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Life Insurance (No medical required)
Term Life Insurance
Term insurance is an economical solution for fulfilling changing personal or business needs, such as covering a mortgage, protecting family finances in the event of the death of a key income earner, or protecting business finances for a specific period of time. Term life insurance provides a fixed death benefit, for a fixed premium payment and period of time. The premium payments are guaranteed and remain level for a period of five, ten, fifteen or twenty years. Term policies can be renewed without providing evidence of insurability for subsequent fixed terms at increased premium amounts. Insurers offer a selection of competitively priced term insurance products to meet all your term protection needs.
Key features of Term Insurance:
- Most affordable life insurance option - premiums are lower than permanent insurance.
- Premiums are level and guaranteed not to increase for a set term (typically 5, 10, 20 years).
- At expiry of the set term, coverage is renewable for another term at an increased premium.
- Term insurance has no cash value and no benefit payout at cancellation.
- Many term insurance policies include a conversion option that allows all or part of the coverage to be converted to permanent insurance without further evidence of insurability.
Term Insurance is most often used as:
- Protection for a specific financial obligation that will be in place for a set period of time. For example: a mortgage, instead of lender-supplied insurance.
- An affordable, basic insurance solution that provides financial security today and can be converted to permanent insurance at a later date when budget allows.
FamilySure™ Life Insurance
For more than fifteen years, many Canadian lawyers have been including a Familysure™ support life insurance quotation in their child support and spousal support files. With the breakdown of marriage, there often remains a financial commitment in the form of support payments. Familysure™ has one purpose – to protect those who depend on you. Familysure™ is designed to ensure there will be no financial interruption to the support recipients in the event of the untimely death of the support payor.
Clients like Familysure™ because:
- It guarantees to continue and complete support obligations by way of monthly cheques instead of a one-time lump-sum payment.
- There is no need to see a salesperson. The application process is handled by fax and mail. Clients enjoy the convenience of our telephone underwriting system.
- Once approved, your fully guaranteed premiums will never increase, even though the death benefit is automatically indexed.
- It provides the exact amount of insurance required, and eliminates concerns about unintended windfalls and shortfalls.
- We have Direct Distribution. No insurance agent will call, but assistance is always available from Familysure Corporation.
Familysure™ offers valuable plan features:
- Coverage is available for fixed-term child and spousal support obligations. Lifetime spousal support coverage is also available.
- Death benefit provides monthly payments for specified durations to guarantee the continued payment of monthly support obligations.
- Monthly benefit can be indexed to the Consumer Price Index (CPI) so that payments are automatically adjusted by up to 5% per year to a maximum aggregate increase of 125%.
- Coverage is modular so that support for different children and/or spouse can all be insured in one policy.
- Level, guaranteed premiums for the duration of each coverage module even though the death benefit is automatically indexed.
- Disability Waiver of Premium is automatically included to issue age 55. This benefit terminates at age 65 unless premiums are being waived at that time.
PLEASE NOTE: The above represents a summary of possible benefits only and is not intended as a complete or current representation. Please refer to the Policy for specific details.