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Do you need Permanent Life Insurance?

Posted on by canadianlic

Do you need Permanent Life Insurance?

By Candian LIC, September 27, 2021, 8 Minutes

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Are you in search of financial protection for your dependents even after your last breath? Permanent Life insurance is the answer to your quest.

When you look back on your life’s memories or dream about your future, certain milestone moments cross your thoughts, like graduation from school, buying your dream home, raising your kids and more. Whatever be the memory, you generally look forward to planning your future. Your studies & graduation may leave you with an education loan that your parents would have co-signed. Your dream comes with a mortgage package that you need to repay. And your children will depend on you for numerous living expenses- for a certain period.

Many responsibilities come with these milestones. This is when life insurance extends a helping hand.

Importance of life insurance in your life-

Life insurance helps in protecting your family on financial grounds. It promises financial assistance for the family even after the insured is no more. The death benefit – that’s the lump sum paid or due to be paid on the death of the insured person can help a family cover various expenses including funeral costs, child care, education, estate and legal charges, and any bill payments due or outstanding debts.

There are three basic kinds of life insurance: Term, Permanent, otherwise called Whole Life, and Universal Life Insurance.

Click here to understand what permanent life insurance is, in simple terms

What is the purpose of permanent life insurance?

Are you looking for lifelong protection?  Then, this is the right insurance for you. Wondering why? Because permanent life insurance is applicable all through your life irrespective of your Term. All you have to do is pay your monthly and annual premium regularly, and those are the payments you spend to own that life insurance policy.

Sounds like an exciting deal, but how do you whether it is suitable for you? Here are some of the criteria you need to understand before you close a life insurance purchase-

Do you like to plan for your future? Do you want to stay assured that your coverage will be applicable as long as you live? Or do you have queries about how much you need to contribute towards insurance every year? Then permanent life insurance is the perfect pick for you.

Here are few things you can expect in permanent life insurance-

  • Your life insurance coverage is assured till you live, provided you maintain regular required payments.
  • Depending on chosen plan Your premium is promised to be the same irrespective of your age or changing health condition.

How can permanent life insurance help you multiply your money?

Many permanent insurance policies come with a feature known as cash value. It is similar to equity in your home. It grew with time, and you can also borrow against it directly or use it as collateral to apply for a loan. You also have a choice to withdraw cash value, but this may bring down the death benefit.

While the price of permanent life insurance is comparatively more than Term Life Insurance, Permanent Life Insurance gives you the best returns in the long run. Term life insurance is usually not costly if you are young and healthy, but it only offers temporary coverage. Its cost may go up drastically as you renew it in future, and also, you don’t have any cash value to borrow over it or cash in.

Understand more about how life insurance works here – Read more.

Learn how life insurance benefits through your employer-

Have you checked whether your employer gives life insurance as part of your benefits plan? That’s a great start, but here are certain aspects you need to check about workplace life insurance-

  • You can’t carry it with you when you change from one workplace to another. You will have to enroll for it again at your new employer’s office, and you will lose coverage between jobs. You may choose to change your group coverage into individual insurance protection.
  • This policy comes to an end as you retire.
  • It gets expensive as you grow older.

Yes, purchasing life insurance in a group plan is generally cheaper than buying it individually. But check if your group coverage is sufficient to cover your family’s expenses along with significant expenditures such as mortgage or education fees for your kids. For such specific reasons, you may choose to buy individual life insurance that you may enjoy regardless of your employer’s office and top it up using group coverage available at your workplace.

Discuss with our insurance advisor about various life insurance options-

After you have finalized a permanent life insurance policy, you may understand various permanent insurance policies in the market. Few demand payments for a limited period but protect you lifelong- Such as 20 Pay Plans, Etc. To check which life insurance policy suits your budget, it will be right if you understand the various types of coverage available and their specialties & benefits. Your needs could be simple, and you may require only single life insurance to cover both your partner and kids. Or your lifestyle could be different with a joint family or business to safeguard; in such a circumstance, you may need more than one life insurance to meet your requirements.

When purchasing particular life insurance, it is better to check all the choices with an insurance advisor. Because an expert in the field Advisors from Canadian LIC will help you formulate life insurance according to your requirement and budget. An advisor’s expertise and experience in the insurance field can support you in passing a sizeable asset to your heirs.

  • Before making a policy purchase, make sure you know why you are purchasing the policy.
  • Secondly, take time to discuss with your advisor at Canadian L.I.C. Inc., who will assist you in choosing the best life insurance policy keeping in mind your priorities.

Want to buy Life Insurance immediately? We offer the best life insurance quotes in Canada. Talk to your advisor today at Canadian L.I.C. Inc. at 416 543 9000  & get your personalized life insurance quote.

Get The Best Insurance Quote From Canadian L.I.C

Call 1 844-542-4678 to speak to our advisors.

Get Quote Now

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

Travel Insurance for Visitors to Canada

Posted on by canadianlic

Travel Insurance for Visitors to Canada

By Candian LIC, September 16, 2021, 4 Minutes

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We understand that an international trip to Canada during a pandemic could be challenging as you have to comply with the travel requirements of your home country but also fulfill the needs of the Government of Canada for travellers and tourists. Keep an eye on Canada’s travel restrictions regularly to comply with mandatory measures like testing and quarantine, which are ever-changing with the prevailing situation.

Canadian Visitor Visa & Permits –

Are you planning to visit Canada using a visitor visa called the temporary resident visa or a parent or grandparent looking for a Super Visa? You must keep your paperwork in order. Don’t keep probing on this till the last moment. The pandemic has brought many changes in travel policies, so it is advised to check the requirements for visitor insurance for work, study, or visit Canada based on your situation. Read more about the visitor insurance here.

10 Reasons why you should choose Canadian L.I.C. Inc’s Visitors to Canada Insurance:

Even beyond the pandemic, visitors like you must understand that the medical insurance of your home country may not cover the emergency medical expenses. Moreover, the Government of Canada recommends that you take suitable travel insurance coverage throughout your stay in Canada. Canadian medical care could be expensive if you aren’t a resident of the country.

Canadian L.I.C. Inc’s visitor insurance for medical emergencies is a comprehensive choice that covers hospital care, emergency medical treatment for any illness or injury, doctor visit, ambulance, scan,/x-ray, diagnostic lab services and prescription medicines, and more. It also includes 24/7 emergency medical assistance.

Read further to know few best benefits to protect yourself during your stay in Canada with Canadian L.I.C. Inc.’s visitor’s insurance:

  • COVID-19 coverage

You will be covered for any medical emergencies due to COVID-19 under this insurance. If you have any signs of COVID-19 and test positive or diagnose COVID 19 during your stay in Canada, you can claim the medical expenses for the same under this insurance. Don’t forget to follow the below two points before purchasing this insurance:

  • Mandatory COVID-19 tests ( includes COVID-19 test to meet statutory requirements ) are not covered, irrespective of the test results.
  • You can not avail medical coverage for COVID-19 if you travel outside Canada when the Canadian Government has issued a travel advisory to “avoid all travel.”
  • Simple eligibility Criteria

Purchasing this insurance is relatively easy with the processing of documents for visitors of age 59 or below. Visitors of age 60 and above must fill out an easy medical questionnaire.

  • Perfect pre-existing medical issues coverage

Do you have a stable pre-existing medical problem, we cover your expenses as long as you satisfy the policy’s stability norms.

  • No waiting period

If you purchase your travel insurance before reaching Canada, you don’t have to go through the waiting period while you are sick. However, if you haven’t bought the insurance before reaching Canada, you may still buy it once you arrive here:

  • If you have purchased the policy within 60 days of arrival in Canada, you may wait for 48 hours for medical expenses towards any disease or illness.
  • If you have purchased the policy after 60 days of arrival in Canada, your waiting period will extend up to 7days for expenses on any disease or illness treatment.
  • Coverage outside of Canada

You can avail coverage for worldwide travel as long as you have spent most of your travel period in Canada. The side-trips outside Canada will be covered if you have arrived in Canada first.

Some Conditions applies, during your coverage, but medical expenses incurred during your stay in the home country will not be covered.

  • Medical Follow-up visits

If you need to visit your physician after emergency medical care, you are eligible for five follow-up visits, which must be within 14days of your original emergency medical care. Also Depending on the Company & Insurance Plan you chose.

  • 24-hour accident care coverage

You are entitled to $25,000 coverage in case of loss of life or dismemberment due to an accident.

  • Professional medical care

You can enjoy any one of the following per licensed practitioner-

  • Podiatrists
  • Chiropodists
  • Acupuncturists
  • Physiotherapists
  • Chiropractors
  • Optometrists
  • Osteopaths
  • Maternity benefit

Upto $6,000 is covered for prenatal care and delivery expenses. This insurance covers any complications arising out of delivery too.

  • Last-minute Trip Cancellations

Have you cancelled your trip in the last minute due to unavoidable reasons? Don’t worry! Submit the proof of cancellation and get your full premium refund. This depends upon if you paid for Trip Cancelation Insurance.

Connect with Canadian L.I.C. Inc.

Don’t miss getting yourself insured before you plan your trip to Canada. At Canadian L.I.C. our expert insurance advisors can assist you with the right visitor insurance policy to avoid your strain in choosing the best insurance policy for your tour to Canada. Our insurance policies are easy to purchase at affordable prices.

For more details, call us at +1 416 543 9000 today.

Get The Best Insurance Quote From Canadian L.I.C

Call 1 844-542-4678 to speak to our advisors.

Get Quote Now

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

Are you planning to visit Canada? Here’s what you need to know about visitor’s insurance

Posted on by canadianlic

Are you planning to visit Canada? Here’s what you need to know about visitor’s insurance

By Candian LIC, August 18, 2021, 8 Minutes

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The health coverage of the country is only Canadian citizens and their lawful residents. Whether you are planning to visit the country for work, study, or migration, it is essential to have private insurance coverage to protect yourself in any unforeseen circumstance such as an accident or illness.

Regardless of caste, creed, religion, and race, Canada welcomes individuals from all countries and walks of life. The country is home to the iconic Niagara Falls, the infamous Jasper National Park, and many other stunning destinations you can visit with your friends or family and create lasting memories. But before you pack your bags and get all excited, you must apply for visitor’s insurance to ensure your visit to Canada is not only safe but, most importantly, a secure one as well. Visitor’s insurance comes with various benefits such as dental expenses and emergency health expenses, to name a few.

Kickstart the application process by getting in touch with our professional and friendly team members at Canadian LIC. For further information or to schedule an initial consultation, do not hesitate to call us today. Our polite team will be happy to help you with your visitor insurance queries.

The importance of purchasing visitor`s insurance

Whether traveling with your family or friends for a holiday or traveling for studies or work, it is always an exciting experience. The idea of traveling to a different country is one that many look forward to, and you definitely don’t want your holiday or visit to be ruined because of some travel or health-related issues. This is where you can rely on Canadian LIC to help you with your visitor’s insurance.

Choosing this coverage ensures that you have access to a range of benefits such as:

  • Dental emergencies
  • Ambulance services
  • Hospitalization services
  • Prescription medication available
  • Assistance from a registered physician

For your peace of mind, all pre-existing conditions in visitor insurance coverage are covered. Give our team a call to find out more details.

Who is eligible to apply for visitor’s insurance?

Any individual that plans to visit Canada is eligible to apply for visitor’s insurance, including:

  • Tourists are visiting from a different country.
  • International students and foreign workers.
  • People are applying for a Super Visa.
  • Canadian citizens are heading back to the country, including newcomers waiting for admissibility to provincial health coverage.

Related Posts

Schedule your appointment with Canadian LIC today!

Make sure that you are insured before you decide to visit Canada. At Canadian LIC, our experienced team can help you with your visitor insurance policy, ensuring that you do not stress in finding the best insurance policy. We provide you with the best insurance policy at unbeatable prices. For more information or to schedule an appointment, call us at 416 543 9000 or +1 416 543 9000 today.

Get The Best Insurance Quote From Canadian L.I.C

Call 1 844-542-4678 to speak to our advisors.

Get Quote Now

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

What Should You Know About Loan Protection Plan?

Posted on by canadianlic

What Should You Know About Loan Protection Plan?

By Candian LIC, July 28, 2021, 8 Minutes

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If you’re an earning professional, you already know how loans work. You take them when you have some financial needs. Loan Protection Insurance can be anything from you starting a new business, paying off your child’s educational expenses, or building a home. Loans can help you in fulfilling these dreams. However, when you’re repaying the amount you took, there might be times, where you may be late due to Disability or Sickness.

This may result in paying an extra penalty amount. A Loan Protection Plan can help you with that. If you apply for this policy, the insurance company will offer coverage for your loan when you can’t; it’s as simple as that.

Clear your dues without any stress

Ironically, most Canadians find themselves in severe debt by the time they turn 30. In trying to clear off the dues as quickly as possible, they find themselves in a financial crisis. You can avoid this by applying for Loan Protection Insurance. The overall application process is relatively simple, and you can choose coverage from anywhere between 12-24 months (this is the minimum) to the age of 65 (when you retire).

The policy can pay off your minimum dues and loans when you find yourself in financial problems. If you’re diagnosed with an illness and need time to recover, or if you have been in an accident and cannot work for a while, your Loan Protection Plan will take care of your monthly repayments, and you can focus more on recovery. The policy will also offer coverage if you have lost your job for any reason. You can start looking for another job while not worrying about how to make ends meet. With Loan Protection Insurance, you can maintain your standard of living.

Several advantages of taking a Loan Protection Plan:

  • This policy can protect you and your family from any financial disaster; it’s specifically helpful if you have lost your job or are unable to work due to an injury or disability that may prevent you from making your monthly loan repayments.
  • It will also offer financial protection to the borrower’s family and reduce the burden of financial obligation to clear off all the dues
  • A loan protection insurance plan may also come with tax benefits
  • Based on your loan amount, you can choose a flexible coverage period
  • If you take up the policy, it will also instill confidence in your lender; they will have a guarantee that they will get back their money, and this can make help you in getting access to the funds quickly

Starting from vehicle loans to a line of credit loans, the policy offers coverage for a wide range of debts. With a Loan Protection Plan, you will have complete peace of mind knowing that your loans will be paid in full and in time without any hassle.

Get The Best Insurance Quote From Canadian L.I.C

Call 1 844-542-4678 to speak to our advisors.

Get Quote Now

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

Your Comprehensive Guide For Money Back Life Insurance

Posted on by canadianlic

Your Comprehensive Guide For Money Back Life Insurance

By Candian LIC,  July 30, 2021, 2 Minutes

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When you listen to the term money-back, the chances are that you are immediately interested in the matter. There’s no reason why you shouldn’t be, after all, you’re getting back the funds that you have invested in a matter, which means that your investment was fruitful. However, with most insurances, this might not be the case. As you pay your premiums, you do not get them back if you have outlasted the term of the insurance without making a claim. However, you would be glad to know that you can get this amount back if you have chosen Whole-Life Insurance or Universal Life Insurance. Wondering how? Well, read on to find out.

Simplifying Money-Back Life Insurance for you

When you’re applying for Universal or Whole Life Insurance, you know that the insurance term is so long that it can compare it to your whole life in terms of years. These terms can be anywhere between 90-110 years. You would also know that these policies have a cash-value component that increases over time as you pay your monthly premiums as a part of the premium is contributed to the cash component. However, the remaining percentage of the premium is treated as it is, making you think that you would never get it back.

You would be pleased to know that you would be getting the premium amount back with these policies if you plan smart when applying for the insurance. While the insurance company is drawing out the contract, customize it and add a money-back clause. Putting this money-back clause would enable you to get back the premium amount at the end of the maturity period. In the unfortunate event of you passing away, your beneficiaries will get the premium amount. The percentage varies depending on the paperwork, and you can discuss this matter with your financial advisor.

Several advantages of Money-Back Life Insurance

If you do add a Money-Back or an ROI clause to your insurance contract, there are several advantages that you will benefit from. Have a look at the list below to know what they are:

  • This policy can be treated as an extra source of income that you can have during your retirement years
  • The policy does not have that much risk, and the insurance component provides coverage for you as well; it’s a win-win situation
  • At the end of the tenure, when the policy matures, you will have guaranteed returns
  • If you (the policyholder) pass away, your beneficiary will get the entire amount
  • The premium will continue to grow, and you will be happy to know that it would be completely tax-free when you receive the amount

Coming back to the money-back clause, you may have to pay a high premium due to this. However, when you weigh in the benefits, you can see for yourself that in the long run, the policy can be a moneymaker; the choice would be up to to you, whether to opt for this or not.

Get The Best Insurance Quote From Canadian L.I.C

Call 1 844-542-4678 to speak to our advisors.

Get Quote Now

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]