Understanding Life Insurance

Life insurance can be an important part of financial planning. This insurance not only protects the policyholder, but it also provides the family with a financial safety net by replacing income and serve it as an inheritance for survivors. It’s the best way to secure the financial future of family or loved ones after the policyholder passed away. It’s one of the simplest and most important ways to protect your family financially. Life insurance precedence over other insurance plans, Retirement Shield Canada Insurance offers several benefits. Life insurance provides:

• Disability and Critical Illness insurance are living benefits available through life insurance.
• Renewal guaranteed until age 80
• We consider employer contributions for group dependent life insurance a taxable benefit to the employee.
• We consider employer contributions for accidental death and dismemberment a taxable benefit to the employee.
• Cash values grow tax-deferred during the insured’s lifetime.
• Cash value withdrawals are generally income-tax-free.
• Policy loans are income tax-free.
• With life insurance, in case of accidental death, the beneficiary receives the full amount.
• Life insurance provides an infusion of cash for dealing with the adverse financial consequences of the insured’s death.
• Payroll Deductions in life insurance has a non-cash benefit.
• Premiums may have a taxable benefit.

• Life insurance policies are exceptionally flexible.
• Know the difference between no medical life insurance and the traditional life insurance market.
• Life insurance provides a tax-free lump-sum death benefit.
• The death benefits are generally income-tax-free to the beneficiary.
• Life insurance has immediate coverage and has a fixed period, such as a term of 10 or 20 years.
• Whole life insurance and Permanent life insurance gives coverage throughout the lifetime of the policy holder.
• Universal life insurance is a combination of life insurance with an investment account.
• A beneficiary can be a spouse or common in law partner, children, friend or charitable organization (revocable or irrevocable).
• Life insurance policy benefits provide death benefits, which include funeral or cremation costs.
• Life insurance is often used to meet longer-term estate planning needs.

Here are lot more salient features of life insurance that you would like to know before enrolling in any investment plan. Consult a Retirement Shield Canada Insurance company to know more about the different life insurance plans. Their life passion is to help people retire safe, early and happy. They are committed to maintaining the highest standards of integrity and professionalism in our relationship with their clients. For more information, visit https://www.rshield.ca/retirement-planning/.