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, 15, 20 and sometimes longer. 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

• policy terms, benefits,
• as well as the price.

NOTICE: By enlarge Term 100 is dead.  Low interest rates and unprofitable pricing have virtually eliminated Term 100 from the market.

TERM SPECIFIC UTILIZATION LIST Here is a non exhaustive list of reasons Canadians buy

Term Specific Life Insurance Plans

PERSONAL USE:

• MORTGAGE INSURANCE PROTECTION
• CONSUMER DEBT PROTECTION (Car Loan, etc)
• INCOME PROTECTION
• COLLATERAL (Child Support, Alimony, etc.)

BUSINESS USE:

• COLLATERAL (Business Loans, Lines of Credit)
• KEY PERSON (Protect Profit Loss)

Contact us for a Quote using our

MOST CURRENT RATE

See Why YouMUST Shop the Market !

 

SHOPPING THE MARKET 

 

*IMPORTANT NOTE

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.

The other factor to consider is plan types that practice post claim underwriting. This may be more convenient but has a potential for not being full protective.

Ask for a  QUOTE

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 Lifelong TERM (T100)

is a plan where there is

• 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

• paid up features, or
• premium refund features

Lowest rates not necessarily the best value.

Best Value is derived from

• Professional Advice
• Sound Insurer
• Flexibility of Policy Provisions
• Low Net Present Value.

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 Bank Plans may not be Best)
• 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 ~

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

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