Types of Life Insurance :

Term Insurance – A Term Life insurance policy provides protection for a specific length of time.  In the event a policyholder passes away during the policy term and the policy is in force, a death benefit and any accumulated cash value will be paid to the beneficiary.  Term insurance is less expensive compared to Permanent or Whole Life insurance.

Permanent or Whole Life – A Permanent or Whole Life insurance policy provides protection for the policyholder’s lifetime with the death benefit paid out on the policyholder’s death.  A Whole Life insurance policy combines a term policy with an investment component.  The Accumulated Cash Value can be paid out or borrowed against.  All benefits paid at the time of death are tax free.

Critical Illness – A Critical Illness policy provides for the payment of a lump sum benefit or in accordance with the schedule of benefits, if the policyholder is diagnosed with one of a number of specific diseases or illnesses.  The payment of the lump sum or schedule of benefits is paid during the illness rather than on death.

Factors that affect your life insurance premium includes :

• Your age – Generally a younger person pays a lower premium than an older person.  A person of a young age is less likely at risk of getting a life threating disease.
• Your gender – Women generally live longer than men and pay lower insurance premiums.
• Your health history – A family’s medical history is very important in determining the premium when other family members have had a serious illness as in cancer, heart attack or stroke.
• Your current health – As part of the underwriting process, medical requirements are collected that might affect the premium such as weight, cholesterol, blood sugar and blood pressure.
• Smoking and drinking habits – Smokers pay a higher premium. Surcharges can be added to the premium if there are any health issues.  If you stop smoking, premiums may be reduced after one year of being smoke-free. Alcoholic consumption may cause health issues that could affect the final premium.
• Your occupation – High risk occupations may result in a higher premium such as the case of a race care driver.
• Your lifestyle – Risk taking activies such as skydiving, mountain climbing and scuba diving will increase the premium.
• Policy term and death benefit – The longer the term of the policy and the amount of the death benefit, the more expensive the premium.

Let us help you determine how much coverage suits you and your family, keeping in mind your budget and specific goals.

The attached Needs Analysis will assist you in determining the amount of life insurance required in order to protect your family.

Other types of insurance offered by our brokerage include :

• Disability Insurance
• Group Benefits
• Travel Insurance