A Brief Important Discussion About Canadian Life Insurance Company
The Canadian Life Insurance Company, also called Canada Life, is a distinctive insurance and investment firm with its main headquarters in Winnipeg, Manitoba. It is one of the largest life assurance and investment companies in the world. One of the main reasons why people go for life assurance policies is because they do not want to leave their family destitute after their death. As such, the insuring company pays the benefit to the beneficiaries depending on the policy owner's will.
If you want to see - Canadian Life Insurance - Pros & Cons of Buying Life Insurance Canada
As you may have guessed from the name itself, Canadian Life Insurance is predominantly secured through permanent products. As such, there are many types of permanent products offered under the Company. In fact, there are various departments that deal with various types of products based on the financial strength rating. This financial strength rating is usually assigned to the permanent products of the Company. While some of the products may be non-permanent, most of them are permanent.
One of the main types of permanent life insurance coverage offered by the Company includes Level Term Life Insurance coverage. This type of policy renews automatically without proof of age or period of time since the policy was issued. The premium for Level Term Life Insurance coverage is based on the age of the policy holder at the time of renewal. If you are at least age 65 when you apply for a Level Term Life Insurance Policy, you get the highest level premiums amongst all the types of policies.
Another common type of permanent life insurance coverage offered by the Company is Business Growth Protection Rider. The Business Growth Protection Rider is meant for the employees and members of the associations of the Company. The purpose of the Business Growth Protection Rider is to cover the cost of the business operations in case the company's assets are not sufficient enough to secure the policy.
Another option that the Company offers is Term Life Insurance coverage for the people above the age of 65 years old. This kind of policy is also known as "Term Life Insurance". The basic difference between this type of policy and the Level Term Life Insurance is that the premium for term life insurance coverage does not need to be paid monthly. Instead, the surcharge is paid when the policy holder attains the age of the policy duration. For people below the age of twenty-five years, the premium for Term Life Insurance is not applicable.
It is important to note that the amount of premium paid for Term Life Insurance is based on the expected level of the mortality benefit. As we have mentioned above, the insurability test of the Company determines the premium amount. Hence, it is necessary that you understand the terms and conditions related to the level of the mortality benefit and the Company's surcharge. You should also be aware of the fact that if you do not pay the premiums in time, the Company will surcharge your account. Moreover, your policy will become invalid and your death benefits will no longer be available.
In general, Term Life Insurance is the most affordable option for those who are below the age of 65 years old. On the other hand, permanent products such as whole life, universal life and variable universal life are more expensive as compared to term life insurance coverage. This is because whole life insurance coverage has its own mortality benefit feature, while variable universal life insurance coverage are not limited to any specific age.
Still, compared to the costs involved in Level Term Life Insurance, the cost of permanent products is relatively lower. Therefore, you can get the coverage that provides you with more benefits and peace of mind at a lesser price. On top of that, Term Life Insurance policies are renewable. This means you are not required to stay with the same Company forever. Moreover, if you wish, you can still renew your policy every year, or whenever it becomes available.