Buying life insurance is about as fun as doing the laundry or getting your driver’s license renewed. However, having life insurance coverage is absolutely essential. And when you begin to consider buying a policy, you’ll need to start by answering the age-old question: “How do you choose between term vs whole life insurance?” There’s no right or wrong answer to the question of whether term life insurance or whole life insurance is best — it depends on your means and your needs. But we’ve put together this guide to help you understand the differences so you can decide whether term life or whole life is right for you. Term life insurance vs. whole life insurance: What’s the difference?...
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Make sure your finances have life support. Help protect your family’s future. Extend the life of your Life Insurance. You're working hard to protect the health of others. That same dedication can be just as important when it comes to protecting your family's lifestyle in the event of an untimely death. By choosing the right life insurance coverage now, you can help preserve everything you've worked for and everything they depend on, well into the future. OMA Group Term Life Plus 75 Insurance gives you coverage when you need it most, and offers a dependable way to fund debt repayments, final expenses, your children's education or any other financial need if you die prematurely. And best of...
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Insurance can seem complicated, but we’re here to make it easy. In short, you pay an insurance company a set amount of money each month for an agreed upon amount of time. That’s the “term” in term life policy. Bestow sells term life insurance for 2, 10 & 20 year terms. If you pass away during that term, your beneficiary (the person you choose to receive the benefit) gets a payout. And that payout is determined by what value of the policy you purchased. If you buy a 20-year, $1 million dollar policy and pass away during that 20 year term, your beneficiary gets $1 million. You simply begin by deciding how much coverage you want and how long you want it. Then you find a company like...
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Insurance match-ups: “Term life vs. whole life insurance.” Ah, one of life’s, or more accurately, death’s, most contemplated decisions. One you certainly can’t afford to mess up. After all, the point of life insurance is to make sure surviving loved ones are taken care of in the event you are no longer able to do so ( how does life insurance work?). Death is final. And so is the death benefit on a life insurance policy. Let’s take a look at the basics of each type of policy to gain a better understanding. This will allow you to make an informed decision about which life insurance option is best for you…or more importantly, your family or surviving spouse. Whole Life Insurance (Old School...
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Term Life Insurance 1. Am I eligible for Term Life Insurance? If you’re a Trent University Alumni Association member, both you and your spouse are eligible to apply for Term Life Insurance. Even if you choose not to apply, your spouse is still eligible. You must also be residing in Canada, and less than 65 years of age. Spouse means the legal spouse of a member, providing there is no separation in effect, or an individual who has been residing in a marriage-like relationship with the member for a period of at least 12 consecutive months. Your spouse must also be residing in Canada, and less than 65 years of age. 2. When does my coverage terminate? On the earliest of the following...
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Convertible term life insurance is designed to go from a temporary life insurance solution to a permanent lifetime period of coverage. Convertible term life insurance is an important type of life insurance because it can indefinitely extend the time period of a term life insurance policy. Simply stated, the convertible term life insurance converts into a new permanent life insurance policy upon your request. You don’t have to re-qualify to go from term life insurance to permanent life insurance. A convertible term life insurance policy has: All you need to do is choose your new life insurance plan. Permanent life insurance can do a few things that term life insurance cannot. 1.Permanent...
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Term life insurance is, when judged by the annual premiums, the most affordable kind of life insurance by far. But why is it so much less money than whole life insurance and other forms of permanent life insurance? Is the coverage less valuable? Will the insurance coverage still pay out, and be there when you need it? Is it somehow more risky to use term life insurance instead of other kinds of life insurance? You don’t need to worry. Term life insurance provides the exact same insurance protection that other kinds of life insurance do, for a much lower price. It does this by working in a very different way than other forms of life insurance. How does it work? The answer to...
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