Whole life insurance is a life insurance policy that covers a policyholder as long as they live.
It is both a life insurance product and a saving product – an insurance policy accumulates value that you can get, either when you terminate (surrender) the policy or if you decide to borrow against the policy value.
It is a popular choice for those who want to get life-long coverage while accumulating value in a tax-savvy way.
It is more expensive than term life insurance, but the rates are fixed for life and do not increase with age.
Universal life insurance is a policy that covers a policyholder as long as they live.
It combines both an insurance and a savings component, similarly to Whole life insurance.
Unlike with Whole life insurance, you can vary your monthly deposit, choose a level or increasing death benefit option, or tailor your investment choices within a tax-sheltered account.
It is a more complex life insurance product than Term or Whole life insurance.
Long term care insurance is designed to cover the costs of providing basic care in the event that you are not able to care for yourself and not able to perform two or more of the activities of daily living e.g. bathing, eating, dressing, toileting, porting/transporting, etc.
If you qualify by being unable to do any two or more of the activities of daily living, an insurance company will pay the monthly benefit.
The benefit is based on the original subscription if the inflation option is not taken, or the benefit is higher when the inflation option is selected.
Life insurance for seniors allows people of senior age, who often have a number of pre-existing medical conditions, to still qualify for life insurance.
It features coverage required by seniors, which is not very extensive since it serves the purpose of covering outstanding debts and covering final expenses rather than supporting others.
There are several distinct types of life insurance for seniors to choose among.
It is quite affordable, especially if you can qualify for more cost-efficient insurance policies.
Funeral insurance is a life insurance policy that is big enough to cover all the costs associated with final expenses, including funeral or burial costs.
It is also often called burial insurance or final expenses insurance.
Given that funeral insurance is mostly purchased by seniors, it is easy to qualify for these insurance plans.
Health insurance covers numerous health care costs that are not covered under provincial plans.
It can include prescription drugs; vision care, including eye exams, glasses, and contact lenses; dental care; practitioners such as physiotherapists; travel insurance and travel emergency medical services; ambulance and other health care services; and medical equipment.
It is often chosen by people who do not have enough group health benefits through their work or when they leave their job.
