Wes Smith RE/MAX Ocean Pointe

250-758-3700
Blogs
Posts By Date
Categories
 
I have listed a new property at 1752 ASTRA ROAD in COMOX.
Read Full Story
See the full video from CBC News MARKETPLACE here:
 
 
 
Mortgage insurance: Not always a sure thing

 

If you have a mortgage on your home, chances are good you also have mortgage insurance. The idea is that if you should become seriously ill or die before paying off the mortgage, the coverage will kick in and pay it off for you. It’s meant to offer peace of mind and to reassure you that your family will be able to stay in your home if anything should happen to you. 

The reality falls a little short of that. In this week’s Marketplace investigation, we meet two families who bought the coverage and thought they were protected, only to have their claims denied when they became sick or died. In each case, the insurer said the applicant person had lied on their initial application form. 

It turns out a routine test at the doctor could be reason to deny your claim, if you don't mention it. Had a cuff inflated on your bicep? That counts as being tested for high blood pressure. 

As Erica Johnson reports, the bank staffers selling mortgage insurance are unlicenced and rarely trained to explain the details and legalities of those insurance products. The result is people who pay premiums and think they are covered, only to realize later that they are not.

 

How to buy insurance that really will protect you

 

Be sure you qualify.

  • There are many terms and exclusions associated with credit insurance policies. Learn what they mean and how they apply to you.
  • Call the insurance company directly (NOT the bank that sold you the coverage) for clarification about pre-existing medical conditions.
  • Call your doctor to clarify details of any pre-existing medical conditions you may be concerned about.


Know that you can get out.

  • You usually have 10-30 days to review your policy after the initial purchase (this is known as a "cool-down" or "free look" period).
  • If you have already purchased your credit insurance you can cancel anytime. Keep in mind, however, that you may lose premiums already paid.


Shop around.

  • Consider buying from a licensed insurance broker who will explore any medical issues upfront.
  • Consider buying or topping up an individual life insurance policy to cover your mortgage.


Know your coverage.

  • You may already have adequate insurance coverage through your work or other policies. Insurance experts say it's better to buy one traditional insurance policy than purchase a number of small policies for a variety of products.


Be sure you need it.

  • The purpose of credit life mortgage insurance is to protect your loved ones from making mortgage payments if something were to happen to you. This type of insurance may not be applicable if you do not have any dependents who would need to keep your home if something happened.

 

Alberta Insurance Council vs. the banks

 

Alberta is the only province in Canada that requires anyone selling credit insurance, including banks, to be licensed. Under the Alberta regulations, banks are required to follow set requirements for training staff and disclosure to customers. When the Alberta Insurance Council first implemented this regulation in 2001, the banks fought back, pursuing the matter all the way to the Supreme Court of Canada. In May 2007 the Supreme Court ruled against the banks and said the province of Alberta was within its rights to regulate the sale of this insurance and protect the consumer. 

A copy of the judgment in the case, Canadian Western Bank v. Alberta, is available online

To date, no other province requires banks selling insurance to be licensed. This page offers a list of the provincial and territorial regulators who would have that power, if enabling legislation were passed in their respective jurisdictions.

 

 

Mortgage life insurance vs. traditional individual life insurance

 

According to insurance and financial experts we spoke with, an individual life insurance policy may be preferable to a credit insurance policy. Here are the key differences between the two types of insurance. 

CREDIT MORTGAGE INSURANCEINDIVIDUAL LIFE INSURANCE
Post-Claim Underwriting: Unlike individual life insurance, credit insurance sold through the bank is usually not underwritten until a claim is made. This means the insurance company may determine you are not eligible for a payout even though you have been paying premiums. For instance, a claim may be denied because an investigation of your medical records indicates you once had high blood pressure or high cholesterol that you did not disclose. Underwriting: When you apply for individual insurance through a licensed insurance broker your medical history will be examined before a policy is issued and you start paying premiums. The insurance broker will ask detailed questions and may arrange for a nurse to conduct a physical. You will know upfront whether or not you are covered.
Standard premiums: The mortgage insurance policy sold at the bank is a one size fits all policy. This means everyone who qualifies is considered to be of equal risk. The premiums you pay on mortgage insurance are a fixed amount based on your age and the amount of your mortgage. There is no discount for non-smokers or for women. The premium does not reduce as the mortgage is paid down. Individual premiums: With an individual life insurance policy, the premiums you pay are based on your individual risk. Your health history and exam will help to determine how high or low your premiums are. Non-smokers and women pay a lower premium. The face amount of the coverage remains level.
Decreasing payout: The Mortgage insurance sold at the bank covers a decreasing amount. While your premiums remain the same the amount left on your mortgage decreases. Mortgage insurance will only pay off the balance of your mortgage when you make a claim. Fixed payout: When you purchase an individual insurance policy you pay premiums for a pre-determined amount of coverage. Therefore, if you pay premiums for $100,000 of coverage your beneficiary will receive $100,000.
The bank gets the payout: Mortgage insurance is designed to pay off the bank if anything happens to you. Therefore the insurance payout will be made directly to the bank. You choose who gets the payout: With an individual policy you are free to choose the beneficiary or beneficiaries. If something happens to you, it is up to your beneficiaries to decide what to do with the insurance proceeds.

 

The application forms

 

The mortgage insurance application forms are similar across all the big five banks. In each, there are relatively few health questions, but each question covers a large range of medical conditions, as well as a wide range of situations (ranging from consulting a doctor, to receiving advice, to actual diagnosis.) 

Click on a bank's logo to see its mortgage insurance application form. (These will open in a new browser window.

 

Scotiabank's mortgage insurance formBMO's mortgage insurance formTD's mortgage insurance formRBC's mortgage insurance formCIBC's mortgage insurance form

 

Who to call

 

Several bureaus are set up to receive complaints from and offer advice to consumers about banking and insurance issues. 

The Canadian Life and Health Insurance OmbudService (CLHIO) is an independent service set up to assist consumers with concerns and complaints about life and health insurance products and services. 
www.clhio.ca 
1-888-295-8112 

The Ombudsman for Banking Services was set up to resolve disputes between participating banking services and investment firms and their customers if they can’t solve them on their own. 
www.obsi.ca 
1-888-422-2865 

The Financial Consumer Agency of Canada (FCAC) provides consumers with information about financial products and services, and informs Canadians of their rights and responsibilities when dealing with financial institutions. FCAC also ensures compliance with the federal consumer protection laws that apply to banks and federally incorporated trust, loan and insurance. If you are having difficulty finding out about your institution's complaint-handling process or if you are experiencing delays when using it, call FCAC. However, FCAC does not provide redress or compensation and does not get involved in individual disputes. 
www.fcac-acfc.gc.ca 
1-866-461-3222

 

F


Post CommentComments: 0Read Full Story
I have listed a new property at 529 ASTERIA PLACE in NANAIMO.
Read Full Story
I have listed a new property at 5228 KOKSILAH ROAD in DUNCAN.
***NO HST!!!***Here's an excellent buy just a few seconds south of the city. This level entry home (from side entrance) is wheelchair accessible and features a huge open living room/dining room/ kitchen/ eating nook area with newer wood stove; large master bedroom with ensuite and walk-in closet; 2 more sizeable bedrooms; and large family bathroom. Downstairs features an unfinished room that could be turned into a rec room, home theatre, workshop, or additional bedrooms; lots of shelved storage can be found in the rear crawl space; and there is a a large single car garage. A large carport on the right side of the house can be used for your car or your boat/ RV. Lots of additional parking. And now the best part: the rear yard is like a resort - with large decks, a gardening shed, ponds, mature trees, a gazebo, back patio, pebbled paths, and much more. Plus there is an unused field area behind the yard that would be perfect for gardeners or pets. Great value here!
Read Full Story
I have listed a new property at 288 MACHLEARY STREET in NANAIMO.
No HST!!!! Looking for a large newer home in the old city? Thjs one needs some updating and renovation - but is priced accordingly. Price includes remediation of former tenant's grow-op in suite and all city requirements to gain an occupancy permit again (including removal of grow up, rebuilding deck and garage, some interior updates, and more). Once this is complete, the home will need some paint, flooring, trim, and interior door upgrades - but is otherwise an excellent house. Features of this home include a 500 sq. ft rear deck with ocean views, 2 - 3 car garage, ample r/v & boat parking, large living room with feature wood-burning fireplace, gas fireplace in rec room, indoor hot tub, large bedrooms, sizeable front entrance foyer, and open kitchen/ dining area. Unauthorized bachelor suite down must be brought up to code - but could be expanded into a one or two bedroom suite. Contact listing realtor for all the details. Make an appointment today!
Read Full Story
I have listed a new property at 1468 WHITE STREET in NANAIMO.
***NO HST!!!***Oasis in the center of the city! This fully renovated rancher has a wide range of great features that make this an awesome value for the money. The interior features an open living room/kitchen/ dining/ den area, a huge master bedroom with pitched 14' ceiling with gorgeous ensuite, 2 more large bedrooms, a beautifully remodelled main bathroom, a family room that could easily double as a home theatre, and a lounge area that allows access to a private deck in the extremely private and fully fenced rear yard (which includes an apple tree and grape vines). Workshop/storage also in yard). Other updates include newer windows, crown molding, gas furnace, tiled bathtub enclosures, all-new lighting, newer appliances. Close to bus routes and schools. Walking distance to Pryde Vista Golf Club, Bowen Park, Nanaimo Bird Sanctuary/ Buttertubs Marsh, Nanaimo General Hospital. One block away from bus routes.
Read Full Story
I have listed a new property at 18 1588 BOUNDARY CRES in NANAIMO.
Are you serious about buying a successful and established business? Here is the perfect opportunity - a well established Serious Coffee franchise store near the Nanaimo General Hospital at Beaufort Centre. This is the perfect location as it is the closest sit-down coffee shop to the hospital. It is also surrounded by doctor's offices, specialist clinics, and other medical-related businesses. Beaufort Mall itself has excellent anchor tenants that drive customers into this business: TD Bank, a new Pharmasave, a pub, a liquor store, a deli, and a clothing store. Serious Coffee's head office will train the new owners. This defines the term "turn-key" business. This is an easy business to understand and operate. Priced extremely well. Ask for our info-pack and make an appointment to view today! ** Please do not bother staff in shop - please direct all questions to Wes Smith, ReMax Ocean Pointe Potential buyers will be required to sign a confidentiality agreement before receiving info.
Read Full Story
I have listed a new property at 1332 CARMEL PLACE in NANOOSE BAY.
Here's an opportunity to purchase the first new home made available for sale in the Beachcombe area of Nanoose in years. Located a block away from Oceanside parks on a quiet cul -de -sac, this home offers ocean views, RV and boat parking (with a boat launch at the marina only a few blocks away), mature trees, and a private yard. The Jennish- designed home consists of level -entry main living with a walk-out basement. A large entry will greet visitors as they are invited into your "Great Room" - complete with hardwood floors, custom kitchen (with breakfast bar/island) and granite tile countertops, a feature fireplace, and access to the rear deck. A large master bedroom with gorgeous ensuite (complete with glass enclosed shower and separate soaker tub), walk in closet, and deck access make for easy retirement living. With two more bedrooms, main -level laundry, and a double -car garage. There's still time to pick your colours! Enjoy West Coast living in this fully warranted home.
Read Full Story
I have listed a new property at 1180 STUART PLACE in LADYSMITH.
No HST!!! Fully stratified duplex (each side has an independent title). Easy to rent. Perfect for young families or first time home buyers. This recently renovated half-duplex features high-end laminate and tiled floors, a new kitchen, newer windows, new carpet on stairs (with a new railing), new rear balcony, newer appliances, new lighting fixtures, and much more. Lots of storage. Fireplace in living room makes for comfy living. Includes window coverings. Fully fenced yard. Walking distance to schools. A short drive or bike ride to downtown Ladysmith. 10 - 15 minutes to BC Ferries or the airport. 15 - 20 minutes to Nanaimo. 25 minutes to Duncan! On a cul-de-sac. Lots of parking available. Low taxes. Rents from $1150/ side. Call to view today!
Read Full Story
I have listed a new property at 1180 STUART PLACE in LADYSMITH.
No HST!!! Fully stratified duplex (each side has an independent title). Easy to rent. Perfect for young families or first time home buyers. This recently renovated half-duplex features high-end laminate and tiled floors, a new kitchen, newer windows, new carpet on stairs (with a new railing), new rear balcony, newer appliances, new lighting fixtures, and much more. Lots of storage. Fireplace in living room makes for comfy living. Includes window coverings. Fully fenced yard. Walking distance to schools. A short drive or bike ride to downtown Ladysmith. 10 - 15 minutes to BC Ferries or the airport. 15 - 20 minutes to Nanaimo. 25 minutes to Duncan! On a cul-de-sac. Lots of parking available. Low taxes. Rents from $1150/ side. Call to view today!
Read Full Story
I have listed a new property at 405 MACHLEARY STREET in NANAIMO.
NO HST !!!! This Up/ Down duplex features 3 bedrooms/ 1 bathroom on the upper floor with massive rear deck overlooking South Nanaimo and Mount Benson; Main floor has 4 bedrooms and one bathroom and equally massive enclosed deck. Basement includes garage, 2 more bedrooms and a rec room, plus plenty of storage space. Double-sized lot with potential to subdivide the rear for an additional duplex or single family home with suite (with amazing views and side-road access). Located a short walk to downtown, Vancouver Island University, the Aqua Centre and ice skating rink. Close to all bus routes. Across from a park that features a playground and community garden. Should be able to rent $1400 top floor, $1500 - $1700 main floor. Basement could possibly be rented out or used for a small business.
Read Full Story
I have listed a new property at 13803 LONG LAKE ROAD in NANAIMO.
No HST!!! Looking for an affordable home in the country? This secluded property backs on to a lake and ecological reserve. With nearly 2 acres of land, there is a lot of room to expand. The home on the property includes a 3 year old mobile home (2 bedrooms, 2 bathrooms) + an older (1992?) extension on foundation with an additional 2 bedrooms and 1 bathroom. Good water available via drilled well. Small detached workshop on property. Perfectly suited for a young family, retirees, or somebody who wants to get away from the city. Only minutes away to schools, Chuckwagon General store, McNabbs Farm (and Corn Maze), Swimming holes and nearby lakes and rivers, ocean-front parks, and numerous trails. A short drive will get you to Cedar township and sports fields, Cedar's farmer's market, Ladysmith, Nanaimo, the airport, and BC Ferries Duke Point terminal. Book an appointment to view today!
Read Full Story
I have listed a new property at LT 39 CARMEL PLACE in NANOOSE BAY.
NO HST! Beachcomber area lot for sale. Builder has purchased lot and is in the process of obtaining building permit to start construction of a new home. He is willing to sell this property if somebody would really like to own it and build their own home here. Great location - only a block from oceanfront park and close to the Beachcomber Marina. Lots of trees to protect your privacy from your neighbors. Flat. On a quiet side street. Only minutes to shopping at Red Gap. 10 minutes to Parksville. 15 minutes to Nanaimo. Really great price for the area! Make an appointment to view today!
Read Full Story
I have listed a new property at 1752 ASTRA ROAD in COMOX.
NO HST !!! This unique oceanfront home, constructed of adobe brick, was built in 1954 by current owner's father (who also built dozens of other homes in the area from the 50's to the 70's). This property features over 200 feet of walk-on beach front and is secluded from Astra Road. Just a few properties down from Kin Beach Park. Inside this home is a charming mix of 1950s style (in a good way) and Santa Fe design. Each room has a unique quality - and all main level rooms have spectacular ocean views. A large living room with converted gas fireplace centres the house, with the kitchen, dining room, and rear patio access all within easy access. Four large bedrooms, 2 bathrooms, and a partially covered courtyard-style patio with built in barbeque. Downstairs is a large rec room with a pub-style interior and fireplace/mantle, a utility room, a built-in sauna, and storage. Lots more storage in attic. Carport and detached garage for parking. Make an appointment to view today!
Read Full Story
I have listed a new property at 417 BRUCE AVE in NANAIMO.
Read Full Story
I have listed a new property at 425 BRUCE AVE in NANAIMO.
***NO HST!!!*** ++ Just reduced by an additional $5000! ++ Perfect for first-time buyers with easy financing available. Own from $999/month* This cute and spacious 2 bedroom home is on a large lot with a perfectly framed view of Mount Benson and Malaspina University from the rear. Lots of room to put additional rooms in the basement - or even a rec room ( but not suitable for a suite). Renovations include repair and painting of exterior , recovery of hardwood floors, new tiled bath enclosure and tiled bathroom floor. New kitchen appliances, new counters, backsplash, and hood fan. Newly painted interior and new kitchen floor. Fuel tank has been replaced. New driveway. Only 1 owner between when built in 1941 and 2011. Everybody that walks into this home is immediately charmed. Walking distance to Vancouver Island University, shopping, cafes, restaurants and Downtown Nanaimo. A short drive or bike ride to the Aquatic Centre or ice arena, Bowen park, and highway access. View today!
Read Full Story
I have listed a new property at 424 HOWARD AVE in NANAIMO.
***NO HST!!*** Over $35,000 in renovations! Now with authorized 1 bedroom suite (income is eligible for mortgage consideration). On the main, this home features a large open living room, new kitchens, massive new deck above semi - detached garage, many new windows, new flooring. Every room is bright and sunny. Down is the newly renovated authorized suite with new drywall, new kitchen, new lighting fixtures, baseboard heat, new windows, new entrance, breakfast bar in kitchen. Lots of storage! Perfect home for a first time buyer or new investor. Close to Vancouver Island University, parks, downtown Nanaimo, recreational facilities, bus routes. Own and live in this home from $287/month (after suite rental)
Read Full Story
I have listed a new property at 1867 RICHARDSON ROAD in NANAIMO.
***NO HST!!!*** ++ Now with $12,000 renovation bonus included ++ Fantastic opportunity for the right buyer: Large home with suite potential on extra large lot in the Cinnabar Valley! This large home needs some TLC and renovation - and has been priced accordingly. The house features 4 bedrooms, 3 bathrooms, a large living room with a propane fireplace, a large family room with propane fireplace, dining room, and kitchen. Large covered deck is a bonus! Lots of closet and storage space - including lock-off area in carport. The lot features several fruit trees, a roundabout drive, and privacy from both the road and neighbors. Ample boat and rv parking space. Walking distance to elementary school. Close to south-end shopping. Walking distance to parks and trails. Quiet area. Renovation ideas? Talk to the listing realtor to get quotes from a local contractor and build improvements into your mortgage! Make an appointment to view today! Quick possession possible.
Read Full Story
I have listed a new property at 20 1310 SPRUSTON ROAD in NANAIMO.
Read Full Story
I have listed a new property at 2231 TARN PLACE in DUNCAN.
No HST !!! FIrst time on the market! Gorgeous estate home just outside the city! This custom-built home has everything! Situated on a large lot on a quiet cul-de-sac within a minute's walk to the lake, this home is packed with features! The main level includes a gourmet kitchen with new granite tile countertops, a top-end Jen Air range and oven, a large breakfast bar, a massive pantry, built in computer desk, and a sizeable nook; a sunken living room for entertaining with coved ceiling and gas fireplace; a family sized dining room for special occasions; a spectacular entrance and grand staircase; a den; and a massive master bedroom with his n' her closets and a 5 piece deluxe ensuite. Upstairs includes a study; a library area; 2 oversized bedrooms; plenty of cleverly hidden storage closets; and a media/games room (which could be converted back to 2 more bedrooms). Lots of room or RVs and boats.This is a spectacular once-in-a-lifetime opportunity. Make an appointment to view today!
Read Full Story
Categories: b | BUYERS | buying | buying a home | cashflow | Commercial, Cashflow, Income, Investment | CREA, stats | diy, renovations | FIRST TIMERS | grass, lawn, real estate | investing | investment, cashflow | Kennedy House, Nanaimo, B&B, bed and breakfast, heritage | Land Banking | listings | market | market conditions, mortgage | mls, vireb, | mls® | mortg | mortgae | mortgage | mortgage, cmhc | mortgage, genworth, CMHC | mortgage, rental, real estate | most expensive | Nanaimo | Nanaimo, | nanaimo, cheapest homes | new listing, bullrush, nanaimo | news | news, mortgage, nanaimo | offers | op | Open | Open H | open house | OPEN HOUSE, VIREB | patio home | re/max, advertising, | re/max, advertising, video, | RE/MAX. market, spring, 2014 | real estate | real estate, ladysmith, hotel, TV | remax | rental | sales | sales, nanaimo, ladysmith, parksville, qualicum beach, victoria, cedar, real estate, wes smith | seller | selling a home | selling your home | selling, | Sidney Real Estate | SOLD, Real Estate, Victoria, Lantzville, Nanaimo | stats | stats, bcrea | stats, bcrea, market | stats, real estate, nanaimo, blog | strata | tips | trade, nanaimo, | trade, nanaimo, garage | UPDATES | Victoria Real Estate | video | videos, youtube, | vireb, | VIREB, sales | vireb,stats, | Z2 Comox Peninsula, Zone 2 - Comox Valley Real Estate | Z3 Duncan, Zone 3 - Duncan Real Estate | Z3 East Duncan, Zone 3 - Cowichan Valley Real Estate | Z3 East Duncan, Zone 3 - Duncan Real Estate | Z3 Ladysmith, Zone 3 - Cowichan Valley Real Estate | Z3 Ladysmith, Zone 3 - Duncan Real Estate | Z3 Lake Cowichan, Zone 3 - Cowichan Valley Real Estate | Z4 Brechin Hill, Zone 4 - Nanaimo Real Estate | Z4 Cedar, Zone 4 - Nanaimo Real Estate | Z4 Central Nanaimo, Zone 4 - Nanaimo Real Estate | Z4 Chase River, Zone 4 - Nanaimo Real Estate | Z4 Departure Bay, Zone 4 - Nanaimo Real Estate | Z4 Diver Lake, Zone 4 - Nanaimo Real Estate | Z4 Extension, Zone 4 - Nanaimo Real Estate | Z4 Lower Lantzville, Zone 4 - Nanaimo Real Estate | Z4 North Nanaimo, Zone 4 - Nanaimo Real Estate | Z4 Old City, Zone 4 - Nanaimo Real Estate | Z4 South Jingle Pot, Zone 4 - Nanaimo Real Estate | Z4 South Nanaimo, Zone 4 - Nanaimo Real Estate | Z4 University District, Zone 4 - Nanaimo Real Estate | Z4 Uplands, Zone 4 - Nanaimo Real Estate | Z4 Upper Lantzville, Zone 4 - Nanaimo Real Estate | Z5 Errington/Coombs/Hilliers, Zone 5 - Parksville/Qualicum Real Estate | Z5 Fairwinds, Zone 5 - Parksville/Qualicum Real Estate | Z5 Nanoose, Zone 5 - Parksville/Qualicum Real Estate | Z5 Parksville, Zone 5 - Parksville/Qualicum Real Estate | Z5 Qualicum North, Zone 5 - Parksville/Qualicum Real Estate | Z6 Port Alberni, Zone 6 - Port Alberni Real Estate