Term life insurance is designed to meet your short-term needs. It covers a set period of time, generally 10 or 20 years, or even longer depending on your needs. This is the right choice for you if you want cheap coverage for a limited time. Recommended for people on a tight limited budget or older persons. Most often used for mortgage or business protection.
• Term 10
• Term 20
• Term 100
• Level Term to age 65, 70 or 75
• Protected for a certain amount of time as per the specified duration.
• Usually the cheapest Life Insurance option.
• Comes up for renewal at the end of the specified duration at which time premiums increase due to increase in insured‘s age and inflation trends in the market.
• Conversion options: Can be renewed for the same term or converted into a permanent plan without medical evidence.
Whole Life Insurance
Whole Life Insurance allows you to spend your money smartly and ensures permanent protection for your entire life. You will secure lifetime coverage that is more cost-effective than Term Insurance in the long run.
This is the right choice for you if you want to remain insured no matter what happens to your health.
Specified duration at level premiums (premiums will NOT increase):
• 10 Pay
• 20 Pay
• Life Pay
Contains Guaranteed Increasing Cash Values
The “Guaranteed Cash Value” reserve is available to you if you decide to surrender/terminate your policy. Alternatively you can also borrow (take out a loan) your cash values.
Depending on your needs, this can be purchased as a stand-alone product or alongside other life and health insurance products. You can opt for additional add-ons such as:
• A Term Coverage
• A healthcare element such as Critical Illness
• A disability benefit
• Accidental death and disability coverage
• Accidental fracture coverage
• Children's insurance
Universal Life Insurance is a flexible product that offers a two-tiered advantage:
1. The insurance part provides coverage customised to suit your needs at any point in your lifetime.
2. The investment part allows you to grow your savings in a tax-free shelter.
This is the right choice for you if you want to leave a large inheritance for your loved ones or if you want to divert your savings into another wealth generating tax-free account.
• Flexible payment options*
*Premiums are not guaranteed depending on projected interest rate.
• Depending on your needs, this can be purchased as a stand-alone product or alongside other life and health insurance products. You can opt for additional add-ons such as:
o A Term Coverage
o A healthcare element such as Critical Illness
o A disability benefit
o Accidental death and disability coverage
o Accidental fracture coverage
o Children's insurance
Don't "Bank" on Banks!
Do you know that Mortgage Insurance from banks do not cover most of the important requirements.
Considering the prices of houses in Canada, it is vital to have a backup to ensure that your family continue to enjoy your best gift.
Mortgage insurance is one of the most cost-effective solutions (better than the option of Bank’s Mortgage). It provides you many more additional features like:
• Ownership of Policy
• Control over Beneficiary selection
• Constant coverage, if circumstances change
• Flexibility to change period
• More options when you decide to sell your house etc.
Key Person in Business
If your business is highly dependent on the contribution of a key business member then Key Person Life Insurance should be an important option to consider. It protects the continuity of your business in the event of a death of a key business member - the proceeds could be used to help manage issues such as:
• Recruiting and training the key person’s replacement which is often costly and time consuming.
• Repaying debts to creditors.
• Reassuring clients and employees that the business will continue to function.
Charitable Giving through insurance – give a special gift to a deserving organization.
Set up the policy with the charity of your choice as the beneficiary. This allows you to lend your support by ensuring a size-able donation is made to a charitable organization that YOU consider important.
In addition you can benefit from significant tax advantages allowing you to receive a tax credit depending on the way the policy is set up.