Milton’s money back or cash back life insurance

Milton’s money back or cash back life insurance

Many of us would like to see what our policies give us back in return if we were to continue living and /or live healthy.  Though this concept is available for all in Canada, however, this article addresses to the growing neighborhoods of Milton, Ontario. People  getting into newer neighborhoods could be looking for life and health insurance for a number of reasons, like mortgage protection, income replacement, kids’ education needs etc etc. Savings and investments along with tax related benefits would be extremely important for all of us.

 

Aman Kapur, (Your Insurance Guy) has a very old association with Milton. He and his family were residents of Milton a few years ago and have been associate with several communities, businesses and establishments of the town. Milton continues to be a welcoming community and Aman continues to advise and educate hundreds of families and several business entities in their insurance and financial needs.

When it come to a cash back insurance policy, people are usually expecting a return ( complete or partial) of premium, some dividends, interest etc etc. Obviously, a term life insurance policy does not have a cash back component as it offers only insurance and you pay premiums (cost of insurance) that remain level for the duration of the term.

It is Permanent Life Insurance which could build, potentially, a cash value that could be referred as Cash Back! In Permanent Life Insurance types, T-100 is not generally known for providing cash values. It is Whole Life and Universal Life Insurance that could create cash values.

Whole Life insurance policies have a built-in cash value, in the case of Participating Whole Life policies, the cash value includes a guaranteed cash value and a dividend cash value. The dividend cash value is dependent on the performance of the insurance company itself.

Universal Life insurance policies offer an unbundled and a flexible form of cash value life insurance. The insured Pays the cost of insurance, premium tax, administration fees and policy fees. Overfunding the policy creates a tax sheltered growth oriented cash value.

The investment choices include low-risk investments, such as GICs or bond funds, or higher risk investments, such as equity or specialty funds. Some major companies, such as BMO Insurance, Industrial Alliance etc. have a large number different investments to choose from on their Universal Life plan.

We at YourInsuranceGuy.ca are experts in explaining the the various types of life insurance that could protect the entire family. Please feel free to contact us at aman@yourinsuranceguy.ca or at 1 416 509 2540. Please visit us for a no obligation quote or advice.

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Prepared by: Aman Kapur

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