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!
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)