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Life Insurance

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 Types of Life Insurance

There are 3 main types of life insurance: Term, Whole Life and Universal Life.

Term Life Insurance:  Term Lfe Insurance is the simplest and lowest cost form of life insurance.  Your rates are guaranteed for a specific term (10, 20, 30 years or to age 65, 70, 75, or 100 are most common).  At the end of that term, rates will increase.  Term insurance is designed to cover temporary needs.  Here are a few examples of temporary needs:  Loans or mortgages, a child's dependancy period, your income earning years, a temporary business partnership.  The most common type of term insurance is 10 year term.  It allows people to get the most amount of coverage for the least amount of money.

Pros: inexpensive, simple
Cons: coverage may expire, becomes expensive with age

Whole Life Insurance:  Whole Life Insurance is a permanent insurance solution designed to cover permanent needs.  Although often more expensive initially than term insurance, whole life has many attractive features that term policies do not have.  The death benefit is guaranteed for life.  Premiums never increase and can be paid for life or can be paid for a specific period of time (20 years or to age 65 for example).  Most Whole Life Insurance policies feature "paid up" values and "cash surrender" values.  The Paid up value is the amount of Insurance that has been paid for to date.  If you stop paying premiums, the paid up value is the amount your beneficiary will receive.  The Cash surrender value is the amount of money you would receive if you decided to terminate and cash in your policy.

Pros: level premiums, permanent coverage, paid up values, cash surrender values
Cons: higher initial premiums

Universal Life Insurance:  Universal life insurance is another form of permanent life insurance coverage. Univeral Life policies consist of a life insurance component and a tax-deferred investment savings component.  Universal Life is the most flexible and therefore most complicated type of life insurance coverage.  The cost of your insurance can be level or increasing,  additional payments can be invested and grow tax-deferred in the investment account.  There are literally hundreds of invesment funds to choose from.  These types of policies are popular for estate planning, chairtable gifting and for affluent clients in need of additional tax shelters.

Pros: very flexible, permanent coverage, ability to invest in a tax-deferred account
Cons: complicated, many policies can lack guarantees, higher risk/return than whole life
 



Mortgage Insurance

Protect your interests, not your lender's.  Your mortgage may be the largest financial commitment you ever make.  Protect your most valuable asset......YOUR ABILITY TO PAY FOR IT!

When you arrange a mortgage through a bank or mortgage broker, they must, by law, ask if you want to insure your mortgage through them.  They may even make it seem as if your mortgage is conditional on accepting this coverage.  DO NOT SAY YES to this type of coverage!

Reason 1:  The person who sold the mortgage is not licensed to sell insurance.  They are trained how to sell their product, not how to protect your needs.

Reason 2:  Their insurance is not underwritten at the time of application, it is underwritten once/if a claim is made.  This means that the insurer may not pay your claim if you have ever had any type of medical or lifestyle issue.

Reason 3:  These plans can often cost up to 70% more that a term life policy.  An independent life insurance broker can shop for insurance and find a much better rate.

Reason 4:  This type of policy may terminate if you ever change mortgage lenders or pay your mortgage off.

Reason 5:  You do not own or control this policy.  Your lender is the owner and beneficiary.

There is no single plan that will protect every client’s needs.  We bring over 20 of Canada’s top Financial and Insurance companies to the table to ensure the most extensive product line.  We will go to market on your behalf to ensure your needs are protected.  While we’re at it, we will even review your existing insurance plans and likely put money back in your pocket!  There are no broker fees or service charges to pay…This is a complimentary service courtesy of ShopForInsurance.ca.

Free Life Insurance Quotes

To speak to a broker about your Free Life insurance quotes or to purchase life insurance, click here 

**NEW**
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NO MEDICAL Life Insurance

        • Up to $250,000 Life Coverage
        • Issue Ages 18 to 65
        • Coverage up to Age 75
        • Rates Guaranteed for 10 years
        • Foresters Member Benefits Included

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ShopForInsurance.ca recomends that you always consult a LICENCED INDEPENDENT BROKER and complete an insurance needs analysis before purchasing any insurance product.  To book an appointment with a Licenced Independent advisor, click here
ShopForInsurance.ca is located just outside Ottawa in Eastern Ontario. Our Licenced Life Insurance Brokers are happy to meet face to face to provide a Life Insurance needs analysis in Ottawa, Kanata, Nepean, Kingston and throughout Eastern Ontario.  If you are looking for Life Insurance outside of the Ottawa and Eastern Ontario Region, we will try our best to accomodate you.  We offer analysis over the phone, and online throughout Ontario.

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