FaithLife Insurance in Canada
FaithLife Financial is a Canadian financial services organization that differs from other such organizations in that it is Christian-based and specifically caters to the needs of Christian Canadians. FaithLife Financial is a non-profit company; any profits that they make are reinvested into the company or into its members, its members’ churches and various charities. Some of the charities and community organizations that FaithLife Financial supports include United Way, PromiseKeepers, Girls Night Out, World Vision, Women Alive, Christian ministries, disaster relief and Lutheran seminaries.
FaithLife Financial offers the following products and services: individual savings annuities, single premium annuities, FORTESS segregated funds, critical illness insurance, disability income insurance, term life insurance and permanent life insurance. Term life insurance is a type of life insurance designed for temporary coverage. You have the option of either purchasing term life insurance for one individual or joint term life insurance for two individuals. FaithLife Financial’s Term 10 life insurance is a ten year policy that allows you to purchase coverage of $100,000 or more. After the ten years are up, you have the option of renewing the policy up until you hit the age of 75. Term 20 life insurance is a twenty year policy that also allows you to purchase coverage of $100,000 or more. When the policy expires, you have the option of renewing it up until age 85.
Both term life insurance policies use the HealthMatch system. Upon applying for either of the term life insurance policies provided by FaithLife Financial, you will be asked a few questions regarding your health, family history and lifestyle habits. These answers will be input into the HealthMatch system, which will sort you into one of the four HealthMatch categories. The healthier you are, the better the category you will be placed in and the lower the premiums you will be charged. Child Protector coverage is available for both term life insurance plans, and you have the option of converting your term life insurance to a permanent policy before the age of 65.
Types of Permanent Life Insurance
Permanent life insurance is for people looking for lifetime coverage. There are several permanent life insurance options available: Term 100, 20-Pay Term 100, EssentiaLife, Life Paid up at 65, Whole Life and Flex Life. Term 100 permanent insurance is available for people between the ages of 35 and 80. Under this policy, the minimum amount of coverage required for people between the ages of 35 and 64 is $50,000, and the minimum amount of coverage required for people between the ages of 65 and 80 is $25,000. 20-Pay Term 100 is the same policy as Term 100, except that you can fully pay off all of your premiums within 20 years. Life Paid up to 65 is when you finish paying off your premiums by the age of 65. EssentiaLife does not require you to undergo a medical exam, and Whole Life is a type of permanent life insurance that also provides cash value. Flex Life is a universal life insurance plan that supplies investment opportunities in addition to insurance coverage.