Because We Value Life
INSURANCE PROTECTION FOR WHAT MATTERS MOST
TERM INSURANCE
Term Insurance is the simplest form of life insurance coverage. It provides the lowest premium for the most amount of coverage. You can purchase a fixed rate product in various types of terms such as 10, 15, 20, 25, or 30 year timeframes. When the term renews, as an example in the 11th year with a 10 year term, your premiums will increase drastically. It’s important to understand your options and how long you will require the coverage.
MORTGAGE INSURANCE
Typical Mortgage Insurance is usually sold by a Mortgage lender or broker. We can offer mortgage insurance but there may be better options for you. First reason being, mortgage insurance has a declining benefit, which means as you pay your mortgage balance down, your coverage is then the balance remaining. You will still pay the same premium but your coverage drops over time. The second reason, you are forced to make the bank the beneficiary vs. your spouse or loved ones. Assurelife believes that your beneficiary should always receive the benefit amount so that they can decide on what to do with these funds instead of having it go to the bank first. Lastly, mortgage insurance may not be fully underwritten at the time of issue and can sometimes be done at the time of the event happening. This is not an ideal scenario as the insurance company may decide to decline the coverage.
CRITICAL ILLNESS
This type of insurance is rapidly growing in popularity. 1 in 3 Canadians will utilize this coverage. Critical Illness coverage provides a lump sum payment to be used by you at your discretion. This coverage covers many life threatening illnesses such as cancer, heart attacks and strokes. In addition, the coverage can be used for several life-altering illnesses. The theory around CI (Critical Illness) coverage is that while you’re battling an illness and fighting for your life, the bills will still be showing up. Often times, your work will have to take a back seat while you’re attending various treatments. The last thing a person would want to deal with at this time would be bill collectors. You also have the option to use the money to seek alternative treatment, even if it’s out of country.PERMANENT INSURANCE
Unlike Term Insurance, permanent insurance provides coverage for life. Often times the premiums can be higher than Term coverage and the trade-off is that you know you will not have to deal with renewals. With Term, renewals can get very expensive so often times clients will want some sort of permanent coverage within their Insurance Program for final expenses. Permanent Insurance is often under the names Whole Life and Universal Life. These types of coverage take specific planning and can complement an overall insurance strategy if properly planned out.
GUARANTEED INSURANCE
This type of coverage is exactly as it sounds. Clients are guaranteed coverage, regardless of health issues. Some clients have been declined by other insurance companies, yet they can apply here, knowing they will be allowed some amount of coverage. The premiums can be slightly higher for the non-medical coverage but often times clients are happy to have at least some coverage in place, despite their current health issues.
DISABILITY INSURANCE
TDisability Insurance coverage helps protect one of the greatest assets we have, our ability to earn an income. This protection provide an income stream, over a specific time period, should you become unable to work as a result of injury or illness. There various types of coverage amounts and waiting periods, depending on the clients needs. Self employed individuals should strongly consider this coverage. .
Contact Our Team Today
As a Life Insurance Brokerage, we go out and find the best rates from all our insurers, so that we can customize an affordable option for you. We complete a detailed analysis to understand your coverage needs and decide which coverage option is best for your family.
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