Life Insurance & Living Benefits
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 & Term Life.
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, obviously 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 to protect against final expenses, estate planning or to leave an inheritance.
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.
***Recent studies have shown that 70% of the population with a mortgage has mortgage insurance through their lending provider. Mortgage insurance is simply a Term 5 life insurance policy. However, do you know the differences from Term Life & Mortgage Insurance?? Consider these important facts when comparing the two products.
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
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
As you can see it is like comparing apples to oranges… Term Insurance is a far superior product!
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.
Representing the Leading Canadian companies
Zehr Insurance is a broker for all life insurance & living benefits products representing 15 of the leading Life Insurance companies in Canada.