Life Insurance, Sun Life Financial, life insurance coverage.#Life #insurance #coverage

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Life insurance

Life insurance coverage

Would your loved ones be financially impacted if something happened to you?

If you answer yes, then you should think about how you can help protect them with life insurance.

What is life insurance?

Life insurance can protect the financial security of the people you love by giving them a tax-free payment after you die. The amount and type of coverage you choose will depend on your circumstances and needs.

While you may have basic life insurance through work, it may not be enough to meet your needs, and your coverage typically ends when you leave your job. The cost of life insurance you buy as an individual depends on your age, gender, health, medical history and lifestyle.

You can purchase some types of life insurance online or you can speak to an advisor for help finding the right coverage and to get a quote.

Types of life insurance:

Term life insurance

  • Term life insurance is simple and affordable , providing a fixed amount of insurance for a specific period of time
  • In the event of your death, the policy pays a tax-free benefit, to your beneficiaries
  • Term life provides temporary protection you can customize to meet your changing needs

Permanent life insurance

  • Permanent life insurance is often called whole life insurance because it covers you for your whole life – and some types can build cash value over time.
  • Permanent insurance costs are usually guaranteed not to increase from the time you first buy the policy.
  • Some permanent insurance plans let you pay for a limited time and you don’t have to pay any more.

Participating life insurance

  • Participating life insurance is a type of permanent whole life insurance coverage that can be eligible to receive dividends.
  • The amount of coverage you choose and your premiums are guaranteed for life.
  • You can use the dividends to buy more coverage, reduce your annual premium cost, earn interest inside the plan – or take them in cash. Dividends are not guaranteed.

Universal life insurance

  • Universal life insurance is a flexible type of permanent life insurance that combines protection and savings.
  • You choose a guaranteed death benefit that will be paid to your beneficiaries.
  • The payments you make above the cost of insurance earn interest on a tax-preferred.
  • 10-year renewable term
  • 15-year renewable term
  • 20-year renewable term
  • 30-year renewable term
  • 10-pay
  • 15-pay
  • 20-pay
  • Life-pay
  • 10-pay
  • 20-pay
  • Life-pay
  • 10-pay
  • 15-pay
  • 20-pay
  • Yearly renewable to age 70, 85 or 100
  • Level to age 100
  • Single life
  • Joint first-to-die
  • Single life
  • Joint first-to-die
  • Joint last-to-die
  • Single life
  • Joint first-to-die
  • Joint last-to-die
  • Single life
  • Joint first-to-die
  • Joint last-to-die

No, expires at age 85

Payment options

You choose the payment option or length of time that meets your needs.

Renewable term plans increase in cost after the first term ends, and renew for another term equal to the one you originally selected.

10, 15, 20, life pay and level for life:

10, 15 and 20 pay plans mean you only have to pay for your life insurance for 10, 15 or 20 years. If your payment type is life pay or level for life, you will continue to pay the premiums for your insurance until age 100 or your death.

Yearly renewable term (YRT) to 70, YRT to 85 and YRT, 100:

With YRT to 70, the cost of insurance increases each year to your age 70, at which time you will no longer have costs of insurance associated with the base insurance amount.

With YRT to 85, the cost of insurance increases each year to your age 85, at which time you will no longer have costs of insurance associated with the base insurance amount.

With YRT to 100, the cost of insurance increases each year to your age 70, at which time it becomes level for life.


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