Life Insurance provides tax free cash to your beneficiaries or estate at a time when it’s needed most. There are many reasons to purchase life insurance including:
- Replacing lost income for your family’s ongoing needs
- Tax free cash to your estate to pay the final tax bill
- To pay for funeral and other final expenses
- A tax deductible donation to your favourite charity
There are 2 types of life insurance – Term and Permanent
Term insurance is for a specific period of time, like 10 or 20 years. It’s the least expensive to purchase but premiums will increase at the end of the term period. It is very well suited for those with a high insurance need, like a young family, or to insure a mortgage or a short term debt obligation.
Permanent insurance includes Term to Age 100 and various Whole Life plans. The premiums are more expensive but they will never increase and the coverage will stay in effect for life. Permanent plans are well suited for estate planning purposes, charitable giving or final expenses.
Non-Medical Insurance Plans
- Designed for seniors or the hard-to-insure.
- Amounts range from $1000 to $50,000
- No medicals required – just answer a few medical questions to qualify
- Premiums and coverage are guaranteed for life
- Cash values accumulate after the 5th policy year
Your home may be the biggest investment of your life and your mortgage may be your single largest debt. Protect your family and provide funds to eliminate your mortgage in the event of an untimely death.
Reasons to have your own coverage vs. the Banks:
- Premiums are usually less expensive than the Banks
- The death benefit will be paid directly to your beneficiary…not to the bank, who is the benefactor on their policies
- You control the coverage. It’s not tied to your mortgage so it’s portable if you move to a new home.
Critical Illness Protection
Ask yourself the following question:
“In the last 5 years, who do I know that has been diagnosed with cancer, suffered a heart attack or had a stroke?” Suffering a critical illness can be a life altering event with huge financial consequences. A critical illness policy will provide a lump sum, tax free cash benefit at the onset of cancer, stroke, heart attack and over 20 other covered conditions. Coverages are available from $25,000 up to $2Million.
Disability coverage will pay you on ongoing monthly benefit if you’re unable to work in the event of an accident or illness. Very important to the self-employed or those who do not have it through their employer’s benefit plan or wish to top up their current coverage.
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