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Life Insurance



Ontario Government Protection / Regulations


In Ontario, life and health insurance products are sold to consumers directly by companies or through insurance agents. All agents are required to be licensed with FSCO. Some agents sell products for one company and some agents sell products for many companies. Insurance companies that sell insurance directly to the public typically sell policies by telephone, direct mail or through the Internet. As policies and rates vary from company to company, it pays to shop around and compare coverage’s and rates.


Buying Life Insurance: What Kind and How Much?


Finding the middle ground between being "insurance poor" and unprotected requires assessing real needs and choosing products that are affordable. This article introduces different types of insurance products and the role that they can play in a personal financial plan.


Before You Start


Think about which members of your household should be covered by life insurance. (It's typically a good idea to insure anyone who earns income.) RSW is here to assist you with:

  1. Buying Life Insurance: What Kind and How Much?
  2. Types of Insurance
  3. How Much Insurance Do I Need?
  4. Other Types of Life Insurance

Buying Life Insurance


Conventional wisdom says that life insurance is sold, not purchased. In other words, some people are reluctant to discuss the importance of owning life insurance, and others are simply unaware of the need to have life insurance. Although many large companies provide life insurance as part of their benefits package, this coverage may be insufficient. Who needs life insurance? If there are individuals who depend on you for financial support, or if you work at home providing your family with such services as child care, cooking, and cleaning, you need life insurance. Older couples also may need life insurance to protect a surviving spouse against the possibility of the couple's retirement savings being depleted by unexpected medical expenses. And individuals with substantial assets may need life insurance to help reduce the effects of estate taxes or to transfer wealth to future generations.


Types of Insurance


Term insurance is the most basic, and generally least expensive, form of life insurance for people under age 50. A term policy is written for a specific period of time, typically 10 to 30 years, and may be renewable at the end of each term. Also, the premiums increase at the end of each term and can become prohibitively expensive for older individuals. A level term policy locks in the annual premium for periods of up to 30 years.


Declining Balance (Mortgage) Term insurance, a variation on this theme, is often used as mortgage insurance since it can be written to match the amortization of your mortgage principal. While the premium stays constant over the term, the face value steadily declines. Once the mortgage is paid off, the insurance is no longer needed and the policy expires. Unlike many other policies, term insurance has no cash value. In this sense, it is "pure" insurance without any investment options. Benefits are paid only if you die during the policy's term. After the term ends, your coverage expires unless you choose to renew the policy. When buying term insurance, you might look for a policy that is renewable up to age 70 and convertible to permanent insurance without a medical exam.


Whole Life combines permanent protection with a savings component. As long as you continue to pay the premiums, you are able to lock in coverage at a level premium rate. Part of that premium accrues as cash value. As the policy gains value, you may be able to borrow up to 90% of your policy's cash value tax-free.


Universal Life is similar to whole life with the added benefit of potentially higher earnings on the savings component. Universal life policies are also highly flexible in regard to premiums and face value. Premiums can be increased, decreased or deferred, and cash values can be withdrawn. You may also have the option to change face values. Universal life policies typically offer a guaranteed return on cash value, usually at least 4%. You'll receive an annual statement that details cash value, total protection, earnings, and fees.


Term to 100 is a newer product as it is a Term product that runs to age 100 and beyond. This product offers rates that will not change as well as a number of other features you may elect to us. T-100 with values is a policy where the premiums remain the same through-out the term but it also offers “Guaranteed” values. There is a further feature that permits you to pay this policy in full with in a defined time period. You could purchase a T-100 with values paid in full in 20 years.


Our Team our Team of Advisors are well educated to assist you in finding the “Right” product at the “Right” price and our advice is free with no obligation.


Call: (905) 628-9265 or 1-855-432-7361
E-Mail: nodrogaj@cogeco.ca


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