REASON #1: With the bank, the policy is not underwritten until time of claim and in some cases may not pay at all due to discrepancies in your application. With Individual Insurance, the policy is underwritten at the issue date. This one alone is enough reason to seek out your own insurance.

REASON #2: Policy is not transferable to another financial institution. Do you want the flexibility to change banks to take advantage of interest rate promotions – If so; you’ll have to re-apply each time. But what happens if you are not healthy - You cannot get insurance any more..... With Individual Life Insurance, your policy is completely transferable and portable.

REASON #3: Face Amount: with the Bank, your coverage decreases with mortgage balance. With an Individual policy, your coverage stays the same and you can apply for an amount that covers more than just your mortgage; things like funeral expenses, education plans for your children and most of all, income replacement for your family in case of death.

REASON #4: Policy is not convertible to another type of insurance. What happens when your house is paid for - you do not have any more insurance - at a time when you may need it the most? With Individual Life Insurance, the policy is fully convertible.

REASON #5: Bank coverage is considered a joint and first- to-die policy, leaving the survivor with absolutely no coverage for future needs as the contract is terminated. When comparing costs, you may want to consider that individual policies pay on each death, essentially doubling your coverage for a similar price.

REASON #6: Premiums are not guaranteed. Any refinancing could cause a rate increase. With Individual Life Insurance, you can lock in your guaranteed rates for various terms to keep your cost level and keep you insurance affordable when you need it most.

REASON #7: Policy can be cancelled at any time by the bank and the group underwriter. With Individual Life Insurance, the policy cannot be cancelled by the Insurance Company (unless the premiums are unpaid).

REASON #8: You pay PST on your premiums with the bank. On an Individual policy, you do not pay any PST and therefore cost you less money.

REASON #9: Cost-of-Insurance does not take into consideration the general health of the insured. With Life Individual Life Insurance, rates vary according your personal health and preferred rates can be offered. The better the health, the better the rate. Also, there is insurance available for the high-risk applicant.

REASON #10: Sold without Advice - As the Financial Advisor is NOT a Licensed Insurance Broker and can only offer a GROUP Insurance Product, not a comprehensive individual contract based on your overall family’s needs.