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 purchase cost of your life insurance will completely depend on 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 life insurance benefits to their employees. However, the coverage provided may not be enough to match all your requirements and policy may end 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 MILIFE
1. Term Life Insurance
- Term life insurance is an affordable insurance plan that provide coverage 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 provide coverage up to $10 million and tax-free payments is given 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 also commonly known a Whole Life Insurance in Canada, is an insurance plan that covers you for your whole life.
- Many permanent life insurance plans provide a guaranteed cash value on your premiums. These surplus earnings can be withdrawn and used by you while you live.
- 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.
MILIFE provides different Life Insurance options you can choose from. You can choose as per your needs and budget. We deal majorly in Term, Permanent and Universal Life Insurance quotes. Apart from that we also offer other Life Insurance coverage options, details are shared below.
4. 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.
5. 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.
MILIFE is proven to be one of the leading and trusted life insurance broker across Canada. We have team of experienced life insurance agents, offering you the suitable life insurance quotes. 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.