Life insurance can be used for many different reasons. This means the person that needs life insurance can change. Here is a list of some of the major reason: 

• To replace a loved one’s income 
• To pay off a mortgage 
• To pay down or pay off debts 
• To pay for funeral costs
• To pay for medical bills 
• To create an education saving plan 
• To grow corporate tax dollars 
• To create a buy-sell agreement between business partners

And the list of reasons goes on. What is important is to look at your situation and ask yourself how would it change financially if something happens to the people close to you. Whos debt would become your debt? How would your income be affected? Can you survive financially if that were to happen?

This is a question we get quite often, the truth is it depends on your situation. For many Canadians term insurance is the best option. However, there are some situations that whole life can offer added benefits and when used in the right way, be a large advantage for the investor. For more on Whole life or term insurance CLICK HERE. 

We have access to every company in Canada which helps us find you the best policy. Many people assume all brokers are created equal, this is simply not true. Many brokers only offer a hand full of Canadian companies. 

It’s no secret most insurance advisors are paid based on the amount of premium their client’s purchase. This becomes hard for the client to tell if the advisor’s recommendation is something that is best for you or the advisor’s income. Here at TIP Services, we take that concern off the table. Our non-commissioned staff members are waiting to help you with all your insurance needs. So you can feel confident in their recommendation without having to worry if they are biased. 

Life insurance is something you can cancel at any time. Now, some companies may have minor restrictions, for example, you must submit a notice for cancelation a minimum of 3 business days before your next premium is due.

That being said canceling a policy is an easy process and normally requires only one signature to do so. 

There are multiple ways to cancel a policy. First is looking at if you need to cancel your whole policy or if a reduction in the coverage amount is the best option for you.

Remember, if you were to re-apply a few years later coverage would cost more than you originally paid for it, which is sometimes why a decrease in coverage is sometimes best. 

Regardless if you choose to cancel part or your whole coverage you can do so one of 2 ways: 

1. Call up your advisor and ask them to cancel your policy.
   
   
2. Google your insurance companies customer support. Most companies have at minimum a phone number you can call. Some companies having an email helpline or a chatbot you can speak to. You will need your policy number for this process.

Either way canceling your policy is an easy process. 

This depends on the type of upgrade. If you are looking to convert part of your term policy into a permanent solution yes, that upgrade is easy and normally only a couple of signatures are required. If by upgrade you mean purchase more life insurance, that is not as easy.

Remember, insurance companies care about your health at the time of purchasing. To purchase more coverage you will likely need to go through a new health questionnaire to do so. 

That’s not a problem. When purchasing life insurance, insurance companies care about your health at the time of purchase. They know that some percentage of their clients will experience health concerns after they purchase coverage. 

The only time this could become a problem is if you have a term policy that is coming up for renewal. The term covers you for a specific time (that’s where the name comes from). At the end of that term, rates renew based on your age, which will make it more expensive. This is why most people shop in the market for more affordable plans when their policy is renewing.

However, if you are in poor health at that time the best option might be to let your existing plan renew and just pay the higher rates. Regardless it is best to speak to your advisor in situations like this one. 

Absolutely, there are plenty of options for someone who has multiple health concerns. Not every company will have a specific option for you, which is why you should work with a true broker, not just a broker that has access to some of the companies on the market. 

Yes! As you know, a large number of the population is now 50+ years in age. Many of which need life insurance to help with final costs. Whether that means funeral expenses, medical costs, or other debts there are options for people who are over the age of 50+ that are still affordable.