Life & Disability Insurance
Life, disability and critical illness insurance are important. With life insurance, you can provide for your family and ensure that they are financially secure in the event of your passing. With disability insurance, you can provide for you and yours if you suffer a disability that prevents you from bringing in an income. Critical Illness Insurance can provide you with a lump sum payment if you suffer from “covered” critical illnesses.
While no one wants to think either about dying and leaving their family to fend for themselves or about suffering an illness or accident that leaves them unable to work. But the truth of the matter is that circumstance and happenstance happen to all of us. So you need to prepare for some worst-case scenarios in order to lessen the negative impact of death and disability. That is why life, disability and critical illness insurance are critical, and a life insurance broker can get you started.
Life Insurance
When it comes to life insurance, there are lots of things to consider whether you are a young professional looking to protect your family and yourself or you are an established professional looking to guarantee that your family can maintain a certain standard of living when you die.
Canada Protection Plan was founded in 1992 in Toronto and has grown into one of the country’s best-known providers of no-medical, simplified issue life insurance. W.B. White Financial is proud to offer clients exclusive access to no-medical life insurance plans. We can provide you with an instant quote by accessing our portal to Canada Protection Plan.
If you are currently considering a life insurance policy and are considering getting life insurance quotes, here are some options:
Term Insurance
Temporary Insurance is used for one of two purposes:
To cover a temporary need Or To cover a permanent need temporarily And Usually provides a level amount of insurance with premiums increasing at various durations (e.g. 1, 5, 10, or 20 years).
- Inexpensive to start
- Easy to understand
- Increasing costs
- Coverage often expires prior to life expectancy
- No ability to create a tax sheltered reserve
- No extension of coverage if you stop paying premiums
- No flexibility to change or skip premiums
- No option to increase coverage without medical evidence
Term to 100 Insurance
Term to 100 insurance provides lifetime coverage with a level low premium outlay.
It includes a level amount of insurance with a level premium (premium may be guaranteed). Some companies offer a shorter pay period (e.g. 20 years).
- Level premium
- Level death benefit
- Can be guaranteed for life
- Lifetime coverage
- No ability to create a tax sheltered reserve
- No flexibility to change or skip premiums
- No option to increase coverage without medical evidence
Universal Life Insurance
Universal life insurance provides permanent protection with the ability to create a tax sheltered reserve. Premiums and the payment period, as well as the coverage amounts are flexible. The coverage can be kept for life.
Consumer accountable life insurance products guarantee mortality costs and expenses. The tax sheltered reserve links the interest earnings to an outside index, such as; TSE 300, S&P 500, and other stock market indices.
- Lifetime coverage
- Guaranteed expenses and mortality costs
- Interest earned is linked to an outside index
- Opportunity to access the tax sheltered reserve on a tax efficient basis
- Flexibility to change or skip premiums
- Option to increase coverage without medical evidence
- Additional flexibility and options can result in greater complexity
- Requires ongoing monitoring from an insurance advisor
Permanent Life Insurance
Permanent life insurance, also known as whole life insurance, will entitle your beneficiaries to lifetime coverage. One key benefit with this type of life insurance policy is that the beneficiaries will be on the receiving end of the growing cash value. Depending on the life insurance product you sign up with, you may have the option to pay for a specified number of years and then cease from paying thereafter.
Disability Insurance
You spend a lot of money protecting your home and car(s), but what about the one thing that makes them possible – your income? Disability Insurance can provide you with financial security by replacing a portion of your income when you are unable to work because of an accident or illness. By providing a monthly benefit, it can help you and your family maintain your lifestyle while you focus on recovery. Ask us about insuring your most “critical asset” – your income!
Critical Illness Insurance
Facing a critical illness can be emotionally and physically devastating. It can also lead to significant and unexpected costs that may not be covered by your provincial or employee health plans. Critical Illness insurance provides a lump sum benefit and the money can be used however you want.
- Help pay medical bills and prescriptions costs
- Renovate your home so it is more accessible (eg. wheel chair ramp)
- Take a long vacation with your family and enjoy some “quality time”
- Hire a nurse or caregiver to help you at home
- Allow you to take time off work and spend time with your loved one
The insurance allows you to focus on what really matters and that is “getting better”!
At W.B. White Insurance, we understand the importance of getting the right life, disability and critical illness insurance policy. Contact us today for a quote or to discuss your personal needs. We are brokers and work with all major insurance carriers and can provide you with the best options and competitive rates available.
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