Finding Life Insurance That Fits Your Needs
Many people look at life insurance as an optional expense, but if you have a family or a spouse that is dependent on your income to pay bills then it is essential. While no one plans to die prematurely or get ill, if you do life insurance will provide for your family in your absence. Not only will it help them pay the mortgage, but it will aid spouse and children with everyday needs such as groceries or clothing. In the untimely event of your death, your family will already be emotionally devastated; you don't want to leave them financially devastated as well. Of course, deciding you want life insurance is just the first step, there are a lot of different types available from Canada's big providers like CIBC insurance and BMO insurance.
Term Life Plans
Both CIBC insurance and BMO insurance offer term life plans designed to make choosing life insurance a bit similar. CIBC insurance offers two types of term life insurance: 10-year and 20-year terms. Those who want to pay a lower premium now may find that the 10-year plan is the better choice at which point they can decide if they want to renew their policy at the rate that is offered then. Those who have longer term financial needs may want to look at locking down a 20-year term policy that will have a larger premium attached now, but will not change until the end of the twenty-year period. When you choose one of these CIBC insurance plans you will have to choose who the benefit is paid out to and also how much coverage you want. You can choose between $50,000 to $5,000,000 but the higher coverage you select the higher premium you should expect to pay.
BMO life insurance also offers term life insurance to those who are between the ages of 18 to 75 that can be set to 10,20, or 30-year terms. The coverage amounts are the same as CIBC insurance, $50,000 to $5 million and will also determine our monthly premiums. They are a good choice for those who want flexible coverage options through a set term. If you are under the age of 65 you do not need a medical exam so long as you select coverage that is less than $250,000 if you are willing to fill out the BMO insurance health questionnaire.
BMO insurance also offers its customers a unique simplified life insurance plan called the inSureNow Plus plan that allows customers to lock themselves into a set premium until the age of 65. You can sign up for the plan without a medical exam and can receive up to $250,000 in coverage by answering a few questions online. It is an easy product designed to help people get life insurance without any hassle and can be extended at the age of 65 via the Extended Life Benefit portion of the plan.
Permeant Life Insurance Plans from BMO Life Insurance
While the BMO insurance inSureNow Plus plan is very much like a permeant plan, it's term does end at 65. If this is a problem for you then it may be a better idea to look into the Guaranteed-Life Plus plan. This permanent life insurance plan guarantees that you will be accepted regardless of health history if you are between the ages of 40 to 75. The hitch is that you will pay more since it is a guaranteed plan, but if you are older in age and having trouble getting accepted then this BMO insurance may be the best choice for you. It carries with it basic benefit coverage for life and an accidental death benefit until you reach age 85. As an extra perk, once you reach 95 you will no longer need to pay any premiums. As part of this coverage you can get up to $50,000 in basic benefit coverage and up to $250,000 in accidental death benefit coverage from BMO life insurance.
Disability or Illness Insurance
Death may not be the only threat to your family's financial stability, because if you become disabled or suddenly critically ill you will no longer be able to work. This can deal a large financial blow to your family, which is why it is equally important to carry disability or illness insurance which is a side plan you can carry with both BMO insurance and CIBC insurance. You can add on the CIBC illness insurance to your term life plan and get financial protection in the case that you become ill from things such as cancer, heart attack, cancer, and more.
BMO insurance also allows you to receive critical illness insurance based on the BMO life insurance plan that you choose. With the inSureNow Plus plan BMO insurance will pay you a portion of your coverage amount and the balance will be retained as your life insurance. When you apply for a term life plan with BMO insurance you can choose to add on critical illness, which if needed, would be delivered in a lump sum.