Life Insurance In Maple Ridge & Pitt Meadows, BC
Having the right life insurance protection is very important and makes a big difference in your life and those close to you. A proper plan that includes life insurance will help leave your estate and loved ones financially secure – not leaving behind debts and an inadequate income.
What’s the best type of life insurance for you? At Manion & Associates we’ll help you focus on your short-term and long-term needs, and your preferences for risk and flexibility. By combining these factors along with your life stage we will recommend a plan that is best suited for you.
Permanent Life Insurance
Permanent life insurance products (ie. Whole Life, Universal Life & Term to 100) protects you for your lifetime. They can also build cash surrender values along with a death benefit. Like term insurance claim proceeds, permanent life insurance proceeds bypass probate and estate taxes if made payable to a named beneficiary and not the estate.
If the permanent policy has a cash surrender value, it’s really important to understand the details of your policy and how the assets backing the policy are managed and how these assets are used to accumulate value within the policy.
At Manion & Associates our job is to explain theses details along with showing you all the different options available to ensure you make the best informed decision. Also, as an independent brokerage we have contracts with all of the top insurance carriers, giving us the flexibility to shop the market to find the right combination of life insurance coverage for you at the best price.
Types of Life Insurance
Term Life Insurance
Term life insurance can be really effective for short-term protection needs for the lowest initial cost. For example, a couple with young children and/or a mortgage might select term life insurance as an affordable way to obtain the full coverage they need today when they need it most.
Term life insurance policies do a good job of meeting immediate needs and are renewable after 10 or 20 years without providing proof of health although the renewal increase in premiums can become substantial, especially in the later years. Coverage ceases for the majority of term contracts once you reach the age of 75 or 80.
Term life insurance provides the option to later move, or convert to a permanent life insurance policy without providing proof of health. However, this ability to convert to permanent life insurance often expires around age 65 or 70. When purchasing term life insurance, it’s important to understand all your options including the conversion options that are available.