One of the greatest commodities that people can buy is life insurance.  In Canada, there are many opportunities to be able to do this. It is because there are many different well-established and top quality in insurance companies. Many that offer this type of product. One of these is Desjardins insurance. They offer several different packages when it comes to life insurance. The challenge that often comes with this type of insurance is what type to get and for what amount.

What life insurance does Desjardins have to offer?

Term insurance

invest

The benefits of term life insurance are that it is a simple form of life insurance to invest in. The main focus will be on the length of time that one wants the policy to run. The term insurance offered by Desjardins has three a different packages that one can get.  It refers to the lengths or term which can be in 10 years or 20 or even 30. The term coverage can go up to the age of 65.

Another advantage of term insurance, in general, is that it doesn’t have stringent rules. As they pertain to providing health information. Many times it consists of just filling out a questionnaire. The Desjardins term life packages allow for the conversion to permanent coverage. Without having to go through the rigid process of proving good health.

There is another option offered with these particular packages. It is the opportunity to take out extra coverage.

Most often when individuals are looking for insurance, it is for other family members as well. A great investment is to use term insurance for the children. It’s done by providing coverage for them as well. Looking to the future, it may mean they will be able to get coverage even if they are dealing with some health issues.

Permanent life insurance

Quite often with this type of insurance, there are many different options that go with it. The various insurance companies will set up packages based on the options. Some can be quite complex while others are relatively simple. Desjardins Life Insurance focuses on two specific packages for permanent life insurance.

Basic

health issue

When it comes to permanent life insurance one of the issues that can arise is health issues. Desjardins has made sure this insurance the basic only requires limited health information. This particular package is the 50+ life insurance. The age eligibility is between the ages of 50 and 75. There are some minimal health questions that will need answering. This policy will make a payout on the coverage even if it occurs during the first two years of the policy. Another benefit that comes with this package is the accidental death benefit. What this means is the policy will pay out five times the value if death is by accident. It is an option that is in place up to the age of 85.

Another benefit that is part of this package is the advanced payment. It is up to 50% and pertains to those who have a  shortened life expectancy.

There will be some choices to make for this insurance product. It will be on the amount of coverage  This can range from  $5,000 up to $20,000.

Something else that Desjardins offers to many of its clients is assistance services. Those that are taking out this basic insurance will have access to these. They put pertain to convalescence assistance and psychological assistance.

Personalized

Everybody has specific needs when it comes to life insurance. Insurance companies will try and meet these needs. They will do it through the various packages that they offer. Desjardins offers the personalized package which offers a lot of flexibility.

Those buying this insurance will have the option to choose how long they want to pay the premiums for. It can be 10 or 15 years and can even go to 20 years. The term can be up to the age of 65, or it can go to 100 years.

The amount of the policy can range anywhere between $1,000 to 10 million. There can be some extra savings if one chooses to buy more insurance. For those that decide that they want to change this insurance to another package, they can do this. They can change their benefit without having to go through the hassle of proving good health.

Sometimes the insured decides that they want to stop the coverage. There may be an opportunity to cash in on the part of its value. It is the cash surrender value.

There is a unique aspect of the personalized insurance package. It is that the insured may be able to keep some of the coverage going. Even though premium payments are no longer in effect.

Participating life insurance

Looking at Participating Life Insurance has some advantages. It is for those that also want the opportunity to do some investment. Plus, it is a type of policy that Desjardins is offering the comes with some guarantees.

It includes the premiums will not go up. Also, the death benefit will be as agreed upon. And there will be some cash surrender values. There are also other benefits that this policy offers. But does not come with a guarantee such as the annual dividends.

Universal life insurance

tax free

It is an insurance policy that includes investing and some flexibility. Also, it is a good choice for many. Especially for those who like flexibility.  It is a great way to be able to grow tax-free money. At the same time, the life time insurance protection is in place. The investment allows for the growth of the savings fund. The money is used for a variety of different purposes. For example, some apply it to cover the cost of the premiums.

Desjardins has kept their insurance products simple. So one can make an informed decision in an easy manner. It comes down to the insurance buyer determining what their specific needs are. Then with some careful review, they will be in a position to make the right choice. They will know which is the insurance package they want to buy.

Resources

https://www.desjardinslifeinsurance.com/en/individual-insurance