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Life insurance is an official document that promises a sum of amount to the person assured (or his nominee) in case the event insured for takes place.
This document is valid for the payment of the insured sum of money during three stages:
When the date of maturity is realized
Particular dates within periodic intervals are crossed
In case an unfortunate death occurs before maturation
The policyholder is liable to pay a premium amount on a monthly basis to the corporation that issued the insurance. Life insurance is acknowledged all around as a means of a surety that reduces risk, especially when an unfortunate situation happens. It substitutes certainty for uncertainty while coming to the financial support of the loved ones in case the policyholder passes away.
In sum, life insurance is a monetary solution to the problems that are mostly caused by death. It is majorly concerned with two major happenings that can happen across the life path of a person:
Accidental or premature death
Living a long life without any major financial support
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The main types of life insurance in Canada include term life insurance, whole life insurance, universal life insurance, and participating whole life insurance. Each type offers different coverage, benefits, and premium structures.
Term life insurance provides coverage for a specified period (e.g., 10, 20 years), with no cash value component, while permanent life insurance (whole and universal) offers lifelong coverage and includes a cash value that grows over time.
The application process involves completing an application form, undergoing a medical exam, and providing personal and health information. The insurer then assesses the risk and determines the premium rates.
Generally, life insurance premiums are not tax-deductible in Canada. However, benefits paid out to beneficiaries are typically tax-free.
To determine the amount of coverage, consider factors such as your income, debts, future education expenses for children, and other financial obligations. Online calculators and financial advisors can help with this assessment.
Premiums are influenced by age, gender, health status, lifestyle choices (e.g., smoking), occupation, and the type and amount of coverage. Riskier profiles generally result in higher premiums.
Yes, you can make changes such as increasing coverage, adding riders, or converting term life insurance to permanent insurance. These changes may require additional underwriting and affect premium costs.
Critical illness insurance provides a lump-sum payment if the insured is diagnosed with a covered serious illness (e.g., cancer, heart attack). This payment can be used for any purpose, such as medical bills or living expenses.
Disability insurance replaces a portion of your income if you become unable to work due to illness or injury. It complements life insurance by providing financial support during periods of disability, ensuring continued financial stability.
Missing a premium payment may lead to a grace period during which you can make the payment without losing coverage. If payment is not made within this period, the policy may lapse, terminating the coverage. Some policies have provisions to reinstate coverage upon meeting certain conditions.