Differences between Term and Whole Life Insurance

+Obtaining life insurance for yourself and for your family is an important step, but equally important is the type of life insurance coverage you decide to obtain. In this respect, talking to a trusted insurance broker is the best option. With that in mind, be sure to consider the most notable differences between term insurance and whole life insurance. The following information can help as you discuss your options with your broker. Continue reading


Permanent or Term Life Insurance in Toronto

Individuals concerned about the financial well being of their loved ones once they have passed on may want to consider getting a life insurance policy. With life insurance in place, the named beneficiary (usually the family members) of the insured will receive the face amount of the policy. Life insurance comes in two basic varieties, permanent and term. Both types have their own advantages and purpose. There are even some life insurance plans that are a combination of both. Continue reading

Understanding the Importance of Life Insurance

+For those with families and dependents, life insurance is an ideal way to ensure they will be well looked after in the event you are no longer there to provide for them. As an income earner, you have likely made plans for the future of your family that are funded by your steady income. If you are no longer there earning income on a continual basis these plans can and will be drastically changed due to a lack of funds. Continue reading

Life Insurance for Beneficiary with Special Needs

+After some married couples decide to have children, usually their next step is to get life insurance. Proceeds from the life insurance will take the place of the parents’ earnings, and will cover expenses for the kids’ educational needs, among others. However, if parents have a child with special needs, they have to consider some important things when getting life insurance. Continue reading

Basics of Declaring Beneficiaries for an Oakville Life Insurance Plan

The beneficiary of life insurance in Oakville or any city for that matter is the person or entity who receives the Face Amount or the sum insured of a life insurance policy after the death of the insured. An insured person can name his or her spouse, children or favourite charity for example.

The term “beneficiary” is one of the key terms in a life insurance policy and is the motivating factor to buying life insurance in the first place. Declaring a beneficiary ensures the proceeds of an insurance policy, kept in-force at the time of the insured’s death will go directly to the beneficiary, by-passing probate and will be received tax free and credit protected. Normally, policyholders declare their spouse, offspring, or family member as beneficiaries. However, friends, organizations, and even a charity can be declared beneficiaries as well. In the event no beneficiary is declared these funds will be paid directly to the person’s estate.

Canadians Should Learn More About Life Insurance in Toronto Online

Beneficiary, term life insurance, underwriter, premium, preferred risk. Do you know what these terms mean? If not, you may be among the majority of Canadians who have little or no idea about the basics of life insurance—it is easy to get a basic understanding. Try visiting the Canadian Life and Health Insurance Association website at http:/www.clhia.com or just Google: online life insurance in Toronto and find a top insurance website like Insurance Advantage where you can read about each type of insurance available and go through their FAQ (frequently asked questions) for answers.

Researchers have found that many Canadians pass off the opportunity to learn more about insurance policies for multiple reasons: they find the jargon too alien to them, they are embarrassed to ask an insurance agent to explain, or they’re simply not that interested.

Ask about Life Insurance Rates in Toronto—Even When You’re Single

Palmer gives two good reasons for single people to purchase life insurance. The first one: “Single people are more likely to experience major life events, which often lead to the purchase of life insurance, including having children and buying a home.” The second: “Single people are often responsible for parents or grandparents, and they want to make sure those dependents will still be cared for.”

Reliable insurance brokers like Insurance Advantage offer free, fast, and no obligation Toronto life insurance quotes. Get the costs fast an easy online and see for yourself what having life insurance can do for you.

Life Insurance: Things to Consider

+Consumers who have yet to take out life insurance policies of their own would do well to take note of the fundamental differences between banks and insurance firms in terms of how they handle insurance matters.

Banks typically offer creditor insurance. This type of insurance is designed to pay off the loan (mortgage) in the event the borrowers dies. There are many disadvantages to this type of policy. The main concern with these policies are they are “post underwritten” meaning after someone dies the policy is underwritten and may or may not be approved. Continue reading

Choosing a Toronto Life Insurance Policy: The Right Questions to Ask

The next question to ask is: How much life insurance do you really need? In general, it’s advisable for you to buy life insurance equal to five to seven times your regular income plus any debt less assets. Industry experts, however, say that it’s not necessary to follow this industry rule—the key is to get the right amount of coverage for your family, which can be determined with the right amount of research and consultation.

Whichever type and amount of life insurance you settle with, know that what life insurance really buys for you is peace of mind. Contact a good Toronto life insurance broker like Insurance Advantage today to find the best insurance product for your needs, lifestyle, and budget.

Life Insurance Brokers in Toronto Can Help with Insurance Cost Savings

Once you have determined that you need or want insurance the first step is researching rates and products. This is very easy, be sure to find a life insurance brokers in Toronto that has a website capable of giving you information on the various products available as well as quotes. It is important to deal with an insurance broker that offers products from a wide variety of top tier life insurance companies so that you get the best price for your age and lifestyle.

The cost of life insurance primarily depends on its type, either term life or whole life. By its name, term life insurance means it covers a temporary or specific period, typically 10, 20 or 30 years, the premiums are fixed for that entire term. As a result, term life insurance premiums are more affordable than whole life (permanent insurance).