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Explained by an Expert: What is a cash surrender value?

 I’m going to talk a little bit now about cash surrender value and how it works in terms of a life insurance policy. Generally, cash surrender values apply to permanent policies, and permanent policies can be whole life coverage, can be Term-100, or can be universal life. Most Term-100 policies don’t have a cash surrender value, but whole life policies and most universal life policies do. A whole life policy can either be participating or non-participating. Participating policies have a ...
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Explained by an Expert: How to Use Whole Life Insurance for Retirement

 I’m going to talk a little bit today about a question I got on how you can use a whole life insurance policy to help with your retirement. A whole life policy generally allows you to build a cash value in addition to the insurance. This cash value is growing in a tax shelter basis, so some people will use that cash value to supplement their retirement income. That person will want to make sure they are taking advantage of things like RRSPs and tax-free savings accounts, if it fits ...
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Guaranteed Issue Plans in Canada

Non-medical Life Insurance means you do not have to take any tests or visit a doctor for your application to be approved, however you may still have to answer some medical and lifestyle questions. There are two basic types of non-medical policies: Guaranteed Issue Coverage and Simplified Issue Coverage. Guaranteed Issue Coverage This type does not require you to answer any health or lifestyle questions or take any medical tests. You are covered immediately without going through the ...
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8 Reasons Why You Should Secure Permanent Life Insurance Before 2017

New tax legislation is set to take effect on January 1, 2017 which will change the way policyholders are taxed for deposits toward certain life insurance policies. Policies issued after 2016, also know known as G3 tax generation policies, will offer less exempt room over the long-term. This new legislation will mostly affect affluent policyholders as the tax deferral features of these life insurance products typically benefit people in the higher tax brackets. One major change is that ...
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Participating versus Non Participating Whole Life Insurance

The world of whole life insurance is complicated, confusing and can be very intimidating for clients. Experienced advisors are invaluable when it comes to helping people determine the type of coverage best suited to their needs and goals. Universal and whole life insurance each have their advantages and disadvantages, according to Trevor Parry, president of TRP Strategic Consulting and a partner at Parry McCone, a planning and strategy firm located in Toronto, ON. Parry says, ...
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Group Insurance is Not Just Health and Dental Insurance

Group Insurance doesn't just cover the dental and health needs of your employees. There are also many non-traditional products and features that can be included as part of a group plan. One such product is an Employee Assistance Program [EPA]. "That gives the employee the opportunity to meet one-on-one, privately, and with 100% confidentiality for problems that may not be covered under the group plan," says Joel Cadesky, a senior account executive specializing in group insurance. ...
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