Empire Life’s Vital Link may be a CI policy to consider. Photo by Robby McKee

Empire Life’s Critical Illness policy is called Vital Link. The policy is very competitively priced at most age levels and face amounts.

The following are 10 features of the plan:

1. It’s available throughout Canada.

2. It’s available as a stand-alone policy, or as a rider on Empire’s life insurance plans.

3. It’s available for insured ages 18 to 65.

4. Face amounts can be anywhere from $25,000 to $2m.

5.

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Most life insurance policies maintain a level death benefit. Decreasing term life insurance is different and for a good reason. This policy was created to pay off the mortgage on a home upon the death of the homeowner.

Let us, for example look at a recently purchased home with a 20 year mortgage. It would be wise for the homeowner to buy a decreasing term policy, also known as a mortgage protection life insurance policy.

When you buy a home and finance your purchase through a bank or a mortgage company the larger portion of your first few payments go to interest.

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One common question I hear is, “Can I purchase life insurance on my ex-husband?” In most cases, Yes!  But here are the conditions:

1.  You Must Prove “Insurable Interest” – You have to be able to prove that you would somehow be financially impacted by your ex-husband’s death.  If so, there is a legitimate need for insurance, or “insurable interest”.  By far, the #1 reason a woman takes out life insurance on her ex-husband is to protect her alimony income.  If the ex-husband dies, and your alimony payments stop, there’s a case where you need life insurance.  Say you’re getting paid child support, or have children you’re both helping to put through school or college, his death would mean you have to bear 100% of the financial burden of raising your child/children.  You too have an insurable interest.

2. Yes, He Must Know about th

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I look forward to the day when whole life insurance quotes are more complete. There is quite a bit that is not being shown. Sure there are carriers who give you quotes online but all you get are premium comparisons. In order to truly judge the value of a whole life policy you need much more information. The fact is you need to know a little about the non-forfeiture values. What will happen if you keep your policy for 10 or 20 years? What will happen if you get to a point when you cant pay anymore premiums? Can you get a policy loan, how does that work. Let us look at the things a life insurance agent goes over when he gives you a quote. Read more…