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What is Life Insurance?
Life insurance is a form of protection for you and your family. In the event that the insured person dies prematurely, life insurance policy pays out a tax free amount to the beneficiary. This includes covering final expenses and debts and providing an income for the family (beneficiaries). While the insured is still living, some policies can supplement retirement income or provide for long-term care for the insured or a family member.
The 3 Types of Life Insurance:
- Term Insurance: This meets short-term or temporary protection needs.
- Whole Life: This can protect you for your lifetime, with guaranteed death benefit and level premiums. A whole life plan increases in value over time and is subject to investment gains/losses.
- Universal Life: This is a whole life insurance policy which offers an optional tax sheltered investment component. With a level or increasing death benefit option, this is a good choice for maximizing and preserving an estate.
What is Mortgage Life Insurance?
Mortgage Life Insurance is different from mortgage insurance. This policy guarantees that your remaining mortgage at the time of your death will not be a burden to your estate.
Why buy your Mortgage Life Insurance from Merit instead of the bank or mortgage company?
What is Critical Illness Insurance?
This type of insurance policy is a way to cover some of the unexpected costs that may arise if you should become critically ill, including covering lost income, private nursing care, medical equipment and out-of-country expenses. It's a good idea to get the right critical insurance while you're healthy. With one less thing to worry about, you can take comfort in being better prepared for unexpected expenses.
Call Merit and ask to speak with a Broker Specialist to customize a policy for you.
Greater Toronto Area: (416) 497-5556
Waterdown: (905) 690-6888
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Life & Mortgage Insurance/Critical Illness