Frequently asked questions
When should I buy Life Insurance?
As early as possible, since premiums are lower for younger, healthier individuals.
How much coverage do I need?
Consider debts, income replacement, education costs, and future financial goals.
How much does Life Insurance cost?
Premiums depend on age, health, lifestyle, coverage amount, and policy type.
What happens if I miss a premium payment?
Policies often have a grace period; some permanent policies can use cash value to cover missed payments.
Can I still get Life Insurance if I have a pre-existing condition?
Absolutely! However, coverage may be limited or premiums higher depending on the condition.
Can I change my beneficiary?
Yes, you can update beneficiaries anytime to reflect life changes.
Can I convert my term policy to a permanent one?
Yes, without have to provide any medicals
Can I borrow against my Life Insurance policy?
Yes, permanent policies allow loans against cash value through what's called a policy loan.
Is the Death Benefit tax deductible?
Yes, as long as someone is the named beneficiary.
What if the insured dies outside Canada?
Claims are usually valid worldwide; insurers may require additional documentation.
Can Life Insurance assist in Estate Planning?
Yes, it can provide liquidity for taxes, debts, and inheritance distribution.
