While there are different types of Permanent Life Insurance the insurance process is basically the same. Our team of insurance professionals will meet with you to discuss your personal and financial goals in order to determine the exact type of Permanent Life Insurance that is needed.
Most kinds of permanent life insurance policies tend to include a savings or investment component, in addition to the pure lifetime insurance coverage. Part of the premium is used to pay for investments, which accumulate within the policy on a tax-deferred basis and generate a cash value that can be accessed as needed by the policyholder.
The policyholder may use the cash value as savings available for retirement through partial or full withdrawals or by taking loans against the cash value by offering it as collateral to a lender. Due to the lifelong coverage and the embedded investment component, the premiums for permanent life insurance are much higher than other products.
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Whole Life Insurance
The most popular type of Permanent Life Insurance is Whole Life Insurance which offers coverage for your entire life. As long as your premiums are paid the insurance company will pay out a tax-free death benefit to your beneficiary when you pass away. Unlike Term Life Insurance, Whole Life does not have an expiry date which means you get life-long coverage.
Universal Life Insurance
Universal Life Insurance is also a popular insurance solution. It is a type of permanent life insurance that combines lifelong coverage with flexible payment options and an investment component. Universal life insurance offers a way to maintain coverage while also building wealth for your beneficiaries. It has the added benefit of allowing you to tailor the cost of your insurance premiums and investment option
With Permanent Life Insurance you are not limited to a specific period of time or “term” you keep paying and it keeps covering you in return until you die.
Life Insurance is very specific based on your personal and professional goals. In order to determine what type of Life Insurance you require we try to understand your entire financial picture and then provide solutions that will solve for your specific scenario.
With Permanent Life Insurance it has an automatic savings component. These policies build up a cash value that grows tax-deferred. If you surrender the policy at any time the cash value (or most of it) can be returned to you.
Permanent Life Insurance is incredibly important as it is not only protecting your loved ones and providing financial security, but it is also a good investment. When used properly, certain types of Permanent Life INsurance can help build your personal wealth. In addition, the tax-free nature of the Permanent Life Insurance death benefits can make these policies an effective tool to plan for estate taxes and passing on wealth to future generations.
At SafeBridge our access to the top Life Insurance companies sets us apart. With over 20+ years in the Life Insurance space, our team of licensed Life Insurance professionals is qualified to help you find the best Permanent Life Insurance solution that matches both your personal and financial goals.
Each individual client is unique and we pride ourselves in customized solutions that solve your unique challenges with regards to Permanent Life Insurance.
When you work with SafeBridge, our team of professionals take the time to understand your situation and come up with the perfect insurance solution. It is always in your best interest to work with a company that will not only help you get the right Life Insurance, but also ensure it is structured properly to help achieve your financial goals. As a company we help thousands of clients each year find the perfect Permanent Life Insurance products to fit their needs.
Let us help you find the perfect Insurance solution for your situation. At SafeBridge we provide a complimentary 30 minute review of your existing insurance policies and take a look at your insurance needs. With access to the most trusted insurance companies in Canada we are able to help you make the best choices and feel confident that you are fully covered in the event of illness or even death.
With over 20 years in the Insurance Industry we are confident that our team will ensure you get the best insurance solution possible.Apply Now
Permanent life insurance comes in various forms: whole life, universal life and variable or adjustable life insurance. It generally provides guaranteed, lifetime coverage as long as you pay the required premiums.
The difference between a Term Life Insurance policy and Permanent Life policies is pretty simple. Permanent Life Insurance provides financial protection for an unspecified amount of time, from whenever you start the policy until the day you die. The policy will pay the death benefit to your beneficiaries at any time you pass away as long as you have been paying the policy premiums and have not canceled the policy. On the other hand, with Term Life Insurance, you are covered and benefits are paid if you pass away within a specific period of time. The usual terms tend to come in increments of ten years, although some life insurance companies allow you to pick the specific years of coverage you want. With Term Life Insurance you pay less and you get to choose the time period when you want the most protection, but it does not have a savings or investment component in the way that many Permanent Life Insurance solutions do.
Life Insurance needs are specific to the individual, their life stage and their personal and professional goals. To ensure you are getting the best protection for you and your family it is wise to speak with one of our SafeBridge Insurance Advisors who can help you sort through all the options.
How much Permanent Life Insurance coverage you need depends on how you plan to use it. If it’s your sole life insurance coverage, you may need a policy that covers hundreds of thousands of dollars, if not more. If you are using it as part of a ladder strategy or simply to cover end-of-life expenses, that number could reduce significantly. At SafeBridge, we often suggest that you will need 8-10 times your yearly income as your death benefit. However, for a more precise answer, take into account any debts you have, your family’s living expenses, future education needs of your children, plans for end-of-life expenses and any other allocations such as legacy giving etc.
Chris is a Co-Founder and Financial Advisor at SafeBridge Financial Group, the originators of Mortgage Centered Financial Planning, and is passionate about serving his clients and empowering the incredible team to “Be Better. Be Inspiring.” Prior to co-founding SafeBridge, Chris started his career as a Financial Advisor with Sun Life Financial, formerly Clarica Financial Services, and had the privilege of serving many clients financial needs for over a decade.
Over the last 20 years we’ve been successful in attracting over 60 various lenders that our clients can benefit from. SafeBridge has evolved over the years and has become a very successful company…. The education, that comes along with not just the mortgage agent side of things, but also on the insurance and the investments and the financial planning all comes together in one holistic approach.
Dena is a seasoned Mortgage Broker with 24 years experience in the financial industry. She started her career at Canada Trust as a part-time Teller while attending York University. During her 15 years with TD Canada Trust, Dena held various positions of increasing seniority. As a Senior Financial Advisor she gained knowledge in many disciplines in the banking and investment arena.
For several years Andre has worked in the Financial Planning and Mortgage Solutions field with Scotiabank. After experiencing success, and gaining a wide knowledge base in the banking world, he decided to leave the bank to join a Boutique Mortgage Brokerage, Safebridge Financial Group. Andre made the change so that he could offer clients a wider variety of mortgage options and lenders.
At SafeBridge we believe in experiencing growth together. We want to ensure that each of our agents is successful and feels a part of the SafeBridge team. We offer customized training, lender previews, team events and even team trips to build the strong culture of inclusion and support that so many of our agents enjoy.
We believe it is essential to hire and Partner with the right people. We are looking for the best and brightest in the Industry to join our Exclusive Group of Professionals. Our team consists of loyal top producing Agents that have demonstrated exceptional care for their clients and passion for the industry in which they serve. Our Mortgage Centered Financial Planning approach helps our team foster long lasting relationships, which brings a unique process to the mortgage business.
SafeBridge understands your life insurance needs and will recommend the right product for you. We don’t just look at insurance, like insurance. We look at insurance as a wealth-building tool and a way to pass on generational wealth by working with the best insurers.