Life

Your family is of utmost importance,
and your life insurance policy can make it
the most important investment you'll ever make for them.

What is Life Insurance?

Life insurance is a financial product designed to protect your family. Should you die while the policy is still in effect, a tax-free cash payment is triggered. Essentially, these policies provide inheritance for your family as well as function as a strategic asset for wealth preservation.

What does Life Insurance cover?

There are various types of life insurance policies and hence coverage differs from each other. However, the four main types of life insurance policies are as per below:

Term: Provides coverage for a specific period i.e. 20 or 30 years and the costs stays exactly the same while the policy is still in effect.

Permanent: Also called whole life, the policy never expires and stays in effect for the rest of your life. No matter what health conditions may develop, the policy will remain in force. Consequently, permanent policies can be considerably pricier. 

Blended: This type of policy combines elements of term and whole life. Dividends are applied as the term is converted into permanent. Prices can fluctuate depending on the company's performance, but typically, the premium gets more expensive as time goes on. Nonetheless, generally, shoulda death occur in the early years, the death benefit provision is the most of all policies.

Is Life Insurance important?

Life insurance can provide financial security for you and your family in a wide variety of ways:

  • Provide for your spouse and children: Payments can replace your lost income in the event of an unexpected death.
  • Pay off the mortgage: The payout can cover the payment for your housing.
  • Supplement your retirement: The cash value benefit of whole-life can act as a cushion for market volatility.
  • Leave an inheritance: Your heirs will have an opportunity to better their lives and will be eternally grateful for your gratitude.
  • Final expenses: Funerals can be expensive, so it can provide a chance to take the burden off of your loved ones.
  • Replace earned income: Some policies allow you to collect the death benefit before actually passing away.
  • Take care of estate taxes: Tax-free proceeds can be used to pay the government's estate tax bill.
  • Peace of mind: Life insurance solutions can provide you a peace of mind knowing that your family financial well-being is secured after you are gone.
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Who needs Life Insurance?

Life insurance can be useful for anyone. It can serve as a smart financial decision if other people in your household rely on your income for their living expenses. Most people see it as a key component of financial security as not only does it preserve wealth for their heirs, as wealth is passed on to the next generation, but it can also build a tax-free cash cushion for retirement.

How much does a Life Insurance policy cost?

The cost of life insurance solutions are highly dependent on the risks associated with your life and the type of solution you purchase. A 60 year old who regularly take part in extreme activities, smokes daily and drinks heavily is a higher risk to the insurer than a 30 year old with no underlying health conditions. Simply put, the shorter the term, the lower the cost, the riskier the insured, the higher the cost.

Why CHAZ?

With life insurance, the documents required during a death claim can feel innumerable. Especially during such a sensitive time, these requirements can take a toll. At CHAZ, we understand the delicateness during these situations and have experience in proceeding with care.

Important Disclosure

The content provided is for informational and educational purposes only. The coverage written may not be applicable to all situations and policies. Terms, conditions and qualifications are also subject to circumstance and supplementary material. For more information, please contact us via the enquiry form below..

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