Insurance Information

Can you afford to be without it?

  • Life
  • Critical Illness
  • Disability – LTD

There are various types of policies available and let us chose the one that is right for you and will provide what you need at an affordable price.

Purchase a policy while you are young – cost is lower

Purchase a policy that you medically qualify for before you get sick. Be pro-active and not re-active. After you have a life-threatening illness – you will not be qualified to purchase a policy.

There is no need to purchase a policy that you are not able to afford.

  • T10, T15, T20 & T30.   – the number means the number of years between renewal & pricing increase.
  • All these policies are affordable in the early years.
  • Policies on each renewal will increase.
  • At age from 60 & higher can have premiums in access of $400 – $1500/ month
  • Policy becomes unaffordable around age 70 – most will cancel
  • No cash surrender value
  • Most policy will cancel and all the money paid into the policy will be lost
  • No value to the policy once cancelled
  • Policy will expire at either age 75, 80 or 85 as per policy  terms
  • Monthly premium remains level and will not increase
  • Policy will remain in force until age 100
  • Monthly premiums must continue to be paid.
  • Policy can build up additional cash value
  • Level monthly premiums
  • Ability to over fund the annual premium
  • Ability to borrow against policy as a loan
  • Ability to build cash surrender value in the policy
  • Policy will not expire unless premiums are not paid
  • Loan is required to be re-paid over time – terms will be advised.

Critical Illness:

Coverage for Life threatening illness that could result in death. Death is not required to pay out the policy but most survive the diagnosis for 30 days

Some policies will cover up 6 illnesses and other can cover up to 26 illnesses.

  • Cancer
  • Heart attack
  • Alzheimer’s
  • Parkinsons
  • Diabetes
  • Stroke and much more.

Limit of coverage varies on amount required or purchased. Once the policy pays out the policy has completed its obligation and will end.  Option to purchase Critical Illness afterwards will be extremely difficult.

Long Term Disability:

Coverage can be provided in the event that you are not able to work due to injury or illness.  Policy will pay you a monthly premium.

Options to purchase can be based on you the monthly limit purchased

Pricing is based on the following:

  • Days before the policy starts to pay out. The long you wait the cheaper the cost. Self insuring period of 30, 60, 90, 120 or 180 days
  • Length of time benefits are to be paid over: 2 years, 5 years or to age 65.  The longer the pay out the higher the cost