Tag Archives: Insurance
“The greatest gift you can give your family and the world is a healthy you” – Joyce Meyer
Over a century’s worth of research underscores the link between life expectancy, physical health and strong, healthy family connections. The researchers behind a new meta-analysis conclude family support can increase survival by up to 50 percent. Moreover, exercising or losing excess weight turns out to be less important to physical health than interpersonal social networks.
The researchers analyzed results of studies going back to the early 1900s with a total of 308,849 participants. Strong family connections were found to help improve health and extend life expectancy by protecting individuals from stressful situations or establishing a standard of healthy living.
Finding the correct life insurance policy can be easy, difficult, impossible, or just extremely frustrating depending on how much time you have to research it and the people who you end up talking to on the phone. Each person you phone with regards to a policy is going to try and get you to sign their policy by telling you about all of the good things, while conveniently glossing over some of the not so good things. Unless you are an expert at reading contract language there is a strong chance that you signed for something you may not have wanted. This is where an insurance broker comes in.
They know the product.
By definition an insurance broker sells insurance.
Insurance companies are in the profession of making money from their policies, they take a gamble on each policy they issue that they will gain more in premiums (and interest accrued on investing those premiums) they will be required to pay out in claims. It is not in an insurances company’s best interest to take on a policy that is likely to require a higher pay-out, than the amount paid in.
With regards to life insurance this poses a problem for people who are known to have existing medical conditionals, inherited diseases, or are diagnosed as critically ill (or any other factor that may reduce their life expectancy).
It is not in a life insurance company’s interest to offer them normal life insurance policies – they will probably lose money on the deal.
Life insurance can be divided into two types: term and permanent. Term insurance has no investment component and pays out a tax-free death benefit if you die during the life of the policy. Permanent insurance, generally universal life or whole-life is designed to last throughout your life time and often has an investment component allowing you to build up cash values inside the policy in a tax-sheltered manner.
The laws regarding the taxation of life insurance in Canada are anything but straight forward and can be a complex topic; the best possible advice will come from a tax professional that can assess your own individual circumstances. The subject of taxes and life insurance are basically broken down into two main areas;
So you’ve decided that you want the protection that only life insurance can
provide for you, now what? For the majority of Canadians what comes next is a period of online research followed by deciding which particular type of insurance will best cover their needs. The choices that you have boil down to three basic types: term life insurance, whole life insurance and return of premium (ROP) life insurance. If you’ve made it this far, chances are you’re more than familiar with both term and whole life insurance but a little unsure as to what exactly return of premium life insurance is and the advantages it offers.
Return of premium life insurance is essentially a hybrid of term and whole life insurance.
Years ago, we could secure employment where you did your job and went home in the
evening to enjoy your family time. Now it’s a crazy life with a frantic pace, which we call progress in a 24/7 world.
Most employers are asking their employees to work longer hours, earning less money and with little assistance. We live in an age where we have instant access to emails, text messaging and abundance of information at the tips of our fingers. One would think with this we would have more time however it has been proven to have caused the opposite. Inundated with so much information, we sometimes find it more difficult to make a decision on the simplest tasks.
The life insurance policy is there in this world from very beginning. The mentality of people to have some protection against risk can be traced back some 5000 years ago. There weren’t any documents to support the insurance policies but still there were ways to promote it and also help the people get protection against the risks in their lives. The definition of insurance is to have coverage against a risk and if someone wants to protect one’s life, he/she can purchase the life insurance policy.
The first of all the life insurance policies
The concept of life insurance can be traced back to China some 5000 years ago. Insurance as in then was protection against pirates at sea.
An insurance broker is a certified professional who specializes in providing insurance policies from various insurance companies. The main difference between a broker and an agent, who works for a specific company, is that the agent sells insurance from a single company, while a broker represents multiple companies. This allows a broker to provide more options to find you the most suitable coverage at the best rates.
Licensing in Canada
In Canada, each province is responsible for specific licensing requirements for brokers. The province regulates and monitors the market to insure that fair and ethical practices are being followed by brokers. A life insurance broker is a particular type of broker who specializes only in life insurance.
Your top priority if you have dependants is to ensure that they are protected financially if you were to die or be unable to work for a prolonged period. Here we concentrate on the role that life insurance can play in your financial plan.
Bear in mind that not only the loss of a breadwinner’s salary could cause financial hardship: if you are caring for children, your spouse or partner might need to pay for professional childcare and/or babysitters if you were to die.
Similarly, you should take into account any extra costs of running the home, maintaining the garden, and so on. A nation-wide government survey found that housework, still done mainly by women today,
The 10 year term life insurance policy is one of the most easily explained and simplest types of life insurance. This policy has a guaranteed level premium and level death benefit for 10 years. With some insurance companies the insured is allowed to renew the policy every 10 years until approximately the age of 75.
If you are looking for a high death benefit at a low premium for a short period of time then the 10 year term life insurance policy is an excellent choice. If you therefore have a need for a large amount of life insurance and you have a limited budget the 10 year term life insurance policy may be an ideal fit for you and your family.