Insurance World

The whole concept of insurance revolves around protecting the assets of an individual from financial loss due to an unpredictable event. The reason that we purchase insurance is to protect ourselves from financial disasters. We rely upon the insurance company to take on the risk in exchange for the premiums that we pay. The average consumer spends very little time thinking about insurance purchases. The insurance professional is expected to do most of the thinking for us and advise us on what is best.

There is a simple principle that can be applied to almost all of your property and casualty insurance purchases that will save you premium dollars. Self insuring is that principle. The smart insurance shopper eventually grasps the concept of self insurance. The whole idea around self insurance is using deductible options and eliminating unnecessary coverage. The days of the $100 Collision deductible on auto insurance is fading fast and it should. The higher deductible saves you in premium dollars. That is what we call self insuring. When you change your deductible from $100 to $500 you are taking on the risk for the first $500 of physical damage. You can do the same on the homeowner’s policy. You will lower your premium and still be covered for any major loss.

You will save a ton of money in the long run. You don’t have enough claims over a lifetime to warrant having a low deductible. You are paying the insurance company money for services they may never perform. You will save thousands of dollars by keeping your deductibles $500 or higher.

There are a lot of optional coverage’s in auto and homeowners insurance that you may want to eliminate to save money. Most states have tort options. Tort is your right to sue. Full tort verses limited tort can sometimes be a difference of 20% in your auto insurance premium. Rental reimbursement and towing benefits are added onto auto insurance all the time. You may want to self insure for these and save premium dollars as well.

The insurance purchase can be easier and more affordable if you can grasp the mindset of self insuring. Your agent will welcome your thinking on this because most agents think self insurance is best for their customers.

Individual Products and services

It is sometimes said by poets that life is but a span, and if something bad happened to you, yours family would have to go through a heavy time; the welfare of your family would be deteriorated.
Life insurance companies offer you various insurance programs, which will provide financial security of your family in case of death, disability in your future. They help you keep your head above water, as well as support your most optimal plans.

Most life insurance companies are reputable because of the strict regulations in Canada and throughout the world.

The best way to get a good selection of life insurance most fitted to your needs in this day is to use the Internet.

It could be quickly found out that Wawanesa Life is among best rating life insurance companies.

Wawanesa Life is a subsidiary company of the Wawanesa Mutual Insurance Co.

Wawanesa has a rich history dating back to 1896, when it was founded in the Village of Wawanesa, Manitoba.
Today executive offices are located in Winnipeg, Manitoba, Canada.

Wawanesa Mutual operates in all areas of Canada as well as in the states of California and Oregon in U.S.A.

Wawanesa was awarded an A+ (Superior) Rating for its financial strength from A.M. Best Co. the world’s oldest and most authoritative insurance rating and information source.

Some of Wawanesa traits are the out standing claims service and underwriting service, consistent range of quality products and among them:

Individual Products and Services.

It should be noted that a vast array of life insurance policy types available consists of one of two basic forms: Permanent insurance and Term insurance.

As the names imply, permanent insurance is permanent for life and term insurance is temporary. Examples of permanent needs are funeral expenses, survivors’ income, taxes at death on capital gains and charitable bequests. Examples of temporary needs are mortgages, education and business loans.

Permanent Products

Types of permanent insurance plan:

Universal Life is a permanent insurance plan providing for separation of the insurance and savings components of the policy. All premiums are generally deposited to interest bearing investment accounts. From these accounts it is deducted Cost of Insurance (COI) charges and administration fees. Policyholders could direct premiums to different account choices, such as a Daily Interest Account, a Canadian Equity Index-Linked Account, a U.S. Equity Index-Linked Account, an International Equity Index Account and a Canadian Bond Index Account. It may be selected two COI charge methods by the policyholder. The charge may be level for policy’s life, or may be level (at a lower amount) up to age 65 with a following increase to a new higher amount for policy’s remainder.
The tax-free death benefit will consist of the death benefit provided by the insurance coverages selected plus the value of the different investment accounts. The Account Value, less a surrender charge in the early years, will be available to the policyholder upon surrender before the death of the life insured;

Term to Age 100 – this plan provides a level amount of permanent life insurance, to ago 100 of the life insured, at which time the face amount of insurance is paid.
Premiums are level and payable to age 100. This plan is also available on a joint-last to die basis;

Fifteen Pay Term to Age 100 plan provides a level amount of permanent life insurance to age 100 of the life insured, at which time the face amount of insurance is paid. All premiums are guaranteed, level and payable for 15 years only. Commencing in the 10 th year.
A guaranteed cash value will develop to be available to the policyholder upon surrender before the death of the life insured;

Twenty Pay Term to Age 100 plan provides a level amount of permanent life insurance to age 100 of the life insured, at which time the face amount of insurance is paid. All premiums are level and payable for 20 years only.
Commencing in the 10 th year a guaranteed cash value will develop to be available to the policyholder upon surrender before the death of the life insured;

Final Expense Plan is designed for individuals age 45 to 75. This permanent plan is a guaranteed issue with just 5 qualifying questions.
Premiums are level and payable for 20 years only. The death benefit in the first 2 years will be the return of paid premium plus 10 % interest to the death date. When death occurs it is paid the full protection. The death benefit amount is paid to the policyowner if living after the later of 20 years, or age 85.

Types of Temporary Products:

Life Style Term – these plans consist of 10 years or 20 years Renewable and Convertible Term Insurance. The insured sum is level and premiums are guaranteed.
Life Style Term can be renewed until age 80 of the life insured, at which time the insurance terminates. These plans are also available on a joint – first to die basis;

Preferred Underwriting of Life Style Term
These plans allow applicant to be grouped into a greater variety of lifestyle categories resulting in a more appropriate premium being charged. In the past, healthier applicants subsidized the insurance costs of less healthy ones. Life Style Term rewards better risks with lower premiums. Three nonsmoker classes and two smoker classes are included in Preferred Underwriting classes available for Life Style Term;

Lifestyle Adjustment Plan (critical illness protection) – this plan is designed to provide funds helping you care financially for yourself and your family maintaining the same quality of life after surviving a critical illness.
The plan provides a tax-free lump sum living benefit to the plan owner on the occurrence of the first of the covered illnesses of the insured, provided the insured survives the waiting period following the critical illness onset.
The waiting period is 30 days from diagnosis, except for Loss of Speech (6 months) and Paralysis (90 days). No living benefit is payable if cancer is diagnosed within 90 days of issue.
Three types of Life style Adjustment plans are available: 10 year Renewable to Age 75, Level to Age 75 and Level to age with Return of Premium.
Wawanesa Life has a plan to meet any your insurance and financial needs which can be tailored fitting your needs.
For more information, please, contact an Insurance Advisor from Wawanesa Life.