Category: Life Insurance

Whole Life-WL

Permanent Life Insurance, like WL and UL, as apposed to Term Life Insurance, like T10, or T20, afford permanent life insurance protection. So long as the required premiums are paid as due, is guaranteed to pay out a death benefit, regardless of when death occurs. Term Life insurance on the other hand, pay provided death…

Term Life Insurance

Shopping The Market I refer to TERM Specific life insurance as a plan that provides a Level Death Benefit for a Specific Period of time, typically to age 75 or 80. Often, these plans are renewable at a guaranteed level, without further medicals, for a specified period of time. They range from 1, 5, 10,…

Cost Benefit of Mortgage Insurance

As most no doubt realize, banks are expressing a growing interest in expanding their operations into the life insurance business. Banks however, have been selling some forms of life insurance for years. If you are buying from a bank, you need to compare carefully how much you are paying. The type of insurance banks have…

Tax Tips

Invest inheritance in separate names – a spouse with a lower income who receives an inheritance should invest it in a separate account, not a joint account, so any investment return is taxed solely in the lower income spouse’s hands. Spousal RRSP – a higher income-earning spouse should contribute to a spousal RRSP in the name of the…

Universal LIfe – UL

Universal Life  [UL]- The Flexible Life Insurance The following pages provide a detailed analysis of Universal Life plan generically highlighting its various components, elements and how it operates. BASICS – UL vs other Life Insurance Life insurance may be categorized into four major plan groups. Term Specific ( 1yr, 5yr, 10yr Term) Life Long Term ( Term to Age 100)…

POST-CLAIM UNDERWRITING

POST CLAIM UNDERWRITING If you want a sense of security – Make sure you get it! What is Post Claim Underwriting? Post claim underwriting occurs when an insurer reviews the answers to questions on the original application for insurance, only after a claim is submitted, then after verifying the answers it accepts or refuses to…

Cheap Life Insurance

Why are some Insurance Protection Plans cheaper than others? Insurance Contracts of the person, typically issued by life insurance companies are usually long term contracts lasting many years or for a life time, as apposed to property and casualty insurance which is almost always for a 1 year term, at which point it is renegotiated…