What is Life Insurance?
Life insurance provides financial security for the people you love by a distributing lump-sum, tax-free payment after you’re gone. The cash provided by your policy at death can help your loved ones meet important financial needs like, funeral costs, paying off a mortgage, funding a child’s education or daily living expenses. Taking care of your family when life’s unexpected or unwelcome events happen can provide you and your loved ones with peace of mind and security.
Types of Life Insurance
Term Life Insurance
Term insurance can be suitable for short-term needs, or a specific debt like a mortgage or a loan.
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Generally has no cash value; if premiums are not paid, the policy will terminate. Term insurance is designed for temporary needs. It often expires at age 70, 75, or 80 years depending on the term contract and may cost less than permanent insurance at the start, but premiums renew (increase) at each specific term.
Whole Life Insurance
Whole life Insurance covers you for an entire lifetime and comes with the security of fixed premiums.
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Policy builds up cash value over time and is paid out in the form of dividends which you can use to reduce your premiums or buy additional coverage. Suitable to purchase when you’re younger for long-term goals.
Universal Life Insurance
Universal life Insurance provides permanent protection to meet long-term insurance needs, plus the opportunity for tax-deferred growth in savings.
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Flexible policy options allow you to choose various benefit options and there are investment accounts and premium levels to meet a variety of needs. Suitable for individuals who have a permanent insurance need such as estate and retirement planning, and may require tax-deferred savings.
Other Types of Insurance
Critical Illness Insurance
Critical illness insurance provides a tax-free, lump sum payment in the event you are diagnosed with any of the covered critical illnesses.
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Can be helpful in managing costs not covered by The Ontario Health Insurance Plan/and or replacing a lost income. Coverage is available in units of $25,000 with a minimum of $25,000 and a maximum of $250,000. Payment is issued to you regardless of whether or not you are able to work and there are no restrictions on how you can spend the payout.
Long-Term Disability Insurance
Long-term disability insurance can replace your income in the event you are unable to work due a serious illness or injury.
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Monthly benefits are available in units of $100 starting at $1,000 per month to the maximum determined by your net annual earned income. Disability insurance plans offer a range of flexible option to meet your need.
How much is enough?
Determining how much life insurance coverage you’ll need is an important step towards a balanced wealth plan. Our Insurance Representatives can work with you to calculate how much you need and anticipate your needs well into the future.
Ready to Chat?
Book time with an Insurance Representative at Libro Wealth Strategies who can help you determine which type of coverage is best for you and how much you need now and in the future.
Libro Wealth Strategies is a program provided by Aviso Insurance Inc. offering financial planning, life insurance and investments to members of credit unions and their communities. Trade-mark(s) of Libro Wealth Strategies are used under licence by Aviso Insurance Inc.