Don’t start your life without Life Insurance

There are many different options available when it comes to life insurance:

Which is the best one for you? There are a lot of pointers you will need to consider when choosing a life insurance that will suit your needs. What is it you will require in terms of tax advantages, death benefits, and flexibility? Life insurance is beneficial as it helps in ensuring your financial security. Before you decide to purchase a life insurance policy, you need to know that there are different kinds, based on your requirements, and where you are in life.

The 4 main types of life insurance are:

• No Medical – Guaranteed Approval Life Insurance
• Term Life Insurance
• Whole Life Insurance
• Universal Life Insurance

No Medical Guaranteed Approval

Guaranteed Acceptance Life is “guaranteed issue”. You will not be turned down for coverage regardless of health condition. It is a simple, permanent insurance solution designed to meet the insurance needs of the most challenging applicants. Regardless of your medical condition or previously declined for life insurance, you are eligible for this plan. It is generally purchased to cover final expenses by individuals who are not eligible for other plans of insurance.

Term Life Insurance

Term life is an excellent way to take care of your short- as well as medium-term obligations at affordable rates. This type of insurance protects you and your family while giving you the time you will require to meet your financial responsibilities. The good thing about this insurance is that you can include disability and critical illness coverage as an additional option.

Term life insurance provides coverage for a period which may include 10, 15, 20, 25, 30, 35 or 40 years. This insurance can be renewed, but renewal will occur at a high premium. For instance, if you were paying $20 every month, you may need to pay $35 or more a month for renewal. This is an option that is appropriate for young people with children and mortgage protection.

Term Life Insurance is right for you when:

• You have short-term obligations to settle.
• You have dependent children.
• You have a business with major start up costs.

Whole Life Insurance

Also known as permanent life insurance, whole life insurance features a level, fixed premium and a guaranteed death benefit with some cash value that make it possible for the policy holder to save for their retirement. This kind of coverage protects you for the entire period that you are alive. You decide the duration you will want to pay for and the coverage continues even after your premium payment is complete, even when your health changes. With this option, you can add disability coverage and critical illness to your insurance plan. In the long-term, the whole life insurance is more cost-effective compared to term life insurance.

Whole Life Insurance is suitable for you if:

• You intend to leave your beneficiaries an inheritance.
• You want to remain insured, even when your health condition changes.
• You want a permanent protection

Universal Life Insurance

Universal life insurance products have investment component in it and are uniquely designed allowing the accumulation of cash surrender values that can be used when the time comes. These cash surrender values are guaranteed and begin to accumulate as soon as the policy is issued.

This coverage could be a fixed Term based providing you with low-cost life insurance coverage that meets short term security needs while accumulating tax-deferred savings or based on your requirement it can be a Permanent coverage that meets long term security needs while building tax-deferred savings.

Universal Life Insurance is best choice if:

• You intend to leave your beneficiaries an inheritance.
• You want to remain insured, even when your health condition changes.
• You want a permanent protection

Contact Final Expense Ontario’s insurance advisor today to start working on your Life Insurance plan.

Final Expense Ontario is here to help you find accommodating Life Insurance policies. We help you make your decision with total peace of mind. Call now for a no obligation free consultation 1-800-593-1817 or Get Quote