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LIFE INSURANCE: |
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We select our insurance products from some of the most reputable companies in Canada.
However, as we are all individuals, no one product will fit everyone's needs.
There are basically three types of insurance namely; Term Insurance, Whole Life
and Universal Insurance.
Following is a brief explanation of each: |
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TERM INSURANCE: |
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This type of Insurance can easily be compared to your car insurance.
With Car Insurance, the client pays the same premiums for a year.
However, with the Term Life Insurance the period is longer, most often clients choose the 10 period, but one can buy 20, 25, 30 or Term to 100
For this period the premium remains the same and during the period of the coverage, if the insured dies, then the beneficiary is paid the coverage amount, and the policy ends.
This is a very basic type of policy and is most commonly used to meet temporary needs such as Mortgage or Short-term income protection. . |
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WHOLE LIFE: |
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This type of insurance is preferred by clients who want to have
guarantees, do not like changes and want everything clearly spelled out in the policy.
This type of policy is chosen based on the cash value and is in place, usually, for the entire life-span
of the client.
Normally a Whole Life policy is to Age 100 of the insured and the cash value normally equals the face amount of the policy.
The premiums for a Whole Life policy is higher than the term policy but the client is paying for the cost of
insurance as well the cash value and the premium rate is usually unchanged throughout the life of the policy.
The most popular type of Whole Life policy is the 20 Pay, which means that
the premium is paid up in 20 years and the policy will continue until the insured reaches the age of 100.
There are however, various other terms available in this type of policy, namely; The 15 pay, Until age 65 pay, To age 100 pay. |
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UNIVERSAL LIFE: |
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This is the newest type of insurance policy and the structure is a combination
of term insurance and investment.
This type of policy is currently, the most popularly sold more in Canada.
This type of policy is very flexible in nature and can be structured to suit a wide range of financial needs, such as Income replacement, Mortgage, Education, Final Expense,
Retirement, or Estate Planning.
It is very important that your advisor understands your needs and goals fully, because
if structured properly this one insurance can take care of many, if not all of your financial needs.. |
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| To learn more about how we can help with your Insurance plan please call us at:
416-283-8899 and one of our courteous, knowledgeable representative will be happy to answer all your questions.
representative. |
