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What is Permanent Life Insurance?

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What is Permanent Life Insurance?

By Candian LIC, April 16, 2021, 3 Minutes

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If you are looking for a life insurance policy that will protect your family financially, even if your life to long, it may be time to think about Permanent Life Insurance.

What is Permanent Life Insurance?

Permanent Life insurance does just what its name says, it provides lifelong, permanent insurance coverage. It is a policy that protects the policyholder until death. It is a great insurance policy to cover long-term or lifelong needs such as care for a dependant or disabled child, funeral expenses, liquidity for business or tax liabilities of the estate.

How does permanent life insurance work?

If you pass away, your beneficiaries will receive a tax-free payment amount, just like other life insurance policies. As with most types of life insurance, permanent life policies have a savings component. The savings, or investment, part is in addition to the lifetime coverage. Some of the premiums are put towards investments and accumulate. They are tax-deferred, generating a cash value that the policyholder can use if required. If used as savings by the policyholder, the cash value can be used as retirement funds, being withdrawn partially or fully. This is done by using the cash value as collateral and taking out a loan.

Two Types of Permanent Life Insurance

Participating: Participating Life Insurance has guaranteed insurance payouts and cash values. Although you also get dividends each year, your premiums will stay the same.

Universal: Universal Life Insurance guarantees cash values on selected policies, and you can choose your own investment options. It is usually less expensive than a Participating policy and has more premium payment flexibility.

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Advantages of Permanent Life Insurance

  • There is no set term for this type of insurance. You pay and get covered until you pass away or surrender the policy. Permanent Life Insurance has lifelong coverage, as long as the premiums are paid. Some permanent policies state an age, such as 100 0r 121. If you live up to those ages, you don’t have to worry about premiums. The death benefit will still be given when you pass away. Some insurance policies will pay out the benefit if the policyholder lives to a certain age.
  • Permanent insurance policies allow you growth on savings, as tax-deferred cash. If you end up having to surrender the policy, you will get that amount (or most) back.
  • Another advantage is cash value can be borrowed from this policy, like a loan. This advantage is in addition to the death benefit. Any loan, however, will reduce the death benefit and cash value by the amount you borrow.

If you have any questions, don’t hesitate to contact us to discuss Permanent Life Insurance further. Let us help you have peace of mind for your family.

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 Critical Illness Insurance?

Posted on by canadianlic

What is Critical Illness Insurance?

By Candian LIC, April 16, 2021, 4 Minutes

Common questions

  • Life Insurance can protect your family from any financial crisis
  • You leave a completely tax-free inheritance to your dear ones or beneficiaries
  • Life Insurance can pay for your funeral expenses
  • You can clear your debts and loans with Life Insurance

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When you are looking for insurance think of Critical Illness Insurance. It is really a living benefit that helps you and your loved ones during some difficult times of Critical Illness like Heart attack, stroke, and cancer, etc.

What is Critical Illness Insurance?

Critical Illness Insurance is an insurance policy designed to provide financial security in the case of a sudden or serious medical issue, emergency, or illness. It is set up to help the family and the policyholder, It provides lump sum benefit incase you diagnose with some Critical Illness.

Several factors are taken into consideration when developing a Critical Illness policy since everyone has a special situation. Your insurance broker will look at your family’s medical history, personal health, sex, and age. The broker will also look at the extent of coverage you want.

What is Covered?

Some illnesses or medical conditions covered under a Critical Illness Insurance policy are cancer, heart attacks, heart surgeries, stroke, and organ transplants. Some companies provide up to 32 Critical Illness coverage.

It is important to read over your Critical Illness Insurance policy to see what you have covered. The more illnesses you add to your policy, the more premiums you will need to pay. Not all cancers or chronic illnesses are covered, and if you have a reoccurring illness, it may not be covered either. In some policies, there is a requirement for a “minimum survival period.” The insured person needs to survive for a certain number of days after being diagnosed before funds are available.

With Critical Illness Insurance, medical treatments not covered by OHIP, and services not often available, are now accessible to you. Although many employers offer decent policies, they only cover so much.

How Critical Illness Insurance Can Be Used

Critical Illness Insurance allows you to use the funds however you wish or need, it’s a very flexible policy. The funds are released in a lump sum to help you manage any serious financial obligations right away. This takes away any worry if you become unable to work or seriously ill.

The Critical Illness policy assists with costs of daily living so those who are ill can just work on getting better. Making vehicles accessible, transportation to and from treatments or appointments, installing rails or chair lifts in the home, are all covered.

When dealing with a serious, or even terminal, illness, you can also use the funds to spend more time at home, with family, or take much-needed vacations. Child care can also pay under the critical illness insurance policy.

Critical Illness Insurance is a unique policy that can be adjusted to suit your and your family’s specific needs. Don’t hesitate to contact us if you have any questions regarding Critical Illness Insurance.

Critical Illness Insurance – Why It’s Needed?

When thinking about insurance, many people don’t know the difference between the different types. They think regular Life Insurance is enough, but don’t know enough about the benefits of Critical Illness Insuranace. Let’s take a look at a special type of insurance you can have along with your regular life insurance. It’s called Critical Illness Insurance.

What is Critical Illness Insurance?

Critical Illness Insurance is unique insurance easily adjusted to suit individual requirements and was designed to provide financial security in the case of a serious emergency, illness, or medical issues. It helps both the policyholder and family and is usually low cost.

Your family medical history, your health, age, sex, and extent of coverage, are taken into consideration when the insurance broker assists you in finding the right policy.

Critical Illness Insurance is a flexible policy because you can use the funds however you wish. The funds come in a lump sum, allowing financial situations to be handled right away. This insurance helps when you get ill and can’t work, eliminating the financial stress.

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What Does Critical Illness Insurance Cover?

Critical Illness Insurance allows medical treatments and services not usually covered by other policies to be available. It covers the everyday living costs for those who are sick or healing so he or she can concentrate on getting better. This type of insurance also covers equipping vehicles to make them accessible, installing chair lifts in homes, and transportation costs to and from treatments and appointments. If childcare is needed, Critical Illness Insurance will cover that too.

In a Critical Illness Insurance policy, heart surgeries, organ transplants, heart attacks, and cancer are covered. However, you must look at your policy to see which cancers and chronic illnesses are included. Not all illnesses and cancers are included or covered. You can add to the policy, often costing a little more, but worth the coverage.

Often, there is a “minimum survival” clause that says a policyholder must live for a certain number of days after being diagnosed before the funds can be released.

Critical Illness Insurance allows the policyholder to be able to spend more time at home with family or take a much-needed vacation, which is important to those dealing with a terminal illness. If you are interested in getting Critical Illness Insurance alone or added to your current policy, contact your insurance broker today. You shouldn’t have to worry about anything but getting better when faced with an illness or medical issue.

Critical Illness Insurance Uses

Critical Illness Insurance isn’t just your ordinary insurance policy. This special type of insurance provides security financially for serious medical emergencies. As you know, everyone is different, living in unique situations, and each policy is different so it can benefit the policy holder. To get Critical Illness Insurance you need to know several factors which will be taken into consideration. Your family’s medical history, the health of policy holder, your sex and age, as well as the extent of the policy’s coverage are all part of creating a one-of-a-kind Critical Illness Insurance policy. Those factors are common for many other policies, so don’t worry. Let’s look into Critical Illness Insurance and see if it is for you.

With Critical Illness Insurance, medical treatments that aren’t covered by OHIP, and services that aren’t usually available, are accessible. Most employment policies are helpful, but they only go so far.

This insurance helps with everyday living costs so those who are ill can concentrate on healing and getting better, Transportation to and from treatments, installing chair lifts, and making vehicles more accessible is also covered. People with Critical Illness Insurance can use the funds to take much needed vacations, or spend more time at home with family. The coverage is helpful when dealing with a terminal illness. Child care is also covered with Critical Illness Insurance.

This policy is flexible, so you can use funds in whatever way you wish. You won’t have to worry if you get seriously sick and become unable to work. The funds are available in a lump sum which helps manage any serious financial responsibilities immediately.

What Is Covered?
Some examples of what Critical Illness Insurance covers:

  • Cancer
  • Heart Attack, Heart Surgeries
  • Organ Transplants

Note: Read over your policy to see what is covered in your situation. Although this type of policy is low cost, it does have limitations. For some policies, not all cancers or chronic illnesses are covered. If you have a returning illness, it may not be covered.

The more illnesses you add to your coverage, the more premiums you will pay. Some policies have a “minimum survival period,” where the policy holder need to survive for a stated number of days after being diagnosed with the illness, before the funds are made available.

It’s always a good practice to look over all your options and the details of your insurance policy. If you decide a Critical Illness Insurance policy is right for you, but can’t make up your mind if it should be a lone policy, keep in mind you can add Critical Illness Insurance to any existing policy. It can save you money. Discuss Critical Illness Insurance with your broker, who will be able to guide you to the right policy choice.

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]

All That You Need to Know About Critical Illness Insurance

Posted on by canadianlic

All That You Need to Know About Critical Illness Insurance

By Candian LIC,  January 20, 2021, 3 Minutes

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While researching different Insurance Policies and wondering which one is best for you, you may have come across one called Critical illness insurance. This particular type of insurance provides financial security for serious medical issues and emergencies. Since everyone is different, with unique situations, each policy will be different as it is arranged to benefit the policyholder. There are several factors taken into consideration. Family medical history, Health of policyholder, Sex and Age, as well as the extent of the policy’s coverage are all part of creating a unique Critical Insurance Policy. Don’t let those factors scare you, let’s see what else this type of insurance can do.

Critical Illness Insurance Uses

With Critical Illness Insurance, medical treatments that aren’t covered by the usual policies, and services that aren’t commonly available, are accessible. Most policies from employment are helpful, but they only go so far. So those who are ill can concentrate on healing and getting better, this insurance assists with everyday living costs. Even transportation to and from treatments, installing chair lifts, and making vehicles more accessible. Those with Critical Illness Insurance can use the funds to take vacations or spend more time at home with family. This is extremely helpful when dealing with a terminal illness. With Critical Illness Insurance, child care is also covered. This policy tends to be flexible, so you can use the funds in whatever way you choose or need. You won’t have to worry if you get seriously sick and become unable to work. The funds are usually available in a lump sum, which helps manage financial obligations right away.

What Is Covered?

Cancer, Heart Attack, Heart Surgeries and Organ Transplants are just examples of what can be covered under Critical Illness Insurance. As with any policy, you would have to read over your insurance to see what is covered in your case. Although usually low cost, this type of policy may have limitations. For example, not all cancers could be covered, or certain chronic illnesses. If an Illness returns, it may not be covered if you will pay more premiums the more illnesses you add to a policy. Some Critical Illness Insurance Policies have something called a “minimum survival period,” where the policy holder has to live for a certain number of days after being diagnosed, before the funds are available.

 It’s best to know all the options and details of any policy. If you feel a Critical Illness Insurance Policy is right for you, but you don’t know if you should have it as a lone policy, remember adding Critical Illness Insurance to any existing policy can save you money. Discuss it with a Canadian LIC insurance broker who will be able to guide you to the right choice.

Critical illness insurance can help people get back to the living

If you are lucky, you will not need to ever use critical illness insurance.

If you are ever diagnosed with cancer, heart attack or any such severe medical conditions, critical illness insurance may be one of the only things protecting you and your family from financial ruin.

This insurance plan provides coverage for severe or critical medical emergencies. Since these emergencies tend to incur greater than usual medical costs, this policy can pay out the overruns that traditional insurance cannot cover.

This way you can focus on your recovery knowing that your expenses are covered.

How can critical illness insurance help?

  • Lump-sum payout – With this insurance policy, you receive a lump sum payment that can be used to cover your medical costs, including medical care, travel expenses or wages of a family member leaving work to help. This insurance plan pays you cash benefits when you are diagnosed with a specified covered illness, which in turn can help alleviate some of the stress that you are already facing.
  • Tax-free payout – You will receive a one-time benefit payment that you can use for any expenses that needs to be covered.
  • Low cost – These insurance policies are generally less expensive than traditional insurance plans. However, please note that each plan may cover only certain specified illnesses. So it is important that you review the terms, conditions, exclusions and limitations carefully.
  • Peace of mind – With this insurance policy, you can focus on your recovery without the added stress of financial instability. You no longer have the dilemma of choosing between what’s best for your family and what’s best for you.
  • Additional support – In addition to covering the costs for your treatment, you can even use the benefits to help and support your family. The plan can cover counselling services, family support services, child care services, legal consultations and nutritional advice.
  • Protect your savings – You need not dip into your retirement or personal savings to cover for your medical expenses with this policy.

What does critical illness insurance cover?

There are around 26 illnesses listed by the Canadian Life and Health Insurance Association. Depending on the policy and insurance provider, the plan can cover anywhere between one major illness to all 26 medical conditions. Some plans even offer coverage for other medical conditions.

It is advisable that you go through the policies carefully to find one most suitable for you. Feel free to contact us for more information or for assistance. You can rest assured that we will be there for you.

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]

Everything You Need to Know About Mortgage Insurance

Posted on by canadianlic

Everything You Need to Know About Mortgage Insurance

By Candian LIC, November 30, 2020, 3 Minutes

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Mortgage Insurance can be your savior! Read on to find out more about mortgage insurance.

When purchasing an insurance plan, you get an option called mortgage protection. This plan works to protect both your investment and your family in the tragic situation of your death.

A Mortgage Insurance is designed to pay off your Mortgage in the event you pass away. This can help your family manage their finances better

How does one determine if he needs Mortgage Insurance?

 Most borrowers who have less than 20% down payment available tend to go for Mortgage Insurance. This helps them secure their Investment in a better manner. The LTV want to value ratio is high when you have less than a 20% down payment, leading your lender to believe that you are at higher risk of defaulting your payments.

How does Mortgage Insurance work and who pays it?

 Mortgage Insurance payments are, on paper, paid by your lender. However, the cost of the premiums for this mortgage are passed on to you, as a calculation of your loan.

Can you get mortgage insurance even if you have more than 20% down payment?

 Yes, you can. If you and your lender both feel it may be a necessity, you can get mortgage insurance on your loan. This type of plan actually works in your favor as it takes off the burden from the shoulders of your family.

It helps reduce the risk and assuage the chances of you drowning in debt even after your demise. One of the best ways to ensure less risk is having a higher down payment amount. But obviously, not everyone has that kind of money just lying around. In such scenarios a mortgage insurance plan can be a life saver.

How can you get mortgage insurance?

 Connecting with an insurance broker can give you access to the best plans in the market. They are well aware of the current rates and will help you understand what you’re getting into before you sign up.

Need a mortgage insurance plan? Connect with the best insurance brokers today! Canadian LIC is just a click away.

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 life insurance and how does it work

Posted on by canadianlic

What is life insurance and how does it work

By Candian LIC, October 27, 2020, 4 Minutes

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Long-term goals: Throughout your life, you may have some dreams or goals that may be a bit difficult for you to achieve based on your financial condition. You will be pleased to know that some insurance policies are tied to certain investments which can help you achieve your goals

Clearing your debts: Certain life insurance policies can help you in clearing our different types of debts such as auto loans, home loans and more. Don’t leave your family in a financial crisis, choose a life insurance policy today.
Secure the future of your loved ones even when you are gone: This is one of the major reasons why you should get life insurance. In the event when you pass away, what happens to your family? How will they sustain financially? Life insurance can take care of this matter and see to it that your family has financial stability.

Business investments: Life insurance policies are not only for you and your family. It can also protect your business from a financial crisis as well. There are two options available; term insurance, which can for a period of 10, 20, 30 years and full life insurance. For further details call us.

Save on taxes: You can also save on taxes by getting life insurance. The premium that you pay is eligible for tax benefits
Money back clause: You can add a money-back clause (ROI) in your life insurance agreement which means, you with getting a complete refund of the whole amount at the end of your tenure.

Who Needs Life Insurance

How often have you thought about getting life insurance? What were your reasons for passing on the opportunity? If you are wondering if life insurance is for you, now might be the right time. For many, life has brought so many changes in the past year. Maybe now you have a home or family of your own and are beginning a new stage in your life.

What is life insurance?

The simplest definition of life insurance is: life insurance is a type of financial coverage that is paid to a beneficiary upon the death of the policy holder (you.) There are various kinds of policies, and it is a good idea to speak to an insurance broker at Canadian LIC to see which one is right for you, your situation and budget. Three simple things you should consider when looking for life insurance are: Dependants, Income, and Financial Responsibilities.

Why should I get life insurance? Are there any benefits to having a life insurance policy?

Here are four simple reasons you should get life insurance.

  • Supplement to Income: Life Insurance was created to make financial security for your family, especially if the policy holder was the only provider. Life insurance assists the beneficiary by supplementing the lost income of the deceased.
  • Final, end-of-life expenses: Having Life Insurance can help the beneficiary with many costs such as funeral bills, medical costs, and other unplanned expenses. Burial costs can be less of a burden if you have life insurance, because the policy can make sure money is available for such things.
  • Future costs that will be ongoing for some time: Life insurance was designed to help cover mortgage, education payments, and supplement student loans. Security is given with ongoing financial responsibilities when you have life insurance. If you have debts, life insurance can help with payments so creditors won’t come knocking. After paying creditors, the beneficiary gets the remainder of the policy.
  • and getting you an affordable monthly premium

During this time, everyone has different financial needs, and worries. To find a policy that suits you the best now, is important. With so many policies, there is something for everyone, even those who think they can’t afford this type of insurance. Remember, no one thinks about getting life insurance when things are going well, and they are healthy and young. That, however, is actually the best time to take control and get insurance. Even the smallest, life insurance policy brings peace of mind. You will be comforted knowing you have taken care of your loved ones, no matter what happens in the future.

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Reasons to buy life insurance

Often, you hear someone say how important having life insurance is. Perhaps now you have a home or family of your own and you are beginning a new stage in your life. You may be wondering if life insurance is for you.

What exactly is life insurance?

One way of describing it is: life insurance is financial coverage to be paid to a beneficiary upon the death of the policyholder. There are countless types of policies, and it is a good idea to do your homework to see which one is right for you and your situation. Three things to consider when searching for life insurance are income, dependents, and financial obligations.

Now you may ask, “Why should I get life insurance? Are there any benefits to such a policy?” Below are four reasons you should buy life insurance.

  • Income Supplement: Life insurance creates financial security for loved ones, especially if the policyholder was the sole provider. The insurance helps the beneficiary by supplementing the deceased’s lost income.
  • Final expenses: Having life insurance can assist the beneficiary with costs such as medical bills, funeral costs, and other “end-of-life” expenses. Burial costs can be less of a burden as life insurance can guarantee money is available for such things.
  • Costs that will be ongoing in the near future: Life insurance can help cover mortgage and education payments and supplement student loans. Having life insurance gives security with ongoing financial obligations. Perhaps you have debts that will need payment or creditors will come knocking. The beneficiary gets the remainder of the policy.
  • Equity and business: Depending on the policy, you may be able to withdraw funds that have built up over time by paying premiums. Life insurance is often used for emergencies. If you have a business, it’s financial responsibilities can be covered if something happens to you.

Everyone has different financial needs, and it is important to find a policy that suits you the best. There are policies for everyone, even those who think they can’t afford life insurance. No one really thinks of getting life insurance when they are young and full of health, but that is the best time to take charge and get some. Life insurance brings peace of mind, even with the smallest policy. It will comfort you knowing your loved ones are taken care of, no matter what, in the future.

How does it work?

To understand how a life insurance plan would work for you, we will have to first understand what are the kinds of life insurance plans available.

1. Term Life Insurance:

A term life insurance provides coverage only if the person passes away within a specified period of time. With this policy, the end of the term insurance can be set depending on a time duration or as an age limit.

It involves a consistent requirement of premiums and will be considered void if even one is missed. Term Life Insurance also works only if the event happens within the specified time period. If not, the beneficiaries do not receive any payouts.

2. Whole Life Insurance

The second type of coverage works without an age limit or a time period specification. The beneficiaries will be eligible to receive payments as long as you have ensured that the payments are being made at the right time for it.

Another thing whole life insurance has is the cash value. If you were to sell your whole life insurance, you would be able to get money instead of it. It builds up over time according to your premium payment.

3. Universal Life Insurance

Universal life insurance combines the benefit of an investment account with an insurance policy. The value of the policy may wax or wane depending on the kind of investments you have made.

This type of insurance also holds cash value and it can be used as collateral for a loan.

The insurance market has a variety of plans that help you curate one which suits your family the best. Taking help from an insurance broker from Canadian LIC Inc and can help you find the right one at the right price with more ease and comfort. They are experienced individuals who know the market like the back of their hand.

Get in touch with an expert and get your peace of mind. Connect with Canadian LIC for your life insurance today.

Life Insurance for Children

Life insurance is for everyone, even children. Although we don’t seem to talk about children needing life insurance, it is a way of protecting an act of love. Even if your children are still dependant on you, there are reasons why such a policy is a good idea. So, let’s see how important children’s life insurance is, and see if it is a great idea for your family.

As with all life insurance policies, life insurance policies for children are contracts with insurance companies. However, children’s policies are more focused on providing financial protection for the life of the child, but still include protection if the child pre-deceases you. This kind of insurance guarantees long term financial security to a dependant’s child. If your child has a hobby involving risky, such as scuba diving, motocross, or horseback riding, perhaps you should think about getting insurance.

The Benefits of Children’s life insurance:

  • Child’s Funeral Expenses Coverage – However unhappy or uncomfortable thinking about it makes us feel, if something ever happened to your child, having this insurance would be beneficial. You would be able to pay for the child’s end-of-life costs. Any counselling would be paid for the whole family, and the family or guardians would be able to take time off work to grieve and recuperate after the loss.
  • Future Investment and Savings for Child – children’s life insurance allows parents and other family members to leave a future financial tool for the child. This can go towards future houses, education, or even trips.
  • Affordable Premiums are locked in – A child’s life insurance policy has cash value. The larger portion of paid premiums go towards the cash value, which takes time for cash to build.
  • Child’s Insurability is Protected – child has guaranteed coverage even if he or she develops health issues at some point during life.  Also, your child will be able to purchase or convert life insurance into permanent life insurance even more coverage in later years without having to get a medical exam.

There are several different types of Children’s Life Insurance. One is to have the child be a “rider.” The child “rides” on your policy and is called a term rider. This dependant is added to the parent’s policy. Term riders usually have less coverage, but because of that, are less expensive. Another type of life insurance for children is permanent or Whole Life insurance.  Whole life insurance has lifelong coverage, and is an independent policy that does not have an expiry date. This policy is solely the children.

Getting life insurance for a child is a big and personal decision to be made, and it’s a decision that requires some discussion and research. To choose the best available option for your family, ask your insurance broker at Canadian LIC to advise you. Let your decision be comfortable knowing you have the best information available to protect your family.

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

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Tips to save on your life Insurance

Deciding on life insurance is a big decision. You may feel that you can’t afford to have a good policy, but don’t worry, there are ways to save money while getting the best policy for you and your loved ones. Here are some ideas to help save money on your life insurance.

  • Permanent or Term Policy: While permanent life insurance is often needed if there are special needs dependants or an intricate estate needs, you can save by getting a term insurance policy. Term policies have a definite expiration date and no cash value element. This makes it less expensive at the beginning but can increase when the policy is renewed. Term policies are for a certain amount of time, between five and twenty. Whole life, or permanent life insurance is for your entire life. This type of policy may be cheaper for you in the long run. It really depends on your needs and plans.
  • Paying annually and Premiums: Paying annually will save you money as insurers add fees on premiums when they are paid monthly. There are usually discounts for paying annually. Speaking of premiums, selecting a guaranteed level term premium is often recommended. With this policy, the paid premiums do not increase during the entire term.
  • Stay Healthy, Quit Smoking and Get a Medical: This is no joke. Quit smoking and if you have any healthy issues, no matter how minor, now it the time to disclose By doing so, you will get the most accurate quotes. Be honest so your premiums won’t be effected down the road, and your Financial Advisor can better match you with the right insurer. Quitting smoking will save you money, as smoking has the most impact on life insurance premiums. Stay healthy. Try to maintain a healthy weight, drink little to no alcohol, and stop smoking. Getting a medical will also save you money. Non-medical policies will cost you. Premiums will be higher without the medical exam as insurers need to account for the risk of not knowing your health.
  • Sooner is better than later: You aren’t getting any younger, and Life Insurance costs go up the older you get. Depending on your health, less insurers may be willing to take you on so it’s better to get Life Insurance sooner than later.
  • Find that Special Insurance Advisor: Work with someone who can get multiple quotes, and don’t shop brokers. This will save you time because you won’t have to contact several insurance companies to get individual quotes. Insurance rates are regulated, so what one offers you here will be the same everywhere.

There is a policy out there for everyone, and these five simple points will guide you on saving money with your life insurance.

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.

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