Life Insurance & Living Benefits
Protecting What Matters To You
Life Insurance can play a key role in protecting what is important to you.
If the unexpected happened, your business or family could be left in a precarious financial position. Life insurance can solve this problem and give you peace of mind. The two most common types of life insurance are Whole Life and Term Life.
Whole Life Insurance
Whole Life covers you from the inception date of the policy until death.
The most important feature of a Whole Life insurance policy is that your rates are guaranteed to stay the same for the rest of your life. Therefore, if you can lock yourself into a Whole Life policy at a young age you will save hundreds if not thousands of dollars in insurance premiums.
Another unique feature to Whole Life insurance is that the policy builds-up a cash value that can be used to borrow against (ex. used to pay for child’s education) or simply will be paid out to you if you ever cancel the policy.
Whole Life is generally used for long term protection, such as final expenses, estate planning or to leave an inheritance.
Term Life Insurance
Term Life covers you for a specified period of time. Term insurance is typically available in 10, 20 or 30 year increments. Rates are guaranteed for the duration of the term.
A great feature of Term insurance is that it can be converted at any time to a Whole Life policy with no medical examination.
Term Insurance is generally used to protect against short-term debt, such as a mortgage or to support dependents.
Term Life Vs Mortgage Insurance
Portion of the population with a mortgage that has mortgage insurance through their lending provider.
Mortgage insurance is simply a 3 or 5 year term life insurance policy owned by your bank of lending institution. However, there are very important differences between Term Life and Mortgage Insurance. Consider these important facts when comparing the two products.
Term Insurance (offered by Zehr)
- Client owns policy
- Insurance amount remains the same
- Premiums remain the same
- Any beneficiary can be named
- Options/riders available to customize
- Underwritten at the time of issue
Mortgage Insurance (offered by you financial institution)
- Bank owns policy
- Insurance amount decreases with mortgage
- Premiums increase every time mortgage renews
- Bank names themselves as beneficiary
- No options/riders available
- Underwritten at the time of death
Term Insurance is a far superior product!
Critical Illness Policy
The physical and emotional strain of a critical illness combined with the damaging financial impact could be devastating to anyone. A Critical Illness Policy would provide you with a lump sum of money if you were to suffer a Critical Illness. This money could be used to help cover lost income, pay for private nursing or pay for out-of-country treatment. Furthermore, this lump sum payment will help you focus all your energy on what is most important – getting better!
Typical illnesses/diagnosis covered under most Critical Illness Policies include: cancer, heart attack, stroke, acquired brain injury, Alzheimer’s disease, aortic surgery, benign brain tumour, bacterial meningitis, coma, blindness, deafness, heart valve replacement, kidney failure, loss of limbs, loss of speech, major organ transplant, motorneuron disease, multiple sclerosis, HIV, parkinson’s disease & severe burns.
Did you know there is a far greater chance of becoming disabled from accident or illness than dying prematurely? If you were disabled (even for a few months) how would you pay your bills? You can protect yourself with a Disability insurance policy and essentially insure your income. Plans come with an assortment of features and can be customized to suit your family’s individual needs.
Unique features & options for Disability Insurance include:
- Monthly benefit payable to age 65
- Options to decrease/increase the waiting period
- Return of Premium Rider (if you don’t make a claim you receive your premiums back)
- Regular Occupation Extender (if you can’t return to own job- receive benefits indefinitely)
- Parital Disability (if you go back to work part-time you still receive partial benefits)
- Future Insurability Option (increase your monthly benefit to reflect increase in wages)
- Cost of Living Rider (you monthly benefit increases with the cost of living Consumer Index)
Individual Health Benefits
Are you self employed and do not qualify for government social programs? Or does your employer not have a group health benefit plan available? Zehr Insurance Brokers can offer you a comprehensive individual or family health benefits package that can be customized to suit you & your family’s needs. Available coverages are drug, dental, vision, private hospital coverage and such extended health care services such as chiropractor, massage therapy, acupuncturist, osteopath, physiotherapist, psychologist, speech therapist & naturopath to name a few.
Recent Related Posts
What is the importance of Insurance?
“Why do I need insurance?”, “Why do I need that coverage?”, “Why are the premiums so high?”, “I have had insurance for a long time and have never had to used it, why do I need to keep paying for it?!”
Are you planning on a winter vacation?
If you are a homeowner, there are a number of different things you can do to ensure that your home insurance will be valid and cover you in the event you have an issue while you are away.
Using Life Insurance to Assist with Succession Planning
Planning for the transition of business assets and operations to the next generation can be a large undertaking. How we can help.
Protect Your Family; Not the Banks
Term Life Insurance is a much better, typically cheaper alternative than mortgage insurance. A comparative analysis.