Term Insurance
It is very affordable and an exceptional way to cover a short-term need. Many people will use a term policy to insure their mortgage as it is often less costly. Term insurance is available in many lengths (i.e., 10, 20, 30 years, etc.) which can accommodate any need.
Permanent Insurance
Whole life – provides lifetime protection designed to ensure tax-advantaged growth to whoever owns the policy. What’s popular about this product is that it has been around for over a century and it’s managed by the insurance company, which means you don’t have to maintain it. The policyholder receives an annual dividend which allows the policy to grow. Once the dividends are credited to the policy they can’t be reduced or modified as the only person who can do that is the policyholder.
Universal Life – can give you options for putting extra money into your policy, where the accumulated value can grow tax-free while within your policy. This type of insurance provides flexibility as you can access the money as your lifestyle changes, reduce payments if your cash is needed elsewhere, or increase payments to accelerate the growth.
Term 100 – Is a simple form of permanent insurance where the face amount of the policy is fixed and there is little to no cash in the policy.
Critical Illness Insurance
A critical illness can have serious financial consequences on the lifestyle of the person with the illness, as well as their family members. Therefore, this type of insurance provides financial assistance in a tax–free lump sum benefit amount to the person who was diagnosed with a critical illness. The benefit has no strings attached so the diagnosed individual can do what they want with the money.
Disability Insurance
This provides monthly income to cover income lost due to a disability. It’s the ideal solution to avoid a disability-related work stoppage affecting a person’s finances and lifestyle.
Personal Health Insurance
Helps lower your cost of being burdened by expenses for preventive care or medical bills as a result of an illness or accident. RMAQ does provide coverage for many health expenses, however, there are gaps that can have a significant impact on your finances.