Million Doller Policy



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    Million Dollar Policy

    Thinking about a life insurance policy worth a million dollars may seem extravagant, and a little over the top but it really isn’t that unreasonable. Many families would need a very large amount of money to support themselves if one income providing member was suddenly deceased. If you take a step back and add up all your family’s debts, living expenses and expected expenses (like post-secondary tuition) then you might just find that a million dollars isn’t too far off from what’s needed to survive. If you want to make sure your family is well cared for should you not be around, then let’s talk about the million dollar life insurance policy today!

    Here’s What You Need To Know

    It’s not as expensive as you might think to have a life insurance policy of a million dollars. There are variables, like any insurance policy, but these plans can be obtained for anywhere from $30 to $100/month.

    Similar to other life insurance plans, you can purchase these policies as either term life insurance or permanent insurance. The payment amounts and requirements will differ accordingly, but you do have options to meet your needs and ensure your beneficiaries receive the million-dollar lump sum payout should something happen to you.

    Is It Taxable Income For My Beneficiaries?

    The financial ramifications of this plan is something you’ll want to discuss with your financial advisors to make sure you’re making the best choices for your family’s future.

    Why So Much Money?

    A million dollar policy Brampton does seem like a lot, and it’s a little overwhelming to try to rationally think about how much money your family might need if something happens to you. If you have young children who still may need education costs covered, or you just purchased your first home, paying these costs can very quickly add up. With one less income, your partner may be unable to keep up with the financial demands of life in your absence. It seems like a lot of money, but costs can quickly add up. Give yourself the assurance your family will be well cared for with the right amount of life insurance. Reach us to know about the best million dollar policy quote

    Still Have Questions?

    No problem – life insurance is tricky and it isn’t easy to pick the right policy for you. We’re here to help you figure out what makes the most sense for your life currently, and the future needs of your family. Harpreet Puri has years of industry experience so you know you’ll always get what you need and what’s going to benefit you the most. Make an appointment to talk to Harpreet Puri about million dollar policy insurance plan.

    Million Dollar Policy

    Are you considering getting life insurance? It can be pretty stressful choosing the right policy that looks are your needs. Selecting the wrong plan can be detrimental. If you are wondering what a million-dollar life insurance coverage is all about? What does it cover? And most importantly, is it worth it? At CanadianLIC, we have years of experience helping clients with their insurance needs. For further information, get in touch with a member of our team today.

    Term Life Insurance Policy Vs Whole Life Insurance Policy

    There are numerous features of a universal life insurance policy that can give you a clear idea of why it is very much in demand amongst Canadians. Some of the features are mentioned below for your reference.

    Universal life insurance is a form of permanent life insurance, and it remains active throughout the entire lifetime of the policyholder. Irrespective of how long the policyholder lives, the selected beneficiaries will always receive a death benefit.
    Speaking about death benefits, it’s one of the primary reasons to purchase life insurance. The payout will assist beneficiaries in managing financial expenses in the event that a sole provider of a family passes away. One unique feature of universal life insurance is that it can vary depending on the policyholder’s preferences.
    In contrast to whole life insurance policies, universal life insurance allows the policyholder a greater degree of freedom when it comes to how to use the policy as well as its cash value. You will always have the choice to skip premiums or alter the timings of the premium payments.
    The policy allows you as a policyholder to change the terms and conditions of your contract to be aligned with your changing life goals. This makes it ideal for new families who have a toddler, as their financial expenses will be ever-changing with time.
    Compared to term life insurance, universal life insurance is more affordable. The premiums are on the lower end, and you can change the costs as per your choice.
    These are only some of the features that make this policy stand out from the rest. If you want to know more, feel free to contact Canadian LIC. We will be happy to provide you with all the details you need. You can get in touch with us for money-bac insurance and whole life insurance policies as well. Our services are available to both domestic and commercial customers in the greater Toronto area. Schedule an appointment today.
    If your other tax-sheltered accounts have maxed out and you want to save extra for your retirement, the cash component of your whole life insurance policy can act as the perfect saving vehicle.

    What Is A Million-Dollar Policy?

    Many families require a vast sum of money to support themselves if the sole income provider dies. Suppose you think about it and add up all your family debts, living expenses, and other expenses such as post-secondary education etc. In that case, you might understand that a million dollars are not that far off from what’s required to make by. If you want to ensure your family is well taken care of when you are no more, you should consider getting a million-dollar life insurance policy. If you are unsure what, million-dollar life insurance policy is right for you? Or what company should you purchase it from? Our insurance experts can help determine the right policy based on your specific requirements. Contact us today to find out more.

    Is A Million-Dollar Life Insurance Policy Expensive?

    There are a few variables to consider, like any other life insurance policy. Contrary to popular opinion, a million-dollar life insurance policy is not expensive. However, these plans can be bought for somewhere between $30 to $100 a month. As mentioned earlier, a million-dollar life insurance policy is similar to other life insurance policies. They can be purchased either as permanent or term life insurance, but the requirements and payment amounts will differ. The policyholder has the option to meet your specific needs, including ensuring your beneficiaries receive the million-dollar lump sum should the unexpected happen to you. The best part of this policy is that the lump sum benefit is not counted as taxable income, and the beneficiary is not required to pay taxes.

    Give Yourself And Your Family The Life Insurance Coverage It Deserves

    As mentioned earlier, a million-dollar policy sounds overwhelming. Still, if you consider the abovementioned factors, you will realize that it makes sense to purchase a million-dollar life insurance plan as a sound financial decision. When you decide to buy a life insurance policy, you must consider your needs and ensure your loved ones will be financially secure should you suddenly be no more. If you are the family’s only breadwinner, you don’t want the financial burden to fall on your family in your absence. Give yourself and your family the assurance that they will be well-taken care of with the right insurance plan, like a million-dollar policy. If you are searching for a life insurance company, kindly reach out to us to find out more details on million-dollar policies or request an estimate.

    Eligibility Criteria For A Million-Dollars Life Insurance Policy

    If you are planning to buy a million dollars in coverage, it is imperative that you first determine if you are eligible. The individual’s age and salary information help insurers identify if an individual qualifies for million-dollar coverage. Most insurers consider between ten to thirty times a person’s annual salary and age. Ideally, the younger the individual is, the higher their coverage eligibility. Your income is a barometer to determine if a million-dollar life insurance plan makes sense. For example, if your annual salary is $30,000, then a one-million-dollar coverage does not make sense. If you are searching for a life insurance company, contact us today!

    Find Out If 1 Million Dollars Suit Your Life Insurance Needs

    In theory, you should purchase an insurance policy that is five to ten times your salary, including ensuring it covers the following:

    Still, have questions? No problem – call us for an appointment, and we’ll be happy to sit down with you and go over all the insurance options you have to make sure you’re covered.

    After taking into account how your family could afford the expenses mentioned above without your income, you will realize that a life insurance plan with million-dollar life insurance sounds about right. However, it can be difficult if you are considering the coverage of a stay-at-home parent, as it is hard to determine the right amount of coverage as they don’t earn a salary. Usually, the parent raising the children is eligible for the same coverage as the parent who works.

    Components That Affect Term Life Insurance Premiums:

    Below-mentioned is some factors that affect term life insurance premiums:

    This is the most crucial premium component. The older you are, the more likely it is that you will die within the policy term.

    The premiums rates increase year on year. If you suffer from health conditions like diabetes, your premiums will be higher. This is why one should purchase a life insurance plan when they are young and in good health.

    A ten-year policy will have a lower premium than an insurance policy with a term of twenty years; likewise, it will have a lower premium than a thirty-year term. In essence, the shorter the period, is more likely the insurance company will have to pay a claim to the insured before it expires.

    Size matters, in this case, the policy coverage. When the death benefit’s size is considered, the larger policy will always be cost-efficient. For instance, a million-dollar life insurance plan will cost more than a policy that provides coverage of $500,000.

    There are occupations out there that are more dangerous than others. For example, deep-sea diving is riskier than golf. One activity that is guaranteed to increase your premiums is smoking.

    Go For A Million-Dollar Life Insurance Policy!

    Purchasing a 1 million dollar life insurance policy is not as expensive as most people make it out to be. We at Canadian LIC can help get estimates from several leading insurance companies by selecting the right plan based on your budget and needs. For further information or to schedule an initial consultation, please do not hesitate to contact our team today.

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

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


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    highly recommend Canadian L.I.C. insurance. Very knowledgeable, friendly and helpful. I called and got help right away. The service was quick, clear and easy. Akanksha gave the best price and service by following up. Keep it up, great job.


    With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.
    With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet. With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.
    With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.
    With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.
    It doesn’t have to be only a portion. You can with the entire amount as well.
    In universal life insurance, you have the flexibility of reducing or increase the premiums. ( Subject to rules and regulations).
    Yes, you can, given that you have passed a medical examination.
    Generally, for this type of insurance, the maturity date is between the ages of 85-121. If you outlive the maturity period then you will receive a payment. However, if you have used most of the cash value to pay for premiums, this return amount will be very small.
    As the interest rate is lower and more flexible, it can be an ideal choice. However please speak with our team members about your requirements before you choose an insurance policy.