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Life Insurance Handbook: Read This To Avoid The Wrong	Policy






Canadians know they need life insurance to provide financial security and to cover expenses for our loved ones when we're gone. Determining which type we need isn't so clear. While there are a variety of life insurance types, the three most popular are term life, whole life and universal life insurance. These three are good choices, but each works better for different people and in different Situations.

Below, you'll find some brief explanations so you can begin to decide which type of policy will offer the best protection for you. Regardless of the life insurance policy you choose, you should see comparison quotes to make sure you're getting the best deal available for that protection in Canada.

Term Life Insurance

Term life insurance is the most affordable life insurance available. People who buy term life insurance are mainly concerned with providing for their family and are not interested in higher premiums or investments that other types of life insurance offer. If you want to purchase a family or even a business policy, then term life insurance may be your best choice.


Term Life Insurance With No Medical Exam

One of the reasons some people do not choose term life insurance, even though the premiums are more affordable, is that they do not want to go through a medical exam, which is required by most insurance companies.

However, we are working with a company that provides term life policies without requiring a medical exam, so you can conveniently secure the term life protection you want without worrying about an exam.

Whole Life Insurance

Whole life insurance premiums usually cost more than those for term life policies. Because whole life insurance coverage is permanent (as long as you continue to pay your premiums), you don't have to renew at the end of each term. This type of insurance is most appropriate for older individuals or for people with medical conditions which might cause their term life premiums to be almost as high as those for whole life. Another reason you may choose whole life is because the eventual cash value of the policy may make up for the additional premiums you are paying now.

Universal Life Insurance

Universal life insurance is more flexible than the other types of life insurance, but its main drawback is that the success of the investment portion is entirely in your hands. Just as with any type of stock or mutual fund, if your investment doesn't grow as you'd hoped, you're not going to get the returns. Generally, you have to be willing to spend 10-15 years investing in a universal life insurance policy before you can reap its benefits.

Term Life Insurance- Pick Your Own Term

Now there is a new product for those who are not sure how long they will need protection to cover a mortgage, provide income protection for a spouse and whether the coverage should increase or decrease. You can also pay your premiums in as little as three years with guaranteed surrender amounts based on unused premiums. The policy can also be converted to a permanent plan or renewed annually without underwriting.

Mortgage Insurance

Mortgage insurance is designed to cover the costs of your home loan in the event of your death. While you may not want to think about it, your family may lose its home or your property simply because the mortgage payments can no longer be paid. An affordable mortgage insurance policy, which you can find with premiums that are more affordable than the group rates most banks offer, can prevent that from happening.

Guaranteed Life Insurance

Guaranteed life insurance is just what it sounds like: it's guaranteed. No matter what your age or health, you can generally purchase a guaranteed life insurance policy. You've probably seen these type of policies advertised on television. Sometimes these policies will be sold as funeral insurance or final expense insurance. While these policies are wonderful for people who simply couldn't get insurance otherwise, you will pay higher premiums and receive less coverage than you would with other types of life insurance. It's a good idea to explore other options before settling for guaranteed life insurance.

Accidental Death and Dismemberment Insurance

Unfortunately, tragic and unexpected events sometimes play a part in our lives. For example, a car accident could suddenly turn your entire life upside down. You could be killed, or you could lose the use of your arms, your legs, even your eyes. In these situations, Accidental Death & Dismemberment Insurance (AD & D) would provide funds in addition to what an ordinary life insurance policy pays.

We provide life insurance service to Canadians in the following provinces of Canada:
British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Newfoundland
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