Life insurance is a financial resource for your loved
ones in the event of your death. You enter into a contract with an
insurance company that promises to provide your beneficiaries a certain
amount of money upon your death. In return, you make periodic payments,
known as premiums. The size of the premiums is generally based on
factors such as your age, gender, medical history and the dollar amount
of life insurance you select. Some policies may require a medical exam
before premiums are established.Certain types
of life insurance may also provide benefits for you and your family
while you're still living. Policies such as whole life or universal life
accumulate cash value on a tax-deferred basis, and that value can be
used to supplement your retirement income or help provide for a child's
education. Life insurance is an important part of anyone's financial
portfolio. Financial advisors often recommend developing a financial
plan that includes an appropriate amount of life insurance as part of a
comprehensive strategy for financial security.
What kind of life insurance and how much, if any, do
you need? Take a few minutes to learn the basics so you can make an
informed decision.
What is Long Term Care Insurance?
Long Term Care Insurance
provides an income if you become unable to care for yourself, for
example as a result of accident, illness or deteriorated mental
abilities.
The income benefit can:
- protect you against the
financial impact of dealing with
a long term care need
- allow you the ability to
choose the quality of care you
want in the setting of your choice
- ease the care giving burden
for your family members
- help you preserve your
savings and investments
What is Disability Insurance?
Your earning potential is a far
more valuable asset than your automobile or your home. Disability
insurance is designed to protect you from the possible loss of income.
What's the possibility of this happening? It's more than you'd imagine.
Why should you consider it? It's the only sure way to provide guaranteed
coverage and guaranteed premiums.
What's the possibility of this
happening?
What is Critical Illness?
Critical Illness insurance provides you with a
lump-sum payment to be used however you see fit. Critical Illness
insurance is a relatively new form of protection that provides money
while you are still alive. It has tremendous flexibility if you become
critically ill because there are no requirements for how you spend the
lump sum amount of money that you receive. You don't have to obtain
approval for expenditures, you don't have to provide any receipts, and
you don't even have to spend the money on medical expenses. If you
want to try alternative therapies, be treated in South Africa, hire
someone to take care of you, or you want to hire a nanny to take care of
your children... you choose how to spend your money.
Suffering a critical illness or condition is more
likely than you think.
- 1 in 2 men and 1 in 3 women are predicted to
develop heart disease in their lifetime.
- There are 40,000 to 50,000 strokes in Canada each
year.
Note: 88% of all claims
paid have been for heart, stroke and cancer.
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