Insurance Center Solutions

Life Insurance


Life is always full of unexpected events. A good Life Insurance policy can help in providing the financial security for you and your family. If you should pass away prematurely,  the policy and the benefits thereof can be used to:

  • Leave a legacy to your favorite charity 
  • Provide an income for your family
  • Ensure your family has the resources to maintain a comfortable standard of living
  • Pay final expenses and any debts

Life insurance is a contract between the insurance policy holder and the insurer. The insurer agrees to pay a beneficiary benefits or a lump sum upon the death of the policy holder. In some policies, unxepcted life events like terminal or critical illness could initiate bnenefits payout. This is where the policy holder will pay a premium, - structured or in a lump sum. Occasionally, funeral expenses may be included in benefits payout.

 

Take advantage of Life Insurance policies and leave your loved ones well-positioned financially - so they don't have to cope with debts and an inadequate income. Life insurance helps secure financial future of the ones you love or are responsible for. Your life insurance policy simply pays out benfits in the form of tax free cash to your beneficiaries when you pass away. The amount of money for which you are insured and the type of insurance you buy depends on your needs. People can get life insurance through work (some employers offer it through group benefits plans. This type usually ends when you leave the employer.)or they buy it on their own (usually from an insurance advisor).

 

Some life insurance policies can have benefits even when your still alive:

  • They can build tax-advantaged savings you can draw upon as needed for personal or business opportunities
  • They also supplement your retirement income or provide for long-term care or home care for yourself or a family member.
  • If you’re not familiar with life or living benefits insurance, it can seem like a different language. You’ll hear things like whole life, universal life, critical illness, term insurance, and temporary and permanent needs. Understanding a bit about insurance can help you make an informed decision about the coverage that’s right for you, your family or your business.

Basically, life and living benefits insurance can be broken into two types:

  • Insurance to meet your temporary needs.
  • Insurance to meet your permanent needs.

What Is The Best Type of Life Insurance?

If you’re not familiar with life or living benefits insurance, it can seem like a different language. You’ll hear things like whole life, universal life, critical illness, term insurance, and temporary and permanent needs. Understanding a bit about insurance can help you make an informed decision about the coverage that’s right for you, your family or your business. Basically, life and living benefits insurance can be broken into two types: insurance to meet your temporary needs and insurance to meet your permanent needs.

 

Choosing the Right

Policy Choosing the right policy can be a confusing process. Some questions you should ask yourself are:

  • Will the policy meet my current needs?
  • Will the policy provide the flexibility to meet my future needs?
  • What does the policy cost–both current and expected lifetime costs?
  • Is the provider established and financially strong?

 

What Is The Best Type of Life Insurance?

If you’re not familiar with life or living benefits insurance, it can seem like a different language. You’ll hear things like whole life, universal life, critical illness, term insurance, and temporary and permanent needs. Understanding a bit about insurance can help you make an informed decision about the coverage that’s right for you, your family or your business. Basically, life and living benefits insurance can be broken into two types: insurance to meet your temporary needs and insurance to meet your permanent needs.

 

Why people buy Life Insurance in Canada?

In case of premature death the things can be very messy and challenging for you. In case of death Probate needs to be initiated by your Executor.

 

In case your executor contacts your bank, mutual fund company or pension plan provider, or the land title office with a non-probated will in hand, asking them to hand over your money or register a transfer of property title.
Those institutions will want proof that:

  • you’ve died
  • the will is valid and is the final version
  • your executor is the person named in your will
  • they won’t be sued if the will is contested

What is Probate? 

 

Death and Taxes are the most certain things in our Life. When these two meet Probate happens.Probate is an approval process that validates your will and confirms the appointment of your executor. If you don’t have a will or your executor can’t do the job, the courts have to appoint an administrator — and the costs will be similar to probate. (Make sure you have a Will )
Each province has its own rules and they’re too complex to outline here. In General, your executor will need to apply to your province’s probate court for approval of your will if you died in debt, with bank accounts or registered investments without a named beneficiary, or if you owned property that isn’t being directly passed to your spouse or common-law partner through joint ownership.
The Province Probate is the official body that grants probate approval (sometimes called “letters probate,” but a different name may apply in your province). If there is no will or executor, the court grants “letters of administration.”
Your Executor needs Probate.

 

 

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