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What
you need to know about Insurance
Canada (continued
from Canadian Insurance) Here is some
basic information about the 4 types of Canadian
insurance.
Canada
Whole
Life Insurance Policy If you're
not a risk taker, then whole life insurance is for you.
But what do you ask for when you want a Canadian whole life
insurance quote? You should ask if the annual premium is
guaranteed and there is guaranteed minimum cash value
and death benefits. Almost all whole life insurance
policies are "participating". This means they
earn dividends and the dividends can be applied to
reduce the premium, increase death benefits, and can be
refunded or to increase the cash value. Canadian
Universal
Life Insurance Universal
life insurance is the most flexible of all. Premiums can
vary year to year and can even be skipped. It has
maximum guaranteed benefits and minimum cash values and
death benefits. Canada
Variable
Life Insurance Variable
Canadian life insurance has fewer guarantees so it has the
greatest potential for cash value increases. There are
required guaranteed annual premiums and minimum
guaranteed death benefit. There isn't a guaranteed cash
value and you have your choice of investments such as
mutual funds. Canadian
Term
Life Insurance
Canada Term Life
insurance is the easiest to understand. Terms can be
5,10 or 20 years. Premiums can increase yearly and even
decrease for a period. If you die, you collect, it's
that simple. If you stop making premium payments,
you become uninsured.
Choose
the path that makes the most sense for you, your family
and your budget.
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