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Life Insurance

Benefits Of Life Insurance

There are a number of insurance companies in Canada which offer life insurance packages. You have three vital reasons to contact either of them for quotes. One, with life insurance policy you are securing your child’s tomorrow. This is essentially where the investment positives of insurance come in. Secondly, investment in a life insurance policy makes your retirement lavish. You have less to bother and more to relax. Third of course is the eventuality of untimely death. As much as we would not like to think about it, this could happen and thus a safety cover will only help. Additionally, a life insurance policy also helps an effective redesign of the tax structure.

Life InsuranceThe listed are generic benefits of a life insurance policy, however depending upon your situation and requirements; you can opt from the various insurance options available. For example consider the case of mortgage life insurance. As per this insurance policy, if the policyholder dies, policy will take care of the outstanding repayment mortgage. So depending upon what needs you’d like your policy to cater to, there is a viable option. Most of the Canada insurance policies fall under two categories viz., term life insurance and permanent life insurance.

Term life insurance policy shall take care of any temporal requirements. While the permanent life insurance policies, as the name suggest, are for a lifetime. Top quotes for the various policies, as offered by the most reputed Canada insurance companies, are provided by GNM Insurance. As an insurance company, GNM Insurance provides a no obligation free quote. The insurance quote is complemented with detailed info on the policy nuances. A comparison is thus enabled, which helps you opt for the top benefits, at of course, the most reasonable cost.

Types Of Life Insurance

You can choose from different types of life insurance policies i.e. Term Life Insurance, Whole Life Insurance, Universal life insurance and Participating Life Insurance as per your insurance requirements.

Term Life Insurance

Term life insurance is well-suited to meet high, short-term protection needs for the lowest initial cost. For example, a couple with young children and a mortgage might select term life insurance as an affordable way to get the full coverage they need today.

Term life insurance coverage can do a good job of meeting immediate needs and may provide the opportunity to later move or convert to permanent life insurance without providing proof of health.

Term plans may also be renewable after 5, 10 or 20 years without providing proof of health. The price increases as appropriate for your age at renewal. You can convert a term 10 plan to a term 20 plan between the first and fifth policy anniversary or the insured’s 65th birthday, which ever is earliest.

You can purchase term life insurance as an initial step before purchasing permanent life insurance.

Whole Life Insurance

Whole life insurance provides permanent, lifetime protection for a level premium. Depending on the plan you buy, whole life insurance spreads the cost of your coverage over the lifetime of the policy or over a limited period of time.

Universal Life Insurance

Universal life insurance is the most flexible life insurance available today. You can customize your plan when you buy it, or easily make changes later on. And universal life offers you the opportunity for tax-advantaged investing. This gives you the chance to increase your wealth by investing money within your policy.

Universal life insurance combines permanent life insurance protection with a tax-advantaged investment component. As cash value accumulates, you can use it to pay part or all of your insurance charges.

Participating Life Insurance

Participating life insurance combines permanent life insurance protection with a tax-advantaged savings component. It can protect you for life, provided your premiums are paid when due. Participating life insurance policies also have a potential to receive policyholder dividends.