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life

insurance

"Life is complicated, but your Life Insurance doesn't need to be"

Whether you are looking for life insurance to cover your mortgage and other debts or want to use it as part of a long-term financial strategy, as a licensed insurance broker, I can help you make an informed decision about the best products to suit your needs.

Why buy life insurance?

Life insurance provides a lump-sum, tax-free benefit to a beneficiary or beneficiaries of your choice. This benefit can be used for any purpose, including re-payment of a mortgage and other debts, replacement of income after a partner / caregiver / parent dies, to provide for a child’s living or education expenses, to cover the costs of finalizing an estate, or to leave a meaningful legacy to your favourite charity.

What are the types of life insurance and what are they used for?

Term Life Insurance:

  • Used primarily for temporary needs, like mortgages and debt coverage.

  • The rate is guaranteed for the duration of the term that is chosen.

  • The least expensive of all the options.

  • Does not carry any cash value or reduced paid up value.

  • Usually expires by a certain age or may be able to be converted to permanent coverage.

Permanent Life Insurance:

  • Used for a more permanent need like funeral expenses or finalizing an estate. Sometimes is used to leave a tax-free inheritance for children or grandchildren.

  • May become fully paid by a certain age and may have limited amounts of cash value and reduced paid up value after a certain number of years.

Universal Life Insurance:

  • A form of permanent life insurance that breaks the policy down into all its components: pure cost of insurance, mortality charges, administration costs, and the investments.

  • To function well, it must be adequately funded, and the investments closely monitored or the cash values, which accumulate in the policy, could be insufficient to support the premiums, which increase each year, as you age. This could leave the policy under-funded and subject to lapse

 

Whole Life Insurance:

  • Another form of permanent life insurance with an investment component.

  • Unlike Universal Life Insurance, the premiums are guaranteed for the period chosen (8 years, 10 years, 20 years or to age 100), after which they become fully paid up and no further premiums are required to keep the policy in force.

  • They provide the assurance of Minimum Guaranteed Cash Values, although actual Cash Values may be higher.

  • These policies are well-suited for saving for children or grandchildren, as well as for long-term estate planning.

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