Life Insurance in Ajax
Like many Canadians, life insurance is often forgotten or not considered when purchasing home, commercial or auto insurance. However, life insurance is as important as providing coverage for your house, business or vehicle. Life insurance doesn’t protect things- it safeguards what you love the most. At Russ Bastow Insurance Broker Ltd in Ajax, we understand the importance of caring for your loved ones, and we would be happy to offer you options to protect yours.
Types of Life Insurance Offered in Ajax:
- Personal Life
- Mortgage Insurance
- Disability
- Critical Illness
- Group Life, Health, and Dental
- Contractors
- Key Man Insurance
- Buy/Sell Insurance
- Travel Insurance
Types of Life Insurance Offered:
Insurance coverage related to life encompasses a variety of policies designed to address different financial needs and goals. Here's an overview of some common types of life insurance and potential combinations:
Term life insurance:
- Provides coverage for a specified term (e.g., 10, 20, or 30 years).
- Offers a death benefit to beneficiaries if the insured passes away during the term.
- Affordable options for individuals seeking temporary coverage, such as to protect a mortgage or provide for dependents until they become financially independent.
Whole life insurance:
- Offers lifelong coverage until the insured's death.
- Accumulates cash value over time, which policyholders can borrow against or withdraw.
- Provides a guaranteed death benefit and stable premiums, making it a long-term financial asset.
Universal life insurance:
- Combines life insurance with an investment component.
- Allows flexibility in premium payments and death benefits.
- The cash value has the potential to grow based on interest rates and market performance.
Variable life insurance:
- Like universal life, policyholders can invest cash in varied investment options, such as stocks and bonds.
- Offers the potential for better returns but comes with increased risk due to market fluctuations.
Variable universal life insurance:
- Combines features of both universal and variable life insurance.
- Provides flexibility in death benefits and premium payments.
- Policyholders can allocate the cash value among different investment options.
Survivorship life insurance (second-to-die):
- Covers two individuals under one policy, typically spouses.
- Pays the death benefit upon the death of the second insured.
- Often used for estate planning and to provide for heirs.
Key person insurance:
- Protects a business in the case of the death of a key employee.
- The business is the beneficiary, and the payout helps compensate for the financial impact of losing a crucial team member.
Buy-sell agreement insurance:
- Facilitates the transfer of business ownership in the event of a business owner's death.
- Provides funding for the remaining owners to buy the deceased owner's share.
Combining different life insurance policies, known as "stacking" or "laddering," can help individuals tailor coverage to their needs. For example, combining term and whole life insurance can offer temporary and lifelong coverage. It's essential to carefully assess individual financial goals and consult an expert financial professional to determine a suitable combination of life insurance coverage.
Financial Services
Buying your first home? Not sure how to start planning for your child’s education? At Russ Bastow Insurance Broker Ltd, we aim to simplify this process. We offer extensive options for your mortgage, planning RRSPs or even helping build your mutual fund. UK online casino bonuses at first deposit UK online casino by odd stake top UK online casino promotions and no deposit bonus Our financial advisors bring over 30 years of combined experience. They would love to offer obligation-free advice or package options for you.
Types of Financial Services Offered:
- RRSPs (Registered Retirement Savings Plans)
- RRIFs (Registered Retirement Income Fund)
- RESPs (Registered Education Saving Plans)
- Mutual/Segregated Funds
- Mortgages
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