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Why Own Life Insurance?
Studies show that one in three Canadian families would face immediate financial hardship in the event of a sudden death of a breadwinner. Another third of Canadian families could only make it a month or two on savings before facing severe financial hardship. All told, nearly two-thirds of Canadian families would be facing homelessness, eviction or foreclosure, or similar financial hardship, within weeks of the death of a provider, according to the Life Insurance Marketing and Research Association (LIMRA).
If a family breadwinner died tonight, would yours be among those families?
Life insurance is the fastest, most affordable and most efficient way to ensure that your promises to your family are kept – even if you don’t live to see it. A very small monthly premium – less than the cost of a family dinner out – can lock in hundreds of thousands of dollars of protection for your family and loved ones.
Why term insurance?
Term insurance provides life insurance protection for a specific period of time. As such, it is by far the most affordable way for most people to buy the largest possible amount of protection for the lowest monthly premium.
While there are other types of life insurance available for more complex needs, the vast majority of families need an affordable way to secure enough life insurance to replace a breadwinner’s income for up to 20 years – or at least until the children are grown and their education needs met. For most families, term life insurance is an affordable way to secure between $250,000 and 1 million in coverage – or more, depending on your needs.
It costs less than you think.
Most people vastly overestimate what it costs to get meaningful amounts of term life insurance in place. But term life insurance is designed to be affordable for nearly all families.
So if you’ve been putting off protecting your family because you think you can’t afford it, put your concerns to rest. Click here to get your free quote and see for yourself so you can see how affordable it really is to protect your family.
How much life insurance do I need?
There is no hard and fast rule. Ideally, enough to replace a breadwinner’s income for a set number of years – including reasonably expected pay raises and promotions is recommended. However, any life insurance is better than nothing. So at this point, we recommend as much as you can easily afford.
That way, there’s no reason to delay! Click now, and let’s get coverage in place for you and your family right away. As we all know, tomorrow is not promised.
How does term life insurance work?
Generally, you can buy term life insurance for ten years, twenty years or to age 100. The premium is guaranteed level for the term you select. At the end of the term, you can elect to continue the policy at a higher premium, or let it expire.
If you should die while the policy is in force, your beneficiaries will receive the full face value of the policy within days in most cases. And in most cases, life insurance benefits are tax-free.
In most cases, your policy will be guaranteed renewable, as well – up to a certain age. That means that as long as you continue to pay premiums, your insurance company cannot cancel your policy, regardless of your medical condition – up to a certain age, which varies by province.
Nobody likes to think about dying. But if you have people depending on you, you have a responsibility to them to do all you can to protect them.
The Need For Protection Is Universal & Life Insurance Is The Cheapest Tool.
The following questions are designed to raise various issues of those who need protection and who will meet this need.
The questions have been randomly selected to help you think about who should buy life insurance and why. Are you protecting a spouse, children, parents or business partners? All these situations require different answers and hopefully a full reading of the questions will jog your mind as to what you need to do. So now when you meet your wealth manager or financial advisor, you will be well armed to uncover exactly what you need.
What happens if I’m alive when my policy expires? Can I renew?
What am I trying to accomplish?
My employer provides life insurance. Why do I need more?
Will I be covered if I become disabled?
Will my premiums ever increase?
How can I save money without sacrificing coverage?
I have children – how much life insurance do I need?
Here some of the more common questions we hear. While all the comments do not apply to all the companies, these questions and answers on life insurance are generally applicable.
What is term life insurance?
Term life insurance provides protection for only a specified period of time, usually 10, 15, 20 or 30 years in the US and 10, 20 and to age 100 in Canada . There is no cash value associated with term life coverage, which is why premiums are lower than for other types of insurance. Some term life policies may offer greater flexibility, such as a return of premium and the potential to convert to whole life insurance.
What is permanent life insurance?
Permanent life insurance lasts for your lifetime and grows cash value. Whole, universal, variable, and single premium life are all types of permanent life insurance.
What does whole life insurance do?
Whole life insurance provides protection for your entire life. You can borrow against the policy’s cash value, as it accumulates over time.
What is universal life insurance?
Universal life insurance provides protection for the life of the insured and builds cash value while offering flexible premiums and a flexible face amount. This type of insurance may be ideal for retirement planning or any number of other long-term goals.
What is long term care insurance?
Long term care coverage covers you for a wide range of health and social services. Coverage often includes nursing home care, home-based care and respite care.
What is disability insurance?
Disability income insurance protects against loss of income in case of disability or extended illness. This type of insurance can be very important for the sole or primary wage earner in a household. The disability policy defines how much will be paid, when the payments will begin and when they will cease. The longer the benefit period, the higher the premium.
What are policy ‘riders’?
A policy rider is an additional benefit under an existing insurance policy that provides additional coverage to a life insurance policy.
How much life insurance do I need?
Generally the amount of protection you need is a combination of cost to help your surviving family members and dependents meet their current needs (like taxes, food, clothing, utilities, mortgage payments, etc.) plus future obligations (like college and retirement funding). You may also want insurance for wealth accumulation or distribution purposes during your lifetime.
Why buy life insurance?
One of the most important reasons to purchase life insurance is to ensure your loved ones are provided for financially. Life insurance is also useful in helping your survivors pay bills and debts after your death, as well as for funeral expenses. It may be used for wealth accumulation and distribution as part of an overall financial strategy.
What type of policy should I buy: term or permanent (whole, universal, variable)?
Insurance needs can vary widely from person to person. The kind of coverage that’s right for you depends on your personal circumstances and needs.
What if I already have insurance coverage?
If you already have a life insurance policy, it’s a good idea to review it periodically, especially if you were :
- Recently married or divorced
- Had or adopted a child (or became a grandparent)
- Have children or grandchildren
- Provide care or financial help to a child or elderly parent
- Received an inheritance
- Retired or your spouse has retired
- Started a business
- Changed/lost your job
Can I purchase a policy for my children?
You may purchase a rider to add a child or children to your policies with a variety of term and permanent life policies.
How can I save money when buying life insurance?
Buy it now. Premiums for the same face amount of coverage increase the older you become. The more you wait, the more you risk developing a health condition that could increase your premium, or disqualify you from coverage. If you want permanent life insurance but you’re on a budget, term life or a combination of term and permanent may offer lower premium payments.
What factors generally drive insurance calculations?
Premium rates for life insurance are typically based on factors such as:
- Height and weight
- Health status, including whether or not you use tobacco or nicotine
- Participation in high-risk activities or occupations
Will insurance help my beneficiary pay off my debts?
Once a claim is paid, use of the funds is at the discretion of the beneficiary you’ve designated.
Do I need to have a medical exam? How long does approval take?
Depending on the type of insurance and the steps involved, it may take as little as several days or as much as several weeks for a policy to be approved.
How soon does the coverage start?
Generally your life insurance coverage will begin as soon as you are approved and your first payment is received. Depending on the type of policy you have, you may be able to increase your coverage within that policy or you may purchase additional policies to increase your coverage.
Can I cancel my policy?
Yes, you can cancel if you decide it is not the right choice for you and your loved ones. Or lower the coverage.
What is the contestable period?
Most life insurance policies have a 2-year contest ability period, which means that during the first two years after purchase of the life insurance, if it is discovered your insurance policy was issued under misrepresentation, the insurance company can declare your insurance policy void. However, if fraud is determined, your insurance policy can be voided at any time. The contestable period generally will start anew from that date of reinstatement.