At SALEX Insurance Consultants, we understand that there is no single solution that is appropriate for everyone. Our process allows us to identify a client's needs and objectives thus enabling us to provide a customized insurance plan for all of our clients, regardless their stage of life.
Insurance carriers in Canada provide various types of life insurance policies; however, all insurance policies can be categorized as either temporary or permanent. It is essential that any individual discuss their specific needs and objectives with a trusted and knowledgeable consultant to determine the most appropriate plan, as both temporary and permanent insurance have merits and disadvantages. Whether the purpose is to secure a current debt, provide for a child’s post-secondary education or preserve a partner’s lifestyle, there is an insurance solution to protect the financial future.
Our goal is to provide you the most value for your premium commitment – let us demonstrate that the least expensive solution may not be the most appropriate while providing a plan that fits comfortably into your budget. It is prudent to have this discussion with a qualified consultant to implement a new insurance plan or ensure that a current plan is meeting your objectives today.
Referred to as term life, this type of insurance is most suited for protecting a non-permanent need, such as a mortgage or bank loan. The premiums in this type of policy will always increase through time, however many carriers offer terms of 10, 20 or 30 years of premium guarantees. This is generally the most affordable form of insurance coverage available in today’s market and may be converted to other types of insurance in the future.
The types of permanent life insurance available can be separated into whole life and universal life insurance policies.
Whole Life Insurance
As implied by the name, whole life provides coverage for an individual’s lifetime. The insurance carriers offer level premiums for these policies, as well as the accumulation of a cash value that depends on investment gains and losses. Whole life can provide the foundation for a long-term financial strategy as it is an effective tool for estate and tax planning, as well as providing for the lifelong income needs of your family and loved ones.
Universal Life Insurance
Universal life insurance offers the greatest flexibility of all insurance types. It is permanent insurance that allows the policyholder to increase or decrease the amount of life insurance and premium commitment as their needs and objectives change. At the same time, universal life can be a vehicle for tax-deferred investment growth – making it an excellent tool for estate preservation and maximization.
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