Life insurance is your property

The main reason to own life insurance is the death benefit - the money your beneficiaries receive when you move forward. But do not overlook the benefits that life insurance can offer now while you are alive. Let's look at some of these "living benefits."

One of the most frequent living benefits of whole life insurance is the value that accumulates. Throughout the years of paying premiums, some of your cash value accumulates. This accumulation of cash can be withdrawn in response to emergencies, serve as collateral for loans, or later as retirement income. Many policies also pay dividends when the insurance company makes a profit.

There are other benefits that come with owning a piece of property. Yes, property. Just because your life does not look to property (after all, it is simply written on a small number of pieces of paper), do not sell short. In fact, many of the features and benefits of property apply to life insurance.

For example, the life of the cash value can be used as collateral to borrow money from sources other than politics as well. Say you decide that you need to borrow money from a bank. Depending on the amount and type of loan you're looking for the bank in May to determine the type and quantity of goods that you can use to repay the loan must be your income interrupted. Your life insurance can serve as the security you need.

Another advantage of life insurance as property is that it creates an immediate succession. To understand this concept, here's an example: Suppose a man invests in a plot. May we must wait many years for land to appreciate. Moreover, its value in May never achieve quite what he planned for it, itself down in May. And if this man had died the day after the purchase of land if he paid for all species or not, his family could have difficulty in the liquidation of property and get money from it. But with life insurance at present, the policy goes into effect the insured policyowner has created a fund to be paid to its beneficiaries - even if only one premium payment was made. He did not wait for the property to assess the value or worry about whether the value will rise or fall.

But that's not all. Another advantage is the convenience and leverage to pay for life insurance in installments. For the full face value of a life insurance policy in force, all of the premium purchasing policy need not be prepaid. It may rather be paid in installments. The total proceeds of this policy are guaranteed to be paid to the beneficiary upon the death of the insured as long as premiums are met and there is no outstanding loans against the policy. And the return on investment, life insurance plans that offer can be very beneficial, especially as regards the imposition of accumulated cash values.

Life insurance is a property you can own, an asset. Do not neglect, do not forget to take it as such.

Why You Need Critical Illness Coverage

Critical illness insurance was introduced by Dr. Marius Barnard a South African cardiac surgeon in 1983 for what was voted in the top 25 most influential people in the field of health insurance.
Now it is available for Canadians. Critical Illness Plan offers the security of knowing that they financially protected should they become critically ill.
The three most common critical illnesses, occurring across all ages in Canada are heart attack, cancer, or stroke. According to the Heart and Stroke Foundation and the National Cancer Institute of Canada almost 250,000 all ages Canadians are diagnosed with them annually. The good message is: most of them will survive.

Over 80% of heart attack patients admitted to hospital survive
95% of hospitalized heart attack victims survive the first attack
75% of men and 77% of women who develop cancer survive
75% of stroke victims survive the initial event
Yet, even with improved medical treatments, most patience can not deal with an illness depending only on Provincial health plans. They need to be prepared for the financial consequences of surviving a critical illness since your lifestyle and money management are going to change.
Comparing to Life insurance, critical illness coverage is for you, for your recovery. It gives you a lump-sum amount (benefit tax-free in the event that you survive one of the covered illnesses or conditions (most plans have 20 plus covered conditions by thirty days, in most cases) to help with the cost of treatment and concentrate only on your recovery.
You can spend the money as you wish—such as to pay for private out-of-country treatment, nurse, credit card debts, or even as a mortgage helper while being low income.

Maintaining your financial independence and getting an access to medical services you need, your recovery will be fast and successful.

Insurance & Financial Advisor Michael Arbetov, CFP, FMA
Critical Illness Coverage Blog

Tips of life insurance

Choose a life insurance could be a difficult task. Here are some tips which can help you:

• Don't take rush decision, take your time to make the right decision.

• When you buy a policy, make your check payable to the life insurance company - not the agent. Make sure there is a reception.

• Having bought a life insurance, keep in mind that you may have a "free-testing" period of 14 days after receipt of the policy. You can change your thoughts in that period. If you decide not to buy a policy of the company, then it will be cancelled and you will get an appropriate refund.

• If an agent or a company call you and wish you to cancel your current policy to buy a new one, contact your original agent or company before taking decisions. The termination of your policy to buy may therefore be very expensive for you.

• If you have a complaint about your life insurance agent or company, contact the customer service department of your life insurance company. If you are still unsatisfied, contact your state insurance service. Most insurance service have a consumer business which can help you.

• Term policies are particularly suitable for young families. (Term life insurance protects the insured for a certain period: one year, five years, ten years, so it has no function of savings, and is therefore less expensive than other types).

• Estimate your total life insurance needs by examining the needs and the different stages of your surviving spouse for life. Now take life insurance to cover these gaps.

• From time to time monitor your life insurance plan, especially when there are a significant change of your financial responsibilities.

• Talk with your husband or wife about life insurance plan so your spouse will understands which of the gaps that life insurance products are designed to fill.