bs-preloader__icon
ru kz en

Life insurance in Canada

People usually don't like to pay for insurance, make a will, or conclude a marriage contract. In any case and under any circumstances, death always comes as a shock to the family. Life insurance can be a good help at such a moment; it will provide funds for the last expenses, allow not to burden loved ones with the remaining debts, and also provide them with a solid amount of tax-free money, writes GlobeNewswire's.
Life insurance in Canada

There are two main types of life insurance. The first and simplest is called TERM. It is essentially non-refundable death insurance payments paid on a monthly basis. The payment amount depends on the insurance amount and age of the insured. Within 10 years from the moment of the beginning of the insurance, the payment amount is the same, then in each subsequent decade the payment increases by a certain amount.

When a person reaches the age of 75, this insurance will automatically terminate. If the person has not died before this age, then all the money paid to him will irrevocably become the property of the insurance company. Accordingly, if the person dies before reaching this age, then the insurance premium in the assigned amount is paid to his heirs. In the event of monthly payment suspension, this policy will also automatically terminate. This type of insurance is in demand due to its relatively low price.

The second type of insurance is called WHOLE LIFE (accumulative). The money paid by a person goes to the account of his policies, accumulates there, and in the event of a person's death, it is given to the heirs along with interest (on average, 6-8% per annum) and the insurance coverage. The particularity of this type of insurance is that the amount of the monthly payment is determined once at the conclusion of the contract depending on the insurance amount and age of the person, and does not change subsequently.

Source: https://www.globenewswire.com/news-release/2021/04/20/2213029/0/en/Canadian-Money-Back-Life-Insurance-Coverage-Policies-Expert-Services-Updated.html

Photos are from open sources.

Share
read also
Reasons to Buy a Life Insurance Policy
Reasons to Buy a Life Insurance Policy

The survey conducted by Friends Provident International in 2018 showed that more than...

A rapid test that detects coronavirus in a second has been created
A rapid test that detects coronavirus in a second has been created

Scientists have invented a portable rapid test system that can detect traces of a new...

How to retire eight years earlier in Kazakhstan
How to retire eight years earlier in Kazakhstan

Today.kz journalist learned what needed to be done in order not to wait for the age o...

The most interesting materials of the site you have in the mail! Subscribe to the newsletter.

ASK A QUESTION TO THE EXPERT
ASK A QUESTION TO THE EXPERT
Submit your application