One of the main benefits of Life Insurance is the peace of mind knowing the important people in your life will have the financial security in the event of your death.
Life Insurance is provided through the network of superior credit rated Life Insurance Companies that Gatto McMillan Bennett has come to be associated with.
Buying Life Insurance is an important decision. Many clients feel that they are "healthy and young so I don't need Life Insurance". They choose not to accept that the unexpected would happen to them.
Life insurance is for your survivors, your spouse, children and other dependents. It can pay off debt such as your mortgage, credit cards and loans or help provide for your children's education.
Most important, Life Insurance offers you the peace of mind because it insures the security of your family's future.
Term policies provide insurance for a specified period (a fixed number of years or to a set age) and then expire. The death benefit is paid only if you die during the term of the policy. During a term policy, premiums normally remain level during the specified term, but increase if the term is renewed. When your coverage expires, you no longer have insurance.
Most term policies provide the ability to convert to permanent coverage prior to age 70 without evidence of good health.
Example of term policies:
5 year term, renewable every 5 years to age 85, convertible prior to age 70.
10 year term, renewable every 10 years to age 85, convertible prior to age 70.
15 year term, renewable every 15 years to age 85, convertible prior to age 70.
20 year term, renewable every 20 years to age 85, convertible prior to age 70.
Term to age 100; premiums remain level through to your age 100.
Permanent insurance is designed to provide insurance protection for your lifetime and provide cash for various estate obligations.
- Level premiums :
permanent policies have premiums that remain level over the lifetime of the policy.
- Cash Values:
the reserves of a permanent policy accumulate as cash values or cash surrender value.
- Interest rate-sensitive policies:
these polices use current interest rates such as:
- guaranteed rates
- government bond rates or returns from stock market investments
- index's and segregated funds. Interest rate-sensitive policies involve
- sharing some risk with the insurance company
Examples of permanent policies:
- Whole Life Plan
- Universal Life Plan
The following are some of the reasons why you should have a valid will.
A will avoids your estate being divided according to the provisions of Provincial law and may not be divided according to YOUR wishes.
A will avoids delays in settling your estate.
By having a will, you reduce legal fees associated with a COURT APPOINTED ADMINISTRATOR.
Power of Attorney
A power of attorney is a document by which you appoint someone you trust (called your attorney) to manage your property and personal care in which you are unable to do so yourself. This is different from the executor of your estate who handles your affairs upon death.
The Ontario government has the power to step in and manage your affairs for you, if you have not appointed a power of attorney or named an executor in your will.