Individual life insurance policies have undergone several changes over the past decade. As life expectancy has improved, the cost of insurance has been reduced.
As well, healthy lifestyles, a relatively new concept introduced to the market, play a significant role in the cost of life insurance. The healthier you are, the lower your premiums will be.
Often, when term policies renew after ten years, the new premium is lower than the original premium. There are several different types of policies from Universal Life to pure term insurance.
BFL CANADA places insurance with all the major life insurance companies in Canada. Our quotation system gives us access to the entire Canadian market.
Unlike group disability policies, individual disability policies offer greater flexibility in plan design and benefit periods. An individual policy will often be used to complement group policies or simply replace the group coverage due to higher limits and partial disability provisions.
Individual disability policies offer greater coverage restrictions than group policies and are portable when changing employment.
Critical Illness Insurance is a tax-free lump sum cash benefit paid directly to an insured who survives 30 days following the diagnosis of a covered illness. Depending on the policy, there are usually 20 to 25 illnesses that are covered, including are heart attacks, cancer, multiple sclerosis, Parkinson’s disease, etc…
The benefit payment is not dependent on your ability to work, and full recovery will not affect payment.
We will work with you to evaluate your requirements and recommend the best policies tailored to suit your needs.