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Guaranteed Issue FAQ's
Disability Insurance FAQs
Health Plans
Life Insurance FAQs
Guaranteed Issue FAQ's
What Else Should I Know About Guaranteed Issue Life Insurance?
Since the policies are open to anyone, guaranteed issue life insurance doesn't require a medical exam or even a medical history. The questions asked are very general, like name, age, address, etc.
Most guaranteed issue life insurance policies have a limited death benefit amount (you'll have a hard time finding a policy for more than $50,000). Guaranteed issue life insurance policies are most often sought to cover burial expenses, debts left in the estate, and medical bills.
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Should You Buy Guaranteed Issue Life Insurance?
Whether or not to buy guaranteed issue life insurance depends on your situation. If you are relatively healthy, you may be better off going through a standard medical exam and purchasing a term or whole life policy that is not guaranteed. This can provide your family with more protection for less money. If you want term life insurance, you will also normally have to choose an alternative form of insurance to guaranteed issue life insurance. However, if you want a convenient policy without the hassle of a medical exam and you don't mind the smaller benefits or higher premiums, guaranteed issue life insurance may be your ideal option.
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How Long Will Premium Payments Need to be Paid?
Most guaranteed issue life insurance policies are known as whole life policies. Premiums usually are paid during the life of the insured. Some companies charge higher premiums, but only require payments to be paid for 10 or 20 years. After paying the 10 or 20 years of premium payments the policy will remain in force with no additional premium payments required.
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Disability Insurance FAQ's
What is a Buy/Sell Plan?
The Buy/Sell Plan is designed to provide funds to help enable the business or one or more business owners
to purchase the shares or ownership interest of a totally disabled shareholder or partner.
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Do you have to be self employed to purchase a disability plan?
No - mostly people who are self employed do purchase the disabiltlty plan, but some employers do not give
benefits to their employees so this in turn helps pay their families bills when the bread winner goes on
disability.
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Health Plans
Do I really need to purchase a health & dental plan?
Yes because many of the coverages are not covered by your Provincial Health Plan OHIP.
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If I am self employed and purchase a plan can I put the payments through my business?
Many people deduct their premiums from their annual income. When you add up the potential tax savings,
your health plan could virtually pay for itself.
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Life Insurance FAQs
Which Life Insurance plan meets my needs and objectives?
Family security is what comes to mind when people think about purchasing life insurance.
More frequently than not people buy term life insurance to cover their family security needs. The reason they prefer term is that term life insurance costs less than permanent life insurance and as an outcome they can buy more death benefit. The policy bought time and time again than not is the 20 year term life insurance policy. It is fairly inexpensive, thus provides ample death benefit.
Other reasons may include:
- Cover funeral expenses
- Lump sum to my family
- Charitable fund
- College fund for your children or grandchildren
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Why is term insurance with Ten Star better than a bank mortgage insurance?
You own the policy, you assign a beneficiary designation. Proceeds from a life insurance company are protected from all creditors (including banks).
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Do I have enough life insurance?
Term insurance provides maximum coverage for the lowest initial cost. The answer to this question varies from person to person, but generally speaking the amount required is between 6 and 10 times your annual income.
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