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In life, most of the decisions we make are based on thorough research and analysis. Then why do we only make decisions in life insurance when we pay taxes? Tax savings are an important plus that life insurance offers us.
However, their main goal is to secure the future of the person's family if the person dies. Life insurance Policy in Ontario is one of the many savings that people use, especially during tax season. Customers are offered a variety of options that they can choose from depending on the term life insurance that suits them.
Life insurance pays an agreed amount, which can be referred to as the sum assured. Life insurance amounts are designed to cover your financial needs and your living dependents in the event of death or disability.
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In general, in addition to the life insurance mentioned above, life insurance for retirement, savings and investment purposes is also often available. Annuities, for example, can provide excellent income during your retirement years.
A lifetime participation agreement and a donation or investment-related plan at a life insurance company combine the aspects of savings and investment with insurance coverage. With the same coverage value, the premium will be charged more than buying a pure insurance product as term life insurance.
The advantage of these packaged products is that they tend to collect money over time and eventually pay off after the policy is revoked. So if your lump-sum death benefit is combined with cash, it will be paid after the death of the insured.