Medically Underwritten Life Insurance
Why do I need Life Insurance?
You might think that because you’re young and healthy a life insurance policy is something you don’t need to think about until you’re older. In fact by taking out a life insurance policy you’re guaranteeing that your spouse, family or partner will be financially stable if you die. No one can predict the future, but being able to provide your beneficiary a guaranteed sum of money for income will let you sleep easier at night.
How much does Life Insurance cost?
That depends on the policy, but it’s probably less than you think. Call today to get your free personalized quote, or just to discuss any questions you might have.
Do you currently have life insurance from your mortgage? Did you know that this kind of plan doesn’t always save you money and in many cases, these life insurance packages are not nearly as comprehensive as personal plans, just covering the cost of your monthly mortgage payments but nothing more. If you’re wondering if you could save money and get a better plan, call today to discuss it. Before a client is recommended a plan, at Roy Lounsbury Holdings Ltd., we do a market survey of the major insurance providers to get the very best offer for clients depending on their situation and needs.
Call now 1 888 507 0088 / 902 421 2334 orEmail Roy for a FREE personalized quote today
What are the different options?
Term Life Insurance
Term, or temporary, life insurance is purchased for a specific and usually shorter amount of time than whole-life plans. A temporary plan allows you and your beneficiary to be covered during a time in your life that they would need it most, for example, when you have young children or are paying your mortgage. These policies are normally good for ten or twenty years, but they are more affordable than whole life policies and can be renewed. You can choose the value of the policy, normally based on a calculation of 5-7 times your annual income, and the rates are guaranteed for the duration of the contract.
Whole Life Insurance
Whole life, or permanent, insurance covers you for your whole life. When you purchase a policy, your rates will be fixed and guaranteed for as long as you have the contract. This is an ideal plan to purchase when you’re young and healthy because it is easiest to qualify and you can have the plan for the rest of your life, regardless of any illness or disability you might be diagnosed with in the future. You can choose the face value and the policy is payable upon your death. If you cancel your policy, you are entitled to get some money back.
There are a number of supplementary additions to many life insurance plans, such as the option for the policy to cover your spouse and children or provisions for accidental death which will provide your beneficiary with twice your original coverage amount.