What Is The Best Life Insurance For You And Your Family?
Everyone insures their home, car, and possessions however many people forget to insure themselves and their children. Our lives are more important, more valuable, and more precious than anything else that we own. Loss of life in our home means that there will be loss of income and loss of performance, no matter whose life it was that was lost from the family unit.
ICC Offers Life Insurance For Businesses And Individuals
Even Individuals With Pre-Existing Conditions May Get Approved!
With so many different types of life insurance products, qualifying and non-qualifying, it's difficult to determine which ones are right for you. ICC will educate you on the different insurance products and help you choose the products that are right for you...
- Permanent Life Insurance
- Universal Life Insurance
- Whole Life Insurance
- Temporary Life Insurance
- Term Life Insurance
- Individual Life Insurance
- Creditor Insurance
An Excellent Product For Estate Planning
This is an excellent product for estate planning. Here is one example of where it would save an estate $150,000 in Capital Gains Tax. The Cottage that the family has owned for 50 years will be left to the children. However there is a $500,000 taxable benefit as a Capital Gains Tax. If you were at a 30% tax bracket then this means that the beneficiary will get a tax bill for $150,000. When a death occurs the taxable amount can be covered by your insurance plan, and then you will be able to keep the cottage in the family. Too many times life insurance coverage has not been obtained, and then the children must sell the property because they cannot pay the Capital Gains Tax.
- There are two types: universal or whole life
- Level Premiums: The premium stays at a fixed price for the rest of your life, unless you increase it by adding more insurance
- The younger that you start, the less expensive it is so starting at the earliest time possible is best for you
- Cash Value: After your RRSP and a TSFA max out, it is another place that you can put your money to grow
- It's cash value will grow each year
- Non-Forfeiture Option: You can stop paying premiums and use the cash value to continue payng the premiums or take a cash settlement
- Participating Policies: Dividends are declared annually and can be taken or added to the policy
- There is a guaranteed pay out
- Life insurance is tax free to the beneficiary
- It protects and provides for your loved ones after you are gone
Universal Life is a Great Tool for Saving
Universal Life has flexibility in the death benefits and the ability to use it as a savings tool. You can adjust the premium, the payment schedule, and the death benefit. You can add the cash value to the death benefit to increase the payout to your beneficiaries at death. With a Universal policy you can increase the premium or put in lump sums to a pre-set annual maximum. You earn interest on a tax deferred basis. You can reduce or increase the death benefit and alternatively your cash value also changes.
Whole Life is a Great Tool for Long Term Planning
With Whole Life, the premiums stay consistent throughout the policy and have a guaranteed cash value accumulation. Great for long term planning. You can choose different lengths of payment periods: 15 years, 20 years, and 25 years, at which time the policy becomes paid up. Or you can pay premiums for life and of course your cash value will continue to grow. The insurance company invests a part of your premium in high interest accounts and each payment increases your cash value. You can keep the policy in force till death or cash it in for the current cash value. Whole life policies give you the option of purchasing a participating policy where you can earn dividends from the insurance company's experience that can grow your cash value or you can use that cash to buy more insurance. You want to buy this product as early in life as possible so that it stays in force a long time, since the premium stays the same and the cash value will keep growing. Of course the younger you purchase the less expensive it is. You can also borrow against the cash value.
Insure Your Children When They're Young So That They Pay The Lowest Possible Premiums And Can Actually Be Insured
The Younger Your Children Are, the More Likely They Are to be Insurable
We highly recommend that you insure your children at a very young age, when the cost of insurance is the lowest that it will ever be for them, and they are less likely to have any pre-existing medical conditions. Today, children are getting ill at an alarming rate with diseases such as cancer, diabetes, heart stroke. Once a child is diagnosed with any disease, they may never qualify for insurance again.
Insuring Young Children Carries the Lowest Premiums and is a Great Tool for Saving Money
So if you buy life insurance for a 2-year old child, the price is extremely low and stays at that same low price for the rest of their life. It will never go up. It also builds up a cash value. So maybe later in life the child can use that to go to university or to buy their first car.
You Can Add to the Face Value of Their Policy up to 5 Times Without a Physical
They are guaranteed to be insurable for the rest of their lives. You can also add to the face value of the policy up to 5 times in their lifetime without a physical. So even if they get sick you can increase the value of their insurance and they are still guaranteed to be covered. So it is less expensive, insurable for the rest of their lives, and money in cash value down the road if they need it. So extremely important to insure your children as soon as you can. You can buy products that have life insurance and critical illness that can be converted into more life insurance down the road.
Temporary Insurance or Term Insurance:
A Great Product For Protecting Large Assets Like Your Home And Business
- Less expensive than permanent insurance
- It is great for protecting your assets like you're home, business, or your business partners
- As you get older the costs of buying a new Permanent Policy can become financially out of reach
- You have to re-qualify upon repurchase at the end of the term. Another medical, blood, and urine analysis will be necessary
- You pay less at the beginning but more at the end of your life.
Let ICC Educate You On Different Coverage Scenarios, Help You Determine The Best Plan For Your Specific Situation, Shop The Market With The Various Insurance Companies,
And Get The Best, Custom Coverage For You At The Lowest Premium
Three years ago at the age of 18, I was quoted for life insurance through a different insurance broker in Calgary. However, I was denied and told it would be at least five years before anyone would consider insuring me. Just recently I decided to give Insurance Companies Calgary a try. To my complete shock, not only was I approved but at a lower rate and for better coverage than what I was quoted three years ago.