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Life insurance is a fundamental aspect for maintaining peace of mind and risk management with one’s financial well-being. There are basically two different types of life insurance – term and permanent.

Term life insurance is for a specific period of time (known as the term). Therefore term insurance has an expiry date and is the least expensive form of insurance initially, although premiums become very expensive with age. It is an ideal insurance solution for financial obligations of a set period of time such as a mortgage.

Permanent insurance actually insures a person for life. Such a policy doesn’t expire and you are insured for as long as you want to be, up to and including the day of passing away. It is the perfect policy to have for estate planning including inheritances and payment of capital gains taxes.

Generally speaking there are three types of permanent insurance that are commonly used (although there are other types as well) and this includes whole life, universal life and T-100 (or term-to-100):

    • Whole life can allow you to participate in the financial growth of the insurance company through policy dividends and allows you to build up a “policy reserve” which can be borrowed from.
    • Universal life is an interest rate sensitive policy that offers flexibility unlike any other form of life insurance. It is the unique combination of insurance and investment that allows one to build up their “account value” with their own choice of market and/or fixed rate investments.
    • T-100 is essentially a permanent policy without the frills of universal or whole life such as dividends or policy loans.

What if you get into an accident or get sick and are unable to work for many months or even years? Who will take care of your family and pay everyday bills? Disability insurance is designed specifically for this reason as protection against loss of income. In the event that one would become disabled and unable to work, this type of insurance would pay a monthly benefit that is usually close to one’s monthly after tax income.

Disability insurance is essential for anyone who works full time or is self-employed. An individual policy can even be issued to “top up” one’s group policy at work, if insufficient.

Critical illness insurance is designed to manage the risk associated with contracting certain dreaded diseases and provides a lump-sum payment should you become seriously ill. Even though mortality (death) rates are falling, the amount of people with critical illnesses such as cancer, heart disease and stroke has actually risen.

This lump sum payment can be used in whatever way one wishes such as fulfilling certain “dreams” like a holiday, or more practically like retrofitting a home or removing financial burden when one is no longer able to work. Some illnesses that can be covered (but not limited to) include:

✓ Cancer
✓ Heart Attack
✓ Stroke
✓ Heart Bypass Surgery
✓ Blindness
✓ Deafness
✓ Coma
✓ Alzheimer’s
✓ Multiple sclerosis
✓ Organ Transplants
✓ Kidney Failure
✓ Paralysis
Be ready for any issues life has in store
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