Life Insurance & Disability Insurance
Life Insurance & Disbility Insurance Products
Life Insurance Products
- Regular Term Insurance
- Term to Age 100
- Participating Whole Life
- Universal Life
Term Insurance Products
Term to Age 100 Insurance Products
Participating Whole Life Products
Universal Life Insurance Products
Universal life insurance is the latest permanent product to hit the Canadian market. it offer the policyholder greater flexibility in premium amount and duration. Deposits may be increased, reduced or stopped altogether, subject to certain limitations. The insurer will require a minimum premium (or cash value), to pay the related ongoing insurance costs. There is also a maximum premium, prescribed by Regulations 306 and 307 under the Canadian Income Tax Act, in order to maintain the tax exempt status. The policyholder may choose amongst a broad range of investment options within the policy. These could be one or a combination of the following options; GIC’s, Foreign and/or Domestic Index Accounts and Portfolio Average Account. The death benefit can be either a level benefit or a benefit that is increased by the investment amount inside the policy. The cost of insurance can be based on a yearly increasing term or level term cost similar to a Term to 100 product.
Universal life products are particularly attractive to clients who want to take an active role in the management of the investment accounts, and are seeking a tax-sheltered vehicle in addition to insurance protection.
Most life insurance companies allow more than one life to be insured on one life insurance policy with the death benefit becoming payable on either the first or second death. Dependent upon the purpose of the insurance, it is usually less expensive to have two or more lives on one policy. As an example, if the insurance is for mortgage protection, it would be prudent to have both husband and wife insured on one policy with a death benefit payable on the first death. if the insurance is for Capital Gains purposes, it would be prudent to have both husband and wife insured on one policy but with the death benefit payable on the second death.
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Buying your dream home, providing a good education for your children, fulfilling personal goals, planning for a comfortable retirement – it all starts with your ability to earn an income. Now, try to imagine what would happen if you were suddenly unable to work due to an illness or injury. forget about your plans for the future – how would you even begin to meet your basic living expenses?
You are at risk regardless of your current health,chances are that you will need disability insurance at least once during your lifetime.
The Disability Risk
Disability Does Happen
Your Earnings are at Risk
Each year thousands of Canadians defer making this important financial decision until the risk becomes reality and they are no longer eligible to apply.