Customized Life Insurance in Vaughan
Even at its best, life is uncertain. You might be doing great, your business might be booming, and your family might be happy, but if something happens to you, everything changes. This is where life insurance can protect your loved ones by providing financial support and security. Life insurance helps your family overcome the sudden loss of income. It will also ensure that your debts get settled, your funeral is paid for, and your survivors can maintain their standard of living or continue their education.
At Ken Maynard Insurance Brokers Ltd. we offer life insurance plans to provide you and your family with top-quality coverage. Get in touch with us to know more about our plans.
How Does Life Insurance Work?
Life insurance is just like any other insurance, a contract between the insurer and the insured. Here, in exchange for a premium, the insurer agrees to pay the policy sum to a beneficiary upon the death of the insured. It can either be term insurance or permanent insurance.
How Much Does Life Insurance in Vaughan Cost?
Unfortunately, there is no one-size-fits-all. We customize our plans and consider multiple personal factors like:
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Health
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Age
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Smoking status
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Lifestyle and occupation
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Family history
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Length and size of coverage
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Premiums/Riders
By paying policy premiums, you can create a financial safety net for those you love the most. Our advisors will work within your budget and needs to customize a plan best suited for you.
The Importance of Life Insurance
You might leave your family or friends with the daunting task of dealing with your financial records, bills and dues, or outstanding debts if you do not have a life insurance policy. Life insurance with satisfactory coverage preserves the security you worked so hard to achieve, even when you are no longer present. Life insurance is an asset just like your savings account and an investment in your family’s and business’ future.
Benefits for your family:
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Provides financial stability
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Helps afford education
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Repays debt
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Maintains standard of living
If you own a business, life insurance is an essential component of your commercial insurance, easing financial burdens and confusion for both your family and surviving business partners.
Benefits for your business:
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Acts like a financial shock absorber to help the business recover from loss
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Repays debts
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Helps buy off your share of the business
Choose the Best Plan for You
How do you decide what insurance policy is best for your needs? Our insurance brokerage in Woodbridge offers more than 50 years of experience in helping our clients analyze their insurance needs. We are committed to helping you select life insurance that will be meaningful to you. You have choices in standard permanent life insurance policies, including:
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Whole life insurance: Gives you consistent premiums for the life of your policy; tax deferments for growth in cash value; cash value accumulations you can borrow from; and permanent protection as long as you make required, on-time payments
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Universal life insurance: Lets you adjust premiums and coverage; increase or decrease death benefits; accumulate tax-deferred interest; borrow from cash values while you’re alive; and have permanent protection and access to cash values
Options for Riders
As your local life insurance brokers, we will also discuss any additional options or riders to customize your policy, some of which will be at no extra cost. Riders that may apply to your circumstances include but are not limited to:
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Accidental death benefits if you have a hazardous work environment
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Disability income benefit for supplementary income in case of total disability
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Accelerated death benefit for access to cash value in cases of terminal illness
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Children’s term life insurance to extend your policy’s benefits to your children
Life Insurance Policy That Fits Your Needs
It’s never too late to buy life insurance, but don’t get left underinsured or paying for excess coverage. When you let Ken Maynard Insurance Brokers Ltd. review your life insurance needs in Vaughan, you will receive a personalized formula to accurately match your circumstances.
What to Expect in Your First Consultation?
Be prepared for your consultation with relevant information to factor in, which includes:
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Your annual income and employment status
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Number of children and their ages
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Value of a stay-at-home parent and/or child care costs
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Your mortgage balance or monthly rent
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Your debts and monthly household expenses
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Future needs – education, business or funeral costs
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Your current liquid assets – savings, life insurance or property
Would you like to make a consultation for life insurance in Vaughan? Please reach out. Besides this, we also provide other products.
FAQs
The following are some commonly asked questions about our life insurance in Vaughan:
At What Age Should I Purchase Life Insurance?
There is no such thing as being 'too young' to buy life insurance. We recommend life insurance for all individuals above the age of 25. It can protect your family from financial losses if you pass away unexpectedly.
How Much Life Insurance Do I Require?
Every individual is different. Naturally, their life insurance policies differ as well. To determine how much life insurance you need, we recommend setting up an appointment with our trusted insurance brokers. They will examine factors such as your annual income, the number of your children and your occupation to figure out how much insurance you will require.
Is Health Insurance the Same as Life Insurance?
No. Health insurance provides coverage for medical expenses. Life insurance, on the other hand, will provide financial protection to your family if you happen to pass away unexpectedly. It can help them cover debts, day-to-day costs and tax bills resulting from lost income.
Do you have any more questions about our life insurance in Vaughan? Please feel free to send them to us, and we will get back to you shortly. Alternatively, you can even view our blog for more valuable information about insurance.