FAQs
faqs
Frequently Asked Questions
Here are some introductory questions that we are often asked. As we begin to develop your plan, more specific questions are asked to create a strategy that is unique to your situation.
faqs
Frequently Asked Questions
Here are some introductory questions that we are often asked. As we begin to develop your plan, more specific questions are asked to create a strategy that is unique to your situation.
How long does it take to get a life insurance policy?
Between one to three months depending on the information required by the underwriters
Do I have to pay tax on the benefits?
No. Life insurance, Critical Illness and Disability policies provide a tax-free benefit.
Can I use pre-tax dollars to fund a policy?
Corporately owned policies can be funded using corporate pre-tax dollars. Personally owned policies are funded using post tax dollars.
Can I outlive a policy?
Term policies will only stay in force for the predetermined amount of time. Whole life and universal life policies will stay in force until the death of those insured
Are insurance policies expensive?
Cost of a life insurance policy depends greatly on the individuals age and health. A young healthy individual could expect to pay around $20 a month for a term 10 policy with a $500,000 benefit while smoker in their 60s could pay upwards for $700 a month for the same coverage.
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What illnesses are covered under a CI policy?
This depends on the level of coverage desired by the individual. Basic coverage includes illnesses such as cancer, heart attack, stroke, coronary artery bypass surgery, and aortic surgery. High end coverages can include illnesses such as blindness, comas, brain tumors, and dementia. It is important to know exactly what is covered in your policy. If you are unsure, our advisors are willing to evaluate your policy to ensure you have the coverage you need.
When can I claim my disability policy?
This depends on the level of coverage desired by the individual. Generally, the owner can claim on a DI policy when the insured in unable to perform part or all of their work duties due to a disability. This could include physical and mental disabilities. Definitions of key terms in the policy such as “one’s ability to perform” and the disabilities in question can vary dramatically between policies. Please consult an advisor to know exactly what is covered in your policy and when a claim can be made.
Can I be approved if I have a pre-existing condition?
It is possible to be approved for a life insurance policy if you have a pre-existing condition. This is considered along with many other factors during the underwriting process.
Can I be approved if I smoke?
People who smoke can be approved for a life insurance policy. However, premiums tend to be higher for smokers than for non-smokers for the same coverage.
What am I allowed to do with my life insurance benefit?
You can do whatever you want! There are no regulations on how the benefit must be spent.
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