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What Should You Know About Loan Protection Plan?

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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.

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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 Contact@canadianlic.com or Info@canadianlic.com

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 Contact@canadianlic.com or Info@canadianlic.com

Guide to Term Life Insurance

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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

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

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

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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 Contact@canadianlic.com or Info@canadianlic.com

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 Contact@canadianlic.com or Info@canadianlic.com

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.

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 Contact@canadianlic.com or Info@canadianlic.com