There are a number of life cover policy options that will protect the financial security of your family when you die. ProCorp Financial can help you determine which option will work best for you:
Permanent Life Insurance
Permanent Life Insurance guarantees lifetime insurance protection in the form of stable lifelong coverage and cash value that will accumulate. Once the guaranteed insurance costs have been paid, most Permanent Life Insurance plans will provide coverage for the rest of your life without any additional costs. The initial insurance cost can be guaranteed for life and depending on the plan you choose, will not increase if your health or circumstances change.
Whole Life Insurance
Whole Life Insurance guarantees reliable coverage to last your lifetime. This coverage provides permanent protection while a variety of options allow you to adjust your coverage as your lifestyle and business needs change, which guarantees tax-deferred equity and cash value growth. This is a solution that supports personal as well as business needs and can help you establish collateral for a bank loan, further your retirement and estate planning, and fund various long-term expenses.
Universal Life Insurance
Universal Life Insurance provides an all-encompassing solution to protect and build your finances using lifelong insurance protection and the investment options that work for you. This coverage combines long-term protection with the opportunity for tax-deferred savings. It allows you to select a guaranteed amount that will be paid to your beneficiaries after your death, at which time your payments will be placed in a policy fund where any additional funds are deposited towards the insurance and can either be used to increase the value of your death benefit or placed into investment accounts. Universal Life Insurance is an ideal solution for:
- Business owners who need a tax-efficient way to protect the value of their business
- Parents who want to maximize their property for their children and grandchildren
- Individuals who have maximized their RRSP contributions
Term Life Insurance
Term Life Insurance provides temporary and flexible protection that allows adjustments to your coverage as your needs change. This coverage provides several guarantees and is an ideal option both for small business owners dealing with debt or start-up costs and for other individuals seeking affordability and flexibility in their coverage in times of high financial risk, such as those with mortgages or temporary debt. There are two Term Insurance options:
- Term Life Insurance; which provides coverage for one person
- Joint Term Life Insurance; which provides coverage for two people sharing a joint venture such as a mortgage
Mortgage vs. Term
Mortgage Insurance is usually offered by your lending institution. When it comes to protecting your mortgage you may wish to consider Term Insurance instead. This PDF explains the difference between Mortgage Insurance with most lenders versus a 10 or 20 year term life insurance policy. Procorp term vs mortgage insurance – Click to view