Different Types of Life Insurance Policies in Victoria BC
Life insurance is an agreement between insurance planner and an insurer or assurer, where in actually the insurer claims to pay for designated beneficiary an amount of money in exchange for a premium, upon the death of an insured person.
A policy owner usually pays a premium, possibly frequently or as one lump sum. Other cost such as funeral cost can also be included in the benefits.
There are different types of Life Insurance Policy in Victoria and are detailed below:
Term Life Insurance – This type of insurance offers coverage at a fixed rate of payments for a small time period, the applicable term. After the time finishes, the coverage at the previous rate of premium is no more guaranteed and the client should possibly abandon coverage or possibly acquire more coverage with various payments and conditions.
Permanent Life Insurance - It is designed to give money for your family members and loved ones after death.
Whole Life Insurance – It is designed for people who need both fully guaranteed money price along with potential for significant increase in coverage & money price based on dividends and loans from the insurance company.
Universal Life Insurance - (1)When combined with guaranteed investment options, it can offer assured entire life protection at some of the finest rates. (2)When combined with wide selection of investment choices that reflects some well-known shared resources it can offer significant tax free development with tax free payments to the beneficiary in many cases.
Limited Pay Coverage – In this insurer has to pay a leveled premium over a period of time which is smaller as compared to the original period of coverage. The most frequent type of limited pay insurance is just a 20-Pay plan. The insured is covered for lifetime and the policy is compensated after the 20 years.
Discovery Insurance Services has been in Hillside Centre for over 20 years. We provide all types of insurance. Contact us today at - (250) 592-4887 | 1-888-567-9555 or visit us at - http://discoveryinsurance.net/