is to replace income or provide a source of funding for some requirement With that in mind wouldnt it be better to direct the money that would go to pay an insurance premium for a child into savings such as a mutual fund that would provide for the childs university education Does a young person who has left school and started working need insurance Maybe but if the amount going into the premium was saved in a mutual fund it would provide a to establishing the capital needed for the time when work years were over After all there are only two sources of Income Person at Work and Money at Work When that young person gets married has a home and starts a family the main or maybe both breadwinners need insurance to provide an income in the event of a death If these young people are smart and save as well they will eventually have the capita to pro- Student jobs TORONTO Summer jobs for students are available al a number of conservation areas in the Metro Toronto region The areas operated by The Metropolian and Region Con servation Authority stretch from Brampton to The positions involve mainly outdoor work including gatehouse staffing lifeguard duty and campground security Students who are interested in a summer position must be at least la years of age For more information contact Metro Region Conservation Field Operations Division Shoreham Drive Downsview Ontario 1S4 or call MAY 21 MAMMOTH GARAGE SALE AT THE GEORGETOWN BALL PARK BRING YOUR GARAGE SALE TO THE PARK SPACE IS PROVIDED 500 ADMISSION DRIVER CAR FREE LIMIT ONE TON TRUCK T05PM RAIN OR SHINE OUTSIDE FOR FURTHER INFORMATION CONTACT NEIL RES OR DON SMITH BUS vide an income and then wont need as much or any insurance Make sense Another need for insurance is to provide for payment of taxes on death arising out of the deemed disposition of a capital asset There are a variety of life surance applications to protect business and major shareholders There are life products especially designed for these needs DO YOU HAVE ENOUGH LIFE INSURANCE Very few people have too much You may think it is enough when you first buy but as inflation eats away at the currency it may not be enough years from now One rule of thumb is that you should have 5 to 10 times your annual salary When did you last review your insurance Many people simply put the policy away and never look at it You should review it every five years ten at the longest For more information about Life Insurance ask for All about life and contact Peter C Masson 10 Fagan Drive Georgetown Ont or phone 7216 Paul J Is the author of the best seller Why I Invest In Mutual Funds and presidnt of Regal Capital Planners Ltd and Regal Capital Insurance Ltd Anew spirit of fflp 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