What is Life Insurance?
We always want to ensure the safety and security of our loved ones in our presence and also after we are gone. Life insurance is the safest and most trusted way to financially secure your loved ones after you. It delivers tax-free payment to your family or your selected nominees after you die.
Life insurance is a lifetime security investment for your loved ones, providing you more benefits at lower rates the sooner you invest. The purchase cost of your life insurance will completely depend on your personal factors including age, gender, health, lifestyle, and your medical history along with your current life circumstances and the type of coverage you need.
Many employers provide the life insurance benefit to their people, however, it may not be enough to match all your requirements and the coverage ends once you leave the job or retire. Thus investing in an added individual life insurance is a wise way to protect the financial security of your family.
Types of Life Insurance available with MI Life , you are at the perfect place to know about the available Life Insurance options in Mississauga, Ontario. Every life insurance plan has its own features and individual benefits
1. Term Life Insurance
- As the name implies, term life insurance is an affordable insurance plan covering your loved ones for a specified period with a fixed premium amount.
- This plan is ideal for people who have a limited budget or plan to financially secure their children till they turn adults or need insurance coverage to meet life expenses like debts, mortgage, funeral expenses, or rent.
- Term life insurance offers coverage up to $10 million and provides tax-free payments to the beneficiaries if the policy is active at the time of your death.
- If the policy is due to expire or you plan for a lifetime insurance coverage, you can opt to convert your term life policy into a permanent or universal life insurance at any time before the age of 71.
2. Permanent Life Insurance
- Permanent Life Insurance is also commonly known as Whole Life Insurance in Canada, is an insurance plan that covers you for your whole life.
- Many permanent life insurance Mississauga plans provide a guaranteed cash value on your premiums. These surplus earnings can be withdrawn and used by you while you live.
- With whole life insurance, your beneficiaries will be eligible for tax-free payments after you die.
3. Universal Life Insurance
- Universal Life Insurance is another type of permanent life insurance that covers you for your entire life and also gives you an added investment advantage on your money.
- You can choose to invest the money after covering your policy cost and accumulate tax-free wealth on your investments.
- implications and having enough funds covering your insurance cost.
The Life Insurance Mississauga options are flexible to choose from as per your requirement and budgets. While we shared details on the 3 main life insurance quotes that we deal in, we also offer other Life Insurance Canada coverage options like:
Participating Life Insurance –It is also a type of Permanent Life Insurance that provides financial security to your family while growing your wealth tax-free.
Simplified Life Insurance -It is a type of life insurance that is very easy to qualify for and requires no medical examination. This is best suited for people having pre-existing medical conditions and who do not qualify for any other life insurance plans.
MI Life is proven to be the leading and trusted to have the best life insurance agents in Ontario, offering you the best life insurance quotes in Mississauga, Ontario. We offer you plans and investment options that best suit your requirements considering your budgets and medical conditions. Let's connect and discuss the best options and offers available for your lifelong financial security.