Facts on cheap term insurance in Canada

Facts on cheap term insurance in Canada

Taking a closer look at the various Term Insurance rates, offered by different companies could lead to cost savings. It could also give you an idea on the different types of term insurance policies that exist.

 

 

Think about the following before buying Term Life Insurance:

 

  • Take the right amount of coverage. Do not just pick up any number. You could be appropriately guided. We could assist in a needs analysis and in determining how much insurance you need.

 

  • Look at all plans i.e. Term and Permanent insurance. In a Term Plan, the cost goes up later however it stays low in the beginning. In a Permanent insurance, the costs start high but they remain the same. Sometimes, we think that it is either term or permanent and it is got to be one or the other. That is infact not true! Think both, Term and Permanent. Combining the two could help your short term and long term needs, prevent high cost now and also prevent costs to go up in the future.

 

  • Hence, working with an independent broker will help. You will have an insight to various companies, various plans, various costs, various combinations and hence BETTER AND CHEAPER DECISIONS.

 

  • Consider plans which provide advantages in rates if you do not smoke. That could be a huge difference in what you would pay.

 

  • A good health, lifestyle and a clear family medical history can also entitle you to preferred and elite rates.

 

  • Term insurance has renewable and conversion options. It is always important to take a closer look at what the renewable rates are going to be. That could impact your decisions today.

 

We at YourInsuranceGuy.ca are experts in explaining the various types of life insurance policies from a large number of insurance companies. Please feel free to contactus at aman@yourinsuranceguy.ca or at 1 416 509 2540. Please visit us for a no obligation quote or advice.

 

Prepared by:  Aman Kapur

 

Combining your term and permanent insurance: both are important.

People often wonder what is better, Term or Permanent Insurance. Both have their advantages and disadvantages. However, both have a significant role in our world of protecting our family, assets, incomes, family etc etc. Therefore, it could be a good idea to take a combination of Term and Permanent Insurance. It can be bought together in one policy , thus there could be some savings on policy fees and in premiums. It is a Think Smart approach to buying Life Insurance.

 

Term Insurance should be looked at very closely

As we know, Term Insurance covers you for the duration of the term at that cost. So if you are buying a Term 20 life Insurance, it means that your premiums will remain the same for the first 20 years and then that cost would change.

 

Reasons why you would buy Permanent Life Insurance

As we know that there are two broad categories of life insurance: Term and Permanent Insurance.

Term Insurance is where the premiums are low , remain constant for the duration of the term and then go up after the duration of the term.

 

Cash Back or Money Back Life Insurance

A very standard question from purchasers of life insurance is, ” I have paid into the policy for these many years…What will I get back in case I am still alive and healthy? “   A very pertinent question because we all want to know where our money is going and will there be any return on our money during our life time.

 

Term Life Insurance

is an extremely cost effective way to insurance yourself when your temporary ( or time bound) needs for insurance are high. During the years when we are raising our kids, have big loans to pay and also building our assets, term insurance could be a great fit.The cost of insurance ( or the premiums) are constant for the duration of the term. Policies are renewable and convertible.

 

Permanent Life Insurance

is essentially a coverage that is lifelong. It runs through our life assuring a payout upon death. The cost of insurance can be level or YRT and the payout is tax free. Its main purpose is :

 

Universal Life Insurance

..is one of the best things that could happen in the world of Life Insurance. UL policy is when a permanent life insurance is merged with the possibility to have several investment options.

Your policy provides a lifelong coverage and at the same time you can save money within the policy to create tax-sheltered savings…

UL Policy ….an excellent way to build wealth that could actually become tax-free for your family. There are several options that could be customised for an individual.

 

Combining your term and permanent insurance: both are important.

People often wonder what is better, Term or Permanent Insurance. Both have their advantages and disadvantages. However, both have a significant role in our world of protecting our family, assets, incomes, family etc etc. Therefore, it could be a good idea to take a combination of Term and Permanent Insurance. It can be bought together in one policy , thus there could be some savings on policy fees and in premiums. It is a Think Smart approach to buying Life Insurance. ( Read More and watch a video)

 

Prepared by:  Aman Kapur

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