Life Insurance with a Broker You Can Trust
Provide support to your family should the worst happen
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Will your family be okay if something happens to you? Will your business be able to survive financially? Life insurance helps your family get through a difficult time and can allow your business to continue on without you.
As professional life insurance brokers, we can help you get a competitive life insurance quote that offers the coverage you need for the best possible price. We can do that because we’re an independent insurance brokerage and have access to many different life insurance companies across Canada. We can offer you a choice with your coverage.
There are a few things to consider when you’re getting life insurance:
- Your budget
- Your assets
- Your risks
- Your current coverage through an employer or included as part of another insurance product
- The type of life insurance you want
- How much coverage you want
- How long you’ll need coverage for (for example, until your kids are in college or until your mortgage is paid off)
- Your pre-existing medical conditions
- Who the beneficiary of your policy will be
If you’re feeling overwhelmed, don’t worry. Our experienced and professional life insurance brokers will help you gather the information you need and make the decisions to benefit your family or business.
Do I need life insurance?
Do you really need life insurance? If you want to help provide for your family or business if something happens to you, life insurance is a good solution. It gives your loved ones or your business financial support during a difficult time. It can even continue to help ensure the financial security, depending on the life insurance policy.
For your family, life insurance can help
What is life insurance for, anyway? It helps provide for your family in the event something happens to you. It gives your loved ones financial support during a difficult time. It can even continue to help ensure their future financial security, depending on the life insurance policy.
Life insurance can help your family:
- Replace your lost income
- Maintain their standard of living
- Provide for your dependents
- Pay for education
- Cover funeral and other related expenses
- Pay off debts, including a mortgage, financed vehicle, or credit cards
- Relieve financial stress while your family heals during a difficult time
As for your business, life insurance can help:
- Pay off debts
- Pay expenses while the business recovers from the loss
- Provide funds to purchase your shares of the business
Talk to one of our life insurance brokers to explore the full benefits of this coverage, whether you plan to use it for your family or your business.
My employer provides life insurance, do I need my own policy?
Your employer may provide life insurance benefits, but these benefits may be limited or not offer the coverage you want for your family. You may also lose them if you change employers.
Personal life insurance provides the most options and better peace of mind if something should happen to you.
Types of Life Insurance
There are three main types of life insurance:
The most common type of life insurance is term life insurance, but each type offers different benefits and is best for different scenarios. We’ll discuss them in detail below, but remember you can always contact one of our life insurance brokers if you have questions.
Term Life Insurance
Term life insurance is the simplest, most affordable, and basic types of life insurance. Its features include:
- Medical exams may not be required
- Premiums are fixed (per term)
- There are set terms of 10, 15, 20 and 30 years – you can renew, convert, or choose to let your policy lap at each end of a term
- You can renew until you’re a certain age (this varies, but is usually 65)
- Your beneficiaries receive the benefits offered by the policy if you pass away
This life insurance is a good option for those who want the peace of mind and financial security of life insurance but are on a budget or don’t want to deal with something more complex. It’s also a great choice if you think your circumstances will change in the future or your needs are only short-term. For example, if you already have kids and just want to protect your family until they’re adults and have a smaller budget, a term life insurance policy would be a good fit for your needs.
It’s important to note that this policy has a set term. Once the term is up, you can choose to renew the policy (if you’re still under the accepted age) or change it or let it lapse if you don’t need it anymore. There are no savings and you can’t borrow against this type of life insurance.
Whole Life Insurance
Whole life insurance is a permanent life insurance policy that will last your lifetime, as long you keep paying your premiums. Here are its features:
- Lifetime coverage
- Tax-deferred cash accumulation
- Medical exam may be required
- Consistent and fixed premiums
- Can borrow against the policy
- Can receive dividends from the policy
- Beneficiaries receive the benefit of your policy when you pass away
Whole life insurance is a true investment. Literally, a portion of your premiums are investments which means your policy benefit can grow over time. If you decide to cancel your whole life insurance you can get cash in hand (although you’ll likely have to pay a fee to cancel).
Universal Life Insurance
Universal life insurance is another permanent policy, as long as you continue to pay your premiums. It offers more flexibility than whole life insurance. The features of universal life insurance include:
- Flexible premiums
- Lifelong coverage
- Medical exams may not be required
- Tax-deferred cash accumulation
- You can borrow against the policy
- You can receive dividends
- Your beneficiaries receive the benefit of your policy upon your death
Universal life insurance is also an investment but is a bit more flexible. You can adjust your benefits based on your needs or even choose to cancel the policy to get cash in hand, although you’ll likely have to pay a fee to do so.
This coverage is a good choice if you want something more flexible with an investment and borrowing component. It’s also valuable if you want to protect assets.
Talk to one of our life insurance brokers at Rogers for more details. They can help you determine which type of life insurance is the best policy for you.
Life Insurance Covers…
What’s covered will depend on the type of life insurance policy you choose and the life insurance company you decide to go with. Generally, if you die within the term of the policy, your beneficiaries are given a tax-free lump sum. Some policies continue to provide payments to replace lost income.
There are no restrictions on the money paid to your beneficiaries. They may spend it as they see fit. They can choose to pay off the mortgage or other debts, cover funeral costs, cover education expenses, use it to maintain their standard of living, pay business expenses, or a combination of any of these actions.
It’s important to understand that life insurance only covers you in the event of death. Disability and critical illness insurance are separate policies, although they may be bundled with a life insurance policy.
While many causes of death are covered by life insurance, many insurers will not cover you for death due to pre-existing medical conditions, reckless endangerment, or while you’re visiting a restricted country. Some will not cover suicide, but many insurers will provide coverage after a waiting period.
The waiting period is the period of time after you purchase a new life insurance policy. During this time, you will not be able to “use” your life insurance policy. If you die during the waiting period, your beneficiaries will not receive a payout. The waiting period is usually 2 years but can vary by the insurance company.
Your life insurance could also be void if it is proven you participated in misrepresentation or fraud. If you don’t pay your premiums, you can also be cancelled due to non-payment only a short time after a missed payment.
The Cost of Life Insurance
Your life insurance rates can be affected by the following factors:
- If you smoke or drink
- Your family history
- Your personal medical history
- Your driving record
- Your demographics
- Current interest rates
- Your insurance history
- Your life insurance coverage options, including the policy’s size, term length, and type
Other factors may be used to determine the cost of your life insurance policy, too.
You can help lower your life insurance rates by doing the following:
- Stop smoking
- Reduce drinking
- Have proper nutrition
- Don’t opt for a guaranteed issue life insurance policy unless you have medical issues
- If you’re healthy, take the medical exam or answer the questionnaire
- Get quotes from different insurers before you purchase (different insurance companies view conditions differently and calculate premiums in different ways)
- Consider bundling your insurance
One of our experienced life insurance brokers can help you get the best value and find the life insurance that works for you.
Why Choose Rogers Insurance for Your Life Insurance Brokers
Since 1977, we’ve been trusted life insurance brokers. We have the experience and expertise to help you make the best decision when it comes to protecting your financial security. Because we’re an independent, employee-owned insurance brokerage, we get you truly competitive life insurance quotes and offer a choice with your coverage.
If you need help understanding life insurance surcharges, exclusions, options, we’re here. We can help you determine your life insurance needs, deliver a number of quotes, and help you choose the best option for your budget. We’re also your insurance advisors and resource. If your life insurance policy needs to be pay, we can advocate on your family’s behalf in that difficult time.
Help protect your family’s financial security with life insurance. Request a quote online, by phone, or stop by our Calgary office.
Who We Have Helped
When real life happens
A metal recycling company in Calgary suffered a major fire loss on their premises involving scrap metal, where the piles of metal heated and self-combusted, starting a huge fire. When they were told what happened was not insurable, Rogers’ own David Chiu stepped in and hired a fire investigator.
Account Executive: David Chiu