Permanent Life Insurance - Welland

Which Permanent Life Insurance Product
Is Best For Me?

When selecting the best permanent insurance policy, you will be able to choose between whole life insurance and universal life insurance. Each product has unique qualities that could suit your needs, but how do you choose what is best for you? Our Welland Hometown team first takes the necessary time to understand your specific needs before making any recommendations. Approaching it in any other way would be irresponsible. Think of it as a doctor giving you a diagnosis before doing any tests, it just wouldn’t be right! Once understanding your objectives, we can share our recommendations with you, and discuss any questions you may have about your personally tailored plan. You can find more information on both whole life insurance and universal life insurance on our website, or by connecting with our dedicated team of professionals at Hometown serving Welland and the surrounding area!

What Type Of Life Insurance Is Best Suited For
A Young Or Growing Family In Welland?

For a young family, the priority for insurance is to provide adequate protection to ensure their family is not left with overwhelming financial burdens. Saving for things like post-secondary education and retirement, all while meeting your monthly payments for your mortgage, loans, and lifestyle expenses, can sometimes be tight even on two incomes. If you were to die, that would become even more difficult for your family, without your income or caregiving contribution. Your mortgage, retirement savings, and education savings are all temporary – meaning that one day you are hoping to have them all fully funded. For that reason, term life insurance is the most common protection for these needs, especially when you are young. Term is a great starting point for a strong insurance plan in many cases, and it can also be complimented with some permanent insurance coverage as needed. Our Welland Hometown team will assist you in evaluating your needs so you can better understand what coverage will provide you with the financial security to keep your family safe.

How Are My Life Insurance
Premiums Calculated?

Your policy selections are the first component of your calculated premiums. This includes your coverage amount, payment option (lifetime or limited) and any riders on the policy. These details along with your age, gender and smoking status are the basics for getting a standard quote for your demographic. Your application then provides information on your medical details, lifestyle, occupation, and family history. This allows the underwriter to evaluate your risk, compared to a standard individual in your demographic. When you risk level is determined, the underwriter can then provide you with the best possible price for your coverage level.

What Happens When A Claim
Has To Be Made?

When it comes time to make a claim on your permanent policy, start by contacting our Welland Hometown Life Insurance team. We are here to make the process as quick and easy as possible, by submitting the claim on your behalf and managing any follow-up. At an already difficult time, you aren’t alone in handling this responsibility, you have our dedicated team of experienced professionals, here to back you.

Can Permanent Life Insurance
Be Cancelled?

Cancelling a permanent life insurance policy can be done at any time without paying any fees, but has more to consider than a term policy. Due to the cash value within the policy, there may be tax implications at time of cancellation for you, the owner. In addition, if you ever require coverage in the future, you would have to reapply for coverage once your policy is cancelled. The premiums would be higher due to your age, and any changes in your health could also affect your rates, or ability to be insured. Our Welland Hometown Life Insurance team is here to assist you in better understanding your options before making a decision. You may be able to pay your premiums with the cash value you have in your policy, take a loan from the policy, or even withdraw a portion of the cash value while keeping your policy in-force.

How Does
Underwriting Work?

The insurance company’s underwriters review each application to determine the risk the individual poses to the insurance company. Your premiums are based on your risk profile, as determined by your health, medical, occupational, and lifestyle details. The starting point when you get a quote is just your age, gender, and smoking status, which provides a standard rating price. Many people fall in to this category, as long as they don’t have more significant health concerns. The application fills in the rest of the information to determine if you do qualify for standard rates, or, if you are higher risk, an increased premium. It is important to remember that you always have final authority over your policy. Once the underwriter approves and provides you with the final premium number, you can choose whether you would like to activate the policy or not, so it never hurts to apply and see how things go!

What Riders Are Available On
Permanent Life Insurance In Welland?

Accidental death benefit, disability waiver of premium, child’s term life insurance, and guaranteed insurability rider are some of the most common riders we see added to policies. They allow you to add to your basic life insurance coverage based on your specific needs. Check out our FAQ page for permanent life insurance to learn more about the various riders and general details about permanent life insurance, or contact our Hometown team for assistance!

Copyright © 2021 Hometown Life Insurance.

Copyright © 2021 Hometown Life Insurance.