Life insurance

Life insurance is a protection against the loss of income that would result if the insured passed away. The designated beneficiary receives the tax free cash benefit and is thereby safeguarded from the financial impact of the death of the insured.

This benefit can help them to:

  • Pay off debt and loans
  • Maintain their standard of living
  • Pay for children’s education
  • Cover death related expenses like funeral costs etc.


The amount of coverage you choose and type of insurance you buy should be based on your circumstances and needs.

What Is Life Insurance? And its 3 Types


A life insurance policy is defined as an agreement with an insurance agency. In return for premium installments or payments, the insurance company gives a lump amount payment, which is also known as a death benefit, to beneficiaries upon the death of the insured. Life insurance is chosen in view of the requirements and objectives of the proprietor. Term life insurance provides assurance and protection to a period of time. While perpetual insurance, for example, universal and whole life insurance gives lifetime coverage. Note that death benefit by a wide range of life insurance is for the most part income tax-free. There are numerous assortments of life insurance. Let us discuss the more basic types of life insurance.

  • Term Life Insurance
  • Whole Life Insurance
  • Universal Life Insurance

Term Life Insurance

Term life insurance is intended to give commercial insurance to a period of time, for example, 10 or 20 years. With regular term insurance, the premium installment or payments remain the same for the coverage period you select. After that time, policies may offer proceeded with coverage, more often at a considerably higher premium installment or payments rate.

Term life insurance can be utilized to supplant lost potential wage amid working years. This insurance can give a secured net to every beneficiary and can likewise help and guarantee the family's financial related objectives will be easily met such as goals like paying off a home loan, keeping a business running, and paying for school.

Whole life insurance

Whole life insurance includes permanent life insurance intended to give lifetime coverage. As a result of the lifetime coverage period, whole life consists has higher premium installment or payments than term life. Policy premium payment are unlike term and commonly fixed, whole life has a financial value, which works as an investment funds segment and may impose tax-deferred after some time.

Whole life is being used a domain planning tool to help save the wealth you plan to transfer to your beneficiaries.

There are currently numerous different sorts of life insurance policies also, for example, those connected to investments, those that give long term care benefits, UL policies with no- lapse by assurance riders, or any other hybrid products. Before, there were just a few sorts of life insurance policies to choose. Be that as it may, as time has passed, many backup plans have added to their variety of product choices. This condition has permitted people and families to discover coverage that is best for them and their financial plans.

Eventually, you have to choose which sort of life insurance approach is best for your requirements. Seeing how each one functions will ensure you settle on the correct choice.

Universal Life Insurance

Universal life insurance is a sort of permanent life insurance intended to give lifetime coverage. Dissimilar to whole life insurance, universal life insurance policies are adaptable, flexible and may permit you to raise or lower your premium installment or coverage payments all through your lifetime. Also, because of its lifetime coverage, universal life insurance regularly has higher premium payment than term.

Universal life insurance is commonly utilized as a component of a flexible domain planning technique to help save wealth to be transferred to beneficiaries. Another significant use is long term income substitution, where the need stretches out past working years. Some universal life insurance product aims in giving both death benefit coverage and building financial value while others strive in providing insured death benefit coverage.

Common Myths about Life insurance

I am single, why do I require life insurance?

Life insurance is a need on the off chance that you have any kind of financial commitment. You may have a few loans, Mortgage, or have credit card loan at some time. In the event that you pass away your Spouse/ Parents /Kids should reimburse them back to bank. Life insurance can help you cover such liabilities and make your family relieve from these money related commitments.

I am young and extremely sound, do despite I require Life insurance?

Life insurance is about filling the financial gap situation during your absence for your friends and family. A sudden demise of healthy and young individual because of mishap or illness can bring a great loss to the family in managing finances in the near future. Despite what might be expected, in the event that you are young it would help you secure lower rates (Premium) for a specific amount of coverage. In the event that you create health problems then you won’t be qualified for insurance or might need to pay exceptionally higher premiums.

I don't have children. Why do I need to consider purchasing Life Insurance?

In the event that you have a spouse then her future related to finance would be at a high risk in the event that you don’t purchase life insurance. Your friends and family will in any case need to pay monthly bills/mortgage and it would turn out to be extremely troublesome if your life partner is not working, as it will set aside time for a profession onset, which may additionally require training or education. Life insurance, can alleviate that risk for your spouse

Your life insurance from work is all you require?

There is a gigantic distinction between having a Life insurance and having set amount of satisfactory life insurance. The greater part of the organizations give a cover, which is double the yearly pay of the employee and that advantage might be recently enough to bolster your family for a most extreme of two years. Another element is that your occupation might be temporary with a specific organization. The time when you change to other organization it may be late where it is possible to take life insurance coverage or it would be too expensive when you really require it. Regardless of the possibility that your employer’s policy is at first less expensive, the cost may go up every year and you will most likely be unable to bring it with you when you resign from that particular organization, You can buy an individual policy that secures your rate for a timeframe for 10, 20 or 30 years.

Just the Wage Earner needs Life insurance

Envision if something somehow managed to happen to the stay-at-home spouse in your family. The Wage Earner may need to get help from somebody who can take care of their children and that can cost a great deal of cash. As a profession woman/man or a homemaker you are still capable and your wage impacts the way of life of the family. On the off chance that you pass away the things will be extremely challenging for your spouse as it would require a major change in the work propensities to suit another way of life. Subsequently, life insurance can help in lessening the burden for your spouse and keeping up the way of life.

Life insurance does not give any profits?

Frequently individuals contrast Life insurance and an investment product; however it’s not all about gaining good profit/returns but rather it’s about moderating the risk and having a significant serenity. Life insurance takes care of the expense of biting the dust too soon; by paying a little amount each year/month and consequently your friends and family may get millions.

My health precludes me from life insurance.

There are many organizations that cover a huge of health conditions and some even have some expertise in high-risk cases. You can likewise buy a policy that does not need any medical exam and otherwise called Non-medical insurance. Simply know that they have a tendency to be a little more costly and may have less coverage limit.

Better deal can be obtained while acquiring life insurance online.

The Internet can be an awesome place to research life insurance and discover a specialist yet you really pay a similar cost whether you buy a policy online or through an individual. What you don’t get online is the individual or personal service that can help you make sense of the amount you require, which organization is probably going to give you the best cost in view of your health circumstance, and what does the application terms mean that is written on the agreement. A website may not understand that you require coverage for your entire life because of a kid with exceptional needs or that your health won’t help you in qualifying for the rates offered by the less price organization.

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Mehan Realty & Financial Services

Munish Mehan


#32, Bridlecreek Gate,
SW Calgary, AB, T2Y 3P2 CA

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