Life Insurance 
​Life insurance is an officially sanctioned lawful contract by an insurer or assurer for the owner (usually insured) of the life insurance policy; the contract safeguards the life of the insured individual for the desired face amount yielded after financial needs analysis.  The owner of the life insurance policy thereby agrees to pay the agreed countersigned premiums during the tenure of the insurance policy. The insurance company agrees to pay the declared beneficiary the designed face amount of the policy (the tax-fee death benefit) in reciprocation for the paid premiums, upon the demise of an assured individual [quite often the policy owner]

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Why Not Mortgage Insurance !!!

• Life Insurance

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• Life insurance company offers the policy owned by yourself
  
• You have the freedom to appoint your beneficiary [single or multiple beneficiaries]
• Life insurance policy is underwritten at time of application
• Premiums are based on your age, health, lifestyle and your family history
• You don't have to renew the policy during the tenure of the policy. If policy is permanent you own it 
• Your policy is portable irrespective of you selling the home
• The death benefit never decreases unless the decreasing option is picked by the client to be more cost effective
• The policy ends when the client dies or the client themselves decide to cancel the policy
• Your beneficiary gets the death benefit tax-free. ​Beneficiary can use the death benefit funds for any purpose

• Mortgage Insurance

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• Financial institution offers mortgage insurance
• Lender owns the Mortgage Insurance 
• Lender is the only beneficiary 
• Mortgage insurance is underwritten at the time of death and could lead to possible denial of claims
• Premiums are determined by the financial institutions
• You have to renew the mortgage insurance at the time of the renewal of mortgage
• If you end up selling your property you need to buy new mortgage insurance when you buy another property
• The coverage decreases relative to the value of the mortgage remaining. The coverage ends when the mortgage ends
• The death benefit can only be used for remainder of the mortgage

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Types of Life Insurance​

• Term Insurance [Term 10, 20, 30, 40 Years]

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Term Life Insurance insures the insured with easily modest & cost-effective countersigned premiums to protect and insure their life at a locked premium for a limited, and quantified period of the timeline (10, 20, 25, 30, 35, 40-year term)

Pros

• It is cost-effective inexpensive, protection you are contemplating
• The face amount [death amount] of life insurance is tailored and yielded after careful financial needs analysis and provides a cushion to cover your liabilities which are owned over time [e.g. mortgage, car loans, debts, daily expenses etc.]
• Insured is buying death protection without cash value equity
• Most insurance companies make a pitch for term policies by allowing renewable and conversion option without medical evidence of insurability. This permit the insured to exercise pre-approved consensus agreement to renew the life insurance policy at each cessation of each term and or exercise conversion of your term policy for a permanent policy.
• Insured separates the insurance policy from your investment holdings and supports Buy Term and Invest the Difference to diversify the assets
• Beneficiary claims the death benefit tax-free at the time of insured’s death if the policy has not expired

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• Universal Life Insurance

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Universal Life Insurance is an all-in-one permanent life insurance put together on proper investment element that is both tax-effective, tax-sheltered and very cost-effective way to cover your risks and offer to safeguard the life of the insured for everlasting permanent assurance

Pros

• Owning the life insurance policy with lifetime protection
• Option to make choice between the level cost of insurance or a yearly renewable term possibility to design your UL policy
• Choose between level death benefit protection or an increasing death benefit option building upon your exceptional financial needs
• Over-and-above optional rider like term insurance rider, critical illness protection rider, accidental death and dismemberment, waiver and payer waiver of planned premiums are at one’s disposal
• Flexibility and resilience in terms of paying the premiums, you can pay the bare minimum, the maximum, or choose an amount in between to cover the cost of insurance depending on your budget
• Premium holidays – you can use the cash within the policy to go on premium holidays in case of financial hardships at any stage of life
• You accumulate tax-sheltered savings, please note the Government of Canada changed her rules on the room for tax-sheltered growth of funds after Jan 1, 2017
• The ideal way to insure your possessions (liquid and fixed assets) and pave a pathway to pass your estate to your beneficiaries

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• Whole Life Participating Life Insurance

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Whole Life Participating Life Insurance Policy is an enduring lifelong sanctioned lawful insurance contract where policy owner is eligible and privileged to take part in surplus earnings of the life assurance company, thereupon collecting annual year-end dividends. It is one of the finest options for estate planning to boot and accumulate the assets to keep pace with ever-rising costs of inflation​

Pros

• Ownership for lifetime protection
• Whole Life Participating policy usually gets fully paid within stipulated time-frame (10-15-20 20 years) however early offset can be illustrated
• If you love promises on cash value think whole life participating policy as it has guaranteed cash values along with annual dividend (non-guaranteed element) calculated against overall financial results of the Participating Funds of the life insurance company
• The cash value has no effect of the market’s unpredictability precariousness
• If you do not have the discipline to save money consider and fancy whole life participating policy​

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• Non-Participating Term-100 Life Insurance

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Non-Participating whole life insurance is everlasting life insurance contract which proposes added simplicity and facilitates lower premium, but they do not spawn and produce any cash value and or annual surplus dividend. Usually, these policies are term 100 policies​

Pros

• Offers lifetime shield with a fixed cost of insurance (level premiums).
• At age 100 many insurance companies will give you freedom of not paying the premiums or cash out the polices

• Simplified  Issue Life Insurance

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Simplified Issue Life Insurance is the countersigned life insurance contract that allows the individuals to get a life insurance protection deprived of the necessity for the paramedical examination. This policy is also known as no medical exam policy.

Pros

• Offers coverage to hard to insure individuals
• Offers coverage to individuals formerly declined and failed to get coverage
• With a straightforward health questionnaire in regards to your health you will be provided coverage at specified premiums

• Final Expense Insurance

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Funeral Insurance, also known as burial, final-expense insurance where the individual intends to pay for  and arrange for final arrangements by buying out a  funeral insurance product.

Pros

• Funeral costs are paid well in advance
• No burden for the cost of funeral on the family members
• Carry out the last wishes, the way you want your last rites to be performed