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Term Insurance Catches On - Oct. 4, 2003
SHELLEY LAWSON, Free Press Business Reporter
A London family has found a way to market term life insurance as an alternative to mortgage insurance sold by financial institutions. "We're customer-oriented," says Daryl Kinlin, director of sales for TermSure.Com Inc., a company he owns with his parents, Larry and Irmie Kinlin.
Larry Kinlin has sold life insurance and other financial products for more than 30 years through a sister company, Larry Kinlin & Associates.
In response to consumer frustration with creditor mortgage insurance sold -- and sometimes required -- by the banks and other financial institutions, the Kinlins decided to market term life insurance in a way that makes it easier for homebuyers to buy term insurance for the same purpose.
"Just log on to our website and ask for a quote," said Daryl Kinlin. "Pick the quote you like and we do the rest."
Since starting the business in April, Kinlin says there have been more than 35,000 hits on his website.
He says he has sold life insurance policies valued at $10 million.
"Everyone knows creditor mortgage insurance is sub par," said Kinlin, referring to the policies for which the financial institution is the beneficiary and premiums are not fixed -- they can rise even as the balance on the mortgage goes down.
TermSure sells fixed-rate term insurance that can be assigned to cover the mortgage on the death of the policy holder.
As the mortgage balance declines, residual insurance benefit goes to the insured person's other beneficiaries.
"On average, our rates are 35 to 45 per cent lower," says Kinlin.
TermSure relies on 14 different Canadian life insurers to underwrite its policies.
While most of the company's customers have been in the London area, the firm sells term insurance across the country over the Internet.
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