Permanent life insurance is protection for you and your family that will last a lifetime. Our dedicated team of Hamilton Hometown professionals can help you navigate the permanent insurance market, to find coverage to suit your needs. Whether you are looking to cover funeral costs, taxes, and other final expenses, or to enhance the legacy you leave for your family, permanent insurance can help make that a reality. Our small-town roots, integrated with our advanced digital capabilities, allow us to provide you with unmatched service, though the entire life of your policy. Let us know how we can help you today!
Getting married, having a baby, a new career, a promotion, starting a business, and many other life events often indicate a need to review your life insurance. In addition to regular reviews, each of these life events should prompt a review of your policy and any changes you may have to complete. The change might be as simple as an address change, or a beneficiary change, but it could also require an increase or decrease in your coverage. You may also find that your existing coverage no longer covers you for as long as you need it to, so converting to a longer term or permanent policy might be required to meet your changing needs. Our Hometown team is here to assist you in understanding your changing needs and to make adjustments to your policy accordingly.
Your premiums on your permanent insurance will not increase, in fact, you can actually choose how long you would like to pay your premiums when you apply. The two options are a lifetime payment policy and a limited pay policy. As the name indicates, a lifetime pay means you will pay monthly premiums through the life of the policy, while a limited pay allows you to select a shorter term like 10, 15, 20 years. In either case, your premiums will be locked in for the duration and your policy would be paid up after the payment term expired. The shorter the payment term, the higher your monthly premiums, but you can choose whatever will work best for your situation.
Your initial life insurance premium quote provides an estimate, based on your policy details (payment term, coverage amount, riders, etc.), and some basic personal information (age, gender, smoking status). This gives you a general idea of what a person in your demographic would pay for the coverage you selected. When you submit your application, the underwriter can then use the other personal information provided (health, medical details, lifestyle, occupation, family history, etc.) to evaluate what level of risk you pose. It may be determined that you are a standard risk, which would mean that your premiums would match the quoted premium. You may also find that you have a higher or lower rating, which would increase or decrease the monthly premium respectively.
Your monthly premiums are the only payment you will make. Before your policy is approved and ready to be activated, you will have no costs related to the quote, application or any medical underwriting, just your first premium to activate the policy.
Permanent life insurance can be cancelled without paying a fee to the insurance company. However, there are some things to consider before terminating your policy. Within a permanent policy, there could be a cash value that has grown tax-sheltered over the years, as long as it remains in the policy. If the policy were to be cancelled, this cash value would be paid out to you as the policy owner, but it may have taxes owing on it once removed from the policy. Another important consideration is understanding what your future insurance needs may be. If you cancel, but require insurance again in the future, your premiums will be higher because of your increasing age. You may also be rated or even declined if your health changes significantly. Our team of licensed Hometown professionals serving Hamilton and area will work with you, to understand your needs, and help you evaluate your options. This ensures that you have all the details to make an informed decision, for you and your family.
You can add “riders” on to your basic permanent insurance policy to further customize your coverage. Some of the most commonly used riders are accidental death benefit, disability waiver of premium, child’s term life insurance, and guaranteed insurability rider. For more information about the basics of permanent insurance, as well as the available riders, check out our FAQ’s page on our permanent life insurance pages. Or contact our Hometown Life Insurance team for assistance, we are proud to serve the community of Hamilton – let us help you too!