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100 YEAR TERM LIFE INSURANCE

For approximately $40 a month, get 100 years life insurance coverage with term life insurance with basic protection.

The costs differ based on:

1. If you are male or female
2. Your age at the time you sign your life insurance contract
3. If you smoke

Generally, the amount of insurance (minimum) is $25,000.

It can be obtained without a medical examination, depending on your insurer. Some insurers may require it.

However, without a medical examination, the insurance company may demand higher premiums.

Term life insurance can be converted into other types of life insurance unless it originates from group insurance.

Your premiums will never increase.

Maximum insured amount: Insurers usually offer $250,000 up to a maximum of $5 million.

A type of insurance that everyone can buy at reasonable costs.

The higher the amount of insurance you choose, the more you save. Thus, protection for 50 years will not cost twice as much as protection for 25 years.

It offers benefits if you develop a critical illness. You will receive during your lifetime cash benefits equal to 50% of your insurance amount if within 2 years you are diagnosed with a critical illness with only a year to live.

You get lifetime protection. If you reach 100 years of age, your premiums cease.

The possibility of a money-back guarantee within 30 days. This guarantee is offered by many insurers. If your term life insurance (100 years) is not satisfactory, this guarantee is in effect for 30 days and the premiums paid are returned to you.

Age required to subscribe: From 0 to 75 years. Some insurers offer up to 80 years.

*The price is subject to change at any time and was obtained with an online calculator in 2018.

The name says it all. This insurance covers only a specific period of your life. It costs almost nothing while providing you with significant protection.

This life insurance type does not have a catch, contrary to what some people think. It can give you peace of mind for a period of time when there is financial instability and you determine from the outset when it should end.

Term life protection is available in various terms from 1 to 20 years, generally.

Many financial experts will recommend this insurance for 10 or 20 years. They recommend this insurance during a time when financial obligations are at their peak and to review your needs thereafter.

Often, budgetary considerations change over time, for example, after the mortgage is paid or when children leave the nest, or when you have contributed enough to your savings such as the TFSA or the RRSP, etc.

Thus, you can renew your life insurance based on your changing circumstances.

Let’s look at it from another point of view. Some specialists regard term life insurance as an excellent product but recommend a strict review of your needs before doing so.

If you have accumulated a significant amount of assets, supporting a family member with a handicap, or a loss of autonomy, consider subscribing to a permanent life insurance instead.

This will make it easier for your estate to pay the appropriate taxes (against the capital).

Of course, like everything else, the product that you choose must be aligned with the needs of your family and your financial capacity. If you are still uncertain as to the type of life insurance that you should buy, here are some reasons why people opt for term life insurance.

In case of death, it serves to:

• Provide funds for your children’s education
• Keep a business going in case of a fatal accident
• Support the family financially for household expenses for a certain period of time
• Pay off the mortgage
• Take care of estate fees and mortuary costs
• Repay accumulated debt over time (credit line, student loans, new car…)

The only downside of term life insurance: an increase in premiums if you wish to renew your coverage.

Indeed, your increasing age coupled with your medical condition will be considered. Your new health status can cause an increase in your premium.

Perpetual, permanent life insurance provides lifetime protection. It does not require renewal, unlike term life insurance. The main advantage is that premiums remain the same (no increase).

In general, your premiums are more expensive at first, followed by a decline as the years go by unlike in term life insurance.

Upon your death, a tax-free benefit is given to your beneficiaries.

This important amount, depending on your decision, can be used to bequeath funds to your heirs, or to a charitable cause that is close to your heart, cover funeral expenses, or pay off your debts.

Cash surrender value is customary to permanent life insurance.

Thus, you accumulate an amount for retirement over time which can be partially or fully withdrawn based on your needs.

A complete withdrawal of your funds will nullify your insurance contract.

Consider buying permanent life insurance for the following reasons:

• You want to leave benefits to a beneficiary in need (lack of autonomy, for example).
• You have a business of great value, with real estate assets, have non-insurable individuals, or high level of debts.
• You want to bequeath to your grandchildren, children, or family members a decent amount.
•  You want to invest (in some way) in your insurance so that your beneficiaries will not be burdened by taxes if your TFSP or RRSP has been maximized.
• You want to avoid the risk of increasing premiums (during the renewal of your policy) by opting for fixed premiums throughout your life.
• You prefer the security of not considering your health status with each renewal by being insurable from the outset.

However, permanent life insurance is not worth it if:

• You don’t have a mortgage or debts
• You do not contribute anything annually to your TFSA or RRSP.
• You have little or no need for the insured amount.
• You cannot afford the monthly premiums.

If you are interested in saving money, your permanent life insurance can take the form of universal life insurance.

You can also select permanent life insurance with a limited payment option fif you wish to stop paying after a number of years.

The choices to stop payment are 10, 15, 20, or 100 years. This option is not available with all insurers. Verify with your insurance broker if the insurer offers it.

UNIVERSAL LIFE INSURANCE

Universal life insurance and its price depends on the coverage and the options you choose. This insurance product covers all the benefits of permanent life insurance (as stated above) with additional savings.

The savings component is the main advantage of universal life insurance.

Determine the amount you want to save and choose the options desired.

Some investment options change over time, depending on the insurer.

Your premiums may vary (your agreement will determine this) either by staying level or increasing as time passes.

Additional protections are available:

• Salary insurance with a component to replace your income (if disabled)
• Insurance if there is an accidental fracture
• Insurance to protect children
• Insurance for death and accidental dismemberment
• Insurance that includes a health component (critical illness insurance, long-term care insurance or other insurance types related to health)

The savings component makes it possible to invest. Thus, if you pay more than your premiums, the funds in your account will grow, tax-free.

You can expect from your universal life insurance dividends or returns from the stock market.

However, act prudently with stocks.

Several lending institutions in Quebec are promoting participating life insurance and declare that dividends earned can be used to pay for the premiums for life.

Unfortunately, nothing is less guaranteed.

The stock market is always a risk and it can bring you profits or losses.

If you are unlucky, and it does not work in your favor, your investment can decrease in value and your premiums increase or your contract spread over many more years.

Under all circumstances, always be prudent and choose your investments wisely.

Leave it to a professional to lend you a hand

Of course, all life insurance policies have their weaknesses and strengths for dentists.

The qualified partners of « Compare Insurances Online » are insurance brokers and insurers who wish to assist in your search for life insurance that is tailored to your needs.

One offer, whether term life, universal life or permanent life insurance, will be sent to you.

Fill out the form to contact one of these partners.

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