What is life insurance and how does it work

By Candian LIC, October 27, 2020, 4 Minutes

Long-term goals: Throughout your life, you may have some dreams or goals that may be a bit difficult for you to achieve based on your financial condition. You will be pleased to know that some insurance policies are tied to certain investments which can help you achieve your goals

Clearing your debts: Certain life insurance policies can help you in clearing our different types of debts such as auto loans, home loans and more. Don’t leave your family in a financial crisis, choose a life insurance policy today.
Secure the future of your loved ones even when you are gone: This is one of the major reasons why you should get life insurance. In the event when you pass away, what happens to your family? How will they sustain financially? Life insurance can take care of this matter and see to it that your family has financial stability.

Business investments: Life insurance policies are not only for you and your family. It can also protect your business from a financial crisis as well. There are two options available; term insurance, which can for a period of 10, 20, 30 years and full life insurance. For further details call us.

Save on taxes: You can also save on taxes by getting life insurance. The premium that you pay is eligible for tax benefits
Money back clause: You can add a money-back clause (ROI) in your life insurance agreement which means, you with getting a complete refund of the whole amount at the end of your tenure.

Who Needs Life Insurance

How often have you thought about getting life insurance? What were your reasons for passing on the opportunity? If you are wondering if life insurance is for you, now might be the right time. For many, life has brought so many changes in the past year. Maybe now you have a home or family of your own and are beginning a new stage in your life.

What is life insurance?

The simplest definition of life insurance is: life insurance is a type of financial coverage that is paid to a beneficiary upon the death of the policy holder (you.) There are various kinds of policies, and it is a good idea to speak to an insurance broker at Canadian LIC to see which one is right for you, your situation and budget. Three simple things you should consider when looking for life insurance are: Dependants, Income, and Financial Responsibilities.

Why should I get life insurance? Are there any benefits to having a life insurance policy?

Here are four simple reasons you should get life insurance.

During this time, everyone has different financial needs, and worries. To find a policy that suits you the best now, is important. With so many policies, there is something for everyone, even those who think they can’t afford this type of insurance. Remember, no one thinks about getting life insurance when things are going well, and they are healthy and young. That, however, is actually the best time to take control and get insurance. Even the smallest, life insurance policy brings peace of mind. You will be comforted knowing you have taken care of your loved ones, no matter what happens in the future.

Get The Best Insurance Quote From Canadian L.I.C

Call 1 844-542-4678 to speak to our advisors.

Reasons to buy life insurance

Often, you hear someone say how important having life insurance is. Perhaps now you have a home or family of your own and you are beginning a new stage in your life. You may be wondering if life insurance is for you.

What exactly is life insurance?

One way of describing it is: life insurance is financial coverage to be paid to a beneficiary upon the death of the policyholder. There are countless types of policies, and it is a good idea to do your homework to see which one is right for you and your situation. Three things to consider when searching for life insurance are income, dependents, and financial obligations.

Now you may ask, “Why should I get life insurance? Are there any benefits to such a policy?” Below are four reasons you should buy life insurance.

Everyone has different financial needs, and it is important to find a policy that suits you the best. There are policies for everyone, even those who think they can’t afford life insurance. No one really thinks of getting life insurance when they are young and full of health, but that is the best time to take charge and get some. Life insurance brings peace of mind, even with the smallest policy. It will comfort you knowing your loved ones are taken care of, no matter what, in the future.

How does it work?

To understand how a life insurance plan would work for you, we will have to first understand what are the kinds of life insurance plans available.

1. Term Life Insurance:

A term life insurance provides coverage only if the person passes away within a specified period of time. With this policy, the end of the term insurance can be set depending on a time duration or as an age limit.

It involves a consistent requirement of premiums and will be considered void if even one is missed. Term Life Insurance also works only if the event happens within the specified time period. If not, the beneficiaries do not receive any payouts.

2. Whole Life Insurance

The second type of coverage works without an age limit or a time period specification. The beneficiaries will be eligible to receive payments as long as you have ensured that the payments are being made at the right time for it.

Another thing whole life insurance has is the cash value. If you were to sell your whole life insurance, you would be able to get money instead of it. It builds up over time according to your premium payment.

3. Universal Life Insurance

Universal life insurance combines the benefit of an investment account with an insurance policy. The value of the policy may wax or wane depending on the kind of investments you have made.

This type of insurance also holds cash value and it can be used as collateral for a loan.

The insurance market has a variety of plans that help you curate one which suits your family the best. Taking help from an insurance broker from Canadian LIC Inc and can help you find the right one at the right price with more ease and comfort. They are experienced individuals who know the market like the back of their hand.

Get in touch with an expert and get your peace of mind. Connect with Canadian LIC for your life insurance today.

Life Insurance for Children

Life insurance is for everyone, even children. Although we don’t seem to talk about children needing life insurance, it is a way of protecting an act of love. Even if your children are still dependant on you, there are reasons why such a policy is a good idea. So, let’s see how important children’s life insurance is, and see if it is a great idea for your family.

As with all life insurance policies, life insurance policies for children are contracts with insurance companies. However, children’s policies are more focused on providing financial protection for the life of the child, but still include protection if the child pre-deceases you. This kind of insurance guarantees long term financial security to a dependant’s child. If your child has a hobby involving risky, such as scuba diving, motocross, or horseback riding, perhaps you should think about getting insurance.

The Benefits of Children’s life insurance:

There are several different types of Children’s Life Insurance. One is to have the child be a “rider.” The child “rides” on your policy and is called a term rider. This dependant is added to the parent’s policy. Term riders usually have less coverage, but because of that, are less expensive. Another type of life insurance for children is permanent or Whole Life insurance.  Whole life insurance has lifelong coverage, and is an independent policy that does not have an expiry date. This policy is solely the children.

Getting life insurance for a child is a big and personal decision to be made, and it’s a decision that requires some discussion and research. To choose the best available option for your family, ask your insurance broker at Canadian LIC to advise you. Let your decision be comfortable knowing you have the best information available to protect your family.

Get The Best Insurance Quote From Canadian L.I.C

Call 1 844-542-4678 to speak to our advisors.

Tips to save on your life Insurance

Deciding on life insurance is a big decision. You may feel that you can’t afford to have a good policy, but don’t worry, there are ways to save money while getting the best policy for you and your loved ones. Here are some ideas to help save money on your life insurance.

There is a policy out there for everyone, and these five simple points will guide you on saving money with your life insurance.

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

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