Types of Life Insurance

Here are additional details on the Coverage, Renewal and Benefits of the offered insurance:

Term Life Insurance

Term Life Insurance is ideal for young families and provides them with an affordable solution to get the financial security that is needed.

Coverage duration: 10 or 20 year term

Renewal Terms: Can be renewed for another 10 or 20 year term until age 80, at which point the insurance expires (note that the premium amount will increase at the time of the renewal). Is also convertible to Whole Life Insurance.

Beneficiary Policy: If you are to decease within the period of your coverage, your beneficiary shall receive the amount of the policy tax-free.

Whole Life Insurance

The main benefit of Whole Life Insurance is that it provides you with insurance coverage for a lifetime at the same guaranteed rate.

Coverage duration: Entire lifetime of the insured

Renewal Terms: Permanent

Beneficiary Policy: Whole Life Insurance will ensure that your spouse or beneficiaries are financially protected once you decease. Whether be to keep the financial assets as extra gain or to cover capital gains tax on your assets, such as a house, a cottage or estate.

Variable Life Insurance

The main benefit of Variable Life Insurance is that it provides you with the flexibility to invest in a number of sub-accounts in the policy.

Coverage duration: Entire lifetime of the insured

Renewal Terms: Permanent

Beneficiary Policy: Variable Life Insurance will provide your beneficiaries with extra gain. Not only will it provide the financial protection of a Whole Life Insurance but other cash values will be accessible through the placement of the investment; mutual funds stock or bonds.



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