Table of Contents
- About This Insurances
- My Financial Analysis Needs
- Simple Assessment Form
- Benefits
- Coverage
- Premium Rate
- Comparison of Life Insurance Types
- Important Notes
- Real-Case Examples
- F A Q
About This Insurances
Many of us have a responsibility to protect those who depend on us, make sure our loved one remain financially secure even after we are no more. To prepare for such an eventuality, it’s important that you have a sound plan in the event of death. One of the ways to secure and preserve the financial future of an individual and their family is life insurance. Life insurance, which is now popular all over the world, is offered in various types with different coverages to provide appropriate financial support for all family members in different situations such as accidents, retirement, illness, and more. Life insurance is generally categorized into two main types: Whole and Term.
Whole life insurance
Whole life insurance is a type of permanent life insurance that is very suitable for everyone, especially young individuals. This type of insurance is valid for life and, in addition to providing death coverage, has a cash value that grows over time. You can borrow against this cash value or use it for long-term investment purposes if needed. Some features of this insurance include:
- Option for lifetime coverage by paying premiums only until retirement age (65), if eligible.
- Option for lifetime coverage by paying premiums for 10 or 20 years only, if eligible (while the premium may appear higher than other policies, for many people it is more suitable, affordable, and practical based on their needs).
- Premium payment options: annually with an 8% discount or monthly.
- Ability to add optional coverage for accidents/amputations.
- Available to individuals, families, and business owners.
Term Life insurance
The second group of life insurance, which usually has lower premiums than permanent types, covers a limited period and is often suitable for individuals who cannot afford whole life insurance or whose primary purpose is to cover the cost of a long-term debt, such as a mortgage.
For example , Term 10 uses a preferred method of underwriting with multiple premium categories to provide the lowest possible rate for each applicant depending on factors such as their health and lifestyle. Term 10 coverage includes competitive options to renew, change, or convert to whole life insurance, and several other additional coverages and conversion features.
Another example is Term to 100 that actually is a permanent life insurance and completely guaranteed. The premium rate is fixed and the benefit is payable for life.
Some features of this insurance include:
- Coverage for specific terms of 10, 15, 20, 25, 30, or 35 years, or up to retirement age (65).
- Ability to add optional coverage for accidents/amputations (Accidental Death & Dismemberment, AD&D).
- Premium payment options: annually with an 8% discount or monthly.
- Option to renew, modify, or convert to a whole life policy.
- Available to individuals, families, and business owners.
In a more comprehensive version of term insurance, the insured can receive all premiums paid to the insurance company along with their compound interest.
My Financial Needs Analysis
Simple Assessment Form
To choose the best and most suitable insurance and to receive an accurate quote, please complete the form below.
***Why is it important to provide accurate personal information in the insurance form? ***
Life insurance should be chosen according to our needs, risk tolerance, financial capacity, and personal plan.
Benefits
This insurance can also be considered a long-term investment. Purchasing life insurance as a long-term investment offers more benefits compared to saving or investing in a bank.
The three main reasons people choose life insurance are:
- Securing future income and capital for retirement, disability, or old age
- Providing financial security and capital for family members in case of an accident involving the family’s breadwinner
- Using various coverages to compensate for financial expenses in special circumstances
We have a wide range of life insurance products for all your needs. So, protect those you love and plan for the future!
Coverage
Our life insurance offers coverage of up to $25 million, with the ability to renew, convert, change beneficiaries, and obtain a loan through the bank.
When choosing the right amount of life insurance coverage, consider the following expenses:
Expenses you may face:
- Funeral costs
- Legal and administrative fees
- Capital gains tax on the deceased’s property and assets, payable to the government
- Probate fees for validating the will
- Debt repayment
- Mortgage repayment
Adjusting and managing financial matters:
- Funds needed for essential and emergency expenses
- Education costs
- Inheritance amount
Capital to replace income:
The present value of your assets, your tax liabilities, as well as inflation and interest rates, all influence the amount of life insurance coverage you need.
Having and maintaining life insurance is essential, because there is no guarantee we can obtain it whenever we want.
Premium Rate
The premium rate depends on the following factors:
- Age
- Gender
- Habits
- Personal and family medical history
- Tobacco use
- Amount of coverage and type of plan selected
We will rely upon the comprehensive review of your situation and your goals that we undertook together to guide us through good times and bad.
Comparison of Life Insurance Types
- Employer-Sponsored Life Insurance: Like living in a temporary place that doesn’t belong to us—similar to staying in a hotel.
- Term Life Insurance: Like living in a rental property that we have for a fixed period.
- Whole Life Insurance: Like living in a property we have purchased under contract and permanently own.
- Investment Life Insurance: Like owning a property with the potential for growth and investment.
- Whole Life with Quick Pay: Like owning a property with investment potential, but paid off in a short, fixed period—similar to paying off a mortgage faster while still benefiting from investment growth.
- Participating Whole Life Insurance: Like owning and investing in a property with high growth potential, sharing in the profits, and enjoying all related benefits.
Life insurance is like a property deed—its value lies in having it. We must ensure the “deed” is correct.
Important Notes
One very important aspect of life insurance is the possibility of a cash value return during the insured’s lifetime, guaranteed according to the terms of the policy. Factors such as the applicant’s age and the policy term are significant in this regard.
Life insurance can be purchased for personal or business reasons. It is recommended to first evaluate your ability to pay. It is common for individuals to face difficulties in paying monthly premiums when the coverage amount is very high.
Life insurance can be chosen as short-term, permanent, guaranteed, investment-based, participating in investment with the insurance company, or whole life with payments over only 10 or 20 years. Additionally, for different reasons, one or more types of life insurance can be combined.
Investment Life Insurance: In some cases, the insured may have access to the accumulated savings of the investment life insurance—for example, to secure a mortgage or cover expenses due to physical disability. The good news is that access to these accumulated amounts is tax-free. (Note: This type of insurance is not an investment that will make you instantly wealthy after a period of time.)
Your life is constantly changing: having a family, buying a home, changing jobs, facing health issues, transferring your business, planning your retirement. That’s why we will make sure your financial strategy is in step with your reality, while growing your assets and maintaining your quality of life.
Real-Case Examples
Nader, 37, is a marketing manager at a tech company in Vancouver. For years, he had been concerned about securing his family’s financial future but had never found the time to seriously research life insurance. One day, while at a café, he ran into his old friend Bijan, who had recently gotten married and just had a child.
Bijan happily shared how he had obtained a long-term life insurance policy with $450,000 coverage through Rahimian Insurance Company, and how it now gave him a greater sense of peace and security.
When Nader asked how he knew this insurance was right for him, Bijan said, “The experts at Rahimian Insurance recommended the best plan based on my needs and life situation. Since I got it, I feel much more at ease.”
Always concerned about finances, Nader decided to contact Rahimian Insurance himself and schedule a consultation. During the session, our experts carefully reviewed Nader’s financial and family situation and offered a plan tailored to his needs.
Nader chose a plan with $450,000 coverage and a reasonable monthly premium.
After starting the payments, Nader realized that investing in life insurance is not just a cost, but also a form of savings and a guarantee for the future.
He says:
“If it weren’t for Bijan and that encounter, I might still be worried about my family’s financial future. But now I feel secure, and I recommend my friends try this path too.”
FAQ
When is the best time to buy life insurance?
The best time to purchase life insurance in Canada depends on your age, financial situation, and personal needs. Here are several general guidelines:
- Based on age : The younger you are when you buy life insurance, the lower your premiums will be. Insurance premiums increase as you age.
- Based on life events : If you’re newly married, have a family, or are starting a business, life insurance can provide future financial protection.
- Based on financial obligations : If you have loans or debts, life insurance can ensure they are paid in the event of your death.
- Based on life goals : If you have long-term goals such as saving for children’s education or buying a home, life insurance can support these plans.
The Guaranteed insurability benefit (GIB) and opt for participating life insurance will now be eligible for paid-up additions (PUAs) and enhanced insurance.
