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INstasure
How does it work?
Choose the coverage amount
You determine the amount of coverage, also known as the death benefit, that you want your beneficiaries to receive if you pass away during the term.
Select the term length
You choose the duration of the policy, typically 10, 20, 25, or 30 years. This term should align with your financial obligations and the length of time you want to protect your loved ones.
Pay premiums
You pay regular premiums, usually monthly or annually, to keep the policy active. The premium amount is based on factors such as your age, health, and the coverage amount.
Death benefit payout
If you pass away during the term, your beneficiaries receive the death benefit as a tax-free lump sum. They can use this money to cover expenses, pay off debts, or replace lost income.
Renew or convert
At the end of the term, you may have the option to renew the policy for another term, although the premiums may increase. Some policies also offer the option to convert to a permanent life insurance policy without a medical exam.
Maintain coverage
As long as you continue paying the premiums, your policy remains in force, providing protection for your beneficiaries.
INstasure
How does it work?
Lifelong Coverage
Whole life insurance provides coverage for the entire lifetime of the insured. This ensures that a death benefit will be paid to the beneficiaries whenever the insured passes away, as long as the premiums are paid.
Cash Value Accumulation
A portion of the premiums paid for whole life insurance goes into a cash value account. This cash value accumulates over time and can be accessed by the policyholder through loans or withdrawals. The cash value can be used for various purposes, such as emergencies, education, or supplementing retirement income.
Level Premiums
Whole life insurance often comes with level premiums, meaning the premium amount remains constant throughout the life of the policy. This can be advantageous for long-term financial planning, as policyholders can lock in a consistent premium amount.
Estate Planning
Whole life insurance is commonly used as a tool for estate planning. The death benefit can provide a tax-free inheritance to beneficiaries, help cover estate taxes, or ensure that there is sufficient liquidity in the estate.
Dividends (Participating Policies)
Some whole life insurance policies are participating, meaning policyholders may receive dividends from the insurance company's profits. Dividends can be used to reduce premiums, increase the cash value, or be taken as cash.
Guaranteed Death Benefit
Whole life insurance policies provide a guaranteed death benefit, which is paid out to beneficiaries tax-free. This death benefit can provide financial security to the insured's loved ones, helping them cover expenses, pay off debts, or maintain their lifestyle.
Policy Loans
Policyholders can borrow against the cash value of the whole life insurance policy through policy loans. The interest rates on these loans are often lower than market rates, and the borrowed funds can be used for various purposes.
Supplemental Retirement Income
The cash value accumulated in a whole life insurance policy can be used as a supplemental source of income during retirement. Policyholders can choose to withdraw funds or take out loans against the cash value to support their retirement lifestyle.
Beneficiary Protection
Whole life insurance ensures that beneficiaries receive a death benefit regardless of when the insured passes away. This can provide peace of mind to the policyholder, knowing that their loved ones will be financially protected.
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How does it work?
Purchase of the Policy
Individuals interested in critical illness insurance can purchase a policy from an insurance provider. The policyholder pays regular premiums to maintain coverage.
Specified Critical Illnesses
Critical illness insurance covers a predetermined list of serious illnesses, which may include conditions such as cancer, heart attack, stroke, organ transplant, and others. The specific illnesses covered will depend on the terms of the policy.
Policy Renewal and Review
Critical illness insurance policies are typically renewable, and policyholders may need to undergo medical underwriting during the renewal process. It's important to review the policy periodically to ensure that it continues to meet the policyholder's needs.
Survival Period
Critical illness insurance policies typically have a survival period, which is a waiting period after the diagnosis of a covered illness. The policyholder must survive this period (usually 30 days) to be eligible for the benefit payout.
Lump-Sum Payout
If the policyholder is diagnosed with a covered critical illness and survives the waiting period, the insurance company pays out a tax-free lump sum to the policyholder. The amount of the payout is predetermined and specified in the policy.
Flexibility in Using Funds
The lump-sum payment can be used at the discretion of the policyholder. There are no restrictions on how the funds are used, allowing flexibility in covering various expenses related to the illness, such as medical treatments, medications, home modifications, debt repayment, or everyday living expenses.
No Requirement to Prove Loss of Income
Unlike disability insurance, critical illness insurance does not typically require the policyholder to prove a loss of income or inability to work. The benefit is paid based on the diagnosis of a covered illness.
Policy Exclusions
Critical illness insurance policies have specific terms, conditions, and exclusions. It's important for policyholders to understand the details of their policy, including the list of covered illnesses, waiting periods, and any exclusions that may apply.
Beneficiary Designation
The policyholder designates beneficiaries who will receive the lump-sum payment in the event of a covered critical illness. This designation ensures that the funds go to the intended recipients.
Premium Payments
Policyholders are required to pay regular premiums to maintain coverage. Premium amounts may vary based on factors such as age, health, coverage amount, and other underwriting considerations.
INstasure
How does it work?
Premium Payments
Policyholders pay regular premiums to the insurance company to keep the policy in force. These premiums cover the cost of insurance (mortality charges), administrative fees, and other expenses.
Death Benefit
Universal life insurance provides a death benefit, which is the amount paid to the beneficiaries upon the death of the insured. The death benefit is generally income-tax-free and is determined by the policyholder at the time of purchase.
Estate Planning
Universal life insurance is commonly used in estate planning to provide a tax-efficient way to transfer wealth to heirs. The death benefit can help cover estate taxes and ensure that beneficiaries receive a tax-free inheritance.
Cash Value Accumulation
A portion of the premium payments goes into a cash value account, which accumulates over time. The cash value grows on a tax-deferred basis, meaning that policyholders do not pay taxes on the investment gains as long as the funds remain in the policy.
Investment Options
Universal life insurance policies offer a range of investment options for the cash value component. Policyholders may choose from fixed-interest options, variable options, or indexed options, allowing them to allocate the cash value based on their risk tolerance and investment preferences.
Flexibility in Premiums
One of the key features of universal life insurance is the flexibility it offers in premium payments. Policyholders can adjust the amount and frequency of premium payments within certain limits. This flexibility can be useful during periods of financial change or when policyholders want to increase or decrease their coverage.
Adjustable Death Benefit
Universal life insurance allows policyholders to adjust the death benefit amount. This flexibility allows individuals to increase coverage during times of higher financial responsibility, such as when starting a family, and decrease coverage when financial needs decrease.
Policy Loans and Withdrawals
Policyholders can access the cash value through policy loans or withdrawals. Policy loans accrue interest, and if not repaid, they will reduce the death benefit. Withdrawals may also reduce the death benefit if they exceed the cash value.
Cost of Insurance (COI)
The cost of insurance (COI) is deducted from the cash value to cover the mortality risk and other expenses associated with the policy. The remaining cash value is available for investment and to fund the death benefit.
Tax-Deferred Growth
The cash value in a universal life insurance policy grows on a tax-deferred basis. Policyholders can enjoy the benefits of compound growth without immediate tax consequences, making it a tax-efficient investment option.
INstasure
How does it work?
Types of Disability Insurance
There are two main types of disability insurance: short-term disability insurance (STD) and long-term disability insurance (LTD).
Short-Term Disability Insurance (STD)
Provides coverage for a short duration, usually up to six months. It is designed to replace a portion of the individual's income during a temporary disability.
Long-Term Disability Insurance (LTD)
Offers coverage for an extended period, often until retirement age, if the insured individual is unable to work due to a long-term disability.
Elimination Period (Waiting Period)
Disability insurance policies often have an elimination period, also known as the waiting period. This is the period between the onset of the disability and when benefit payments begin. Short-term disability insurance typically has a shorter waiting period compared to long-term disability insurance.
Policy Application and Underwriting
Individuals interested in disability insurance typically apply for coverage through an insurance provider. The application process may involve medical underwriting, where the insurer assesses the applicant's health and may request medical records or examinations.
Premium Payments
Policyholders pay regular premiums to the insurance company to maintain coverage. The premium amount is based on factors such as the individual's age, health, occupation, and the coverage amount.
Definition of Disability
Disability insurance policies define what constitutes a disability. The definition can vary and may include criteria such as the inability to perform the duties of one's own occupation or any occupation. The specific definition is outlined in the policy.
Benefit Payments
Once the elimination period is satisfied, the insurance company begins making benefit payments to the policyholder. Benefit payments are a percentage of the individual's pre-disability income and are intended to replace lost earnings.
Benefit Period
Disability insurance policies specify the maximum duration for which benefits will be paid. Short-term disability insurance typically has a shorter benefit period (e.g., six months), while long-term disability insurance may provide benefits for a more extended period, possibly until the insured individual reaches retirement age.
Definition of Income
Disability insurance policies define the type of income used to calculate benefit payments. This may include salary, wages, bonuses, or other forms of earned income.
Rehabilitation and Return-to-Work Support
Some disability insurance policies offer support services to help individuals return to work after a period of disability. This may include vocational rehabilitation, training programs, or workplace accommodations.
Policy Exclusions and Limitations
Disability insurance policies may have exclusions and limitations. It's important for policyholders to be aware of these, as they can impact the coverage provided. Common exclusions may include pre-existing conditions or disabilities resulting from certain activities.
Claim Process
If a disability occurs, the policyholder must initiate a claim with the insurance company. This typically involves submitting documentation, such as medical records and evidence of the disability. The insurer will review the claim and, if approved, initiate benefit payments.
pros
Affordability: Term life insurance generally has lower premiums compared to permanent life insurance, making it more accessible for individuals on a budget
Flexibility: You can choose the term length that aligns with your specific needs, such as covering a mortgage or providing income replacement until your children are financially independent.
Simple and straightforward: Term life insurance is relatively easy to understand, with a clear death benefit payout if you pass away during the term.
Convertibility: Many term life policies offer the option to convert to permanent life insurance without undergoing a medical exam, allowing you to extend coverage if your circumstances change.
Temporary coverage: It provides coverage for a specific period when you may have higher financial obligations or dependents to protect.
Cons
No cash value: Unlike permanent life insurance, term life insurance does not accumulate a cash value over time. If you outlive the term, you won't receive any return on your premiums.
Premium increases: Renewing term life insurance after the initial term typically results in higher premiums, especially as you age. This can make it more expensive in the long run.
Limited coverage period: Term life insurance only provides coverage for the specified term. If you need coverage beyond that term, you may have to reapply, potentially facing higher premiums or coverage denials based on changes in health.
No investment component: Term life insurance focuses solely on providing a death benefit and does not include any investment or savings component.
Potential lapse: If you miss premium payments, your term life insurance policy can lapse, leaving you without coverage.
pros
Lifetime Coverage: Whole life insurance provides coverage for the entire lifetime of the insured, offering peace of mind that beneficiaries will receive a death benefit whenever the insured passes away.
Cash Value Accumulation: A portion of the premiums goes into a cash value account, which grows over time on a tax-deferred basis. Policyholders can access this cash value through loans or withdrawals for various financial needs.
Level Premiums: Premiums are often level and remain constant throughout the life of the policy, providing predictability for long-term financial planning.
Guaranteed Death Benefit: The death benefit is guaranteed, providing a tax-free payout to beneficiaries. This can be beneficial for estate planning and ensuring financial security for loved ones.
Dividends (Participating Policies): Some whole life insurance policies are participating, meaning policyholders may receive dividends from the insurer's profits. Dividends can be used to reduce premiums, increase the cash value, or be taken as cash.
Estate Planning: Whole life insurance is often used as a tool for estate planning, providing a tax-efficient way to pass on wealth to heirs.
Policy Loans: Policyholders can borrow against the cash value through policy loans at relatively low-interest rates.1 Column
Cons
Higher Premiums: Whole life insurance typically has higher premiums compared to term life insurance, which can be a disadvantage for those looking for lower-cost coverage.
Complexity: The combination of insurance and savings components in whole life insurance can make the policies more complex. Understanding the details of the policy may require careful review and explanation.
Limited Investment Options: The cash value is invested by the insurance company, and policyholders have limited control over the investment choices. Returns may be lower compared to other investment options.
Opportunity Cost: The returns on the cash value may not match the potential returns from alternative investments. Some argue that the opportunity cost of tying up funds in a whole life policy may be high.
Surrender Charges: If the policy is surrendered early, surrender charges may apply, reducing the cash value received by the policyholder.
Not Ideal for Short-Term Needs: Whole life insurance is designed for long-term needs, and it may not be the most cost-effective solution for those seeking coverage for a specific, shorter-term period.
pros
Financial Protection: Provides a lump-sum payment upon the diagnosis of a covered critical illness, offering financial support during a challenging time.
Flexibility in Use of Funds: The lump-sum payment can be used at the discretion of the policyholder, providing flexibility to cover medical expenses, daily living costs, debt repayment, or other needs.
No Requirement to Prove Loss of Income: Unlike disability insurance, critical illness insurance doesn't typically require policyholders to prove a loss of income or the inability to work.
Survivor Benefits: Some critical illness insurance policies may offer survivor benefits, providing a benefit to the designated beneficiaries if the policyholder passes away due to a covered illness.
Covers a Range of Illnesses: Typically covers a specified list of critical illnesses, which may include cancer, heart attack, stroke, organ transplant, and others.
Tax-Free Payout: The lump-sum benefit is generally paid out tax-free, providing the full amount to the policyholder or beneficiaries.
Complements Other Insurance: Critical illness insurance can complement other types of insurance, such as health insurance and disability insurance, providing additional layers of financial protection.
Cons
Cost: Premiums for critical illness insurance can be relatively high compared to other types of insurance, which may be a deterrent for some individuals.
Limited Coverage: Critical illness insurance covers a specific list of illnesses, and if a condition is not on the list, it won't be covered.
Waiting Periods: Policies often have a waiting period (survival period) before the benefit is payable. If the policyholder does not survive this waiting period after diagnosis, the benefit may not be paid.
Exclusions and Limitations: Policies may have exclusions or limitations regarding pre-existing conditions, certain illnesses, or lifestyle factors. It's essential to carefully review policy terms.
No Cash Value Accumulation: Unlike some other insurance products, critical illness insurance does not accumulate cash value over time. The policy provides a benefit only upon the diagnosis of a covered illness.
Health Underwriting: To obtain coverage, individuals may need to undergo health underwriting, and those with pre-existing health conditions may face higher premiums or potential exclusions.
Policy Complexity: The terms and conditions of critical illness insurance policies can be complex. Understanding the details may require careful review and explanation.
No Benefit for Non-Critical Conditions: The policy provides a benefit only for specific critical illnesses, and common health issues that are not on the list may not be covered.
pros
Flexibility in Premiums: Universal life insurance provides flexibility in premium payments. Policyholders can adjust the amount and frequency of premium payments within certain limits, allowing for adaptation to changing financial circumstances.
Adjustable Death Benefit: Policyholders can adjust the death benefit amount to meet their changing needs. This flexibility is useful during different life stages when financial responsibilities may vary.
Cash Value Accumulation: A portion of the premiums goes into a cash value account, which accumulates on a tax-deferred basis. Policyholders can access the cash value through loans or withdrawals for various purposes.
Investment Options: Universal life insurance policies offer a range of investment options, allowing policyholders to allocate their cash value among fixed-interest options, variable options, or indexed options based on their risk tolerance and investment preferences.
Estate Planning: Universal life insurance is often used as a tool for estate planning. The death benefit can provide a tax-efficient way to transfer wealth to heirs, covering estate taxes and ensuring beneficiaries receive a tax-free inheritance.
Lifetime Coverage: Universal life insurance provides coverage for the entire lifetime of the insured, as long as premiums are paid. This ensures that a death benefit will be paid to beneficiaries whenever the insured passes away.
Tax-Deferred Growth: The cash value in a universal life insurance policy grows on a tax-deferred basis, providing the potential for compound growth without immediate tax consequences.
Policy Loans: Policyholders can take out loans against the cash value at relatively low-interest rates. These loans can be used for various financial needs without immediate tax consequences.
Cons
Complexity: Universal life insurance policies can be complex, with various components such as cash value, investment options, and flexible premiums. Understanding the details of the policy may require careful review and explanation.
Cost: Universal life insurance premiums can be higher than those of other types of life insurance, such as term life insurance. The costs associated with the policy, including mortality charges and fees, can impact the overall returns.
Risk of Policy Lapse: If cash values are not sufficient to cover policy expenses and mortality charges, policyholders may need to increase premiums to prevent the policy from lapsing. Failure to do so could result in the loss of coverage.
Interest Rate Risk: The cash value in universal life insurance policies is affected by prevailing interest rates. If interest rates are low, the cash value may grow at a slower pace, affecting the policy's overall performance.
Policy Loans Impact on Death Benefit: Policy loans and withdrawals can reduce the death benefit if not repaid. Unpaid loans at the time of death can be deducted from the death benefit.
No Guaranteed Returns: While there is potential for investment gains, the returns on the cash value are not guaranteed. Poor investment performance can impact the policy's cash value and overall returns.
Limited Control over Investments: Policyholders have some control over how the cash value is invested, but the investment options are typically limited compared to other investment vehicles.
Potential for Higher Premiums in Later Years: Premiums for universal life insurance may increase in later years, especially if investment returns do not meet expectations or policy expenses rise.
pros
Income Replacement: Disability insurance provides a source of income replacement, helping individuals maintain their standard of living and meet financial obligations during a period of disability.
Financial Security: The financial support from disability insurance ensures that individuals and their families have a safety net, covering essential expenses such as rent or mortgage, utilities, and groceries.
Flexibility in Use of Benefits: Disability benefits are generally flexible and can be used to cover a wide range of expenses, including medical bills, rehabilitation costs, and other living costs.
Coverage for Various Disabilities: Disability insurance covers a range of disabilities, both short-term and long-term. This provides protection against various health conditions that may impact an individual's ability to work.
Return-to-Work Support: Some disability insurance policies offer support services to help individuals return to work after a period of disability. This may include vocational rehabilitation, training programs, or workplace accommodations.
Lifetime Coverage: Universal life insurance provides coverage for the entire lifetime of the insured, as long as premiums are paid. This ensures that a death benefit will be paid to beneficiaries whenever the insured passes away.
Preservation of Savings: Disability insurance can help individuals avoid depleting their savings or emergency fund during a period of disability, preserving financial resources for the future.
Peace of Mind: Having disability insurance provides peace of mind, knowing that there is financial protection in place in case of a disability. This can reduce stress and allow individuals to focus on their recovery.
Cons
Cost of Premiums: Disability insurance premiums can be relatively high, especially for comprehensive coverage. The cost may be a barrier for some individuals, particularly those with budget constraints.
Waiting Periods: Disability insurance policies often have waiting periods, also known as elimination periods, before benefit payments begin. During this time, the individual must cover their own expenses.
Definition of Disability: The definition of disability in insurance policies can be specific and may vary. Some policies may have stricter criteria for what qualifies as a disability, potentially leading to coverage disputes.
Exclusions and Limitations: Disability insurance policies may have exclusions and limitations, such as pre-existing condition exclusions. It's important for individuals to be aware of these limitations to avoid surprises when filing a claim.
Claim Approval Challenges: The claims approval process can be complex, and some individuals may face challenges in getting their claims approved. This may involve providing extensive medical documentation and navigating the insurer's review process.
Potential for Policy Changes: Insurers may have the right to change policy terms, including premium rates, benefit amounts, or coverage conditions. This can impact the predictability and stability of the coverage over time.
Limited Coverage for Certain Occupations: Certain high-risk occupations may find it challenging to obtain affordable disability insurance coverage, or coverage may be limited based on the nature of th1 Columne work.
INstasure
How much does Term Life Insurance Cost?
The cost of term life insurance in Canada can vary depending on several factors, including:
Age: Generally, younger individuals pay lower premiums for term life insurance compared to older individuals.
Health: Your health plays a significant role in determining the cost of your premiums. Insurance companies may require a medical examination or review your medical history to assess your health risks.
Gender: Historically, women have been offered lower premiums compared to men due to longer life expectancies. However, this gap has been narrowing in recent years.
Smoking status: Smokers typically pay higher premiums due to the increased health risks associated with smoking.
Coverage amount: The higher the coverage amount you choose, the higher your premiums will be.
Term length: Longer-term lengths may result in higher premiums compared to shorter-term lengths.
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Whole Life Insurance Plans
The cost of Whole Life Insurance in Canada can vary depending on several factors, including :
Age and Health: Younger, healthier individuals typically pay lower premiums for whole life insurance. The risk of death is lower for younger individuals, so the cost of coverage is more affordable. Health conditions and lifestyle choices that increase the risk of mortality can lead to higher premiums.
Coverage Amount: The amount of coverage, known as the death benefit, directly affects the cost of the policy. Higher coverage amounts will result in higher premiums.
Gender: Historically, women have been charged lower premiums than men for life insurance, as they tend to have longer life expectancies. However, this gap has narrowed in recent years.
Smoking status: Smokers generally pay higher premiums than non-smokers due to the increased health risks associated with smoking.
Occupation and Hobbies: Certain occupations or high-risk hobbies may lead to higher premiums as they can increase the overall risk of death or injury.
Policy Features: The specific features of the whole life insurance policy, such as riders or additional benefits, can influence the cost. Policies with more comprehensive coverage or additional features may have higher premiums.
Dividend Option (Participating Policies): In the case of participating whole life insurance policies that pay dividends, the choice of dividend options can affect premiums. Some policyholders may choose to use dividends to offset premium costs.
Payment Frequency: The frequency with which premiums are paid (e.g., monthly, annually) can impact the overall cost. Some insurance companies may offer discounts for annual payments.
Underwriting Criteria: Each insurance company has its own underwriting criteria, and the way they assess risk can vary. Some companies may be more lenient in certain areas, while others may be stricter.
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Critical Illness Plans
Here are key factors that impact the cost of critical illness insurance:
Age: Younger individuals generally pay lower premiums for critical illness insurance. As age increases, the risk of developing a critical illness typically rises, and insurance companies may charge higher premiums.
Health Status: Your current health condition and medical history are significant factors in determining the cost of critical illness insurance. Individuals with pre-existing health conditions may face higher premiums or, in some cases, may be declined coverage.
Coverage Amount: The amount of coverage, or the lump-sum benefit, directly affects the cost of the policy. Higher coverage amounts will result in higher premiums.
Gender: In general, women tend to pay lower premiums than men for critical illness insurance. This is because women, on average, have longer life expectancies and a lower likelihood of certain critical illnesses.
Coverage Term: The length of the coverage term can impact premiums. Longer-term coverage may have higher premiums than shorter-term coverage.
Smoking Status: Smokers typically pay higher premiums compared to non-smokers due to the increased health risks associated with smoking.
Family Medical History: Some policies may take into account your family's medical history when determining premiums. A history of certain illnesses among close relatives may affect the cost of coverage.
Policy Features: The specific features of the critical illness insurance policy, including the list of covered illnesses and any optional riders, can impact the cost.
Underwriting Criteria: Each insurance company has its own underwriting criteria, and their assessment of risk can vary. Some companies may be more lenient in certain areas, while others may be stricter.
Waiting Period (Survival Period): Policies may have a waiting period, often referred to as a survival period, during which the insured must survive after the diagnosis of a critical illness for the benefit to be payable. The length of this period can influence the cost of the policy.
Occupation and Lifestyle: Certain occupations or high-risk lifestyles may result in higher premiums, as they can increase the overall risk of developing a critical illness.
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Universal Insurance Plans
Here are some key factors that can impact the cost of Universal Life Insurance:
Age: Younger individuals typically pay lower premiums for universal life insurance. As age increases, the risk of mortality rises, and premiums may be higher for older policyholders.
Health Status: Your current health condition and medical history play a significant role in determining the cost of universal life insurance. Individuals with better health may qualify for lower premiums, while those with pre-existing conditions may face higher costs or, in some cases, may be declined coverage.
Coverage Amount: The amount of coverage, or the death benefit, directly affects the cost of universal life insurance. Higher coverage amounts will result in higher premiums.
Coverage Term: Universal life insurance policies come in various types, such as level cost of insurance or annually increasing cost of insurance. The type of coverage selected can impact the cost structure.
Gender: In general, women tend to pay lower premiums than men for life insurance. Women typically have longer life expectancies, resulting in lower mortality risk.
Smoking Status: Smokers typically pay higher premiums than non-smokers due to the increased health risks associated with smoking.
Underwriting Criteria: Each insurance company has its own underwriting criteria, and their assessment of risk can vary. Some companies may be more lenient in certain areas, while others may be stricter.
Policy Features: The specific features of the universal life insurance policy, including the investment options, cost structure, and riders, can impact the overall cost.
Cash Value Accumulation: The premiums paid for universal life insurance contribute to both the cost of insurance and the cash value accumulation. The chosen investment options and the performance of the cash value component can affect the overall cost.
Interest Rates: Universal life insurance policies often have an interest component tied to the cash value. The prevailing interest rates can impact the growth of the cash value and, consequently, the overall cost of the policy.
Policy Riders: Additional riders, such as critical illness riders or long-term care riders, can be added to a universal life insurance policy for an extra cost.
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Universal Insurance Plans
Here are some key factors that influence the cost of disability insurance:
Age: Younger individuals generally pay lower premiums for disability insurance. As age increases, the risk of disability typically rises, leading to higher premium costs.
Occupation: The nature of an individual's occupation is a significant factor. Certain occupations may involve higher risks of disability, and individuals in those occupations may face higher premiums.
Income: The amount of income the individual wants to replace in the event of a disability affects the premium. Higher income replacement percentages may result in higher premiums.
Health Status: The health condition of the individual plays a crucial role in determining premiums. Individuals in good health may qualify for lower premiums, while those with pre-existing health conditions may face higher costs or, in some cases, may be declined coverage.
Gender: Gender can impact premium rates. In some cases, women may pay lower premiums than men, as they generally have longer life expectancies and may be at a lower risk of disability.
Benefit Period: The length of time for which disability benefits will be paid (benefit period) affects the cost. Policies with longer benefit periods typically have higher premiums.
Waiting Period (Elimination Period): The waiting period, or elimination period, is the period between the onset of disability and when benefit payments begin. Policies with shorter waiting periods often have higher premiums.
Definition of Disability: The specific definition of disability in the policy can impact premiums. Policies with more inclusive definitions of disability may have higher premiums.
Type of Policy: The type of disability insurance (short-term or long-term) also affects costs. Long-term disability insurance generally has higher premiums than short-term disability insurance.
Policy Features: Additional policy features, riders, and options can impact the cost. For example, adding a cost-of-living adjustment (COLA) rider or a future purchase option may increase premiums.
Insurance Company: Different insurance companies have different underwriting practices, and their premium rates can vary. It's advisable to obtain quotes from multiple insurers to compare costs.
Coverage Amount: The amount of coverage, or the benefit amount, directly influences premiums. Higher coverage amounts will result in higher premium costs.
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How does Instasure brokers help with this type of Insurance?
Instasure brokers have access to multiple insurance providers that use an array of underwriting guidelines to assess your health risks and offer you insurance protection. Working with you, we determine the best carrier for your needs, and find the most economical insurance premium and the best protection for your lifestyle and needs Here are ways in which Instasure brokers can identity the best insurance options for you and your family:
YOUR INSURANCE NEEDS ASSESSMENT
An Instasure broker will work with you to understand your financial situation, family circumstances, and overall insurance needs.
They will help determine the appropriate coverage amount and term length based on factors such as income, debts, and the financial needs of your dependents.
MARKET RESEARCH AND COMPARISON
Instasure brokers has access to a wide range of insurance products from various providers, more options mean more competitive pricing.
They can compare different term life insurance policies available in the market to find options that best meet your specific requirements
CUSTOMIZED SOLUTIONS
Instasure brokers work with Insurance Markets to tailor insurance solutions to your unique needs. This may involve combining term life insurance with other types of coverage or riders to address specific concerns.
ACCESS TO MULTIPLE INSURERS
Unlike agents who work for a specific insurance company,Instasure.ca is an independent insurance broker and team of RIBO Licensed Advisors.We have relationships with multiple insurers And this allows us to provide you with a broader range of options.
COST SAVINGS
Instasure brokers can help you find competitive premiums by shopping around and negotiating with insurance companies on your behalf.
They may also be aware of discounts or promotions that can result in cost savings for you.
POLICY EXPLANATION
Instasure brokers can clarify complex policy terms and conditions, ensuring that you understand the details of the coverage you are purchasing.
They can explain any exclusions or limitations associated with the policy.
CLAIMS ASSISTANCE
In the unfortunate event of a claim, Instasure brokers' claim teamwill assist you in navigating the claims process. They act as an intermediary between you and the insurance company to ensure a smooth and timely resolution.
ANNUAL REVIEW
Insurance needs can change over time due to factors such as marriage, the birth of children, or changes in financial circumstances. Instasure brokers often conduct regular reviews to ensure your coverage remains aligned with your evolving needs.
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How Instasure can help with this type of Insurance?
Instasure can help you navigate the complexities of Whole Life Insurance.
NEEDS ASSESSMENT
An Instasure will work with you to assess your financial situation, goals, and insurance needs. They will help determine the appropriate amount of coverage and identify any specific features or riders that may be beneficial.
MARKET RESEARCH AND COMPARISON
Instasure have access to a wide range of insurance products from different providers. They can compare whole life insurance policies from various companies to find options that suit your requirements and budget.
CUSTOMIZED SOLUTIONS
Instasure can tailor insurance solutions to your unique needs. They can help you customize your whole life insurance policy to address specific financial goals or concerns.
EXPLANATION OF POLICY TERMS
Whole life insurance policies can be complex, with terms and conditions that may be difficult to understand. Instasure can explain the details of the policy, including the death benefit, cash value accumulation, and any optional riders.
PREMIUM COMPARISON
Instasure can help you compare premium quotes from different insurance companies. They may negotiate with insurers on your behalf to obtain the most competitive rates.
ACCESS TO MULTIPLE INSURERS
Unlike insurance agents who work for a specific company, Instasure are independent and have relationships with multiple insurers. This allows them to offer a broader range of options.
RISK ASSESSMENT
Instasure can assess your risk profile and provide guidance on how certain factors, such as health conditions or lifestyle choices, may impact your premiums.
POLICY REVIEWS AND UPDATES
Insurance needs can change over time. Instasure can conduct regular reviews of your whole life insurance policy to ensure it continues to align with your evolving financial situation and goals.
CLAIMS ASSISTANCE
In the unfortunate event of a claim, Instasure can assist you in navigating the claims process. They act as intermediaries between you and the insurance company to facilitate a smooth and timely settlement.
EDUCATION AND ADVICE
Instasure can provide education on the benefits and potential drawbacks of whole life insurance. They can offer advice on whether whole life insurance is the right choice for your specific circumstances.
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How Instasure can help with this type of Insurance?
Here are ways in which Instasure can assist with Critical Illness Insurance
NEEDS ASSESSMENT
Instasure work with clients to understand their financial situation, health status, and insurance needs. They help assess whether critical illness insurance is a suitable solution based on individual circumstances.
MARKET RESEARCH AND COMPARISON
Instasure have access to a wide range of critical illness insurance products from different providers. They can compare policies, coverage options, and premiums to find a plan that best meets the client's needs and budget.
CUSTOMIZED SOLUTIONS
Instasure can tailor critical illness insurance solutions to match specific financial goals and concerns. They may help clients choose coverage amounts, policy terms, and additional riders based on individual preferences.
EXPLANATION OF POLICY TERMS
Critical illness insurance policies can be complex, with specific terms and conditions. Instasure explain the details of the policies, including the list of covered illnesses, waiting periods, and any exclusions.
PREMIUM COMPARISON
Instasure can help clients compare premium quotes from different insurance companies. They may negotiate with insurers to obtain competitive rates and ensure that the client is getting the best value for their coverage.
ACCESS TO MULTIPLE INSURERS
Unlike insurance agents who work for specific companies, Instasure are independent and have relationships with multiple insurers. This allows them to offer a broader range of options and find the most suitable coverage for their clients.
RISK ASSESSMENT
Instasure can assess the client's risk profile, taking into account factors such as age, health, lifestyle, and occupation. This assessment helps in finding policies that are well-suited to the individual's situation.
OLICY REVIEWS AND UPDATES
Instasure can conduct regular reviews of critical illness insurance policies to ensure they continue to meet the client's evolving needs. They may recommend adjustments or updates as circumstances change.
CLAIMS ASSISTANCE
In the event of a critical illness diagnosis, Instasure can assist clients in navigating the claims process. They serve as intermediaries between the client and the insurance company, helping to ensure a smooth and timely settlement.
EDUCATION AND ADVICE
Instasure provide education on critical illness insurance, explaining the benefits, potential drawbacks, and how it fits into an overall risk management strategy. They offer advice on selecting the right coverage for the client's needs.
INstasure
How Instasure can help with this type of Insurance?
Instasure play a vital role in helping individuals navigate the complexities of insurance, including universal life insurance. Here are several ways in which Instasure can assist with universal life insurance:
NEEDS ASSESSMENT
Instasure work with clients to understand their financial goals, lifestyle, and coverage needs. They conduct a thorough needs assessment to determine whether universal life insurance is a suitable solution based on individual circumstances.
MARKET RESEARCH AND COMPARISON
Instasure have access to a wide range of universal life insurance products from different providers. They can compare policies, coverage options, and premiums to find a plan that best meets the client's needs and budget.
CUSTOMIZED SOLUTIONS
Instasure can tailor universal life insurance solutions to match specific financial goals and concerns. They may help clients choose coverage amounts, policy features, and investment options based on individual preferences.
EXPLANATION OF POLICY TERMS
Universal life insurance policies can be complex, with various components such as the cost of insurance, cash value, and investment options. Instasure explain the details of the policies, ensuring that clients understand how the coverage works.
PREMIUM COMPARISON
Instasure can help clients compare premium quotes from different insurance companies. They may negotiate with insurers to obtain competitive rates and ensure that the client is getting the best value for their coverage.
ACCESS TO MULTIPLE INSURERS
Unlike insurance agents who work for specific companies, Instasure are independent and have relationships with multiple insurers. This allows them to offer a broader range of options and find the most suitable coverage for their clients.
RISK ASSESSMENT
Instasure can assess the client's risk profile, taking into account factors such as age, health, lifestyle, and financial goals. This assessment helps in finding policies that are well-suited to the individual's situation.
POLICY REVIEWS AND UPDATES
Instasure can conduct regular reviews of universal life insurance policies to ensure they continue to meet the client's evolving needs. They may recommend adjustments or updates as circumstances change.
INVESTMENT GUIDANCE
Universal life insurance policies include an investment component. Instasure can provide guidance on investment options, helping clients make informed decisions based on their risk tolerance and financial objectives.
CLAIMS ASSISTANCE
In the event of a claim, Instasure can assist clients in navigating the claims process. They serve as intermediaries between the client and the insurance company, helping to ensure a smooth and timely settlement.
EDUCATION AND ADVICE
Instasure provide education on universal life insurance, explaining the benefits, potential drawbacks, and how it fits into an overall financial plan. They offer advice on selecting the right coverage for the client's needs.
INstasure
How Instasure can help with this type of Insurance?
Here are several ways in which Instasure can assist with disability insurance:
NEEDS ASSESSMENT
Instasure work with clients to assess their individual needs, financial situation, and lifestyle. By understanding their clients' specific circumstances, Instasure can recommend disability insurance solutions that provide appropriate coverage.
MARKET RESEARCH AND COMPARISON
Instasure have access to a wide range of disability insurance products from different insurers. They can conduct market research and compare policies to find the most suitable coverage based on coverage limits, waiting periods, benefit periods, and premium costs.
CUSTOMIZED SOLUTIONS
Instasure can tailor disability insurance solutions to meet the unique needs and preferences of their clients. This may involve selecting coverage amounts, waiting periods, and benefit periods that align with the individual's financial goals.
EXPLANATION OF POLICY TERMS
Disability insurance policies can be complex, and the terms may vary between insurers. Instasure explain the details of policies, including the definition of disability, waiting periods, benefit periods, and any exclusions or limitations.
PREMIUM COMPARISON
Instasure can help clients compare premium quotes from different insurance companies. They may negotiate with insurers to obtain competitive rates and ensure that clients are getting the best value for their coverage.
ACCESS TO MULTIPLE INSURERS
Instasure are not tied to a single insurance company. They have relationships with multiple insurers, allowing them to offer a broader range of disability insurance options and find policies that best suit their clients' needs.
RISK ASSESSMENT
Instasure assess their clients' risk profiles, taking into account factors such as age, health, occupation, and financial goals. This assessment helps Instasure recommend policies that align with the individual's unique circumstances.
POLICY REVIEWS AND UPDATES
Instasure can conduct regular reviews of disability insurance policies to ensure they remain suitable as clients' circumstances change. They may recommend updates or adjustments to the policy based on evolving needs.
CLAIMS ASSISTANCE
In the event of a disability, Instasure can assist clients in navigating the claims process. They serve as intermediaries between the client and the insurance company, helping to ensure a smooth and timely settlement.
EDUCATION AND ADVICE
Instasure provide education on disability insurance, explaining the benefits, potential drawbacks, and how it fits into an overall financial plan. They offer advice on selecting the right coverage for the client's needs.
FOLLOW-UP AND SUPPORT
Instasure often provide ongoing support to their clients. This includes following up on policy changes, addressing any questions or concerns, and ensuring that clients are aware of their coverage and options.
REVIEWS
What our Customer Says
I was referred by my mortgage broker, they offered me term life for lithium cost I was paying towards my mortgage insurance with TD for a dedicated policy of half a million for 20 years. It was a no-brainer, quick and easy process.
Jason Giles
We compared five different options with Palwinder Sandhu on life coverage, and we liked the offer with foresters. He walked us through all the pros and cons with each provider, we're extremely happy with the service. Thank you for being so patient.
Nadya Jibrani
The team was quick on a quote, perfect communication, no jargons just simple plan explanations on how the policy protects. And how it doesn't, so transparent and clear. I purchased whole life, the illustrations I saw work perfectly to form my retirement plan.
Paul Messan
Palwinder Sandhu was referred to us by our mortgage broker, we were surprised to see the options available in the premium cost we were paying with our bank. Overall a great experience, would definitely recommend.
Jada Klein
It's funny how we have protection for our car in our home, and we don't think about our life sometimes. The instasure team proactively helped me finalize our retirement plan, a whole life insurance and a term policy to fit in my budget and still protect my family.
Ali Reza
As a single parent, my focus was on cost efficiency while keeping my kids protected. It gives me confidence that if something were to happen to me my policy is going to take care of my kids behind me. Thank you for your recommendations, and working with me side by side to get this done so quickly.
Aliya Habib
I found Instasure online, play completed my quote on Monday and I was issued my policy on Thursday. They work fast, they know their stuff. Great experience.
Andrew Lee
Palwinder Sandhu comes highly recommended for his multiple offerings, he was easy to work with. Strong communication, answered all our questions and we trust him with our financial plan. We've done our own research, and we couldn't have done better!
Kayla Newman
We just purchased our first home, and well comparing insurance options, Palwinder Sandhu and his team helped us compare multiple providers, this gave us clarity in deciding the best coverage. When you know you're making the right decision, and it's backed by a professional... That is a support you need. Thank you all for all your help.
Susan Mae
Milena and I were looking for an insurance company that doesn't gouge. We truly felt instasure was working to our benefit, it's good to know which insurance companies to stay away from. We purchased a combination of whole life and term policy.
Oscar Gonzalez
We came looking for an auto insurance quote, and we were so impressed with their professionalism. No pressure tactics, straightforward and transparent communication. That is the attitude you need from a service provider, when you're trying to save money.
Paula Ferozina
Our two properties in Woodbridge were due on a home renewal policy, these guys did a fabulous job of a lower quote and follow up. In a crunch time, they got everything done in a day.
Jason Wilkinson
We were searching for an economical supervisor insurance for our traveling mother. They helped us find the best policy with a fair deductible and issued the paperwork the same day. Thank you so much for all your help. Palwinder Sandhu and Sarah were great.
Lorenzo Perez-Marten
We compared insurance hotline and 2 others. We found these guys fair and quick to respond. They had a detailed conversation on our first call and then things moved fairly fast. Home insurance and term purchased. Good overall!
Adnan Zuberi
Strong communication. Built a relationship with me and I have someone to get advice from. Sarah was so amazing😃, thank you for helping with the electronic signatures again.
Kieko Mustanza
We own 45 units and needed a protection plan that helps reduce taxes. They did a fabulous job with the plan he built.very happy, thanks Palwinder Sandhu
Danielle Rin Bauer
I'm new to the work force and wanted more information on how to create wealth. For $300 I have a $250k investment plan. Great advisors, good caring people.
Sameer Lakhani
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With the adaptable house insurance plans from Instasure, you can shield your house—your haven—against unanticipated catastrophes. We provide a variety of coverage choices that are customised to meet your specific requirements, guaranteeing that your most valuable asset is always protected. Whether you're concerned about weather-related damage, fire, theft, or other dangers, our comprehensive home insurance solutions offer dependable security and comfort.
Welcome to Instasure.ca, where protection meets peace of mind. We specialize in providing comprehensive insurance solutions tailored to your needs. Safeguard your future with us.
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6 Indell Ln , Brampton, Ontario, L6T 3Y3
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