Not sure about which type of life insurance policy best fits your needs and budget? Read on or speak with one of our experienced Quebec based life insurance advisors.
Who should own life?
Life insurance is a necessary tool for ensuring the security of your loved ones in case something happens. You need coverage only if anyone would be put at risk or suffer financially because of your death. Circumstances when life insurance is required.
Life insurance, how to use?
- People with large estates who’d need life insurance to fund the estate taxes.
- Parents with young children.
- People who need like insurance to pay funeral costs and taxes.
- Spouses close to retirement who haven’t fully funded their retirement plan.
- Business owners with debts, key employees and partners.
What is life insurance and how does it work?
Life insurance is a contract between you and your insurer. You make regular payments, called premiums that will be paid in order to provide financial security for the people who are owed this privilege after death if something happens as long they have paid into it beforehand with their lifestyle choices being characterized by careful budgeting so not only does everyone get what he/she deserves but there’s also peace-of mind knowing some funds can always go towards paying off any debts left behind.
What life insurance is best?
The life insurance market is somewhat confusing. There are many life insurance types but there are two broad categories will help you decide what’s best for your needs and may even be an option that combines more than one product!
The differences between term and permanent life insurance coverage.
The benefits of term insurance
- Term life insurance is the product of choice when your insurance needs are expected to be high for a period of time, then drop back, such as when your family is growing. It can also be an effective way to supplement permanent insurance during high-need years, such as when family and other financial responsibilities are exceeding income.
To learn more about term plans or get a quote click on the link below.
Benefits of permanent life insurance policies
Reasons why permanent life insurance with cash value can be an excellent long-term solution for many insured.
- Permanent life insurance policies provide lifetime insurance coverage, provided premiums are paid. With few exceptions, your policy cannot be cancelled by the insurer once the policy has been approved. Regardless of your health, the insurance will remain in force.
- Life insurance dividends policy, despite higher initial premiums, whole life participating policies can be less expensive than term in the long run. The premiums are determined when you purchase the policy, and they cannot be increased, no matter what.
- As a policy owner, you automatically become eligible to receive dividends. You can use them to purchase additional paid-up insurance, to grow your policy, use them to help offset the cost of future premiums or use them for any other purpose. Dividends are not guaranteed, however; there are instances when an insurance company will not declare them.
- A participating policy generates dividends through the guaranteed values generated from the whole life insurance amount and the non guaranteed dividends generating from the participating policy.
- A whole life insurance policy guarantees “cash value” builds at a fixed rate determined by the insurer. It’s designed to reach the size of the death benefit when the policy matures.
- Life insurance cash value is guaranteed under many policies—can be used in the future for any purpose you wish. If you like, you can access cash value for a down payment on a home, to help pay for your children’s education, or to provide income for your retirement if the insurance needs decrease. Accessing cash value reduces death benefit and available cash surrender value.
Permanent insurance Whole life insurance is one of the four types of permanent life insurance that can provide lifelong coverage. It provides a variety of guarantees, which can be appealing to someone who wants to take the guesswork out of buying life insurance.
Click on the link below to explore permanent life insurance and get a quote:
What is permanent insurance and how does it work?
Discover why more and more Canadians are choosing life insurance with no medical exam
In good health, difficult to insure or into extreme sports, life insurance with no medical exam may be your best life insurance option.
Most life insurance companies don’t ask if you’ve been declined life insurance in the past, nor do you need to go for a medical exam. Policies are available in both term and whole life insurance. Get up to 750,000 in coverage.
Learn more or compare no medical exam life insurance rates with similar plans and benefits, click on the link below. Why pay more!
No medical exam life insurance vs guaranteed issue
We carry the largest selection of life insurance products and companies available to Quebec residents, so you save money.
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Get informed and save money
Groupe Financier Unibec has been servicing Quebec residents living in the greater Montreal area since 2004. We’re experts in helping clients settle their life insurance needs.