Life Insurance
Michael Cherney Associates
is proud to provide our customers with a broad range of life insurance solutions,
including:
Term Life Insurance
Excellent choice for budget-conscious young families. This insurance offers
level premiums for a term (e.g. 10 years, 20 years) after which the premiums increase
to a new level for the next term. It eventually expires, usually around age 75
or 80. However, you may find that, after one or two terms are up, you no longer
need insurance, in which case term insurance is the best choice - we will shop
the market for you and give you your lowest rates!
However, if you're thinking about keeping your insurance for longer, or for tax-
or estate-planning purposes, then permanent is the best for you.
Permanent Life Insurance
The right choice for tax planning, estate planning, business succession and
supplemental retirement income. As opposed to term insurance, permanent insurance
offers level premiums for life and will not expire. The premiums start out higher
than term insurance, but eventually the term premiums will overtake the permanent
premiums. There are 3 main kinds - Term to 100, Whole Life and Universal Life,
each with its own advantages and disadvantages. The latter two allow you to shelter
investment income from tax and to prepay your premiums in a short period of time.
You can even use the policy to obtain tax-free retirement income!
Mortgage Life Insurance
What are the four main advantages of an individual life insurance policy
as compared to mortgage life insurance from a bank?
- Your death benefit stays
the same throughout the policy, unlike bank insurance, where the death benefit
will likely decrease without a corresponding drop in premiums.
- You will benefit from being
a non-smoker, unlike most bank insurance.
- You have a private contract
which you can take with you even if you switch banks and therefore have guaranteed
coverage. With bank insurance, if you have since become unhealthy, you will
not get insurance!
- Your beneficiary has the flexibility to apply the proceeds as (s)he sees fit, unlike a bank policy, where the proceeds go to the mortgage, even if the rate is very low and there is a more cost-effective place to use the proceeds (e.g. other outstanding loans or debt).
Contact Us for more information!
|