Life Insurance shopping is an important responsibility. It requires attention and research. There are lots of resources that can help with this. Such as getting quotes and asking questions of the right professionals.
One of the most important forms of insurance is life insurance. It has a lot of benefits, and the right product can provide a great deal of emotional as well as financial security.
There are a lot of excellent Insurance Companies in Canada that offer this type of insurance. One of these is Empire Life Insurance.
What Does Empire Life Insurance Have to Offer?
There are several different categories of Life insurance offered by Empire Life. Each product is designed to meet specific needs. These are needs that individuals have for their insurance protection.
Term Life Insurance
Term life insurance is one that a lot of people consider first. It is because it usually has the lower premiums. Plus, it is quite simple to understand. Empire Life offers a few different types of term life insurance. The basic premise of any term life insurance is that the coverage runs for a specific period. The premiums stay the same during that entire time. Then if one wants they can renew the policy for another period. Aside from the basics, the policies will then differ according to the options they have.
Solution 10 is a ten-year term life insurance. It is a simple version of insurance. Individuals who buy this insurance will have coverage for ten years. After which they will have the option to renew it. If they do then at the time of the renewal, the premiums will increase. There is a unique aspect of this insurance. It is that after the age of seventy-five when renewed the premiums will not increase.
Solution 20 is an extended version of Solution 10. One difference is that the terms run for twenty years. The other difference is the premiums will not go up with renewals after the age of sixty-five.
Solution 30 is a little different. The term of the policy is thirty years. So the insured will pay the same premiums during this entire time. Then when the policy is up for renewal and year thirty-one starts the premiums will increase. There will be an increase every year until the insured reaches the age of eighty-five. From the age of eighty-five to one hundred there will be no increase in premiums. If the insured lives beyond the age of one hundred the insurance remain in effect, but there are no premiums.
There are some individuals who don’t want a long-term insurance plan. But they still want term insurance. Empire Life insurance has provided a solution for this. Solution ART. The premiums for this insurance will stay the same for the first three years of the policy. Then if the insured wishes to continue with the coverage, they have that option. But, the premiums will increase on a yearly basis. This option will continue up to the age of eighty-five. After this age, there will be no further increases in premiums.
Permanent Life Insurance
Some want to buy insurance and have the right amount of protection that is simple. They will often go for permanent life insurance. It is normal for the premiums to be a little higher for this type of insurance. It is because most people take out this insurance for the duration of their life. So the insurance company does not get the opportunity to raise the premiums.
Another factor that plays into life insurance is the health of the insured. Insurance companies do not want to take risks of insuring someone with a health issue. The type of health issue that could lead to an early payout of the insurance. As a result of this many will ask for the insured to have a health examination. It can include urine and blood tests as well. In some cases, some may only ask for a health questionnaire. Empire life discusses this in detail. They do this with each prospective insurer that reaches out to them.
Empire life has chosen to offer one permanent life insurance product. It has a time span of one hundred years. With a guarantee, the premiums will never go up during this period. After four years into the policy, there are cash value surrender options.
Permanent Participating Life Insurance
Most want the security that life insurance offers. But, they also want a type of investment. For them, it may mean permanent participating life insurance. For this Empire, Life offers two packages.
It is a life insurance policy that will cover the insured during their lifetime. Of course, that is if the premiums are in good standing. For investment purposes, the policy creates annual dividends. But, dividends are not guaranteed. Plus, some of the dividends may be taxable. There are several ways that earned dividends are beneficial.
The insured can use them as payments towards their premiums. Or, they are available to buy extra insurance. Then there is the option of just leaving them in the savings account of the policy. This policy also has some payment options which adds some flexibility to the policy.
It is appealing to those who want to build cash value of their policy in a short-term period. It is possible through the guaranteed cash value growth. As well as being able to accumulate the annual dividends when available.
Empire Life has made sure they have products for all the most important forms of life insurance. They do not offer as many different packages as what several of the other insurance companies do. But what they do offer is extensive and has met the most important needs that most insureds have. Also, they are a reliable company. Plus, they have been offering many different forms of insurance for many years.
They do provide a good amount of information about their insurance. But, they rely on advisors to give specific details. They offer this to those wanting insurance based on their unique needs.