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Life insurance is an important piece of everyone’s financial plan.
Whether it be covering immediate debts, covering funeral expenses, or leaving a legacy to your friends and family, Life Insurance gives you the power to do all of that.
Life insurance can be broken up into two categories: Term Insurance and Permanent Insurance.
Term Insurance
Term Insurance is an affordable short-term option for most people who are just entering the workforce, finishing up post-secondary education, or buying a house and starting a family. Term allows you to purchase high amounts of insurance without breaking the bank.
Term insurance is usually offered in Term 10 (stays in force for 10 years) Term 20, and Term 30.
Some insurers in Canada offer a type of permanent term insurance called “Term to Age 100” which is essentially level cost insurance payable until age 100. The death benefit and premiums will stay level for life and will be paid out to your listed beneficiaries.
Permanent Insurance
Permanent Insurance essentially works the same way as Term insurance except it will not expire and often has a savings component built-in.
The two primary types of Life Insurance are Whole Life and Universal Life.
Whole Life Insurance
Whole Life offers you coverage for your whole life, along with offering different dividend options that can be used in different ways like buying more permanent insurance, they can be used to pay your premiums or can just be paid out to you in cash.
Along with all this your policy will accumulate cash value that you can access during the life of the policy.
Whole Life policies give you the flexibility to pay for Life, pay for 20 years, or pay for 10 years.
Universal Life Insurance
Universal life insurance is an all-in-one way to get the protection you need and build your savings. The policy combines permanent life insurance protection for lifelong peace of mind with a variety of investment account options for tax-sheltered growth.
You choose a guaranteed death benefit for your beneficiaries and the payments you make. Any additional premiums you pay will be automatically deposited into a side savings account with your investment choice.
Universal Life also gives you the choice to pay for Life, pay for 20 years, or pay for 10 years.
Disability Insurance
As its name suggests, disability insurance is a type of insurance product that provides an income if the policyholder is prevented from working and earning an income due to a disability.
You provide the insurance company with a monthly or annual premium and in return, in the event you become disabled, they will provide you with a monthly benefit as stated in your insurance contract.
Most companies offer benefit periods from 2 years, 5 years or to age 65. Often insurance companies will have a waiting period, which is the length of time you must wait between the onset of the disability and your first benefit period. These lengths are usually 30,60, or 90 days.
Critical Illness Insurance
In the event of a big health emergency, such as cancer, heart attack or stroke, critical illness insurance could be the only thing protecting you from financial hardships.
Many people assume they are fully protected with a standard health insurance plan, but the rising costs of treating life-threatening illnesses are usually more than any plan will cover.
CI Insurance will provide you with a one-time lump sum payout based on your insurance contract, this money can help with things like medical expenses or income replacement.
Contact Us Today About Your Insurance Needs
Andy Lambe, CFP, CLU, ChFC, RHU
Craig Lambe, MBA
Will Parker
Faxin Zhao
