Protect Your Loved Ones & Inheritance

Protect your loved ones & leave an inheritance

"A good man leaves an inheritance to his children's children, but the sinner's wealth is laid up for the righteous" - Proverbs 13:22

In this world system that we live in many people die leaving behind liability without forethought. As a result, the next generation is no better than the previous

Some people die leaving:

Unpaid debts & mortgage (Mortgage & credit insurance form bank or lender don't work)
Poorly funded education plan or no education plan
No plan to provide food, shelter, and clothing for their family

Most Canadians are living from pay check to pay check, sometimes minus at the end. We need control our spending through budgeting.

One of the best ways to leave an inheritance is through life insurance, this is one of the secrets behind the rich getting in richer. There are different types of insurance- I can help you with what's best for you.

Insure your children, this is the best way to leave an inheritance for their children:

This is not about your children dying before you, it's about them living.
150,000 in coverage today could equal to $750,000 and you can use their money to pay for it.

Basics of Life Insurance

Temporary Term Insurance:

Term insurance provides short term protection, usually until age 75 to 85
Term insurance has the advantage of low initial premiums except offers very little payment flexibility
Every premium must be paid until the end of the coverage period.
In many cases the life insured outlives the duration of the coverage.
Term policies are usually the most expensive of the funding alternatives on a long-term basis
Most term policies can be renewed, although premiums escalate at each renewal to reflect increased mortality risk at higher ages.

Life-term (T-100):

Life-pay permanent products provide coverage on a level, guaranteed cost of insurance basis until the death of the insured.
As long as all premium payments are paid on time, the insurance policy will remain in force
Owners of life-pay payment products must continue to pay level premiums until death of the life insured

Whole Life Funding:

Insurance coverage for the "Whole Life" of the insured.
Whole-Life polices provide a guaranteed level of premium and cash values based on conservative assumption for mortality, expense projections, and investment returns.
In the case of participating whole life insurance, when any of these components experience better than anticipated performance, any excess funds are returned to the policyholder in the form of dividends.
The objective for the investment portfolio within most whole-life policies is to achieve long-term stable returns with minimum volatility. As a result, whole-life policies can be expected to produce long-term, predictable results that do not radically change with changes in the market conditions.
The components of whole life are not explicitly defined, the level of declared dividends is somewhat subjective and dependant on the will of insurance company boards of directors - they choose what they will

Universal Life:

Universal Life policies are permanent plans that offer flexibility, with a range of options for coverage, insurance charges, and funding, including minimum level funding and "Pre-paid" funding.
With pre-paid funding, the policy owner elects to pay more than the minimum premium over a shorter period of time.
There are many advantages to the pre-paid funding option.
The coverage will remain in force as long as there are sufficient funds available to taxation.
Income generated from excess funds inside the policy is not immediately subject to taxation.
The policy owner can withdraw excess funds from the policy in case of an emergency; however, these withdrawals may be taxable.
If amounts are taken from the cash value as a disability benefit, these funds may not be taxable.

Combining Temporary & Permanent:

The Cost of permanent Insurance does not fit everyone's budget; nevertheless, we cannot ignore the need.
Combining permanent coverage with Temporary coverage is a cost-effective method that ensures that one has enough coverage that fits the budget.
Not all insurance needs are permanent, while others will always be permanent.

Examples of Temporary:

Payoff mortgage and/or debts
Continuing Education Funding for Children
Continuing income support for survive spouse & children

Examples of Permanent needs in the event of death:

Funeral expenses
Pay Estate tax pennies on the dollar
Inheritance for loved One & Charity
Starting with a combination plan locks on insurability.
It enables the Insured or policy owner to systematically convert the term to permanent as the need arises without re-qualifying for coverage.