Life Insurance pays a cash benefit to an insured person’s beneficiary.
It is critical to use a licensed, professional broker when searching for the right policy to protect your family or business.
There are a few basic types of life insurance coverage.
Guaranteed premiums and protection for a certain period of time – designed to match a decreasing mortgage amount. Individuals considering mortage coverage should always use an individual policy and avoid an offer of insurance from their lender.
Having an individual policy offers more security, usually at a lower premium.
Guaranteed premiums and premiums stability for the term length chosen. Generlly, Term 10, Term 20 or Term 30 are the most common term lengths. Term Life is commonly used to protect mortgage or loan balances, replace family income or short term business needs.
We recommend coverage that is renewable and convertible. This ensures you will have the flexibility of choice in future years should it ever make good sense to convert into a permanent life policy.
Very flexible permanent life insurance. The premium is the pure cost (lowest cost) of permanent insurance. It has the flexibility of a tax sheltered investment account that can be used for your benefit or sit dormant.
Universal Life premiums are more in early years compared to term insurance but premiums never increase and the coverage will not expire at any age.
A non correlated asset class – investment grade permanent life insurance. For those looking for cash values and guaranteed growth, whole life insurance is an excellent option. Policies can be purchased and ‘paid-up’ in 10, 15, 20 years or for life.
Policy values can be used for inter-generational wealth transfer or to supplement one’s own retirement plans.
Would your business suffer a loss of income or productivity if one of your key employees was lost? Insuring the life of a key person ensures your business has immediate cash. You’ll need to find a suitable replacement and likely supplement a loss in earnings due to the loss of your key employee.
The most cost effective way to fund the buyout requirements of shareholder agreement is to insure the lives of each shareholder. The company owns and is the beneficiary of the policy – and pays the premium. When a shareholder dies, the company receives the benefit and has the liquid cash to buy out the estate of the deceased shareholder.
Some people are no longer insurable due to medical history. Guaranteed and issue policies offer coverage without requiring medical evidence of good health. This type of plan is also good for individuals with crimal records that have not been pardoned.
Sometimes due to extensive travel, extreme sports, unique exposures, high income or corporate contracts. Key persons and executives will fall into the special risk category. We are experienced in high limit, global coverage to suit corporate risks including.
Estate planning is the process undertaken to ensure that loved ones are well cared for after the death of an individual, the transfer of assets to intended beneficiaries takes place according to the deceased’s wishes.
Life insurance premiums are determined by many factors, with age being the starting point in all cases. The best strategy is always to plan and qualify for your life insurance coverage when you’re as young and healthy as possible.
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