Ontario Term Life Insurance Quote for Ontario residents, Ontrio, Ont life insurance
I justed wanted to let Ontario people know that they can get ontario life insurance quotes at our site.
Ontario Term Life Insurance Quote for Ontario residents, Ontrio, Ont life insurance
Ontario Term Life Insurance Quote for Ontario residents, Ontrio, Ont life insurance
posted by Monty Loree at 10:22 AM
4 Comments:
Does one's beneficiary collect BOTH the cash value AND the death benefit if one purchases whole life insurance or Universal Life insurance?
If not, what is the point in paying all that extra money to the insurance company in premiums if the company gets to keep your cash value portion?
Dear Monty
Question 1
"Does one's beneficiary collect BOTH the cash value AND the death benefit if one purchases whole life insurance or Universal Life insurance?
Answer: Universal Life policies can be quite complex life insurance policies, they can virtual be custom designed. Simply put, only a policy with an increasing death benefit option will add the cash value of the policy to the death benefit. Going with out is an option as both choices (increasing death benefit/Level Death Benefit) effect the overall premiums of the policy differently. Whether or not to include this option is the consumer’s choice and will be decided upon at the time of purchase.
Question 2
"In the unlikely event a term life insurance company goes out of business, are my premiums insured. ie... would I be out all my payments that I made over the last 20 years. Would my term life insurance policy still be enforceable, by law, even though the company went bankrupt or out of business?"
ANSWER: Most life insurance companies (All the ones we deal with) are members of Compcorp. CompCorp acts like an insurance company to the insurance industry. In the event that an insurance company goes out of business CompCorp protects Canadian life insurance policy holders against loss of benefits to a maximum of $200,000 and If your total benefits exceed these amounts, CompCorp covers 85% of the promised benefits, but not less than these amounts.
For more information check out there website http://www.compcorp.ca . There is has only been one instance where CompCorp was needed back in 1993.
Hope this helps
Sheldon
Sheldon
Thank you very much for the information.
I am thinking of purchasing either low-cost annually renewable term (ART) insurance or level-premium term insurance instead of Universal Life insurance. That way I save and invest my own money, have control over it myself, and my returns won't get eaten up by the insurance company's very high fees and charges.
Should I?
The problem with ART policy are that they start off fairly cheap but the need for life insurance never disappears and as you get older the premiums for an ART policy will start to increase at a dramatic rate. Level rate Term is the best choice for low cost life insurance as it provides the best coverage for the lowest amount and the premiums will stay the same for the length of the term. This would give you the best cost insurance with many choices for the future like renewing after the length of the Term and converting to a permanent policy later in life.
Hope this helps
Sheldon
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