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LIFE
INSURANCE
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We have access to the latest term insurance rates in the country*
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As you generate and accumulate wealth, you need to be sure it is protected, and you need to protect yourself and your dependents in the event of a severe misfortune happening to you (it doesn't just happen to others).
The main four areas of infinite loss (of everything you own and everything you ever will own) are:
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Critical Illness of the Breadwinner or of a Family Member
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Death of the Breadwinner
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Disability of the Breadwinner
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Massive Liability Lawsuit
In these areas all your future income, or the use of virtually all future income, can be cut off from you and from your dependents.
Less than infinite, but nonetheless devastating, huge losses can occur with the loss of, say, your home or car, without adequate insurance. Such an occurrence can set you back for years in terms of savings and investment objectives.
Financial loss created by loss of life can occur to your family as well as to the self employed business owner.
tHIS SECTION WILL FOCUS ON THE OPTIONS, SERVICES AND PRODUCTS THAT CAN HELP OFFSET FINANCIAL LIABILITIES CREATED BY LOSS OF LIFE.
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Life Insurance Overview
( 2 Articles )
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Term Life
( 5 Articles )
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INSURANCE with or without VALUES
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SHOPPING THE MARKET |
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See Why You MUST Shop the Market !
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TERM Specific
I refer to TERM Specific life insurance as a plan that provides a Level Death Benefit for a Specific Period of time, say 5,10 or 15 years. Typically, the premium for this type of plan is a level premium for the duration of the term period. Often, these plans are renewable, without further medicals, for like term periods until you reach a maximum coverage age (age 70 - age 85). The premium for successive term periods is always higher based on the then attained age of the life insured. (age at the beginning of the current term period.) Up to a specified age (age 65 or 70 usually), many of these plans may be exchanged (or Converted) without medicals, for life long plan. (a Term 100, Universal Life or Whole Life.)
In shopping for a product, the benefits and policy terms are as important as the price. When comparative shopping compare
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- policy terms,
- benefits, as well as the price.
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SHOPPING THE MARKET
CHECK OUT PRICE
VARIATIONS*
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* IMPORTANT NOTE
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Rates Change frequently, at least monthly. Rates change by plan, age, sex, amount of coverage and risk category. The position of companies by these categories change constantly. The purpose of the chart is to demonstrate the variability of rates among companies at any one time and not the competitiveness of any one company.
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| WARNING:
Ask for a QUOTE
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Lowest rates not necessarily the best value.
Best Value is derived from
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Lifelong TERM
is a plan where there is
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- little or no cash value, and
- the coverage goes on for life, and
- premiums are paid to age 100.
Variations of this base plan offers
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- paid up features, or
- premium refund features
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TERM SPECIFIC UTILIZATION LIST
Here is a non exhaustive list of reasons Canadians buy Term Specific Life Insurance Plans
PERSONAL USE:
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MORTGAGE PROTECTION
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CONSUMER DEBT PROTECTION (Car Loan, etc)
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INCOME PROTECTION
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COLLATERAL (Child Support, Alimony, etc.)
BUSINESS USE:
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LIFE LONG TERM (T100)
UTILIZATION LIST
Here is a non exhaustive list of reasons Canadians buy Life Long Term Insurance Plans
PERSONAL USE:
- MORTGAGE PROTECTION (Why Not to Use Bank Plans)
- CONSUMER DEBT PROTECTION (Car Loan, etc)
- INCOME PROTECTION
- COLLATERAL (Child Support, Alimony, etc.)
- RETIREMENT FUND COMPLETION PROTECTOR
- ESTATE CONSERVATION TOOL (Pays last expenses & RRIF & Capital Gains Taxes)
- ESTATE BOND (Creates Tax free transfer of Assets to next generation)
- CAPITAL ASSET RECOVERY
BUSINESS USE:
- COLLATERAL (Business Loans, Lines of Credit)
- KEY PERSON (Protect Profit Loss)
- BUY SELL AGREEMENT FUNDING
- RETIREMENT INCOME FINANCING as Shareholder PERK
- GENERATIONAL TRANSFER OF FAMILY BUSINESS
- TAX ADVANTAGED CASH EXTRACTION FROM HOLDING COMPANY
- CORPORATE FINANCED PERSONAL LIFE INSURANCE as EXECUTIVE PERK ~
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| CHECK OUT OUR MOST CURRENT RATES
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| VALUE ADDED TERM
The Insurance Act creates a tax shelter inside a life insurance contract. Within parameters deposits towards a deferred savings inside a life insurance contract effectively creates a tax shelter. The most efficient form of life insurance that make this tax effective saving a real value to Canadians is the Universal Life plan. This plan is a program that espouses to the slogan "Buy Term and Invest the Difference." It has some unique characteristics that allow planners to maximize tax effective strategies for retirement and estate planning. Check out our UNIVERSAL LIFE Page
UNIVERSAL LIFE
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Special Life
( 4 Articles )
Special Life Plans are products that are created for specific situation in niche markets. They tend to be very narrow in scope and specific in its design.
The focus that makes them "niche" products can be very varied and need the special guidance of a professional advisor to help you determine if that is the best choice for you.
To give you an idea of what I am referring to here are a couple of examples:
- Mortgage protection offerred by the banks - Initially cheap, convenient but can be inflexible, and you may have to requalify in time. Coverage is dependent on outside factors not necessarily related to your need.
- Child support and alimony coverage - Divorce relement agreements or court awards often mandate life insurance to protect the alimony payments.
- Packaged Plans - Several benefits and cross protection components are packages together, which can be cheaper than components purchased individually. Without the help of a professional advisor it may be difficult to compare cost and benefit and do a proper cost benefit analysis to determine whether the cost savings are worth the loss of flexibility by packaging.
- Quick Issue Plans - that usually come with only a very few insurability questions. These are very convenient, often the only option available to purchasers, but also need the advise of a qualified professional to asses best value and explain the constraints and limitations.
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Life Insurance
