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 The
Money Management Newsletter: Insurance
Products
Term Life insurance makes protecting against
larger risks more affordable
By The Money Management Editor
Money Management Newsletter, September 2003
Many more family members are making
new lifestyle choices and have developed new interests in their 40s and
50s. Building a dream home or cottage, purchasing a boat, or investing
in a second career or personal business can mean new debts and new risks.
If you're in this group it's worthwhile to have a quick
review of your changing circumstances and how they may impact on your
insurance protection needs. A number of life insurance companies offer
long-term coverage for this age bracket. For example, a Term 20 policy
will keep premiums the same for 20 years and provide the insurance coverage
to satisfy such items as debts that are being reduced yearly. In this
case the Term 20 policy covers a balloon period when extra coverage is
needed over and above your permanent insurance needs. These policies can
offer conversion options to permanent insurance as well if circumstances
create a need for this.
Some other options available for term insurance policies
include joint coverage with survivor benefits and indexed death benefits.
Site tools to help you determine your insurance needs
 |
The online life insurance quote system WinQuote™
provides current cost of coverage prices - its interactive pages and
layout make it easy to obtain Canada wide comparisons. The question
of how much to buy - starts with understanding the obligations you
have that require insurance coverage. The Insurance needs analysis
worksheet helps you gather this information. |
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The Learning Centre's
Insurance section |
Below is a sample of the LifeGuide insurance software
comparing term insurance premiums for male and female single life coverage.
| Term
rate comparisons for single life coverage |
 |
Manulife
Family Term 20 |
Maritime
Term Life Solutions 20 |
Standard
Life Term 20 |
Sun Life
Sunterm 20 |
Transamerica
TermSelect 20 |
|
Roger
Birthdate: 12/01/55
Current age: 47
Coverage: $750,000
Class: 2
|
$2,547.72 |
$2,130.00 |
$2,322.50 |
$2,085.00 |
$2,235.00 |
|
Michelle
Birthdate: 10/20/57 Current age: 45
Coverage: $750,000
Class: 2
|
$1,449.96 |
$1,237.50 |
$1,415.00 |
$1,267.50 |
$1,282.50 |
|
Class 1 Non-smoker for two years, very good
health and lifestyle
|
=
20% of non-smokers |
| Class
2 Non-smoker one year, good health and lifestyle |
=
50% of non-smokers |
| Class
3 Non-smoker one year, fair health and lifestyle |
=
30% of non-smokers |
| Class
4 Cigar smoker, otherwise good health and lifestyle |
=
15% of smokers |
| Class
5 Smoker, otherwise good health and lifestyle |
=
35% of smokers |
| Class
6 Smoker, fair health and lifestyle |
=
50% of smokers |
Numbers subject to change without notice. Data reflects rates surveyed
Aug. 2003. Classifications are illustrative and may differ from insurer
to insurer. Please consult a insurance professional prior to changing
any insurance policy. If buying insurance by mail on the phone or over
the Internet, check if the insurance company is allowed to provide coverage.
Each Provincial Government in Canada has a Insurance commission that you
can call to verify if the insurance company can legally sell you coverage.
Copyright Fiscal Agents Insurance Ltd
2003. For more information (905) 844-7700
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, Fiscal Agents Money Management Newsletter
25 Lakeshore Road, Oakville, On L6K 1C6.
(905) 844-7700
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