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Life Insurance
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Life Insurance ensures that after your demise a lump-sum amount is given to your beneficiary. The amount received is tax-free. The amount received can be used for any purpose, there is no limitation. A beneficiary can use it for paying old debts, travel or for funeral arrangements.
What Is Life Insurance?
Life Insurance is a safety blanket that keeps your family financially secure by giving them a tax-free lump-sum amount after your death. Life Insurance offers:
- Tax-free benefits.
- Lump sum amount is received in case of death or after the policy matures.
- Earn in the form of dividends.
- Coverage for a lifetime or limited time, your choice.
- Option of investing your savings for wealth creation.
There are various life insurance plans available in the market that caters to different requirements. You need to dig deep into different policies and purchase the policy that best suits your requirement, medical condition, and financial budget. Premium paid for a life insurance policy will depend upon the type of policy you are purchasing along with the benefits it will provide.
For coverage of $100,000 and a 10-year term, a 30-year-old Canadian has to pay $13 per month.
Types Of Life Insurance
In Canada, Different types of Life insurance plans available are:1. Term Life Insurance
- Low-cost insurance.
- Coverage for a specific time i.e., 10, 15, 20, or more years.
- Maximum coverage offered is up to $10 million.
- Tax-free compensation to the beneficiary at the end of the term.
- Compensation in case of death during policy tenure is tax-free.
- Renewal of term rider is possible till Age 75.
- Without undergoing any medical exam, you can convert Term Life Insurance. into Permanent or Universal Life Insurance till you reach the age of 71.
2. Non-Participating Life Insurance
- Coverage for your entire life.
- The policy doesn’t offer any dividend.
- Payment benefits that are offered at the time of maturity.
- You need to pay a premium for a limited time.
- It is not necessary that the beneficiary is in your relation.
- You can earn in the form of cash value.
- Cash value increases with time and it is possible to borrow money by putting cash value as collateral.
3. Universal Life Insurance
- Insurance coverage is for a lifetime.
- Avail tax benefit on the contribution you make and income you earn.
- You can choose an investment method along with the payment schedule.
- The premiums can be divided equally throughout the policy tenure.
- It is possible managing your risk profile by yourself.
- Best insurance option if you are looking for long-term investment.
- Option of ‘Level Cost of Insurance’ makes it possible to divide the entire policy premium into equal parts over the policy term.
- Fixed policy premiums.
- You can save using Universal Life Insurance if your RRSP reaches its limit.
4. Participating in Life Insurance
- The plan invests a portion of your premiums.
- You can create cash value and use it without paying any taxes.
- Assured protection of base insurance if the premium is paid timely.
- Earned dividends on policy can be used to expand policy coverage or can be cashed out.
- The earned amount can be taken out as a loan when you need it depending upon the time of the policy.
- No need to pay taxes for accessing the cash value.
- You can use earned dividends for increasing existing coverage or decreasing the premium amount.
5. Simplified Issue Life Insurance
- No need of undergoing any medical examination.
- Have to fill out a medical questionnaire only.
- Helpful if you have a medical history or have an unhealthy lifestyle choice.
- Coverage you get is generally between $100,000 to $5,00,000.
- Can buy for a specific term or whole life.
- Chances of rejection are low.
- Premium you pay is irrespective of the health questionnaire you fill.
- Simplified Life Insurance offers coverage in days, not in weeks.
Factors Impacting Life Insurance Premium
The cost of Life Insurance depends upon several factors. Some of the important factors that impact the premiums are
- Your Age
- Your Gender
- Your Health Condition
- Medical History
- Life Style
- Type of Life Insurance Plan/ Term
- Coverage
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