Looking after your loved ones, even after you!
Do you have members in your family that are financially dependant on you? Are you worried about the financial impact on them in case something happened to you?
Life insurance helps you look after your loved ones by providing the necessary financial security even after you are gone. It is a one-time tax-free payment to your beneficiaries depending on the plan you choose and the regularity of your premium payments. This frees them from the financial burdens while dealing with their most difficult times; by replacing the lost income, pay debts or cover the final expenses and continue to maintain their living standards.
We understand that making such decisions and choosing the right plan is difficult. Thus, Poonam Khanna, an LLPQ Life Insurance Advisor and enthusiast in Canada, will guide you through the right insurance plans based on your circumstances and explain to you the type of coverage involved with each plan. Also the cost of life insurance you may buy as an individual will vary depending on your age, gender, health, medical history, lifestyle, Term and Sum Assured.
In today’s fast-moving scenario, life insurance has become a necessity, and choosing the right type of insurance has become an essential part of a comprehensive financial plan, for most Canadians. Let’s understand the different types of life insurance in detail.
– with or without Cash Surrender Values
It is a form of Permanent Life Insurance, that involves a self-directed long-term investment component with a tax-deferred investment account. In other words, it offers flexible protection that enables you to choose your investments and plan your payment schedule as per your requirement.
Some universal life insurance policies are designed with the ‘level cost of insurance’ that divides the cost of the coverage evenly over the life of the policy. While other policies have a yearly renewable term (YRT) that initially involves a lower cost and increases overtime to equal your actual cost of insurance.
Simplified issue life insurance, also known as no medical or simplified life insurance, is a type of insurance coverage that is very easy to qualify for and purchase. It requires no medical examination, just the answers to a few health questions, and completing the necessary paperwork can qualify you for this insurance coverage.
Many people with a pre-existing medical history may find it difficult to get any life insurance coverage easily through traditional means. These health conditions include alcohol or drug abuse, depression, obesity, insulin-treated diabetes, cancer, heart failure, HIV, multiple sclerosis, Alzheimer’s disease, or other serious preconditions.
Simplified Life Insurance is frequently regarded as the easiest and the most affordable No Medical Life Insurance. It has various restrictions on the maximum insurance coverage limits, and the coverage generally varies between $100,000 and $500,000.