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The most important aspect of having life insurance is it offers you peace of mind. Should you die unexpectedly, your family is protected from financial burden at an already difficult time. Though you may have coverage offered at your workplace, it may not be enough to cover all the costs and it won’t travel with you should you become laid off or leave.
Pioneer insurance can pay for day-to-day expenses, final costs, debts and child education. Let’s look at some of your options and compare life insurance from RBC and Sun Life Direct.
With RBC insurance, you have multiple plans to choose from.
RBC Simplified Plan
The RBC Simplified Plan offers term life insurance under €250,000. Your premiums and coverage stay fixed for the term of the policy from 10-20 years. Upon your death, your beneficiary or estate will receive a tax-free death benefit. However, this benefit is excluded should death be due to suicide within the first 2 years of coverage.
You can apply for coverage in as little as 15 minutes and you have a full 30 days to review the plan and cancel for a full refund. The RBC Simplified Plan can also be easily converted to a permanent or universal life insurance plan.
Should you become terminally ill, you are eligible for a compassionate advance of up to 50% of your benefit, up to €50,000.
To be eligible for this plan, you must be aged 18-70 years (Term 10) or aged 18-60 (Term 20) and be a Canadian citizen or permanent resident/landed immigrant living in Canada for 12 months or more.
Premium costs depend on age, gender, health, family history, smoking habits and benefit coverage amount.
Term Life Insurance
Term Life Insurance Cebu offers coverage of €250,000 and above. Like the RBC Simplified Plan, your beneficiary will receive the full benefit amount tax-free and you can request a compassionate advance up to €50,000 should you become terminally ill. This plan is also easily converted to a permanent or universal plan.
Term Life Insurance offers riders to accompany your policy. The Children’s Term Rider covers your biological and legally adopted children. The Accidental Death rider pays an additional death benefit should your death be the result of an accident. Also, if you become disabled for a period of six months or more, your monthly premiums will be waived.
To be eligible for term life insurance, you must be between the ages of 18-70 (Term 10) or 18-60 (Term 20) and a Canadian citizen or permanent resident/landed immigrant who has lived in Canada for 12 months or more. Benefits are not paid out should death be due to suicide with the first 2 years of coverage.
Guaranteed Acceptance Life Insurance
The main benefit of permanent life insurance is your rates never go up.
Guaranteed Acceptance Life Insurance offers up to €25,000 in coverage for Canadian citizens or permanent residents living in Canada for 12 months or more. They must be between the ages of 50-75 years to qualify.
A Term 100 policy is a permanent insurance policy that covers individuals aged 18-85 years. Coverage starts at €50,000 and is available to Canadian citizens or permanent residents living in Canada 12 months or more.
Universal Life Insurance
Universal Life Insurance combines life insurance coverage with flexible ways to pay your premiums and an added investment portfolio. With universal life insurance, you have access to a wide range of investment options.
You also have the added ability to use the cash value of your policy to supplement your income during retirement. The Children’s Term Rider covers your biological or legally adopted children. The Accidental Death rider pays an additional death benefit should your death be the result of an accident. If you become completely disabled for six months or more, your monthly premiums will be waived.
Universal plans are available to Canadian Citizens or permanent residents living in Canada 12 months or more. You must be between the ages of 0-85 to qualify and should you become terminally ill, you qualify for a compassionate advance of up to €250,000.
Sun Life Direct
Sun Life Direct offers their popular Over 50 Plan for UK residents aged 50-85. Acceptance is guaranteed for as little as €4 per month. It is one of the most popular plans with over 760,000 members. As of July, 2011, the payout has increased by 15%. The first month is free and if you die in a travel accident or as the result of your injuries within 3 months, your beneficiary will receive 3 times the fixed cash sum.
Choose from plans that start at 4 and go up to 74 per month. Acceptance is guaranteed and pays out a fixed cash sum if you’ve had the policy up to 2 years. If you die within the first 2 years, they reimburse your payments plus half as much again.
For added protection, you can elect to add the Funeral Plan to your life insurance policy. This way, your final expenses do not place an unnecessary burden on your family during a difficult time. Funeral Plan services include:
Transfer of diseased within mainland Great Britain and Northern Ireland to a place of rest within a 50-mile radius.
Preparation of body, including embalming
Lined and fitted wooden coffin with nameplate
Provision of hearse
Cremation and death certificate fees