Life Insurance is a financial tool that serves to replace income that is lost when a wage earner dies. It helps to pay off debts, fund buy-sell agreements, and provides for lost income if a Key Person dies.
We also review your Personal Insurance needs to ensure that your family survives financially in the event of your death, your taxes are paid, educational needs are funded and survivors are taken care of.
Our life insurance products include:
Term 10 and 20 Life Insurance
Term Insurance is suitable for temporary needs such as: debt, income replacement, mortgage protection and the dependency period of your children. Term Insurance allows you to purchase a significant amount of coverage for a low cost and the premiums are level for the length of your term. Term Insurance has the following attributes:
- Very affordable. You pay a (low) monthly or annual premium based on the term length and amount of coverage you choose.
- Freedom to Invest. The savings on the money used to pay insurance premiums can be used to invest any way you choose. With other life insurance products, the insurance company does the investing for you.
- Provide you with peace of mind. Term Life Insurance can help you plan for your family’s financial well-being in case untimely death occurs; without putting a strain on your budget
- You choose the term you want. You can choose a term that specifically suits your unique needs. Term Life Insurance is offered in terms length such as 10, 20 or up to 30 years.
This is a form of Permanent Life Insurance, initially more expensive than a 10 or 20-year term insurance plan. The premiums are guaranteed not to increase and the coverage does not expire. Term 100 is the most basic type of Permanent Insurance. Term 100 Insurance has the following attributes:
- Coverage remains in force for life (as long as premiums are paid);
- Premiums never increase;
- Premiums can be paid short term or can be payable for life.
Universal Life Insurance
- Allows you to pool important financial products. Universal Life provides both Life Insurance and Investment components. This allows you to pool both components and allows for easier tracking.
- Shelters your investment from Taxation. This can be extremely attractive for people who have maximized their RRSP contributions and are interested in alternate ways of sheltering more of their holdings from taxation.
- Provides collateral for loan while protecting life insurance benefits. The investment component of Universal Life policies can be used as collateral for loans, since it belongs to the policyholder and not the insurance company. The Life Insurance benefits will still be paid to your named beneficiary.
- Investment strategy reflects your needs. In a Universal life Plan, the policyholder can set the investment goals. This can allow you to decide what investment strategy will reflect your unique financial needs.
Participating Whole Life Insurance:
Participating Whole Life Insurance is a Permanent Life Insurance policy, premiums remain level and the policy does not expire. The premiums for participating Whole Life Policies are invested by the insurance company in the participating account with surplus paid as dividends to enhance the cash and death benefits.
- The cost of the premium paid will never increase;
- It can provide a nice lump sum at retirement;
- Includes Life Insurance and cash savings;
- As the years go by, policy gets cheaper.
Key Person Insurance
Key Person Insurance is designed to protect your business in the event that a key member of your team passes away or becomes disabled. If a company suffers the loss of a key person, their bottom line may suffer in the short term, or possibly over the long term if you have to find a replacement.
Key person insurance pays a tax-free benefit that could allow you to:
- Recruit, hire and train a replacement;
- Remain competitive;
- Protect shareholders or partnership interests;
- Continue with existing business plans.
Whatever your life insurance needs are; we can help you obtain the coverage that will satisfy your needs. Contact us for your consultation. firstname.lastname@example.org
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