INSURANCE FOR LIFE
An important way to help protect your family
If you have a family, life insurance is one of the simplest and most important ways you can help protect their financial future.
Life insurance works by providing your beneficiaries with a tax-free benefit upon your death.
Types of Life Insurance
Term Life
Term Life insurance is the most reasonable, because the premiums are set for a specific number of years - 10 to 40 years or to age 65,
etc.
It is very flexible, and additional features (riders) can be added to the policy. Term insurance is best used for a temporary need.
Whole Life
Whole life insurance provides permanent protection that builds cash value over a period of time. This cash value can be used to
purchase additional insurance. This would be used when insurance coverage is needed in increasing amounts over the years.
Universal Life
Universal life provides permanent lifetime protection with tax-advantaged investment growth inside the policy which adds to the death
benefit of the
policy, or can also be used to pay future premiums. Universal life insurance is an excellent tool for passing wealth to the next generation with
minimal tax implications within the CRA guidelines.
**The best approach to buying life insurance is buying combining whole and term life. TeamDastur will provide the best solution for one's
situation.
Types of Living Benefit Insurance
Critical Illness
Critical illness insurance pays out a one-time, 100% tax free lump sum benefit if you are diagnosed with an illness that is
covered under
the policy. Standardization of illnesses covered across the industry covers approximately 25 different illnesses and a few
additional infections.
Disability
Disability insurance provides a monthly benefit in case you are unable to go to work due to an injury or illness.
This is the type of
insurance where there would most likely be a claim.
**Having some Critical Illness and Disability coverage
is an important part of the financial plan. Working hard to accumulate wealth
should also take into consideration protecting what you have accumulated to date.
Long Term Care
Long Term Care insurance pays a monthly benefit in a situation where you are no longer able to look after yourself without assistance.