life insurance Calgary


Life insurance has now become the shield to protect the family and an individual in times of financial crisis. To be honest, life insurance is now the best tool to invest where you will definitely get good money returns with life cover, just like the RESP

It’s unfortunate that not many people know about the different life insurance Calgary plans and today we are going to discuss about this plans.

Types of life insurance plans

Endowment Plan

The endowment life insurance plan offers both protection and many maturity benefits. If a policy holder dies, the insurance company offers financial protection to the family of the insured person and when the time of maturity comes, the remaining amount will be paid.

Money Return Policy

The money return policy is also the most popular life insurance plans and the maturity amount are paid by interval period of time and it is also known as plan with the advantages of liquidity.

Pension Policies

It is best suited for senior citizens and for those who are looking to secure their future, so you won’t get depend on your life. This pension plans helps individual to save money so that their retirement can be fully secured.

Term Insurance

The term insurance plan is just same as traditional insurance plan that we knew so far, it provides financial protection to the family in case, the insured person dies. It is pure life insurance coverage. You will get nothing if you survive the end of policy term or maturity period.

Group Plan

The group insurance plans are ideal for employers, students, societies and communities. It avails you the benefits which are also certainly low

 

Advantages of Life Insurance Plans

1.       Tax Benefits

2.       Long Term Goals

3.       Economic Protection

4.       Encourage Savings Habit

5.       Unaffected by market fluctuation

6.       Increase Value

7.       Surrender Value

Disadvantage of Life Insurance Plans

1.       Insurable Interest

2.       Risk of not paying policies

3.       Cash Surrender Values are usually less

4.       Life Insurance is expensive when you’re unhealthy and old

5.       Rate of return may be lower in some life insurance plans.

6.       Uncertainty