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Whole Life Insurance
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Whole Life Insurance
Whole life policy Canada is a type of permanent life insurance that covers the insured throughout the entire duration of their life and upon passing of the insured, the policy will pay the death benefit to the beneficiaries. In addition to the insurance component, it has an investment part, allowing the insured to accumulate cash value within the policy. The insured may withdraw or take a loan against the cash value and if they pass away, the cash value will be paid to the beneficiaries. Whole life insurance Canada is a great choice for covering permanent liabilities and the needs that are always present for the insured, for example, funeral costs. With this policy, the insured has the ability to add different riders (additional coverage) to their policy to increase the payout of the policy if the rider is activated, for instance, the insured can add a disability income rider and in the event, the insured is permanently disabled, they will receive a regular income from the insurance provider. Use our user-friendly platform to obtain quotes for your desired whole life insurance policy coverage and compare amongst the leading insurance providers in Canada. Click here to start getting the best price for your whole life insurance quotes online.
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What is Whole Life Insurance?
Whole life insurance is one of the most traditional forms of permanent life insurance. it provides the insured with the coverage spanning through the entire lifetime of the individual and does not expire. Upon passing of the insured, the policy will pay the death benefit to the designated beneficiaries. In addition to the insurance capabilities, whole life policy, Canada also allow a saving component where cash may accumulate. The saving component can be invested in different investment vehicles (bonds, stocks, and so forth) and the policyholder can access the cash while still alive through direct withdrawal or borrowing against the sum accumulated if needed.
Added: These policies are usually structured with a level premium which means the premium paid will not change during the entire duration of the policy and as the insured ages, the premium stays the same. Whole life insurance also allows the insured to select different payment options; the insured can select to pay off the premium in 10 years, 20 years, or life pay. If the insured chooses the 10 or 20-year pay off option, the premium will be a little higher than life pay (paying through the span of the insured’s life) but the policy will be paid off after the set premium years have been paid.
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Is Whole life insurance for you?
What types of Whole Life Insurance do we have in Canada??
Added: With the participating option, the policyholders receive a dividend from the insurance company and essentially receive a share of the insurance companies’ financial success. Dividend rates can fluctuate and change from year-to-year and there is no guarantee that the company will pay a dividend in a given year. The insured can accumulate cash value within their life insurance policy that will allow them to take loans against the cash value, withdraw cash from their fund, and/or transfer it to their beneficiary when they pass away.
Added: In non-participating whole life insurance, policyholders are not eligible for any dividend and their premium will be to some level lower than the participating whole life insurance. Non-participating whole life policies provide lifetime protection, fixed premiums guaranteed cash values and certain plans can be paid-up in a limited number of years.
What riders can be added to whole life insurance?
The insured can add a number of different riders to their whole life insurance policies and add additional benefits and coverages. A rider is an add-on option to the main policy. Different insurance companies offer a number of additional riders but they may not offer all the riders listed below. If the insured is looking to add on a specific type of rider, they should consult their insurance advisor and get their policy with the insurance provider that offers the rider.
Added: Accidental Death Benefit: pays an additional benefit if the insured passes in an accident
Added: Disability Income Rider: pays a regular income in the event the insured is permanently/totally disabled.
Added: Level Term Rider: adds a fixed amount of term insurance to the whole life policy for a specified number of years.
Added: Living Benefits Rider: pays a portion of the death benefit to the insured in the event the insured is diagnosed with a terminal illness with a life expectancy of 12 months or less.
Added: Long Term Care Rider: pays for long term care expenses if the insured meets the criteria for this rider
Added: Waiver of premium rider: this rider waives the premiums of the policy in the event the insured is disabled or unemployed and prevent termination or disruption in the policy.
What is the process of buying Whole Life Insurance in Canada?
Added: The second step is to review the health status of the proposed insured individuals. It is often overlooked that insurance is bought with the health condition of the client and not with money. We will go through a quick health questionnaire to understand the overall health condition of the proposed insured. This step is vital because once we know the health condition of the proposed individual, we will be able to determine the most efficient route to obtain the coverage. While all insurance companies follow a close guideline regarding health and medical underwriting of the proposed insured individuals, there are some distinctions between how they look into some conditions versus others.
Added: The final step is to complete a policy that is designed specifically for you once we have the necessary financial and health information. Our expert advisors will simplify the process and create handpicked options that meet your needs to make your decision easy and quick. With access to well-known insurance providers, you will be sure that your whole life insurance will be the best policy and value that you could get.
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