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LIFE INSURANCE

Sometimes we take things for granted & in the process we do not realize that 'our ability to earn income is a significant asset'.

Your first priority is to help protect your loved ones. Life insurance is one of the most responsible decisions you can make to help ensure that your spouse, children or other loved ones can continue to enjoy the quality of life they deserve & are accustomed to.

Life insurance can serve different needs based on your stage & circumstances in life. Primarily life insurance can help replace lost income in the event of your death.

Below are some reasons why people buy life insurance:

  1. To replace income the family would need to maintain their standard of living after the death of a wage earner.
  2. To pay off a mortgage loan and other personal and business debts or to create a rent fund.
  3. To create a fund for children's education.
  4. To pay final expenses, such as funeral costs and taxes.
  5. To create a family emergency fund or a fund for a family member with special needs.

What are the different types of Life Insurance Policies available ?

There are different types of Life Insurance Policies available to suit long term & short term financial goals as summarized below:

  1. Term Life Insurance
  2. Permanent (Whole) Life Insurance
  3. Universal Life Insurance

Term Life Insurance

Term life insurance is perhaps the simplest form of life insurance. Term life insurance gives you coverage for a pre-determined period, for larger amounts & at an affordable price. If your death occurs during the chosen period(term), your loved ones receive a tax-free benefit. Term insurance is usually available in terms ranging from 10years, 20years, up to 40years & does have the option of converting it to permanent life insurance at the end of the term.

You have a host of additional benefits to personalize your coverage such as: hospitalization and long-term care insurance, paramedical care in the event of an accident, critical illness and disability coverages, and more! One key thing to note about term insurance is that it is very affordable at the beginning but will be a few times higher at renewal, than the current annual premiums.

With term life insurance, your beneficiaries could then use the tax-free death benefit any way they wish, including to:

  1. Maintain their current lifestyle/help pay for day-to-day expenses
  2. Pay for your children's post-secondary education (student loans)
  3. Pay off outstanding loans and debts (example: Mortgage, Car loans etc)
  4. Cover final expenses such as funeral costs

This is a general description of coverage. To apply for coverage, or for details on coverage, costs, restrictions, and renewability: Book an appointment with a Financial Advisor

Permanent (Whole) Life Insurance

Every stage in life has its joys and its difficulties. This was true for your parents and their parents before them, and it will be equally true for your children. Luckily, there is a way to stay zen and to enjoy life without worries: good financial planning, in which insurance plays a key role.

For a complete insurance solution that adapts to your situation as your needs evolve over the years, we offer you whole life insurance coverage, in a single contract for all insured persons. So it's easy for you to take stock of your insurance coverage: a single premium, a single fee and a flexible contract.

Whole life insurance is a good option for all stages in life. You choose the payment period, you are insured for your entire life and it also provides surrender values.

Below are some of the key benefits of Whole Life Insurance:

  1. Your premiums, your face amount and the surrender values are guaranteed. No surprises, no worries!
  2. You can choose to pay up your premiums in 10, 15, 20 or even 30 years, up to age 65 or even up to age 100. So you can set up a budget according to your priorities.
  3. Surrender values are available starting in the 11th year of the contract and they continue to increase with time, allowing the accumulation of a fund that can be used as needed. Guaranteed surrender values are also available, they can provide money, when you need it, to help with temporary needs or emergencies
  4. The amount of your guaranteed cash value depends on the kind of whole life policy you have, its size and how long you have had it. The growth in cash values is generally tax-deferred under current federal income tax law. Borrowed amounts reduce the death benefit and cash surrender value.
  5. For all coverage issued between age 0 and 20, we offer a guarantee that once an adult, the insured can increase his coverage, regardless of his state of health.
  6. Healthy living is profitable. Insured children age 0 to 14 benefit from a 40% increase in their initial coverage beginning in adolescence if they meet certain health criteria, all at no additional cost.
  7. Coverage is grouped in a single contract to reduce multiple administrative fees
  8. You can benefit from preferred underwriting and obtain a lower premium.
  9. Whole life insurance policies can earn dividends. Dividends result when actual life insurance costs turn out to be less than assumed in setting premiums. When this happens, the insurance company may return a portion of your life insurance premium to you as a dividend.
  10. Dividends are not guaranteed, since the actual costs are not known in advance

Universal Life Insurance

With Universal Life Insurance, you receive permanent life insurance coverage combined with a flexible portfolio of tax-advantaged investment options customized to your financial needs and aligned with your risk tolerance. Universal life insurance can be an ideal solution if you want to build towards your future while helping to ensure that your loved ones are protected. It is a flexible financial program that you can adapt to your changing needs.

Outlined below are some key benefits & features of Universal Life Insurance:

  1. You obtain affordable permanent life-insurance protection combined with an attractive tax-sheltered savings account.
  2. You can choose and modify the amount of insurance, the cost options, the payment frequency, and the premium amount in accordance with your needs.
  3. You can diversify your savings through our range of investment options
  4. You can enjoy an advantageous premium reduction on the basis of the general state of your health and your lifestyle
  5. You have the opportunity to make partial withdrawals to carry out your favorite projects
  6. You can obtain a premium holiday if you are temporarily unable to make your usual payments
  7. You personalize your contract when it is issued and at any other time through a wide choice of riders and additional benefits
  8. You enjoy guaranteed quick-payment options for periods of 10, 15 or 20 years, including guaranteed cash surrender values
  9. You may insure up to nine persons under the same contract

What type of Life Insurance do I need ?

The answer to this question really depends on two things:

  1. Your needs (your needs could be Long term or Short term)
  2. Your ability to make premium payments

Below are examples of some Short Term & Long Term needs:

Examples of permanent needs are:

  1. Use of death benefit to pay bills or provide money for loved ones
  2. Use of death benefit to pay final expenses
  3. Use of death benefit to provide money for a favorite charity
  4. Use of death benefit to pay estate taxes
  5. Fund a business buy/sell agreement or provide key person protection

Examples of temporary needs are:

  1. Use of death benefit to pay educational expenses
  2. Use of death benefit to pay off home mortgage
  3. Use of death benefit to pay off an automobile loan

Next, is your ability to make premium payments. Below is a chart that provides with an overview of the cost of Term Life Insurance (usually used to cover short term needs) vs Permanent Life Insurance ( used more so to cover long-term needs)

Click here to Book an appointment with one of our Financial Advisors to help you make sense of your options.

How much Life Insurance do I need ?

How much is enough ? This question is also a very important factor in completing your financial plan. We can help determine your needs in specific on a one-on-one appointment, but keep in mind that the rule of thumb is that you should have approximately 7-8 times of your annual income as your life insurance death benefit. Multiple factors are used to determine this & at the end of the day affordability is also key. 'Talk to us' today to take the next step !

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Support

For any questions or concerns regarding our products and services, please contact us using the email link below.

support@safenetfinancial.ca »
Call us:
Kabir Parikh: 647-408-1602
Jasu Parikh: 416-843-6419
Book an Appointment with Insurance Advisor.