Guaranteed Life Insurance- Ideal for Long Term Investment
People who want a long-term investment plan that combines fixed interest rates and higher returns, guaranteed life insurance is an excellent plan. The insurance plan has a high return rate compared to other life insurance plans. Moreover, the interest gained on the premium is non-taxable, which further grows the interest accumulated. With Guaranteed Life Insurance in Toronto, your funds are safe from market risk. You don’t have to bother about constant market fluctuations.
If you are confused about guaranteed life insurance, INSUREDCAN is here to provide you with the right information. We are Canada best insurance advisors. Our executives guide you about guaranteed life insurance with a detailed comparison between different insurance policies.
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What is Guaranteed Life Insurance?
Guaranteed Life Insurance in Toronto is also a form of whole life insurance plan that gives you coverage for a lifetime. For example, suppose you are suffering from health issues and need a coverage plan. In that case, a guaranteed life insurance plan provides you coverage to meet the family’s financial expenses after your death. The insurance is generally designed for people with health conditions. This can be the right fit if you live in Canada and need an insurance plan without a medical examination.
How Does Guaranteed Life Insurance Work?
To accept you for guaranteed life insurance in Toronto and determine your prices whenever you request guaranteed issue life insurance, the insurance provider will ask you a few straightforward questions. Unless they fall below or beyond an age restriction, most applicants for assured issue policies usually cannot be denied. In addition, the application procedure is often short and easy because no medical exams, health questionnaires, or reviews of your medical information are required.
When you purchase your insurance, you will also select the level of coverage. This cash value is a “graded benefit”; therefore, it won’t start working until after the policy’s assessment period. If you pass away within that graded time, your insurance provider will reimburse your family for your premiums plus interest. Once the premium period is over, beneficiaries are qualified for payout amounts.
When to Invest in a Guaranteed Life Insurance Plan
A guaranteed life insurance plan is best for individuals who are disqualified from the life insurance plan because of their medical condition and age. The guaranteed life insurance plan also provides coverage for critical illnesses. Therefore, if you are suffering from health issues like:
Moreover, this plan is best if you’ve got a long-term financial goal. The guaranteed life insurance plan is beneficial for settling financial expenses and protecting the family from managing all burial costs, personal expenses, and many more.
Other Things to Know About Guaranteed Life Insurance
Before you invest in a guaranteed life insurance plan, here’s the catch you need to know.
Age to Buy Insurance
Individuals aged between 40-50 years can apply for guaranteed life insurance.
Financial Coverage
The guaranteed life insurance coverage amount is very low, about $10,000-$25000. This is beneficial to cover financial expenses such as medical bills, funerals, and small debts.
High Rates
The guaranteed life insurance premium is slightly more expensive than other life insurance. So, life insurance policies will be best if you don’t have serious health issues. However, investment in guaranteed life insurance is great if you are dealing with health conditions and are not eligible for other insurance.
If you have doubts about rates, contact us for the best advice. Our insurer advisors help you compare multiple companies’ guaranteed life insurance plans. We will also guide you to choose the policy with the best prices based on medical conditions.
Cash Value
A policy loan allows you to access the cash value that some guaranteed issue policies generate. The amount given to the dependents will be lessened if you don’t repay the loan once you pass away. Additionally, the policy’s coverage amount alone—not the coverage sum plus cash value—is paid to your dependents.
Death Benefits
The majority of guaranteed life insurance providers use specific death benefits to provide financial protection to families. If you die within the first three years of the insurance policy for any other reason, the beneficiary will receive funds from the policy with interest. The interest amount may vary according to the company. Therefore, ensure to compare different plans before making any decision.
Queries About Guaranteed Life Insurance? Get A Quote Today!
If you still have doubts regarding the guaranteed life insurance plan, come to us. Our licensed advisors help you get the right insurance policy by considering all ins and outs of different policy plans. Moreover, we also provide alternatives that give you exceptional benefits.Guaranteed Life Insurance in Toronto
