Can I adjust my Whole Life Insurance Policy?

It is designed to insure an individual’s whole life, making it possible to provide coverage for the whole of one’s life as long as premiums are being paid. A part of the premium goes toward providing life insurance coverage, while the remaining goes into a buildup for cash value. At Canadian LIC, we often meet clients like Tom, who initially didn’t realize the potential of the cash value that can be borrowed in times of need, providing flexibility during financial strains.

Getting Whole Life Insurance Quotes is pretty easy. Once you get in touch with a whole life advisor at Canadian LIC, we will be more than happy to guide you through the process. We would need to know a little about your health and lifestyle, and a little about your financial goals to help provide appropriate quotes. For example, when Lisa contacted us, she was looking for affordable options that fit her budget while still providing ample coverage for her family. We offered several personalized quotes for her to consider.

A Whole Life Insurance advisor is trained personnel who can help you understand and pick up the best insurance option that will suit you. Our advisors at Canadian LI\C work along with clients to help them through a plethora of policies and riders to find their best fit. Recently, one of our advisors worked with a young couple who are expecting their first child to modify their insurance plan, adding some more riders to protect the future of their growing family.

Of course, adjustments can be made to your Whole Life Insurance Policy even after it has been issued. Be it a death benefit increase, adding of a rider, or updating of your beneficiary, our advisors at Canadian LIC shall assist and walk you through. For instance, Clara added a critical illness rider with her policy when her mom fell ill due to serious illness issues so she would be financially prepared in case she ever had to go through something similar herself.

Some of the riders that are normally attached to a life insurance policy include Critical Illness Rider, Waiver of Premium Rider, and Term Conversion Rider. Each comes with its unique advantages, which may be an assurance of financial help based on the diagnosis of the illness, avoiding cancellation of your policy in a time of disability, or even converting term insurance to whole life without undergoing further medical tests. We helped a client, Robert, who was initially very skeptical about riders and their benefits, understand how the waiver of premium rider would help safeguard the financial security of his family in the event something happened to him, leading him to add it to his policy.

You should discuss this with a Whole Life Insurance advisor to make sure that you are aware of all your options and to make informed decisions. Our Advisors will bring insight from years of experience and dedication to understanding your personal needs. One of our advisors recently guided a client through the process of adding a Term Conversion Rider, which was crucial as the client had developed a health condition that would have made it difficult to obtain insurance later.

Regular reviews with your Whole Life Insurance advisor can ensure that your policy continues to meet your changing needs. Life can be full of changes, whether you get married, have a child, or change your financial status—which may cause the need to update your policy. After getting married and becoming a father of twins, for example, we reviewed Daniel’s policy at Canadian LIC and adjusted the protection to his expanded family.

It can be tailored to your pocket. Our professionals for Whole Life Insurance at Canadian LIC are dedicated and always ready to prepare Whole Life Insurance Quotes that fit your pocket and, at the same time, ensure adequate coverage. For example, when Kevin felt that his financial obligations were too stretched, We sat with him and adjusted his premium amount and coverage to continue his current financial position without stepping back on coverage.

If your health changes after purchasing a Whole Life Insurance Policy, you should contact your insurance advisor. While your policy premium and coverage usually will be based on your health at the time an application is made, some kind of changes may mean a difference in your future options or coverage needs. Mark had bought his policy at Canadian LIC, but further down the line, he was diagnosed with a chronic condition. He kept us informed and could discuss with us changes to the policy and other additional riders that might be available to provide more complete protection.

Whole-life insurance advisors can guide clients through the claims process much more easily and with less stress. Canadian LIC’s professional advisors will take every client through each step of the claim process, offering advice on the documents to be produced and ensuring their timely submission before the deadline elapses. One of our best advisors recently assisted a deceased client’s family in successfully processing a claim in record time, which served to help them by providing much-needed financial support for the family.

If you find yourself in times when you can no longer afford your Whole Life Insurance premiums, contact your advisor immediately. There are other options, such as changing the policy terms, tapping the cash value to help cover premiums temporarily, or even reducing the amount of coverage to bring premium costs down. One of Canadian LIC’s advisors helped a client who lost his job, using the cash value of the policy to keep his coverage current until he could get back on his feet again.

Whole Life Insurance Quotes differ from other types of insurance quotes primarily because they include a savings component and offer coverage that lasts for your entire life. While comparing quotes, it’s not only the premiums one has to consider but the growth in cash value and permanence of policy that matter. Our team at Canadian LIC ensures that each client understands how these factors affect their overall financial planning and insurance needs.