Life Insurance for Veterinarians

While vets protect the animals,
who is protecting them?

Veterinarian is the dream career for any animal lover, and according to the Canadian Government, 101,972 people across the nation are living that dream. They are working for an average salary of $27.42 per hour, but living their dream nonetheless.

However, it’s not just animals that need protecting, but humans too — especially when a family loses a major breadwinner. Sure, vets may belong to a group plan and think they have enough life insurance to protect their family, but an individual plan opens them up to so many more customizable options that may fit their family more completely.

Life insurance can be broken down into two categories, Term Insurance and Permanent Insurance.

Term Insurance starts off lower in costs and increases as the insured gets older. The length of the term can vary. As a rule of thumb, the longer the term, the higher the initial premium, but the shorter the term, the lower the initial premium.

Most term life policies in Canada are renewable and convertible, which means the insured can renew coverage without a medical exam, albeit at a much higher premium. They can also convert the coverage into a permanent plan without a medical exam. Term rates can vary significantly from company to company, and many companies offer preferred rates that can lower the insured’s premium by as much as 30 per cent, but only if the insured happens to be in very good health and has an excellent family health history.

Permanent Life Insurance can be subdivided into three types of plans:

Term-to-100 insurance provides level premiums and lifetime protection. Term 100 policies generally do not build cash value. However, some companies offer reduced paid-up coverage if the insured wants to stop paying. Most Term 100 plans have increased in cost in recent years due to historically low interest rates, and many carriers in Canada no longer offer Term 100 coverage

Universal Life coverage offers lifetime protection with flexible premiums, and most Universal Life policies come with an increasing cost of insurance — for example, where the cost of insurance starts off lower and increases as the insured gets older or a level cost-of-insurance option that provides a fixed cost of insurance for the life of the policy. Similar to Term 100 coverage, most Universal Life, level cost-of-insurance policies in Canada have increased in price as a result of low interest rates.

Whole Life policies can be broken down into non-participating and participating policies. The former offer lifetime protection, guaranteed premiums, and a guaranteed cash value. However, these policies do not produce a dividend. The latter (participating policies) offer fixed premiums, lifetime protection, and guaranteed cash value, but they also produce an annual dividend that allows the insured to participate in the profits of their life insurance carrier.

For more details on which life insurance policy is best for you, please contact us at 1-866-899-4849 or visit our Term Life, Whole Life, or Universal Life quote pages.

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  • Y Wang
    June 23, 2013 at 6:37 pm

    How much is disability insurance for a $5000 Mo. benefit. I’m 48 healthy and dont smoke

    • LSM Insurance
      June 23, 2013 at 6:54 pm

      Thanks for the note. The premiums will depend on the elimination period and benefit period, as the type of disability plan and riders you put on the policy. We will be in touch by email.