Compare Ontario Life Insurance Quotes - Toronto & GTA
Choosing the right Life Insurance and Living Benefits coverage can be complicated. Life insurance proceeds are paid out tax free and can be used by your loved ones to pay estate taxes, buy out partners of a business, or just to pay off debt such as a mortgage. Think!nsure Life works with our clients to choose the best coverage plan for their age, stage of life, and financial obligations they want to cover both now and in the future. Let us help and we’ll put together a comprehensive financial plan that makes sense.
- Term Life
- Permanent Insurance
- Universal Life
- Living Benefits
- Critical Illness
- Long Term Care
- Disability Insurance (Income Protection)
- Group Benefits
- Healthcare Spending Accounts
Term Life
Term Life Insurance provides for low cost, temporary protection for times of high financial risk. We find that term insurance is a popular choice for individuals focused on affordability and flexibility, small business owners facing debts or significant start up costs, business owners with complex needs such as key person protection or the funding of buy-sell agreements and people with mortgages. There are different terms available with the most common terms being 10 and 20 year terms. These plans provide for lowest initial costs but can rise dramatically in the later years. There are preferred rates available if you qualify based on health and lifestyle factors. With the whole market available to us we will provide you with the most competitive rates!
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Permanent Insurance
Provides for stable lifelong protection without the complexities of Universal Life plans. Over the long term, it offers generally a better financial choice than buying and renewing term. Premiums tend to be higher than term Insurance when you are younger but lower than term when you get. A cash value usually accumulates and can be paid out to the policyholder. Some of the key advantages of permanent insurance over term are that the costs are level, you can set up a limited premium older payment period, for example, purchase insurance at 30, finish paying premiums at 50 and be fully covered for the rest of your life, and that the death benefit is guaranteed to be paid out as these plans have no expiry date. When choosing a permanent plan you want to apply with the right company as this will have a significant impact on the financial performance of your policy.
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Universal Life
A more flexible but intricate type of permanent insurance, that combines long term life insurance protection with an opportunity for tax-deferred savings. Payments made in excess of required cost of insurance can be invested as you choose and the growth of the investments is tax-deferred. Universal Life is a popular choice for people who have maximized their RRSP contributions, parents and grandparents who want to maximize their estate for their children and grandchildren and business owners looking for a tax efficient way to protect the value of their business, people looking for tax advantaged returns on their non-registered investments.
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Mortgage Insurance
Life insurance designed to cover mortgage debt. Banks generally offer you Mortgage Insurance but there are many disadvantages compared to purchasing your own coverage! There is a better and less costly alternative to Mortgage Insurance, it is called Life Insurance.
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Key Person
Is an important form of business insurance. An insurance policy is taken out to compensate the business for financial losses that could arise due to the death/disability of an employee whose knowledge, work or overall contribution is considered uniquely valuable to the company. This is to help cover losses until the company can recruit, hire and train a new successor.
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Buy/Sell (Partnership) Insurance
A Buy/Sell Agreement is a contract usually entered into between business partners pursuant to which the surviving partner(s) are bound to buy out the other partner’s interest in the business should a specific event occur. Specific events that may trigger a Buy/Sell Agreement are death, divorce, long-term disability, retirement or bankruptcy. The agreement is often linked to an insurance policy on each partner’s lives to fund the buy-out of that deceased/disabled partner’s shares.
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Living Benefits:
Critical Illness
Critical Illness Insurance (C.I.) was designed to provide financial assistance in the form of a lump sum, tax free payout to help you cope with the stress and difficulties associated with such an event. The benefit is paid on first diagnosis of one of a list of critical illnesses. Coverage can be issued from $10,000 up to $2,000,000. There are no stipulations on how the money is used. You can use it to pay off debts and mortgage, supplement income, pay for experimental treatments not offered in Canada, to get quicker treatment outside of Canada, take an extended vacation or to make alterations to your home that may be necessary because of your new condition. There are 23 covered illnesses, the four illnesses that make up most of the claims are Cancer, Heart Attack, Stroke, and Coronary Bypass Surgery. You would be surprised to know that the average age of people who make a claim is 49. Heart Disease, Stroke and Cancer are the leading health issues facing Canadians today, in fact, 39% of Canadians will develop cancer during their lifetimes, there are over 70,000 heart attacks each year, and every 10 minutes, one person in Canada has a stroke. Medical advances have dramatically improved Life Expectancy, but we all remain vulnerable to possible illnesses. Odds are you or somebody you know will experience a medical setback at some point and survive. Make sure you are aware of the potential costs of care and recovery and that your benefits will meet your needs, or you will have to rely on your hard earned savings and investments to bridge the gap. Here is the best part, if you are fortunate enough to have never made a claim, your premiums will be returned to you anytime after 10 years, 15 years or at the Ages of 65 or 75.
Discover why many Canadians are turning to ThinkInsure for their life and group insurance needs. Request your life insurance quotes today!
Long Term Care
There is a real chance that at some point in your life you may need to enter a long term care facility or receive special medical care in your home. This type of care does not come cheap, and depending on the level of care you may want or need, the cost may not be provided by your government health plan. With the benefit of long term care insurance you may not have to withdraw your savings, or fully rely on other sources of funding. If a person requires assistance to perform 2 or more of the 6 activities of daily living (Bathing, Dressing, Toileting, Continence, Transferring, and Feeding) or if continual supervision is required because of deteriorated mental condition, then they would qualify for benefits between $150-$2000/week. Given the current demographic situation and the fact that life expectancies are on the rise these plans are becoming more and more an essential part of retirement planning.
Discover why many Canadians are turning to ThinkInsure for their life and group insurance needs. Request your life insurance quotes today!
Disability Insurance (Income Protection)
The lifestyle you enjoy, your children’s college education, and your savings for a comfortable retirement all depend on your ability to earn a living. If you were suddenly unable to work and had less money coming in, plus additional money going out to cover medical expenses and other bills related to your disability, where would the money come from to replace your lost income? Even if you already have some disability coverage through your employer, it may not be adequate. Plus, if you ever change jobs, your employer sponsored disability insurance will most likely end with your employment. What’s more, disability benefits under the Canada Pension Plan will limit the benefits you received.
With your own private plan, you can customize the plan to suit your needs, choose your benefit period (how long you will receive benefits), choose your elimination period (how soon you will receive benefits after the disability occurs), choice of premium options to fit your budget or career stage, purchase additional benefits to add further protection against inflation, for retirement funding, or a return of premium in the event no claims are made. Considering 1 out of 3 people will become disabled for over 90 days before the Age of 65 and that the average disability that lasts over 90 days is 2.9 years, protecting one’s income in the event of accident or illness should be a top priority!
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Group Benefits
A Group Benefit plan can help you attract and retain valuable employees or members. Our flexible, innovative plans featuring benefits like healthcare, dentalcare, out-of-country, and disability, plus convenient on-line services can be tailored to fit the specific needs of your organization, whether it is large or small. A full analysis, design, costing (market survey), implementation and servicing of your plan will be conducted. Premiums for Group Benefit plans are a tax deductible business expense and the benefits are received tax free.
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Healthcare Spending Accounts
An alternative to the traditional Group Benefit plans, Health Spending Accounts.
Healthcare Spending Accounts are pre-determined amounts of money provided to employees at the beginning of each benefit year for coverage of their medical and dental expenses. It is like a special bank account, funds held in-trust, between employer and employee that is used to pay for eligible health-related expenses.
Healthcare Spending Accounts ensure controlled benefit costs for the employer and complete claim flexibility for the employees. It is a flexible benefits alternative because you control what health expenses you use it for.
Discover why many Canadians are turning to ThinkInsure for their life and group insurance needs. Request your group insurance quotes today!