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Life insurance - Take care of your family today and tomorrow
Life insurance is not the most pleasant topic, we admit. But not planning for the inevitable can mean hardship for your family. An adequate life insurance policy will ensure your loved ones don't incur a financial burden from your death, and can also provide them with future financial security.
You may think you're protected if you have a group life insurance policy through your employer. Unfortunately, this coverage is usually not sufficient to take care of your family in the way you intend.
A professional life insurance broker can help you find the life insurance policy to fit your needs and budget. Your Insurance life insurance broker can compare products from a number of leading life insurance companies. We work for you!
Universal / whole / term life insurance - Which to choose?
Choosing appropriate life insurance can be confusing. An experienced, professional life insurance broker can assess your current needs and design a universal, whole or term life insurance policy that is right for you.
- Whole life insurance - Whole life insurance provides protection throughout your life. Coverage will not lapse provided monthly premiums are submitted on time, and benefits are tax-free. Whole life insurance features a death benefit as well as a savings component. The return on this investment is guaranteed.
- Universal life insurance is much like whole life insurance except that the rate of return on the investment portion is not always guaranteed. For this reason, premiums for universal life insurance will be less than traditional whole life insurance. Universal Life Insurance contains a variety of investment vehicles and is flexible enough to provide for any insurance need. Universal Life policies are the most complex policies but can also be structured to meet personal financial goals.
- Term life insurance - This type of life insurance policy is temporary and typically purchased to cover a specific period of time or to a specific debt (as in the case of mortgage insurance ).
Incidentally, some people incorrectly inquire about 'whole term' life insurance. As described above, whole and term insurance are two distinct types of coverage. |
