What kind of life insurance is right for me – Permanent Insurance or Term Insurance?

There are only two basic types of policies: Permanent Life Insurance and Term Life Insurance.
Permanent Life Insurance provides permanent protection – coverage as long as you need it, which means coverage until you die. This type of insurance:

• costs more, which makes sense because as long as you continue to pay premiums, this type of insurance will always pay out a death benefit,
• usually offers a partial refund of premiums if, for some reason, you decide to cancel your policy before you die. This refund is called a “cash value”.
• often offers a variety of premium payment options. Some permanent insurance plans are payable for as long as they are in force (sometimes called Whole Life insurance), while other plans allow you to pay a larger premium for a shorter period of time, such as 20 years.
• may offer a variety of additional benefits, either at no cost, such as a Terminal Illness Benefit, or for an additional premium, such as an Accidental Death Benefit.

Term Life Insurance is temporary insurance. It can last for 5 years, or 10 years, or 20 years, or to your age 65, or for any other period that is defined in the policy. At the end of the term period, the insurance may end, or you may be able to extend it for another term. You may also be able to convert your Term Insurance policy into a Permanent Insurance policy. This type of insurance:

• Costs less than permanent insurance. Usually, the shorter the term period, the lower the premium.
• Only pays a death benefit if you die during the term period. If you live beyond the term period, this plan does not pay a death benefit.
• Does not include any cash value if you cancel it early, and
• Like Permanent Insurance, may offer a variety of additional benefits, either at no cost, or for an additional premium.

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Want to protect your mortgage payment in case of disability? We have the answer…

What happens if you become disable because of an accident or sickness who will pay your mortgage payment?

 

Why you should  buy this type of insurance !

1. iF YOU want to insure any type of

   loan or line of credit, whether personal or MORTGAGE -RELATED

2. iF YOUR ARE looking for a flexible term

   varying from 10 to 40 years

3. iF YOU hold more than one loan

   or line of credit and want to consolidate all

   loans by subscribing to a single insurance

   contract.

4. If you want the insurance to

   remain level instead of decreasing with

   the loan balance.

We offer a free quote no obligation !

If you have Mortgage Insurance with a Bank…Beware you are loosing money…lots of $$$

TIP OF THE WEEK:

MORTGAGE INSURANCE WITH THE BANKS IS A BAD DEAL REALLY BAD DEAL

HERE’S WHY….

THE DISADVANTAGES OF DEALING WITH BANKS OR CREDIT UNIONS:

• The benefit ( YOUR MORTGAGE AMOUNT) is decreasing every year but the premium stays the same WOW great deal for the banks !

• You can’t name a beneficiary, the bank is the Lender.

• You can’t transfer your mortgage insurance protection when you move or change institutions.

• Premiums are not Guaranteed; if interest rates go up, your insurance will as well.

• Premiums established according to group of borrowers not the client.

  THE ADVANTAGES OF TERM LIFE  WITH  INSURANCE COMPANIES:

• The benefit ( YOUR MORTGAGE AMOUNT) stays the same ALWAYS

• Guaranteed and fixed premiums.

• You can name a beneficiary

• Transferable protection when you move or change institutions.

• Premiums established according to each client rather than a group and cost less than mortgage insurance

CONTACT www. ottawabroker.com  OR CALL TOLL FREE 1-800-503-6140 #223 and get a FREE LIFE INSURANCE QUOTE NOW !

The worst insurance sold by Banks: Mortgage Insurance …Get rid of it

TIP OF THE WEEK:

MORTGAGE INSURANCE WITH THE BANKS IS A BAD DEAL

HERE’S WHY….

 THE DISADVANTAGES OF DEALING WITH BANKS OR CREDIT UNIONS:

• The benefit ( YOUR MORTGAGE AMOUNT) is decreasing every year but the premium stays the same WOW great deal for the banks !

• You can’t name a beneficiary, the bank is the Lender.

• You can’t transfer your mortgage insurance protection when you move or change institutions.

• Premiums are not Guaranteed; if interest rates go up, your insurance will as well.

• Premiums established according to group of borrowers not the client.

    THE ADVANTAGES OF TERM LIFE  WITH  INSURANCE COMPANIES:

• The benefit ( YOUR MORTGAGE AMOUNT) stays the same ALWAYS

• Guaranteed and fixed premiums.

• You can name a beneficiary

• Transferable protection when you move or change institutions.

• Premiums established according to each client rather than a group and cost less than mortgage insurance

CONTACT www. ottawabroker.com and and get a FREE QUOTE NOW !

 

How can I get cheap level term life insurance quotes?

A level term life insurance policy is one where you take out life insurance cover that will be worth the same amount over time – it will not rise in line with inflation or any other measure. Level term life insurance policies will not rise in the payout value, and it will only be in force for a set period of time. If you do not claim within this time, then the policy will expire and you will not be able to claim against it at all. But the good news is you will still be alive.

When would level term life insurance be appropriate?

Level term life insurance is often taken out alongside an interest-only mortgage. You will borrow a set amount over, say, 25 years. You will want to make sure that your mortgage is paid off if you die, so your family can continue to live in the property without any fear that they will be left with a big bill from the mortgage company.

This is an ideal scenario for level term life insurance, as you will only need the cover for as long as the mortgage is in place, and for the amount that the mortgage is against the property.

There could be other reasons for wanting level term, such as another type of loan that you need to pay off no matter what happens to you, or simply because you want to be able to leave a specific amount for your family when you die.

How can I get cheap level term life insurance quotes?

ottawabroker.com will help you directly compare over 25 life insurance companies for level term, by cutting out the middleman we should be able to help you find the best deal. Just use our comparison service to find out how much you can save today.

Bear in mind that if you already have a life insurance policy in place, you should consider any changes to your state of health that might make your policy more expensive than it is now. Under no circumstances should you cancel a life insurance policy until you have another one in place, as that will leave your family with no protection in the event of your death.

What does critical illness insurance cover?

 

Critical illness insurance pays out, typically a tax-free lump sum (or a regular benefit in some cases), if you survive more than 28 days from contracting one of number of serious illnesses listed on your policy. But be warned, as these can make for a depressing read.

All critical illness insurance policies cover seven core conditions as set down by the Association of British Insurers (ABI). These are cancer, coronary artery bypass, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke. Critical illness insurance will also pay out if you are permanently disabled as a result of injury or illness.

The number and type of illnesses beyond these core conditions will depend on the individual policy so it’s crucial to read the terms and conditions carefully and know exactly what you are covered for prior to signing up.

To ‘successfully’ claim against a critical illness policy your condition will have to meet some grim criteria, which will also be listed in the terms and conditions.

They may state for example that blindness should be ‘permanent and irreversible’, cancer excludes ‘advanced cases’ and that Parkinson’s disease should be ‘contracted before the age of 60’.

Critical illness exclusions

It’s important to make yourself familiar with any exclusions in your critical illness plan as the insurer will refuse to pay out if you suffer from an illness or condition listed in this section of the terms and conditions.  Typical exclusions include self-inflicted injury, HIV and AIDS related illnesses and injuries caused whilst taking part in some hazardous sports, such as boxing or off-piste skiing.

Do I need critical illness insurance?

Whether critical illness insurance is worth paying for will depend on your circumstances. You will need to ask yourself how you, or a partner and/or dependants would manage if you were unable to work for a long period of time.

It might be that your partner could continue to bring in an adequate income; you may have willing and able family close by who would look after you; or you might even have enough in savings to look after yourself.

In any of these cases however, bear in mind that critical illnesses can be expensive in their own right in terms of equipment required or payment for carers. You may also need to be looked after by a family member who would subsequently no longer be able to work.

You might also already have critical illness cover that you weren’t aware of. Some life insurance policies incorporate this cover and will usually be labelled as ‘life and critical illness cover’.

These policies will pay out only once on whichever event happens first – whether you die or contract a serious illness. You may also have critical illness cover in place as part of a package of benefits at your place of work, so check with your employer first.

How much will critical illness insurance cost?

Quotes for critical illness cover will depend on a number of factors including your age and your family’s medical history. As an example, a healthy 30-year old man who is a non-smoker, taking out $150,000 worth of critical illness cover over 20 years, could typically expect to pay a monthly premium of between $60.00 but this does vary according to personal circumstances.

However, providers vary in their competitiveness so it’s important to shop around for the best deal. Make sure that in doing so, you don’t compromise on any cover you may need in the future and always read the terms and conditions thoroughly.

We can help you find the perfect policy by comparing a variety of policies and have a number of well known  Canada insurers on our panel.

To look for a life insurance policy with critical illness cover, why not click on the link below,  to navigate to our comparison page.