Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide, fraud, war, riot and civil commotion.
Life-based contracts tend to fall into two major categories:
* Protection policies – designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
* Investment policies – where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms are whole life, universal life and variable life policies
Life Insurance
Having the right life insurance protection can make a big difference in your life and the lives of those close to you. A proper financial security plan that includes life insurance can mean the difference between leaving your estate financially secure and leaving behind debts and an inadequate income.
Term Life Insurance
Term life insurance provides the most coverage for the lowest initial cost.
Permanent Life Insurance
Permanent life insurance protects you for your lifetime. It builds a cash value that you can draw on and also provides a death benefit. There are two types of permanent life insurance—participating life insurance and universal life insurance.
If you have further question feel free to contact Canada Insurance Plan.
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