PROTECT YOUR LOVED ONES WITH GREAT LIFE INSURANCE PROTECTION
Why is life insurance so important? Life insurance is the most simple and affordable method of creating tax-free cash after a death. Often misunderstood, a proper plan of life insurance should form the cornerstone of any financial plan, providing you, your spouse and family, or even a business partner, with the necessary funds and peace of mind in the sudden event of terminal illness or death.
Protect yourself and your family and prepare for tomorrow with life insurance from Guthrie Insurance.
SAVINGS START HERE. FOR A REVIEW OF YOUR PERSONAL INSURANCE YOU HAVE TWO OPTIONS:
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Rates available for many different types of policies and scenarios
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TALK TO THE HELPFUL, LIFE INSURANCE EXPERTS AT Guthrie Insurance FOR A FAST, FREE ONTARIO LIFE INSURANCE QUOTE TODAY!
Don’t get left financially destitute by a sudden death. Everyone needs some, and most likely more, Life Insurance. Let the friendly, helpful experts at Guthrie Insurance help find you insurance that fits your budget and your financial security needs. Just call our friendly, helpful Brokers at 1-888-310-7283 (SAVE) or provide a bit of information on the “Request a Quote” and we will get right back to you usually within a few minutes Mon-Fri, 9am to 5pm. Prefer to see some Life insurance premiums first? Just click the the “Get A Quote” button and have a look around. Once you get an estimate and an idea of what works, let us help you “fine tune” the best life insurance for your specific needs and budget.
WHAT IS LIFE INSURANCE?
In it’s simplest term, life insurance is a policy (contract) promising to pay a sum of money upon the death of the life insured. Proper life insurance planning is possibly one of the most important aspects of any financial plan. It is also one of the least understood. For a minimal investment (the premium) Guthrie Insurance can help you guarantee substantial sums of cash for the financial well-being of dependents or other financial obligations, even charities. There are very few investments that can deliver this kind of return.
If you arrange a policy of life insurance on your spouse, for example, the policy pays the beneficiary the specified sum upon their death. Life insurance is a key component in financial planning for individuals, families and businesses. As the proceeds are generally paid out “tax free”, life insurance can buffer the effects of estate or investment taxes. Upon the issuance of a policy, an immediate estate is created which could often take a life-time of saving to accomplish.
The challenge in arranging the proper amount and type of Life Insurance is always the budget available. It takes discipline and a proper understanding of your future financial risks. Often, lifestyles can be adjusted so that the funds can be made available to properly look after dependents. Like anything, it is always about priorities.
DIFFERENT TYPES OF LIFE INSURANCE
Our experienced Guthrie Insurance brokers know that in life, no two people are ever the same. Which means each life insurance policy is different to the next, there’s no average cost or cookie-cutter, on-size-fits-all option. Which also means there are different types and levels of life insurance premiums, depending on a number of personal factors that may influence your overall policy.
Term life insurance provides very affordable protection for the duration of the term period and benefits will be paid only if the insured dies within that time. Most Term insurance is guaranteed renewable for one or more additional terms, even if your health has changed. However, at each renewal term e.g. 5, 10, 20 or other, years, the premium will be higher based on your then age. Typically, most Term life insurance policies will expire at a specified age. It is generally considered that Term insurance provides the largest immediate death protection for your premium dollar, because Term provides only for death protection. Some Term policies are convertible, allowing you to change the Term policy to a Permanent e.g. Level Term, or Whole Life policy even if you are not in good health. Premiums for the new policy will be higher than those the you have been paying for the Term insurance (at least initially).
PERMANENT LIFE INSURANCE – UNIVERSAL LIFE OR WHOLE LIFE
Permanent life insurance is meant to be just that – permanent. Providing the necessary tax free funds when needed most. There are several types of permanent life insurance; such as Term to age 100, Non-Participating Whole Life, Participating Whole Life and Universal Life all of which provide life insurance for life. Permanent life insurance does not expire and will remain in affect until death regardless of age for as long as you continue to pay the premiums. There are different types of premium payment options with permanent life insurance and you can choose to pay to your age 100 or a shortened premium period.
MORTGAGE LIFE INSURANCE
Mortgage insurance pays your lender for repayment of your mortgage; while the proceeds of a personally owned life insurance go to your family. Both essentially serve the same purpose; however, regular term or permanent Life Insurance offers you more flexibility to take care of your family or business. It is worth your time to know the difference. If you were the primary policy holder, and you passed away, but had obtained mortgage life insurance on your Ontario home, the policy would pay out a capital sum that would be just sufficient to repay the outstanding amount left in the mortgage.
BUSINESS LIFE INSURANCE
Life insurance is a cost effective way used to protect the interest of a business owner or partners and provides the needed cash to ensure the continued operation of the business. Your business is important enough to take the time to do the right thing.
OTHER TYPES OF RELATED INSURANCES
Critical Illness pays a single lump-sum amount typically 30 days after diagnosis of an insured illness specified in the policy. Some of the common conditions covered include heart attack, cancer, stroke and others. Coverage limits generally start at $25,000 and are available up to $1,000,000. Contact us now for critical illness quote.
An individuals most important financial asset is their ability to earn an income. Disability insurance provides for continuance of salary if an insured person is unable to work due to a qualifying injury or sickness. The scope of the disability plan, and the options available, can make the coverage very limited or very comprehensive. Factors to be considered include the definition of disability, own occupation coverage, whether the policy is guaranteed, future insurability options, and return of premium options. Relying only on WSIB leaves you uninsured for 2/3 of the day!
EMPLOYEE GROUP BENEFITS
You have worked hard to build your business, a comprehensive group benefits plan can help by providing security for your employees. Aside from the obvious benefit of attracting and retaining quality employees, a properly structured employee group benefit plan can help smooth out unexpected costs, and provide significant financial security. Coverage typically includes extended health care, prescription drug coverage, dental benefits as well as disability income and your premium may be tax deductible as a business expense.
FACTORS THAT INFLUENCE LIFE INSURANCE PREMIUMS
There are many factors that can influence your life insurance rates if you live in Ontario. These factors can range anywhere from the state of your overall health and well being, your age, your and your families health history, whether you smoke, and your lifestyle choices. However, when you apply for a life insurance quote or policy from Guthrie Insurance leading Ontario Life Insurance Brokers we will work with some of the best life insurance providers in the country to help ensure that you get the protection you need at the most reasonable terms available.