Contacting an insurer at a local branch or online to ask for a quote is easy. The not-so-easy part is finding a suitable policy with adequate coverage and other benefits. It's critical that people looking to insure their lives should study the options before asking a North York ON life insurance company for a quote.
The main things to focus on are the amount of coverage and the policy type. There are any number of online calculators that will give a precise figure when fed input data such as monthly expenses and current and expected future income. This coverage amount and the maximum affordable premium can then be used to find matching policies.
As for the type of policy, take a look at the below listed options and pick one that seems suitable. All policies come under the permanent or term categories. Permanent plans can be further classified as either universal or whole life. A term policy has no cash value, but will provide cover for specific periods such as 10, 20 or more years.
Whole life plans, on the other hand, provide coverage until the insured's death. Premiums can be fully paid up within a limited number of years, and the cover still stays active after that for the entire lifetime of those covered. Unlike term plans, these policies are also a good investment because they have a cash value.
The cash value grows without being subjected to tax, and distributions to beneficiaries are entirely tax-exempted. But the amounts that go towards the premiums are usually not considered deductible expenses from taxable income. It's a good way to pass on a sizable inheritance to heirs without making them pay the taxes on it.
Universal plans include a whole-life component and an investment account. The account owner makes contributions to be invested, and premiums for the coverage are drawn from the account. If the investment portfolio is performing well, it should soon be able to pay for the premiums from earnings without requiring any additional contributions to be made.
The main things to focus on are the amount of coverage and the policy type. There are any number of online calculators that will give a precise figure when fed input data such as monthly expenses and current and expected future income. This coverage amount and the maximum affordable premium can then be used to find matching policies.
As for the type of policy, take a look at the below listed options and pick one that seems suitable. All policies come under the permanent or term categories. Permanent plans can be further classified as either universal or whole life. A term policy has no cash value, but will provide cover for specific periods such as 10, 20 or more years.
Whole life plans, on the other hand, provide coverage until the insured's death. Premiums can be fully paid up within a limited number of years, and the cover still stays active after that for the entire lifetime of those covered. Unlike term plans, these policies are also a good investment because they have a cash value.
The cash value grows without being subjected to tax, and distributions to beneficiaries are entirely tax-exempted. But the amounts that go towards the premiums are usually not considered deductible expenses from taxable income. It's a good way to pass on a sizable inheritance to heirs without making them pay the taxes on it.
Universal plans include a whole-life component and an investment account. The account owner makes contributions to be invested, and premiums for the coverage are drawn from the account. If the investment portfolio is performing well, it should soon be able to pay for the premiums from earnings without requiring any additional contributions to be made.
About the Author:
Get a brief summary of the things to keep in mind when picking a North York ON life insurance policy and more information about a reliable insurance agency at http://evertrust-insurance.com/ now.
Contacting an insurer at a local branch or online to ask for a quote is easy. The not-so-easy part is finding a suitable policy with adequate coverage and other benefits. It's critical that people looking to insure their lives should study the options before asking a North York ON life insurance company for a quote.
The main things to focus on are the amount of coverage and the policy type. There are any number of online calculators that will give a precise figure when fed input data such as monthly expenses and current and expected future income. This coverage amount and the maximum affordable premium can then be used to find matching policies.
As for the type of policy, take a look at the below listed options and pick one that seems suitable. All policies come under the permanent or term categories. Permanent plans can be further classified as either universal or whole life. A term policy has no cash value, but will provide cover for specific periods such as 10, 20 or more years.
Whole life plans, on the other hand, provide coverage until the insured's death. Premiums can be fully paid up within a limited number of years, and the cover still stays active after that for the entire lifetime of those covered. Unlike term plans, these policies are also a good investment because they have a cash value.
The cash value grows without being subjected to tax, and distributions to beneficiaries are entirely tax-exempted. But the amounts that go towards the premiums are usually not considered deductible expenses from taxable income. It's a good way to pass on a sizable inheritance to heirs without making them pay the taxes on it.
Universal plans include a whole-life component and an investment account. The account owner makes contributions to be invested, and premiums for the coverage are drawn from the account. If the investment portfolio is performing well, it should soon be able to pay for the premiums from earnings without requiring any additional contributions to be made.
The main things to focus on are the amount of coverage and the policy type. There are any number of online calculators that will give a precise figure when fed input data such as monthly expenses and current and expected future income. This coverage amount and the maximum affordable premium can then be used to find matching policies.
As for the type of policy, take a look at the below listed options and pick one that seems suitable. All policies come under the permanent or term categories. Permanent plans can be further classified as either universal or whole life. A term policy has no cash value, but will provide cover for specific periods such as 10, 20 or more years.
Whole life plans, on the other hand, provide coverage until the insured's death. Premiums can be fully paid up within a limited number of years, and the cover still stays active after that for the entire lifetime of those covered. Unlike term plans, these policies are also a good investment because they have a cash value.
The cash value grows without being subjected to tax, and distributions to beneficiaries are entirely tax-exempted. But the amounts that go towards the premiums are usually not considered deductible expenses from taxable income. It's a good way to pass on a sizable inheritance to heirs without making them pay the taxes on it.
Universal plans include a whole-life component and an investment account. The account owner makes contributions to be invested, and premiums for the coverage are drawn from the account. If the investment portfolio is performing well, it should soon be able to pay for the premiums from earnings without requiring any additional contributions to be made.
About the Author:
Get a brief summary of the things to keep in mind when picking a North York ON life insurance policy and more information about a reliable insurance agency at http://evertrust-insurance.com/ now.
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