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Who should get no medical life insurance?
If you’ve been considering life insurance, you’ve probably heard that you need to undergo a medical exa...
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It doesn’t have to be, especially if you’re relatively healthy. Many Canadians spend less than $25 per month on a quality life insurance plan.
Of course, as you age or experience health problems, your rates will increase. That’s why, perhaps counterintuitively, taking a life insurance plan when you’re young and healthy makes a lot of sense – you’ll be getting a great rate on your plan plus you’ll enjoy the peace of mind that a quality life insurance policy brings.
No. Insurers allow you to break your annual premium up into monthly or even weekly payments to make the cost of your policy easier to manage.
That really depends on what stage of life you’re at and how many dependents you have. Younger Canadians with greater financial commitments definitely require more coverage than older Canadians. Certainly, if you have dependents and are the sole breadwinner in your family, it’s a good idea to take at least 5 times your gross annual income in life insurance coverage.
Many experts recommend even more – it’s not uncommon for financial advisors to suggest 10 or 12 times your income if you have several children and a large mortgage to worry about. Remember, the incremental cost of purchasing extra coverage is not that great, so it’s worth buying more coverage to ensure your family will be taken care of no matter what.
It really depends on your unique needs. First, you should familiarize yourself with the two main types of life insurance – Permanent Life Insurance and Term Life Insurance.
Permanent life insurance policies provide coverage for the entire length of your life, while term life insurance only provides coverage for the specific length of the term that you selected.
It’s important to understand the different types of whole and term plans available to you before you buy a life insurance policy, so below is a breakdown of the different types of policies you can choose from within the permanent and term life categories:
The main types of permanent life insurance include whole life, universal life and variable life. As long as you continue to pay the premiums, each of these types of insurance policies will provide you with a benefit upon death regardless of how long you live.
These three types of permanent life insurance differ mainly in terms of how much you pay in and how your benefit is determined:
Term plans provide coverage over a specific number of years, rather than for your entire lifespan. The coverage, or what is also known as the death benefit, is paid out only if you die during the term of the policy.
Term life insurance policies generally range from one to thirty years, with ten-year durations being the most popular choice. If you think you’ll need life insurance for the next ten years, for example, then you would buy a ten-year term life plan. At the end of the ten-year period, your policy will lapse and your coverage will end.
Term life plans remain an excellent option for those who are financially vulnerable in the near term but who probably don’t require a large death benefit later in life. Term policies are also typically the least expensive form of life insurance.
Guaranteed renewable term life insurance is a term life policy that gives you the right to extend your policy beyond the initial term – without a new medical exam. Guaranteed plans tend to cost slightly more than regular term policies, but can prove invaluable if you get sick near the end date of your term and need to extend your coverage.
Term 100 is a type of insurance plan that causes a lot of confusion. While it is sometimes categorized as a permanent life insurance policy, Term 100 is actually a term policy that covers you all the way to the age of 100.
Generally, insurers ask that the beneficiaries of your life insurance policy be close financial dependents – children and spouses most often fall into this category.
Of course. Life insurance policies pay out no matter how you die, with the exception of suicide. You will, however, have to disclose your health history and any medical issues you have prior to taking the policy.
If you’ve been considering life insurance, you’ve probably heard that you need to undergo a medical exa...
You’ve been putting it off for far too long and you know that you need to make a decision. But when ...