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Life insurance is a contract between the insured and an insurer that guarantees a tax-free,
lump-sum payout upon death in exchange for premium payments by the insured. This lump-
sum benefit is then paid out to a specified beneficiary or beneficiaries, and is often used for a
wide variety of reasons such as (but certainly not limited to) building generational wealth,
covering funeral costs, and protecting family finances.
A life insurance payout is formally-known as the “death benefit”. The death benefit is paid
out to the beneficiary (or beneficiaries) of the policy when the life-insured dies. It is normally a
lump-sum payment received tax-free.
Life insurance can be issued for a specified term (term insurance) or permanently. There
are 3 types of permanent life insurance:
Term-to-100 – a permanent life insurance protection plan that guarantees level premiums until
Whole Life – a permanent life insurance protection plan that also accumulates a cash value
Universal Life Insurance – a permanent life insurance protection plan that accumulates a cash
value through an investment savings element and allows for flexibility with its premiums and
Everybody's life insurance needs vary based on a wide variety of things (i.e. health, age, gender, # of dependents, etc.). Book an appointment today to find out what life insurance policy best suits you! https://calendly.com/marcusshirley2/30min
Absolutely! Loan limits against the policy are often set by the insurer but are typically no
greater than 90% of the policy’s cash value. Many people use life insurance policies as
collateral for their business/mortgage loans. Pretty smart, huh?
Most insurance companies do not issue term policies to anyone over age 75, and permanent
policies are seldom issued to those over 85. One’s health could also deter insurance companies
from issuing them a policy.
We recommend that those aged 75 and older still book an appointment to look into their
options for purchasing life insurance with a licenced agent. The worst an insurer can say is no; we don’t want to see that happen anyway!
A term insurance policy would be most suitable for a life insurance policy issued on a child’s
life. Adding renewable and convertible features allow the policyholder to renew their contract
when it expires, and convert their contract to any type of permanent policy upon expiry.
The beneficiary is the person(s) to whom the death benefit would be payable. While the
beneficiary is an extremely important designation, the beneficiary is not technically a “party” to
the contract—which means that they need not know they have been named as the beneficiary
to be entitled to the death benefit!
Leaving a group life insurance policy at your job in pursuit of an individual policy can offer several potential benefits, depending on your individual circumstances and needs. These benefits include but are not limited to, customization, portability, and long-term stability.
However, it's crucial to consider the potential downsides too, including potentially higher initial costs, the need for a medical exam or health screening, and the requirement to manage the policy yourself. It's often a good idea to consult with a financial advisor or insurance professional to evaluate your options and make an informed decision that is based on your needs.