Life, critical illness & disability insurance; RESP's & annuities.
Whole Life Insurance
Meaning of life aside (as that’s probably too long of a read here), there are a few key words that can have a big impact on the pricing of life insurance products:
It’s kind of like if you were considering a new car purchase. Would you want to lease, or purchase?
Do you want a Honda Civic, or Range Rover?
There are lots of ways of getting a vehicle so you can drive from point A to point B, but some may be more suited to your budget and preferences.
Buying life insurance is like that too.
Do you have a large mortgage you need to cover? How many dependents do you have? Do you want coverage for a specific period of time (i.e. until your children are grown up and done school), or do you want coverage to will last even if you live to be 100?
Everyone, at some point, has a 100% chance of dying eventually.
That’s not trying to scare you into buying insurance, it’s a reality that a person can choose to plan for, or ignore. We invite you to reach out to us for a conversation (without any awkwardly weird pressure to sign up for anything you don’t want or need) and learn more about life insurance. We can’t tell you the meaning of life, but we can make sure you understanding the meaning of different life insurance products and how they will protect your family, business, and assets.
What is whole life insurance?
Whole life insurance is a type of permanent life insurance. It provides insurance coverage for the entire lifetime of the person that is insured. In other words, it is guaranteed to stay in force for the person’s lifetime, as long as the premiums are paid.
What Are The Benefits Of A Whole Life Policy?
A whole life policy:
– does not expire;
– does not need to be renewed;
– cannot be canceled by the insurance company.*
* unless non-payment of premium. The owner of the policy (i.e. you) can choose to surrender the policy and cancel it, however, the insurance company cannot.
What Is “20 Pay” Whole Life Insurance?
A 20-pay policy is a type of whole life insurance in which all of the premiums are paid over a twenty-year prior. At that point, the insurance remains in force for the rest of the insureds life and continues to grow in its’ cash value.
What is the Average Cost of Whole Life Insurance By Age?
The average cost varies of whole life insurance by age refers to a ‘standard’ rate. This is based on typical risk and is higher for men than women. The standard rate for a person may increase or decrease, based on health and lifestyle.
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