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What kind of life insurance is there?

Publié le par Jessica Goulet

Why do I need life insurance again?

You probably already know why you should get life insurance, but in case you forgot, here is a quick reminder:
If/when you die, you’ll have to cover funeral expenses and fees related to liquidating your estate
Since many of your assets will be sold, you’ll have to pay taxes on the amounts paid
And don’t forget your outstanding debts and any money you want to pass on to your loved ones.

The different types of life insurance

Life insurance sounds really complicated but when you get down to it, there aren’t that many different types of life insurance products out there: term life, term 100, permanent life and universal life, plus group life. You probably already have the latter as part of your group benefits package, paid for in part by your employer. Remember those forms you filled out on the first day at work for your health and dental coverage options? Find out how much life insurance coverage you already have (and pay for) before you decide to get more. 

Term means increasing premiums

The premiums for term life insurance are much cheaper than for any other type when you are young and healthy, and they are fixed for the duration of the policy: 5 years for a T5 policy, 10 years for a T10 and 20 years for a – you guessed it – T20! Of course, your chance of needing this policy when you are young and healthy is pretty low, yet your premiums could become too high as you age to maintain your coverage. As its name indicates, term life is most appropriate for temporary insurance needs. Thankfully, it can usually be converted into permanent life.

Term 100 or permanent life?

The main difference between these two products is in the cash surrender value, only found in permanent and universal life products. That’s the money you can receive when you cancel your contract. Otherwise, both products can have fixed premiums or premiums that increase over time and the amount paid out is guaranteed. Both products are intended for people with permanent insurance needs, but T100 is cheaper because it lacks a cash surrender value. We won’t tackle universal life in this article, let’s just say for now that it’s like permanent life with an investment portion added on.

The pitfalls of group insurance

Don’t get me wrong, group benefits insurance is awesome, because it’s usually really well-priced and its benefits are tax free and guaranteed, but like term insurance, premiums may rise with age and benefits may end at retirement. The biggest risk you run is if you lose your job or switch employers, but you can circumvent this by converting your insurance into term or permanent life. 

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*Autorisations :
J’autorise ClicAssure à recueillir et à partager mes renseignements personnels avec certains de ses partenaires d’affaires susceptibles de me transmettre une soumission d’assurance. J'autorise également ClicAssure et ses partenaires à me contacter par courriel, texto, téléphone ou courrier pour répondre à ma demande ou finaliser ma soumission.
Je consens aussi à ce que ClicAssure et ses partenaires recueillent, utilisent, partagent et conservent mes renseignements personnels afin de :
• Créer et mettre à jour mon profil ;
• Évaluer les produits et services qu'ils peuvent m’offrir ;
• Obtenir mon avis sur mes interactions avec eux ou sur leurs produits et services ;
• Mener des études et créer des modèles statistiques ;
• Me fournir des recommandations personnalisées ;
• Remplir leurs obligations légales.

Si j'accepte une offre d'un partenaire de ClicAssure, j'autorise ce partenaire à en informer ClicAssure afin de mettre à jour mon dossier.
Enfin, je consens à ce que ClicAssure partage mes renseignements personnels avec des intermédiaires de soumission tels qu’Applied Systems. Ces derniers sont soumis aux mêmes exigences en matière de sécurité et de protection des renseignements personnels que ClicAssure. Dans le cadre de leurs activités, ils peuvent utiliser et conserver certains de mes renseignements, entre autres pour améliorer la performance, l'efficacité, la fiabilité et la sécurité de leurs produits.

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