Stone Insurance
Protecting you and yours
Stone Insurance
Protecting you and yours
Stone Insurance
Protecting you and yours

Life Insurance

What is Life Insurance

A proper financial plan can mean the difference between leaving your loved ones well-positioned financially and leaving them to cope with debts and an inadequate income.
Life insurance can help create financial security for you and your family. If you should die prematurely, it can be used to:
Pay final expenses and any debts
Provide an income for your family
Ensure your family has the resources to maintain a comfortable standard of living
Leave a legacy to your favourite charity
While you’re still living, some life insurance policies can:
Build tax-advantaged savings you can draw upon as needed for personal or business opportunities
Supplement your retirement income or provide for long-term care or home care for yourself or a family member


This video  by 'Life Happens.org' gives a clear explanation, if it does not play you may need to click to watch it via You Tube.

Types of  Life Insurance


Term Life Insurance
Term life insurance is well-suited to meet high, short-term protection needs for the lowest initial cost. For example, a couple with young children and a mortgage might select term life insurance as an affordable way to get the full coverage they need today.
Term life insurance coverage can do a good job of meeting immediate needs and may provide the opportunity to later move or convert to permanent life insurance without providing proof of health.
Term plans may also be renewable after 5, 10 or 20 years without providing proof of health. The price increases as appropriate for your age at renewal. You can convert a term 10 plan to a term 20 plan between the first and fifth policy anniversary or the insured’s 65th birthday, which ever is earliest.
You can purchase term life insurance as an initial step before purchasing permanent life insurance.
 

 
Permanent Life Insurance
Permanent life insurance can protect you for your lifetime. It can build a tax-advantaged cash surrender value and provide a death benefit.
What types of permanent life insurance can you buy?
Universal Life Insurance
Universal life insurance combines permanent life insurance protection with a tax-advantaged investment component. As cash value accumulates, you can use it to pay part or all of your insurance charges.
Participating Life Insurance
Participating life insurance combines permanent life insurance protection with a tax-advantaged savings component. It can protect you for life, provided your premiums are paid when due. Participating life insurance policies also have a potential to receive policyholder dividends.
Participating Life Insurance
Participating life insurance can combine permanent life insurance protection with a tax-advantaged savings component. It can provide insurance protection for life, provided premiums are paid when due.
Participating life insurance is flexible permanent life insurance with:
A core of guarantees for basic coverage—premium, death benefit and cash surrender values
A tax-advantaged savings component
The potential for earning policyholder dividends that can be used to purchase additional life insurance or reduce your out-of-pocket premiums (policyholder dividends aren’t guaranteed)
A choice of riders and benefits that can be added to the basic policy
Premium flexibility

Universal Life Insurance
Universal life insurance provides permanent life insurance protection with a tax-advantaged investment component. As cash values accumulate, they can be used to pay part or all of the cost of your insurance.
In addition to providing security and protection through its life insurance component, universal life insurance can provide an additional source of income for emergencies, retirement or for estate planning needs.
You select an investment mix that’s best for you—taking into account the amount of risk you’re comfortable with, and your financial goals and circumstances.
With Canada Life’s universal life insurance you can customize solutions that change over time to fit your evolving lifestyle, budget and savings objectives.
Tax-Advantaged Growth
The total account value in your policy can grow on a tax-advantaged basis within limits. The insurance proceeds paid to your beneficiary upon your death are tax-free and may include the total account value you’ve been accumulating over the years.