Life Insurance gives you the peace of mind you only get from knowing that you’ve protected your loved ones.
In the event of your passing, life insurance provides money directly to your beneficiaries. They can use the money for whatever they want, such as:
- Make up for your lost income
- Fund your child’s education
- Paying off household debt
- Paying for your funeral and other related expenses
Term Life Insurance
Term life insurance offers protection for a specific period of time and builds no cash value. If the insured passes away during the specified term, policy benefits are paid to beneficiary/ies. If the insured passes away after the term period, then no benefits will be payable. Coverage durations can be annual renewable or “level” for periods such as 10, 15, 20 and 30 years, during which the premiums remain unchanged. Coverage may be portable and riders for items such as critical illness/total disability, quality of life, increasing death benefits, and AD&D (accidental death & dismemberment) are often available.
Term Life Insurance Basics
- Provides coverage for a specific period of time
- Affordable way to get maximum coverage
- Easy to understand
- Becomes expensive after the specified period
- You build no equity
Permanent Life Insurance
Permanent life insurance offers a completion of premiums at a predetermined age and can play a role in meeting current as well as future financial needs. If you value added security, flexibility, cash value and lifetime coverage, some form of Permanent Life Insurance may be right for you.
Permanent Life Insurance Basics
- Protection for your whole life, as long as sufficient premiums are paid
- Can build equity in the form of a cash value
- Offers flexibility and many options to choose from (Whole Life, Universal Life)
- Initially higher premiums than Term, but generally more cost-effective in the long run
Do not think that you are limited to one or the other, you may find that a combination of both meets your needs best. For example, the foundation of your life insurance plan could be Permanent life, supplemented by Term Life during your family building, mortgage-paying years when coverage needs are typically higher.
Protect your most valuable asset – Your Income! Accidents happen. So do illnesses. The best thing we can do is to be prepared. Providing for a comfortable financial cushion in case an accident or illness prevents you from working is perhaps one of the greatest gifts you can give your family.
If you’re unable to work due to a sickness or injury, disability income insurance can help you meet expenses and maintain your standard of living. It can help you pay bills like your mortgage, tuition and car payments, and help cover expenses for food, clothing and utilities. By replacing a portion of your income, disability income insurance can help provide financial security until you get back on your feet and return to work.
Short Term Disability
Short Term Disability insurance can replace a portion of your income during the initial weeks of a disabling illness or accident. A short term disability policy can cover from the first 6 months up to a year of a disability.
Long Term Disability
Long Term Disability can replace a portion of your income after those initial weeks, for an extended period. Many people choose to purchase individual disability insurance on their own. Individual disability insurance can provide protection for people who do not have disability insurance through their workplace.
Your Individual Life Insurance and Disability plans are offered through the following carriers: