At Bill Blaney Insurance we describe Life Insurance as a plan to provide
financial protection for your loved ones in the event of your death. The
insurance company agrees to pay your beneficiaries a specified amount of money
when you die.
In order to keep this policy in force, you are required to make periodic
payments called premiums. The cost of your premiums depends on several factors
including your age, health, amount of coverage and medical background.
The money that is paid out to your beneficiaries is called the death benefit.
This money can be used to pay off a mortgage, for educational expense and to
provide overall financial well being for the remaining family members.
We can offer you a range of products and services for life insurance to match
your stage in life and your lifestyle.
|
Term
Term Life is the simplest, lowest-cost life insurance you can buy. You can buy
various amounts for differing lengths of time (5, 10, 15, 20 and 30 years) so
you can tailor a plan to fit your family's specific needs. The coverage amount
is level throughout the life of the policy and is paid to the beneficiary upon
the death of the life insured.
Who needs it?
Anyone with a family to protect -- particulary those with children
and a mortgage. Additionally small business owners should cover key employees
and self-employed people should cover themselves. Go there.
|
Permanent Life Insurance
Unlike term life insurance which is purchased to cover a specific time frame,
permanent life insurance provides protection for an entire lifetime.
Additionally, permanent life insurance has guaranteed cash values.
Who needs it?
Permanent life insurance is perfect for those people who want to
buy life insurance once in their lives. After the initial purchase, all you
have to do is pay the premiums. You never have to worrry about renewing your
policy. In many cases permanent life insurance is more economical than term
especially the shorter term lengths. And as your cash value increases, those
funds are available to you as low-cost loans.
|
|
Universal Life Insurance
This type of insurance combines both term and permanent aspects. It is usually
based on a Term to Age 100 life insurance policy with an investment portion
that can be allocated to a number of different investments including GIC's,
stock market indexes and mutual funds. The investment portion will grow tax
deferred until withdrawn or will be paid out tax-free at death.
Who needs it?
Universal life insurance is best suited for those who have need of
insurance and have maximized their RRSP.
|
|