Life Insurance
Life Insurance is a policy
In the event of your passing, if you don’t have Life Insurance, your family will be responsible for all costs related to your funeral, debts, loans, and other incurred expenses that can leave them without financial protection. Life Insurance is a safe-guard against financial hardship that might be bestowed upon your family if the sufficient finances are not available when you pass.
Here are some options, & don’t worry, we explain in detail so you fully understand what you’re getting
Simply put…I know the best way & the best avenue to provide you with the best plan for you and your family,
Term Life Insurance
Term life insurance is a relatively inexpensive form of life insurance that provides protection over a pre-defined period of time (it gets more expensive as you get older). Typically, consumers purchase this temporary insurance to protect their dependents during times when they have significant financial obligations (like a mortgage, for example). Let’s say you owe $400,000 on your mortgage. Holding half-a-million dollars’ worth of term life insurance for a period of time would prevent your family from experiencing real financial hardship if you died.
Permanent Life Insurance
Permanent life insurance provides guaranteed lifetime protection. Younger Canadians will find it more expensive than term. But your premiums remain constant, so at a certain point in your life it will be cheaper to pay for your permanent life insurance than it would be to buy additional term insurance. (Some permanent life insurance products are adjustable, which is to say that their premiums change over time.) A participating life insurance policy — which is a kind of permanent life insurance — can provide policyholder dividends. You can use the dividends to buy more coverage, take a cash payment or decrease your annual premium, or you can save the money with your insurer and earn interest. Over the long term, you’re probably better off owning permanent than you are continually renewing term insurance.
Universal Life Insurance
Universal life insurance is more complex. In most cases, it provides consumers with lifetime (or at least long-term) protection while at the same time making possible tax-deferred savings. Some universal life insurance products feature premium payments that remain constant over time, some require payments that rise over time and others combine both. Payments made over and above the cost of the insurance can be invested and your savings will be held on a tax-deferred basis.