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Guide to Term Life Insurance

Posted on by canadianlic

Guide to Term Life Insurance

By Candian LIC, July 24, 2021, 5 Minutes

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Term Life Insurance is an affordable insurance policy that protects a fixed amount and period. The period could be for 10, 20, 30 years or more. This coverage makes sure your future is well-taken care of, no matter the circumstances. At Canadian L.I.C., we offer a wide range of Term Life Insurance policies for you to choose from. Give our team a call today to find out more information. We offer our services to individuals across Brampton and the surrounding areas.

Quick and simple process

The Term Life Insurance is the least expensive and most straightforward policy you can find out there. To become a policy owner, you do not need to provide any proof of medical health; you need to answer a few questions depending on the coverage you choose. The term of the policy starts from 5 years up to 40 years. The policy will expire after the insured has turned 85 years old. In the event you outlive your insurance, you have the option to renew your policy. Your premiums will vary depending on your age and lifestyle but are guaranteed to stay the same for the term you have selected. If you sadly pass away within the term period, the amount would be paid to the beneficiaries you mentioned in the insurance policy. For further details, contact Canadian L.I.C. today.

Why Is Term Life Insurance critical?

Term Life Insurance provides a security blanket for those families that depend solely on one person for financial support. In the event of your demise, they receive a lump-sum, tax-free amount to help them cover your funeral expenses, as well as utilize the money as they see fit. It could be paying for your children’s education to maintaining their living standards, and much more. Give us a call today on 416 543 9000. We are available 24/7.

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Affordable insurance coverage

This type of insurance coverage is suitable for people who need insurance protection for a limited period or a tight budget. It is an excellent option for business owners as this kind of insurance can cover employees for a certain period – for several years or until they retire. Term Life Insurance is an affordable insurance policy option if you are a young adult or a newly married couple.

Need help with the policies? Give us a call today!

Choosing the right Term Life Insurance policy to suit your needs can be stressful and complicated. At Canadian L.I.C., our team of expert insurance advisors will assist you every step of the way, ensuring you make the right decision. You can rest assured; we will educate you on all the options available and only proceed once you are satisfied with the policy. Do not hesitate to speak to our team to schedule an appointment, or call us on 416 543 9000 for further inquiries. We serve customers throughout the Brampton area.

Term Insurance: What You Should Know

When it comes to Life Insurances, it doesn’t always have to be a life-long commitment. There are several policies that you can choose from and term insurance is an ideal option. It offers affordable coverage for your significant expenses, so your dear ones are financially protected when it matters.

As a Life Insurance product, it guarantees a death benefit payout to the stated beneficiary in the contract within a specific period, generally 5-40 years. When you purchase this policy, your coverage amount and premiums get lock-in for the entire Term of the policy’s tenure. Additional benefits include the payout being completely tax-free. If you want to know more about Term Insurance, read on.

How does Term Insurance work?

The first step is always to do your market research and find a company that can help you make the right decision and meet your insurance requirements. You can get in touch with Canadian L.I.C., and we will be more than happy to help.

  • Now once you have made your contact, discuss your needs with the Advisor and then choose the coverage amount and Term length you want
  • Tailor the terms and conditions of the contract as per your requirement with additional benefits, make sure you get the best deal available
  • After the paperwork is complete, the Life Insurance coverage kicks in, you will have to pay monthly premiums, and when the Term is about to end, you can either renew or convert it to a long-term plan
  • If you pass away when the policy is active, the person/family member you named as beneficiary will receive a tax-free payout

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Some factors that may affect the Insurance cost

Compared to whole life insurance, Term Life Insurance is more affordable. However, certain factors can affect the expenses of the policy, and these would include:

  • Age: You pay less for your insurance if you’re young
  • Health: If you’re in good health and your family doesn’t have a history of chronic diseases, then the policy may cost less
  • Lifestyle: The way you live your life also plays a role in dictating your insurance costs. If you smoke, consume alcohol, you may have to pay more
  • Occupation: If you have a dangerous job, then the prices would go high.

Why would you need Term Insurance?

Term Life Insurance can act as a financial safety net for your family. In the situation of your untimely death, the pay-off can cover your mortgage balance, pay the education costs of your children, and much more. You can find out more about the advantages of Term Insurance by getting in touch with the team at Canadian L.I.C., and they are experts in the field.

They can also help you with several other insurance policies such as Critical Insurance and Disability Insurance; give them a Call.

Reasons You Must Invest In A Term Life Insurance Policy

Buying insurance? Here are the five reasons for you to choose term life insurance plans!

Adulthood is almost synonymous with having to make a bunch of purchases such as a life insurance policy. With the wide variety of choices available, it can get hard to decide which plan would work for you.

A term life insurance may not cross the minds of those willing to make longer commitments for their family, but it allows you to stay in charge of your finances and make changes at a later date.

5 Reasons A Term Life Insurance Policy Is A Good Investment

  • Easy to understand
  • Easy to obtain
  • Cheaper plans
  • Large coverage
  • Affordable premiums

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Final Thoughts

A term life insurance is a policy that is not too complex in terms of how it functions. It protects your family’s financial needs in case something happens to you. In your absence, their lifestyle is not compromised as they will receive the lump-sum amount as death benefits. It does not bring in an investment angle or a money-back benefit making it really simple to understand.

Not the working of policy is simple, it is equally simple to obtain and keep. The right insurance broker can help you determine the right plan quickly.

Term Life Insurance plans in Canada allow you to search for plans which are more affordable. This is because they last only for a pre-determined term and can be closed easily. These plans come with better rates and are often considered an affordable choice compared to other insurance plans.

The coverage, the however plan sounds simple, is sizeable. Like any other insurance policy plan in Canada, the final sum depends on your financial capability and your broker’s way to deal with things.

As a plan which is considered to be affordable, it also provides benefits in terms of premiums. The premiums are usually very affordable and can be covered even by someone who has just got their first job out of college. And it is always advisable to start a term life insurance plan as soon as you can, in early adulthood.

A term life insurance policy is a good investment for most of us as it is easy on the pocket and can provide our loved ones with sizeable coverage as well.

Get in touch with a term life insurance provider in Canada. Contact Canadian LIC today.

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]

Loan Protection Plan: Protect Yourself From Late Payments

Posted on by canadianlic

Loan Protection Plan: Protect Yourself From Late Payments

By Candian LIC,  June 21, 2021, 2 Minutes

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On a first note, you may be thinking about why would you need a loan protection plan? You earn enough to afford a loan so you can pay it back too. But on that note, ask yourself, why are you reading this article then?; cause you also know that on a loan term, a loan protection plan can be the financial safety net that can protect you from any late payments in the future. It can ensure that your loan is paid for in time without any hassle. You have come to the right place for all the things that you need to know about loan protection plans. Read on to find out more.

The obvious question: how does it work?

Well, it’s in the name itself: loan protection plan. When you apply for a loan protection plan, you would be taking up a policy that can help you pay off your monthly debts to a certain amount. Loan Protection Plan can come in handy if you can’t pay for a month due to an emergency, situations like illness and injury when your finances will be diverted to more essential needs, your health.

A loan protection policy can offer coverage from 12-24 months, and if in the really long term, it can be up to 65 years. We all know that emergencies do not come with warning signs, and for financially challenging times which may restrict you from paying off your loans in time, this policy can be your savior. It can help you pay off your mortgage, credit card bills, personal loans, car loans, and much more. You can find out more details about loan protection plans by getting in touch with the team at Canadian LIC. They are a group of professionals who have been in the insurance trade for quite a while now and have made a good name for themselves; contact today!

Reap the benefits come with a loan protection plan:

  • If you’ve lost your job due to health issues such as disability or any critical illness, then a loan protection plan can make your monthly loan payments
  • It can offer your family financial protection and reduce the financial burden on them
  • In some instances, a loan protection plan may also provide tax benefits
  • The policy includes coverage for all types of loans, including student, business, and vehicle loan, so you’re cover from all aspects, and you don’t have to worry about any financial burden

Do I need a loan protection plan?

It depends on your financial needs. Applying for a loan protection plan is not an absolute requirement, but if you so take it up, it nearly ensures that your loan will be repaid on time. Not to mention it instills confidence in the broker as well, that they will get their money, and your credit score also doesn’t take a hit. You can find out more about this policy and others, such as critical illness and term insurance policies, by calling Canadian LIC; we will be more than happy to help.

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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]

RESP: A Futureproof Plan For Your Child’s Education

Posted on by canadianlic

RESP: A Futureproof Plan For Your Child’s Education

By Candian LIC, June 23, 2021, 4 Minutes

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Parents in Canada want their children to be highly educated. They want them to have the best education there is, which is why the country’s literacy rate is around 99%. However, in recent years, education cost has steadily been on the rise, and for parents, that’s becoming an extra burden. Not to worry, Parents can start saving as soon as the child is born, and Govt also helps by contributing as Grants. This policy is known as RESP or Registered Education Savings Plan, and it’s a government initiative for parents to invest in their child’s future post-secondary education. Wondering what the advantage of this policy is? In RESP, the contributions made are After-tax Money, and there’s a 20% return(as Grants) on investments thanks to CESG, which Grows tax-sheltered. Sounds great. Well, read on to find out more.

More about RESP

A child’s parents or guardians generally open an RESP account; it can be grandparents as well. All you need is the SIN number of the Parents and the beneficiary’s social security number. You can open an RESP account in almost all the Financial Institutions of Canada, such as Banks, Insurance Companies, Mutual Fund Companies; once you open, you can contribute to a lifetime maximum of $50,000, which applies to all the accounts you open. If you contribute over the limit in a month, you would be getting tax at 1%, so it’s advisable to stay under the limit. Another advantage of an RESP account is that you can invest in stocks, bonds, exchange-traded funds, mutual funds, and much more with this scheme. There are different types of RESP accounts that you can invest in. Have a look at the list below:

The different types of RESP

When it comes to classifying RESP accounts, there are three types of RESP accounts that you can look into.

  • Individual Plans: This plan is ideal if you’re only trying to manage your own child’s education and no one else’s
  • Family Plans: This plan allows multiple beneficiaries, and the only obligation is that they all should be related by blood.
  • Group Plans: Group RESPs are another option available to parents and guardians that may be appealing as the money is pooled with other people and managed by a plan dealer.

You can opt for any one of these plans for your child’s education.

How does it work, and what can it be used for?

RESP account can be used to fund your child’s higher studies, such as:

  • Apprenticeship programs
  • Colleges
  • Universities
  • Trade schools

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You can contribute a maximum of $2,500 an accounting year, and an Extra 20% of the amount would also be deposited to the account through the CESG. If you save up more than that, you might not get the Grant on that portion. You can find out more about RESP by getting in touch with the team at Canadian LIC; they can share all the details you’re looking for.

RESP for Kids Education

Every parent dreams of their child’s future. Many times this future involves time in post-secondary education. Why not set your child up for a future full of success by beginning an RESP. Prices of post-secondary education can make parents hold their breath, as well as some students. Give your children an extra boost of confidence by taking away some financial worry.

What is an RESP and What does it do?

An RESP is known as a Registered Education Saving Plan. It is a government-assisted, flexible, tax-deferring investment. Anyone can contribute to an RESP once it’s opened. Parents, Guardians, Grandparents, Friends and Family can contribute from the time the it is opened, until the child is 18-years-old. The RESP can be opened from the time of your child’s birth, until he or she reaches 14 years of age. You can contribute up to $50,000, and you can do it all at once or spread it out over a period of time.

Once the child is ready to move on with post-secondary education, all the child needs to do to start accessing the RESP funds are two simple things. He or she needs a Social Insurance Number, or SIN, as well as proof of acceptance from a University, College or other Post-Secondary Institution. After having those, funds can be released. If the RESP received any grants from the government, that money will already have been deposited in the RESP.

Educational Assistance Payments, or EAPs, will start when the child is enrolled in post-secondary education. The payments are still part of the RESP, coming mostly from the grant money and investment earnings. Either parents or child can withdraw money, but the tax on the EAP is payable solely by the student.

Why Contribute To an RESP?

RESPs come with tax benefits, and all contributors get tax benefits too. The amount withdrawn from RESP will not be taxed until it exceeds the amount you put into the fund. All dividends, capital gains, and interest payments, earned in an RESP are not taxable.

What happens if the child doesn’t go to Post Secondary Education?

Don’t worry or stress if your child decides to wait, or simply take time choosing what to do. There is no rush, as your child doesn’t have to go to post-secondary education right away. The money will get returned to the financial institution, and will sent back to the contributors. Grants would not be redeemed and returned to the government.

An RESP helps your child’s education by giving the child a financial boost when facing the challenges of affording future education. An RESP creates a bright future, setting the student up to get the desired education.

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

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

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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 is an RESP and why you should open an RESP account?

Posted on by canadianlic

What is an RESP and why you should open an RESP account?

By Candian LIC, December 26, 2019, 8 Minutes

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Registered Education Savings Plan

An RESP is an easy way to help set your child up for future education and success by preparing financially for post-secondary education.

What is an RESP?

An RESP, or Registered Education Savings Plan, is a tax-deferred, government-assisted, flexible, investment plan to help save up money for post-secondary education for your child This plan can be opened at any time throughout a child’s life until he or she reaches the age of 14-years-old. It can continue to grow until the child turns 18 years of age. You can contribute to the fund all at once or over a period of time, contributing up to $50,000. Once the plan is opened, anyone such as uncles, aunts, godparents, and grandparents, can contribute. You can get a tax benefit for contributing.

Why Contribute?

When you contribute to an RESP, you will see there are tax benefits for all contributors. All interest payments, capital gains earned in the RESP, as well as dividends, are not taxable. When the value withdrawn from insurance exceeds the amount contributed, that is when it will be taxed.

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Accessing the RESP

When the child is ready to use the RESP, which would be when the child wants to pursue post-secondary education, he or she will need proof of acceptance from a post-secondary institution. During the years of contributing, if the plan received government grants, those will already have been put into the plan.

Once the student takes out money from the RESP, the interest will be taxed. The money can be returned to the financial institution if the student decides not to go for post-secondary education. As well, contributors can get their money back and grants would not be redeemed and returned to the government. But If the child postpones it, RESP money can be saved until the child turns 35.

Don’t worry if your child wants to wait a while after high school before taking advantage of the RESP. An RESP plan can be kept open until the child turns 35, although you should check with your own RESP to confirm the length of time you have agreed on.

EAPs, What are They?

An EAP, or Educational Assistance Payments, comes from the RESP. They are a combination of grant money and investment earnings. Once the child is enrolled in post-secondary education, the child can start receiving these payments. The student is the one who will pay the taxes on the EAPs, but either the child or parent can withdraw money.

An RESP gives family and friends time to grow the plan to give the child a financially stable education.

5 RESP tips every parent should know to get the most!

  • Subscribe to the Canadian Learning Bond for some extra income!
  • Keep your plan flexible and easy to modify
  • Toe the line with the maximum contribution limit and get tax benefits
  • Take out the money before their education ends
  • Carry forward the money if it is not used

Canadian Learning Bond

 Who would say no to some extra income for your savings? With the Canadian Learning Bond, you can get the government to sponsor a good $2000 (CAD) if you come from a low-income family. This plan does not require you to make any contributions and can be used only after high-school.

Flexibility is key

 The future is unpredictable and so are kids! With the wide array of non-collegiate opportunities available, it is not unheard of for kids to go the other way. So, if one of your children doesn’t want to pursue higher education, you can simply transfer the amount to your other child by keeping your plans flexible!

Get your tax benefits!

 A small amount of planning can go a long way in making your educational payments pretty much tax-free! Withdrawals from contributed amounts are non-taxable and hence structuring them while leaving the grants and interest amount in your RESP can help you remain tax-free.

Another way to keep your tax payments at bay is by reaching the full limit of $50,000 (CAD). It helps you compound your investment effectively and the more you save, the more freedom your child will have when it comes to their education.

It’s literally all or nothing!

 RESPs are designed to sponsor your children’s education. Once that is completed, the grant money remaining in the account is withdrawn by the government. It is crucial to withdraw this at least by the end of the educational year to allow you to make use of all the money. You can even choose to transfer it to your second child.

Convert it to an RRSP

 An RESP can be kept open for 36 years. If the person under whose name it was created is under the age of 71, they can convert the same to an RRSP and benefit during retirement. This is to help make sure the money is utilized fully and everyone is comfortable.

Get in touch with experts at Canadian LIC to know more about RESPs and how you can benefit!

Our team understands that having a child and saving for their future is a huge responsibility. Investing in your child’s education early is a wise move. You can rely on us to help you invest in an RESP plan. This plan is flexible and tax deferred. It provides you assistance to ease and manage your child’s higher education

When you open an RESP account you will get grants from the federal and provincial governments, this will help you pay for over 40% of your child’s fees when he or she is 18 years old. Please note that when your child withdraws the money for educational purposes this amount will be taxed on any interest that has accumulated on the investment.

Benefits of opening an RESP account:

  • The amount saved in the RESP account is not taxable
  • A RESP account can stay open for up to 36 years
  • Your child is free to take money and enroll in any college or education program of their choice.

There is a wide range of investment options available for RESP’s, this includes stocks, bonds, mutual funds, GICs

As a parent or guardian, you can open a RESP account for your child when they are young. You can open the RESP at any time until your child is 18 years old. This account can be opened by anyone, including grandparents and guardians. For more information about RESP account and how it can beneficial for your child, call us now.

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Helping you provide better education to your children

What are the government grants available for an RESP?
The Canada Education Savings Grant (CESG) is a grant from the Government of Canada that is paid directly into the child’s Registered Education Savings Plan (RESP). In this grant the government adds 20% to the first $2,500 that is made into a RESP on behalf of an eligible beneficiary each year. For more information, speak to a member of our team now. We are here to help you with all your requirements.

CLB Canada Learning Bond
This grant is offered to assist low-income families. Here $500 deposited at plan opening by the government whether or not the parent makes contributions. Also an additional $100 deposited every year until the beneficiary’s 15th birthday.

QESI Quebec Education Savings Incentive
Every child in Quebec is entitled to the basic 10% QESI. Here the grant money is deposited directly into your child’s RESP account. It has an annual limit of $250 per child. QESI is offered to modest and middle income families. The Grant money is deposited directly into your child’s RESP account.

Eligibility for the Canada Education Savings Grant

  • In order to be eligible for the grant, parents or grandparents must contribute to a child’s RESP prior to the end of the calendar year in which the child turns 15 years
  • The child must be a Canadian resident
  • It is important the child must have a valid Social Insurance Number
  • There must be a RESP account in the child’s name
  • It is important that you request the government for the matching contributions

The Government of Canada helps and contributes towards your effort to save. It deposits substantial grants directly into your RESP.

Invest in RESP to provide quality education to your child

Get a social insurance number for your child
A social insurance number is essential to open an RESP account. This number can be used by your child later in life when he/ she applies for a job, credit card and more.

Select the right RESP

It is essential that you choose the right type of RESP. You can open an RESP at a bank, a credit union, a mutual fund company or by an investment dealer. You can discuss your requirements with your agents and they will suggest a suitable plan for you.

Learn about the different types of RESPs
A social insurance number is essential to open an RESP account. This number can be used by your child later in life when he/ she applies for a job, credit card and more.

Select the right RESP

  • Weigh the pros and cons of each type of RESP
  • Learn about the different types of RESPs

It is essential that you choose the right type of RESP. You can open an RESP at a bank, a credit union, a mutual fund company or by an investment dealer. You can discuss your requirements with your agents and they will suggest a suitable plan for you.

There are three types of RESPs individual, family and group. An individual plan can help you pay for the only child’s education. You can opt for a family or group plan if you have another child.

Before investing in an RESP, it is important that you weigh all the pros and cons. Please note that individual and family plans work for parents and guardians who want control over their investment. These plans provide you the flexibility to choose from a variety of investment options such as savings accounts, GICs, mutual funds, stocks, and more.

Please note that RESP account can be opened by parents, grandparents, other family members and friends. It can be opened by one person, or opened jointly by spouses or grandparents. You can name yourself or another adult as the beneficiary.

If you need more information about how to open a RESP account or would like to speak to a member of our team to book an appointment.

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]