Life Insurance

What would your financial future look like if you, your spouse, or business partner died?

Life Insurance provides a tax-free payment upon death to your named beneficiary.

Life Insurance is used as a cost-effective way to protect future financial obligations after the death of an individual. Your greatest asset is your ability to earn income. If your income suddenly stopped for the next 10 or 20 years, how would that affect your loved ones? The most common uses of life insurance are to cover debt(s), income, and funeral expenses. There are also many other common uses to life insurance (i.e. financial/investment planning, funding buy-sell agreements among business owners, covering capital gains or estate taxes, etc.).

If you’ve ever wondered how a widow carry’s on financially after a loved one has suddenly passed away, in most cases it is because of proper life insurance planning. Life Insurance is an unselfish gift because it ensures those that you love will not suffer financially after you die.

J.W. Larmond Life Insurance & Benefits offers only the best life insurance options with coverage tailored to meet your individual needs. There are two general categories of life insurance which can be broken down into either term insurance or permanent insurance. Permanent Insurance is offered in a few different ways (whole life, universal life, and term to 100).

Life insurance

Types of insurance

Term Insurance – offers insurance for a stated period of time. This is the most cost-effective method of covering temporary needs. Common types of term insurance include Term 10, Term 15, Term 20, Term 30, Term to 65, and Term to 75. Term policies offer lower initial premiums, although premiums increase at the end of the term. It is extremely important to ensure that your term policy includes the option to convert. A convertibility option is included in most term policies and ensures that you have access to change your term policy to a permanent policy non-medically. This is especially important should you develop a health issue after you purchase your term life insurance policy.

Permanent Insurance – offers insurance with higher initial premiums, although premiums are generally locked in for life with coverage that extends for the life of the insured. This type of insurance is also known as “lifetime coverage.”

The three types of permanent policies include:

Whole Life

This permanent coverage has guaranteed insurance proceeds with level premiums. These plans can sometimes gain in value, depending on investment options. These policies include cash surrender values that grow in value over the life of the contract. These policies are structured in a way that charge a higher initial premium than required in the early years of the policy, then in the later years of the policy when the actual cost of insurance is more than the actual premiums being collected from the insured, the overpayments in the early years are used to pay the differential. Upon cancellation of this type of policy, cash surrender values are paid out to the policy owner to help account for overpayment in the early years of the policy.

Universal Life

This offers permanent coverage with level (or increasing) death benefits and with level premiums. Although these premiums are initially higher than those of term policies, they do not increase in cost over the lifetime of the policy. What separates this permanent type of coverage from the other two types is the option to invest money tax-sheltered. Any monies that you opt to invest can typically be withdrawn at any time. Any money invested into the tax-sheltered account of the policy would be paid out tax-free at the death of the insured, which makes this an attractive investment option for many people.

Term to 100

Although the name suggests it is term coverage, it is in fact lifetime coverage with guaranteed level premiums. This type of policy offers no “bells and whistles” and simply is lifetime insurance coverage with guaranteed death benefits and guaranteed premiums.

For more information, e-mail us at info@jwlbenefits.ca

Or give us a call now at (519) 962-9075

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J.W. Larmond Life Insurance & Benefits
2795 Kew Drive Unit C
Windsor, ON N8T 3B7

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