LIFE INSURANCE

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Getting life insurance is easier than you think.

Life insurance helps you protect your family in the future when you are no longer able to do so. It gives you peace of mind to know they will be financially protected. There are several distinct types of life insurance available to you. We can help you select the right coverage for you depending on your life stage, budgetary constraints and your goals and dreams for your future.

ICD works with the leading life insurance companies in Canada. Our advisors can compare quotes and plans to find you the best life insurance rates and coverage. Speak with an advisor to learn more about the various life insurance products available to meet your needs. We’ll do the shopping and find you a great rate for your life insurance policy.

What is life insurance?

Life insurance is a form of financial protection for you and your family. It is a contract between you and your insurance provider. In exchange for paying a monthly or annual premium, you will be paid out a predefined lump sum to your named beneficiaries upon your death. This is known as a death benefit.

A life insurance policy helps to ensure your beneficiaries are financially taken care of after you pass. There are many types of life insurance products available. Each has different terms, conditions, fees, and benefits.

How does life insurance work?

Based on your needs, the consumer and advisor:

Selects the amount of life insurance coverage required to meet your financial needs should a death occur.
Determines what type of insurance coverage is required based on your needs

Your Advisor should compare life insurance quotes and products from the marketplace.
You name your beneficiaries. These are the people who will receive the insurance proceeds should a death occur.
Upon your death, a claim will be filed to start the payout process.
Some products also have living benefits. This means you can draw against the policy if you are diagnosed with a terminal, chronic, or critical illness.

What are the types of life insurance?

There are many types of life insurance. Your life stage, your asset, your future plans  and budget all influence the type of coverage that’s best for you. Here are the main types:

Getting life insurance is easier than you think.

Life insurance helps you protect your family in the future when you are no longer able to do so. It gives you peace of mind to know they will be financially protected. There are several distinct types of life insurance available to you. We can help you select the right coverage for you depending on your life stage, budgetary constraints and your goals and dreams for your future.

ICD works with the leading life insurance companies in Canada. Our advisors can compare quotes and plans to find you the best life insurance rates and coverage. Speak with an advisor to learn more about the various life insurance products available to meet your needs. We’ll do the shopping and find you a great rate for your life insurance policy.

What is life insurance?

Life insurance is a form of financial protection for you and your family. It is a contract between you and your insurance provider. In exchange for paying a monthly or annual premium, you will be paid out a predefined lump sum to your named beneficiaries upon your death. This is known as a death benefit.

A life insurance policy helps to ensure your beneficiaries are financially taken care of after you pass. There are many types of life insurance products available. Each has different terms, conditions, fees, and benefits.

How does life insurance work?

Based on your needs, the consumer and advisor:

Selects the amount of life insurance coverage required to meet your financial needs should a death occur.
Determines what type of insurance coverage is required based on your needs

Your Advisor should compare life insurance quotes and products from the marketplace.
You name your beneficiaries. These are the people who will receive the insurance proceeds should a death occur.
Upon your death, a claim will be filed to start the payout process.
Some products also have living benefits. This means you can draw against the policy if you are diagnosed with a terminal, chronic, or critical illness.

What are the types of life insurance?

There are many types of life insurance. Your life stage, your asset, your future plans  and budget all influence the type of coverage that’s best for you. Here are the main types:

Term Life Insurance

Term life insurance offers high, short-term protection at the lowest cost for a set timeframe. It’s an affordable option, suited to families on a tight budget or homebuyers holding a mortgage. Death benefits are issued to the beneficiary tax free.

Whole Life Insurance

Whole life insurance protects you throughout the whole of your life. It provides a death benefit and a cash surrender value. Death benefits are issued to the beneficiary tax free.

Universal Life Insurance

Universal life insurance provides both permanent life insurance and a tax-advantaged investment component. Death benefits are issued to the beneficiary tax free.

Term 100 Life Insurance

Term 100 life insurance is permanent coverage that is designed to cover you for a long period. Unlike universal life or whole life policies there are no cash values.  You have a guaranteed premiums until you turn 100 years old. Death benefits are issued to the beneficiary tax free. 

Other types of life insurance

We are a full-service provider. Solutions we offer include:

Living benefits
Critical illness
Long term care
Disability insurance (income protection)
Group benefits
Healthcare spending accounts
No medical life insurance
Mortgage life insurance
And many more
Speak with one of our life insurance advisors to discuss the best policy based on your lifestyle.

How much does life insurance cost?

Premiums can vary greatly based on you. How much you pay per month can be as low as $15 – $20 per month or over $200 per month depending on your policy type and

with pre-existing conditions. As with other types of insurance, insurers calculate your level of danger in filing a claim.

What factors impact life insurance premiums?

Here are the main factors which will determine your premiums:

Age: Your age is one of the most important things that will determine your premiums. Your rates generally increase as you age.

Current health: Like age, your health has a direct correlation to how much you will pay. As your health deteriorates, there is a greater likelihood of a claim. Things like your body weight, health conditions, and past health issues all matter. The healthier you are, the less you will pay.

Family health history: Insurers are interested in your family medical history. They want to know if your family members are predisposed to or have certain medical conditions. If they do, it increases the chances you could develop them as well. This could increase your premiums.

Policy type: There are a lot of policies you could choose; each one will have an impact on costs. The amount and type of benefits, term length, riders, and other elements all matter.

Gender: Women have a longer life expectancy than men. As a result, will pay less for life insurance.

Occupation: What you do for a living will affect pricing. Those with more dangerous careers will pay more than those who work in low-risk positions. For example, a construction worker might typically pay more than someone who works in an office.

Smoking/Lifestyle:  Smokers will pay higher premiums.  Drug and Alcohol abusers will also pay more.

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