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Canada life insurance and insurance options

CANADA LIFE INSURANCE

The information on this site is devised to help you choose the best type of life insurance for your situation, and to give you insight as to cost, terms and policies.One of the main reasons why you should have Canada life insurance is to ensure the protection and well-being of your family. Life insurance is often perceived as a dismal topic but, nevertheless, it is an important issue that should be addressed as it concerns the comfort and future of your loved ones.

LIFE INSURANCE OPTIONS

Canadian Life Insurance There are many options when it comes to insurance, and choosing the one that suits you best is important.

Term Life Insurance

Term life insurance is a good choice as a first life insurance plan. You can purchase this type of policy for a term of 10 or more years, but in most cases, it is offered in 10-year increments. Upon your death, the insurance will pay the amount decided upon at the signing of the contract. For example, if you buy a 10 year term policy for an amount of $150,000, that sum will be paid to your designated beneficiary if you die within the next 10 years.
There is an option with Term Life Insurance whereby you can change the amount of your policy, and your premium will change depending upon the new terms. For example, if you raise your benefits from $ 150,000 to $ 200,000, your monthly payments will be adjusted accordingly.

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Term life insurance costs less than whole life insurance.

Whole Life Insurance

Whole life insurance is exactly what it proclaims, a type of permanent policy that has no term or age limit. It does not expire. This policy remains in force unless the insured stops paying the premiums.

Whole life insurance or permanent life insurance is most often bought with long-term goals in mind i.e. estate planning and investment purposes. It guarantees invariable premiums and cash value accumulation.

Permanent or Whole Life Insurance policies have several facets and offer many options. Although application requirements differ from one insurance provider to another, it is usually necessary for applicants to undergo a medical examination.

Disability Insurance

Disability insurance has various options and conditions, including specific limits on the amount of disability coverage. If you are covered under more than one plan, such as group insurance and private disability insurance, in most cases, only one of them will pay.
In the purchase of Disability Insurance, the coverage amount will not likely match the disabled person’s regular income. If you choose to buy permanent disability insurance, your premiums will be higher and the terms stricter.
Group Insurance

Group Insurance is usually obtained through an employer. Some of the benefits available are: preferred group rates, flexible payment options, 24/7 claims response, as well as other valuable advantages.
All Group Insurance plans can include health care, travel, disability, and life insurance. Because it is a ‘group’ entity, insurance providers offer a wide range of plans, benefits, and terms.

A Life Insurance policy not only provides you with many benefits, but also brings you peace of mind. It would be worth your while to do a bit of research and meet with an insurance agent. Premiums vary, depending upon the type and amount of insurance you wish to purchase, and can be paid monthly, quarterly, every six months or annually. It is advisable to discuss insurance details with your agent before purchasing, as signing an insurance policy is a legal contract. And, as with all contracts, understanding the fine print is very important. Here are some topics you may want to bring up with your insurance provider:

-Coverage for outstanding debts
-Insurance for a continued lifestyle and living expenses
-Mortgage insurance

The information included in this site regarding Canada Life Insurance briefly addresses some important issues, such as selecting the right policy for you and your family, understanding the details of a life insurance policy, and examining the different procedures of various insurance companies.

 

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