Insurance Products and Solutions

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A term policy provides insurance for a set time period as long as you pay the premiums. Some policies guarantee that you can renew them automatically after the term is up without proving you’re still in good health. Others might reserve the right to refuse your renewal if your health has deteriorated. A term policy’s lower initial premiums are attractive, but they will probably increase every time you renew, typically every one, five or 10 years.

If you’re concerned about rising premiums, you can buy term insurance that guarantees a pre-set monthly cost until you reach a certain age, such as 75 or 100. In return for knowing the premiums will never increase, you pay more than you would for a renewable term policy. As with any life insurance policy, be sure to read the fine print for all the details of the policy.

The bottom line:

  • lower initial premiums make term insurance affordable
  • term insurance provides the most life insurance protection for your premium dollar
  • term insurance provides good protection for a specific obligation, such as a mortgage

Universal life insurance policies have both a life insurance component and an investment component. If you pay more than the minimum premium required, the money can be invested in a number of investment vehicles and grow on a tax-sheltered basis. Universal life insurance policies are more flexible than term or whole life insurance – you can increase or decrease your coverage as your circumstances change, or even reduce your premiums as long as you pay the minimum required.

Talk to your Rothenberg life insurance representative for information on how to compare the various features of universal life policies and how to maximize the tax-sheltering they can provide.

The bottom line:

  • flexible terms allow you to modify your premiums when necessary
  • can provide tax deferral advantages

Both whole and universal life insurance are available as “variable” life insurance policies. With variable life insurance, the death benefit and cash value of a policy is not guaranteed. Rather, it is tied to the performance of a portfolio of investments.

In addition to a death benefit, whole life insurance has an increasing cash value, so you can borrow from the policy when money is tight, or receive a lump sum if you need to cancel the policy. The premiums for whole life insurance are generally higher than term premiums. However, if you borrow money from your policy while you’re alive, your beneficiaries will receive less then the full death benefit of the policy.

The bottom line:

  • you’re covered for life, as long as you continue to pay your premiums
  • the growing cash value of the policy provides some flexibility

A disability can paralyze a family that does not have the financial resources to live without the salary of one or both parents.

Disability insurance can provide protection allowing a family to carry on its standard of living while waiting to overcome a short or long-term disability.

The odds of claiming on a disability policy are extremely high. Rothenberg & Rothenberg can help provide details on the intricacies of the different types of products and the benefits to each one.

There is a real chance that at some point in your life you may need to enter a long term care facility or receive special medical care in your home. This type of care does not come cheap, and depending on the level of care you may want or need, the cost may not be paid by your government health plan.

With the benefit that comes from the insurance, you may not have to withdraw from your savings, or fully rely on other sources of funding.

There are 3 types of long term care insurance policies:

  1. One reimburses you for eligible expenses you receive on a given day, up to a pre-set maximum.
  2. Another pays a set daily amount if you have an eligible expense that day.
  3. The final type is the income-style plan, which is the most flexible. It offers the income when you require the care, without having to prove you had expenses.

Critical Illness insurance addresses the special financial needs that arise when a person is confronted with a diagnosis of a life threatening health condition.

Critical Illness insurance was first offered on a stand alone basis in Canada in 1995 and it is now recognized as providing an important financial cushion when a health crisis makes it appear that everything is lost. Initially, coverage related to cancer, heart attack and stroke but it has evolved to cover many more conditions.

It has been determined that the major roadblock to recovery from illness is stress. It follows that the major source of stress is worry over money. Critical Illness insurance helps provide the money. A lump sum of money is paid to the policy holder if he or she is able to survive a short waiting period after diagnosis of specified critical illnesses. The waiting period is generally 90 days after a cancer diagnosis and 30 days after most other specified illnesses have been diagnosed. This protection is designed to fill an important gap in your health coverage. It provides financial support at a time when all you want to do is concentrate on getting better. Having the money at hand allows you to stand at the front of any waiting line to consider all your options, thereby improving your chances of surviving the incident. Qualification for benefit is not based on inability to work. Covered persons collect the full amount of coverage for a qualified claim even if they make a full recovery.