Life Insurance in Edmonton
At Akan Insurance Ltd. we understand that life insurance can be a very delicate and confusing subject. Yet it’s no secret that if the primary income earners in your family were to die prematurely, the surviving family members might face financial difficulty. Without the primary earner’s income, how will they deal with ongoing living expenses, debts, or tuition costs? Combined with investments, retirement and estate planning, life insurance is a fundamental part of a sound financial plan. With the help of an insurance professional you can develop a complete plan that will fully protect you and your family.
This is the least expensive form of life insurance available. It protects your family against income loss for a fixed period of 1, 5, 10, 15, or 20 years. You can also purchase a term life insurance plan that covers you to a certain age, such as 65, 75, or 80. Your premiums will stay level throughout the term during which you are covered, but will increase if the policy is renewed. When the term ends, you may or may not need to provide medical evidence in order to renew. Death benefits are paid only if you die during the term covered by the policy.
Universal life insurance policies are considered an excellent choice for families seeking to avoid large sums in taxes should a primary income earner die prematurely. These policies provide lifetime rather than term coverage; a portion of the premium is assigned to an investment fund partially sheltered from taxes. Unlike the case with a whole life insurance policy, the nature of the investments is controlled by the policy holder and not the insurance company.
This type of insurance also lasts for life. Some whole life policies require premium payments for only 15 or 20 years. A portion of the premium is assigned to an investment account, from which dividends are regularly paid; the amount depends on the investment success of the insurance carrier. One disadvantage of these policies is that premiums are significantly higher than for term life insurance. On the other hand, premiums do not rise and death benefits are paid out tax-free.