Going through Jack Bendahan of LSM Insurance helped me understand what Life Insurance really means for my family - Security and Trust. That's what I needed and he provided it with great knowledge.
Industrial Alliance Pacific: Pick-a-Term, Any Term
Industrial Alliance Pacific and its parent company Industrial Alliance Insurance and Financial Services Inc.offer a unique Pick-a-Term program. The plan is available on an individual or joint life basis. Applicants can be between 18 and 70 years of age, and is available in face amounts as low as $20,000.
The unique feature about the Industrial Alliance Pick-a-Term plan is the applicant gets to select a term between 10 and 40 years. This is a terrific feature for anyone who wants to cover a debt for a specific period of time, such as a mortgage.
Pick-a-Term plans with terms between 10 to 15 years can be issued with a level or decreasing death benefit. The latter option allows the coverage to be issued with a lower premium—the coverage decreases at each policy anniversary but the premiums remain level for the length of the term.
Another very unique feature of the Industrial Alliance Pick-a-Term plan is the ability to add a disability rider. The coverage is offered with a benefit period of 2 or 5 years, and will end at the termination of coverage or at age 60, whichever comes first. The coverage is based on a loan balance that must be equal to or lower than the face amount of the life insurance. A monthly benefit is then specified. The benefit must be between $300 and $3,500 per month, up to a maximum of 1.5% of the loan. For example, a $100,000 loan balance allows for a maximum monthly benefit of $1,500 per month.
Below are examples of Industrial Alliance’s Pick-a-Term 10 rates at $250,000 of coverage:
Insured…………Standard Rates:….Preferred Rates:
35-yr male N/S:…$21.38/month………$16.88/month
45-yr male N/S:…$38.93/month………$29.48/month
55-yr male N/S:…$84.38/month………$62.55/month