BEFORE YOU’VE PURCHASED INSURANCE

First of all, you will definitely need life insurance if you have dependents to protect and don’t have enough savings. How much? It depends. If you have a benefit plan at work, you have to coordinate that with what your insurance needs are. You can look at it in the short term, say up to 5 years or long term means more than 5 years. At a minimum, you should be leaving no debts (covering your mortgage, for example) and providing income to surviving loved ones.
Term insurance pays a benefit in the event of death of the insured during a specified term, e.g. 10, 20, 100 years, etc. . It is cheaper than other types of insurance. However, there is no cash value associated with term life coverage. The cash surrender value (normally used with a life insurance or life annuity contract) is the sum of money an insurance company pays to the policyholder or annuity holder in the event his policy is voluntarily terminated before its maturity. Some term life policies may offer features such as terms for return of premium and the flexibility to convert to whole life insurance. Whole life insurance is a permanent type of insurance, the most common variant type of which is the universal life insurance. If you choose to cancel whole life, you can cash out the built-up cash surrender value. Universal life allows the cash surrender value to be invested and grow tax-deferred.
Life insurance is the most practical gift-giving purchase you can make. It is not for you. It is for your loved ones to ensure that they are provided for financially. It is useful in helping your survivors pay bills and debts after your death, as well as for funeral expenses. It may be used for wealth accumulation and distribution as part of an overall financial strategy. You are young and healthy. It might be a good idea to apply now to take advantage of your good health and lock in a standard rate in case of illness in the future. In all probabilities, you will need life insurance — most especially when you start to assume higher financial responsibilities for your dependants in the future.
It is advisable to review it on a regular basis even if you already have a life insurance policy. This is to ensure it still meets your current financial situation such as if you recently married or divorced, had or adopted a child, changed, lost job or retired, acquired new home or mortgage, among others.
Buy it now. Premiums for the same face amount of coverage increase the older you become. The more you wait, the more you risk developing a health condition that could increase your premium, or disqualify you from coverage. If you want permanent life but you’re on a budget, term life or a combination of term and permanent may offer lower premium payments.

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AFTER YOU’VE PURCHASED INSURANCE

When buying life insurance from Care Life Insurance, you have many flexible payment options. Different insurance carrier’s payment options vary. Monthly automatic secure transfers from a checking account are a popular method. However, credit card or a secure funds transfer directly from your checking or saving account are also options.
Depending on the type of policy and insurability criteria (e.g. health status) you have, you may be able to increase your coverage within that policy or you may purchase additional policies to increase your coverage.
Most policies have a 2-year contestability period, which means during the first two years after buying life insurance, if it is found your insurance policy was issued under misrepresentation, withholding of information by the insured or the owner, or similar reasons, the insurance company can declare your insurance policy and any associated riders void. However, if fraud is determined, your insurance policy and any associated riders can be made void at any time. Additionally, if your policy is reinstated, the contestable period generally will start anew from that date of reinstatement.

Need any help!

We're here to assist you! If you don't see the answer to a question you may have please call us directly at 416-498-1688.