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If you are looking for a temporary insurance that covers short term risks then Term Insurance is the best option for you. Under Term Life insurance, the insurance company promises to pay death benefit if you pass away within the period specified in the policy.
Term Life is a pure protection and there is no cash value if you cancel the policy or if the policy expires. Premiums in Term Life are usually not high and depend on the age, sex, health, smoking habits and coverage of the insured.
Term Life Insurance contracts can usually be converted to Permanent Life Insurance contracts like Whole Life, Universal Life, Term to 100 etc, without any additional medical tests and examination. These are called convertible policies.
Term life insurance generally comes in 5, 10, 15, and 20 year terms although it is now available for longer periods to provide coverage for long term needs. The Term period indicates that the life insurance rates are guaranteed for that period of time and they will automatically renew at a higher rate for the next term period. Term Life Insurance policies usually expire when the insured turns 75-80 years of age depending on the insurance company.
- Cheaper premium
- Servers better for temporary needs
- Can be converted to permanent insurance product (if it is convertible)
- Premium stays same for the term (if it is level )
- If option is choses it can be renewed guaranteed
- Premiums are very high as insured gets older and eventually it becomes un-affordable.
- Can not be renewed beyond 80.
- No Cash value
- When you fail to pay premiums due to any reason, you loose your coverage after grace period.
- No returns on your premiums, no flexibility.
WHOLE LIFE INSURANCE:
Whole life insurance is a permanent form of insurance that provides coverage for your life time. Unlike term life insurance, a portion of your premium money goes towards your cash value which remains tax-deferred until you withdraw it. You also have an option to borrow against your cash value. Usually Whole life insurance provides a lifelong coverage with no future medical examinations.
The premiums in the Whole Life will be relatively high when compared to the Term Life but the good news is that they would remain the same throughout the policy. Whole life insurance is a good choice for you if you can comfortably afford the premiums, and if you want to ensure that you have a life insurance policy in place for your entire lifetime. In addition, whole life insurance may be used as a part of your estate planning.
- You can have flexibility better than Term- 100
- Premiums are typically stay same for the contract
- Single sum can be paid or premium can be paid over the contract time
- Long Term Commitment
- Premiums are higher than Term-100
Universal Life is a permanent form of insurance which allows for flexibility in premium payments as well as in the face value amounts. This policy is like a savings account with a life insurance policy attached. In Universal Life the premiums you pay would go into a holding account and the insurance company would invest that money in other investments or funds. This money is tax free and you can also take loan against this amount. The company includes in your contract a minimal guaranteed interest rate on the money in your account.
The advantage of Universal Life is that if you have excess savings, you may not pay the premiums. Your outgrown savings will be used as your premiums. However, if you stop or reduce your premiums and the saving accumulation gets used up, the policy might lapse and your life insurance coverage could end. Hence there always needs to be sufficient money in the account to take care of the premium payments. If you are looking for insurance coverage along with investment, then Universal Life could be the best option.
- You can increase or decrease the face value of insurance
- You can add additional lives insured (subject to their insurability)
- You can substitute one life insured for another (subject to their insurability)
- You change the amount, timing, and frequency of deposits
- Most of the products backed by popular funds.
- More flexible than any other product
- In comparison with other insurances it is expensive
Term to 100
Term to100 policy has a term of 100 years and hence is a permanent policy. The premiums in this policy remain constant and would never increase. Usually Term to 100 policies have no cash value. Term to 100 policies are best suited for people aged 50-55. The premiums in Term to 100 are generally affordable than the whole life.
In Term to 100, the policy is automatically renewed each year until you turn 100. And if you are lucky enough to live 100 years, the face value of the policy will be paid back.
- The product does not need renewal
- The premiums are leveled for whole term
- Face value is paid back to life insured if he/she lives to age 100
- Convert the policy to paid of policy
- No Cash value
- It is a long term commitment.
- No Flexibility to this product.
We offer guarantees on investments and insurance products.
Insurance with guaranteed cash value:
We offer guaranteed cash values AND money-back insurance policies. The concept is quite fantastic: you pay monthly or annual premiums for a period of time that YOU determine and you remain covered for the rest of your life. Moreover, this concept has a built-in savings plan that allows you to ACCUMULATE cash value TAX-FREE that can be used for any type of purchase (e.g. Guaranteed cash value of $ 125,000 at age 65 ). Whether it be a recreational item like a boat, or a plane ticket to visit family and friends overseas, this plan gives you financial freedom and flexibility augmenting your retirement savings.
With A GUARANTEE ON YOUR MONEY this plan should be an integral part of your families financial road map.
Guaranteed Acceptance Insurance :
As the name suggests, acceptance for this insurance is guaranteed. This product is suggested for people over age 60. The premium and coverage options are fewer but if you have a pre-existing condition that would otherwise prevent you from owning traditional life insurance than the best feature of this plan is that you are covered.
We also offer guarantees on our investments. Your principal AND your return are guaranteed regardless of fluctuations in the market . We invest your hard earned money into safe investment vehicles that yield guaranteed returns.
Statistics reveal that in every three Canadians one is prone to get cancer and in every four Canadians one is prone to get heart disease. Hence critical illness insurance is very important for everyone. Critical Illness Insurance provides cash benefit if you are diagnosed with one of critical illnesses as listed in the contract and survives the survival period. If you stay healthy and there is no claim until the policy expires, then you can get all your premiums back.
A Critical Illness Insurance policy can be issued for individuals of age 18-65 and provides coverage amounts ranging from a minimum of $5,000 to maximum of $2,000,000. Premiums depend on your age, smoker/non-smoker status, sex, insurance amount and plan. In various plans premiums may increase with your age. The advantage of this policy is that the cash benefit is tax-free and you can use the amount in the way you want; not necessarily for medical expenses. Even after recovering from illness you are eligible to avail the total policy amount.
Some shocking facts:
1. Every 1 in 3 Canadian is prone to get cancer
2. Every 1 in 4 Canadian is getting heart diseases
3. More than 300,00 stroke survivors in Canada
4. Every year people are diagnosed with kidney failure and their lives depend on dialysis. This percentage of individuals is increasing every day.
5. Heart diseases and strokes cases are increasing every year
Source : Statistics Canada, Cancer Society
*Note: The above facts are meant to draw your attention to a sensitive topic that may otherwise never be addressed*
When your health is at its worst you can count on your Critical Illness plan to help with the recovery process.
Surveys reveal that in every three people one is prone to be disabled for 90 days or more before the age of 65. Disability Insurance is intended to maintain your financial stability during such adverse situations. Disability insurance provides periodic payments just like your periodic income payments, when you are unable to work because of illness or injury. It may pay benefits for disabilities resulting from accident only or for disabilities resulting from both accidents and illness.
You can choose the length of the benefit period and the amount of the benefit. Depending upon the insurance company, you can claim up to 2/3rd of your regular income. But the amount of benefit cannot exceed your income as the purpose of the coverage is only to replace earned income that is lost because of a disability. It is very essential especially for self employed people and also individuals who do not have disability insurance through their employer.