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Why Get Life Insurance?
Canadians take out life insurance for many reasons. It could be to pay for final expenses, to cover a mortgage or to pay for other outstanding debts. Should you have enough life insurance, it could also provide your family with an income stream to help maintain their lifestyle should you pass away.
There are 2 main types of Life Insurance
Term Life Insurance
This covers temporary needs such as paying off a mortgage.
These policies typically have a level premium for 10, 20 or 30 years and then go up based upon your
age at time of renewal. Because term insurance is initially a lower premium it is good for families
who have young children.
Permanent Life Insurance
This has level premiums which last for the duration of
the policy. Permanent life insurance is best suited to cover permanent needs such as final expenses
and estate equalization or to provide your family with an income. Because permanent policies have the
ability to accumulate cash, money can be accessed to either pay for the premiums or for personal financial
needs.
This type of insurance can be further divided into 3 types:
- Term 100 Life Insurance: This is an affordable plan with level premiums payable to age 100. It is a lifelong policy that helps to build your family's estate and also ensures your loved ones can benefit from the tax-free gains should you pass away.
- Whole Life Insurance: This plan combines the benefits of lifelong protection with an investment component.
- Universal Life: This plan also combines the benefits of lifelong protection with an investment component, but, unlike Whole Life insurance, where investments are chosen by the insurance company, Universal Life insurance allows you to choose your own investment. This type of plan is best suited to people who prefer to have more control of where their premiums are invested.
Don’t know what type of insurance is best for you?
Fill out our online form and one of our trained professionals will help you determine what type of insurance will best suit your needs.
I'm a senior. Can I still get insurance?
The answer is yes! Fill out our online form and one of our trained professionals will help you determine what type of insurance will best suit your needs.
I've been turned down for insurance in the past. What are my options?
We can offer you a Guaranteed Issue Life Insurance policy. When you apply for this type of insurance, there is no medical exam or questionnaires. Your acceptance is guaranteed and if you pass away within the first two years, your premiums will be refunded. In addition to that, your premiums will never increase.
Kindly fill out our online form and we will be in touch to discuss your needs.
What is no medical insurance?
No Medical Insurance can be purchased between the ages of 20 and 85 without doing a medical exam or reports. The only thing you will have to do is fill out a simple health questionnaire. This means you can get covered in just a couple of days!
This plan will suit you if:
- You have been unable to get insurance because of health problems or your age
- You are not a fan of needles and medical tests
- You may be overweight
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