When it comes to the benefits of life insurance, life cover is the primary benefit which pertains to the sum amount of money given to the insurer’s beneficiaries or nominees in the event of death, to ensure that they have a secure future. life insurance is also a very good method of saving money and building wealth for the future, helping in meeting your financial needs after retirements. Life insurance offers tailor-made products suited for different life stages to achieve short-term and long-term goals such as purchasing a new house, education for your children, marriage for children, and creating wealth for retirement. When it comes to life insurance plans, the different types include retirement or pension plans, unit linked insurance plans (ULIPs), non-participating traditional insurance plans, term insurance plans, and participating traditional insurance plans.
Although term plans are purely for providing protection in case of the insurers death, it is very helpful and it is considered as the most affordable form of insurance that provides life cover within a given period of time. Participating Traditional Insurance Plans are those that provide both guaranteed and non-guaranteed benefits providing the insurer life cover and profits in the form of bonuses. As compared to Participating Traditional Insurance Plans, insurers of Non-participating Traditional Insurance Plans do not get profits from the earning of the insurance company but provide life coverage and the opportunity to grow your savings. Unit Linked Insurance Plans (ULIPs) involves investment on debt funds and equity and a part of the premium goes to your live cover and the remaining amount is allocated to various funds. Unit Linked Insurance Plans offer a potential for higher returns and control and flexibility of money.
Pension or retirement plans are specifically designed in providing regular income to the insurer after retirement. With pension plan, you can either pay regular premiums or invest a lump sum amount during the premium payment term, and you’ll get a lifelong pension once you reach your retirement age. There are also pension plans that can extend to the spouse if in any event that the insurer dies. If you are looking for a trusted, reliable, and reputable Canadian life insurance company, we are here to help you out, feel free to check our website or homepage for more information. Insurdinary is your best partner when it comes to retirement and pension plans. It is best to secure your family’s future as early as now, get a life insurance now! You can never be sure of your future so it is best to be prepared and secure your future through a life insurance coverage.