I would like to share my thoughts on mortgage life insurances between different financial institutions and insurance companies.
I also recommend you to watch this video from CBC marketplace
I'm a shopper who likes to get deals on goods that I believe will bring value to me, my family or the people I care about. Can you imagine buying insurances and believe that you were covered but are not?
I share a similar experience with my Future Shop warranty. I am not bashing Future Shop but I'm stating the flaws of their warranty which I was not informed of before purchasing it. I went into Future Shop around September 2010 to purchase a MacBook for my little brother who was entering graphic designs. I was excited and told the sales person to purchase the Apple warranty extension for another 2 years. At that time, he did all the transactions and I didn't read the warranty papers like most buyers. Approximately two later, I brought my laptop to the Apple store to fix keypad on my laptop. Guess what the Apple Genius said? "You don't have a warranty for this laptop!"
I was lucky that I kept all my original receipts of my purchases. After careful review of the paperwork, it turns out that I had a Future Shop warranty, not Apple Care (which I specifically asked for!) The reason why they wouldn't fix my problem is that "it is cosmetic and does not affect the functionality of the laptop". Even if they were to fix it, they would have to ship it to their central repair centre and it would take up to two weeks to get my laptop back. Can you believe it? However at Apple, if I had the warranty with them, they told me they would've fixed it on site. I brought my frustration and disappointment to head office and management of Future Shop. No one responded to me for weeks. It wasn't until I reached them through Twitter that they then paid attention to me. Their solution was to pay me back what I paid for the warranty.
What good is having my warranty money when my laptop breaks down before 3 years? I paid for an insurance and perceived that I had coverage. It sucks and is downright horrifying when the rug gets pulled under you.
Life insurance should provide an accurate answer about covering you or not. Why should you pay for something if you are not covered? As a consumer, you should know exactly what you are paying for, exactly what you are covered so you can have true peace of mind.
What this event taught me is to always learn as much as you can about what you are purchasing and learn to ask the right questions. When in doubt, speak with a professional in the field.