A Better Way to Insure Your Life
One of the main benefits of life insurance is
the peace of mind that comes with
knowing the important people in your life
will have financial security in the event of
your death. Some life insurance products
can also help meet your retirement and savings goals.
Why Buy Life Insurance
Buying life insurance is a big decision.
While you may be thinking, "I'm young, I'm
healthy...I don't need life insurance," the
unexpected can happen. Wouldn't you
rather be prepared in advance?
Life insurance is for your survivors - a
spouse, your children, other dependents. It can also pay off your
mortgage or help you put money away for your child's education.
It can also play a role in your retirement income.
But more importantly, life insurance offers you peace of mind
because it ensures the security of family's financial future.
Universal Life gives you
maximum flexibility and control
Whether you're single or have a family,
own a business or a farm, Universal Life
offers the flexibility you need for your
individual situation - even when that
situation changes.
Within certain limits, The Co-operators UniversaLife II allows you to determine:
- The amount of life insurance protection
- How much premium you pay
- When you will pay those premiums
- The mix among nine investment options
- The optional coverages you'd like to add
Universal Life is based on these simple steps:
- Your premium, minus an insurance charge, is deposited
into one or more investment option accounts.
- Each month, the policy will earn interest on the funds in all
of the investment options.
- Monthly, an amount is withdrawn from the investment
account(s) to cover the cost of the life insurance protection
you have chosen.
Special Features of Co-operators UniversaLife II
- You get the death benefit of your choice. You can even
add on either an automatic insurance increase or return of
premium feature to help your coverage keep pace with
inflation.
- You can insure up to five people on one policy.
- You determine your own specific savings goals. Your
Co-operators UniversaLife II policy can be customized in order to meet
these goals.
- The Automatic Sweep Option allows you to request that
funds automatically be transferred to a guaranteed
investment option whenever the Daily Interest Account
balance reaches a specific level.
- You can decide to increase, decrease or even stop
premium payments provided sufficient funds are available
to meet the ongoing cost of the coverage.
Life insuring your mortgage
with The Co-operators
While most lending institutions will offer
you life insurance tied to your mortgage, there are advantages of
choosing to insure your mortgage with The Co-operators. Call or ask us for information.
Life Insuring Your Mortgage
With The Co-operators
| The Co-operators |
Lending institution's
mortgage insurance |
| Designed to protect you and your family. |
Designed to protect the lender. |
| Upon death, any proceeds from the insurance policy go directly to your beneficiary who decides how to use the funds. |
Upon death, any proceeds from the insurance policy go directly to pay off the mortgage. In most cases, no additional funds are available to your family. |
| The amount of coverage can remain constant. It does not have to decrease over time, as your mortgage does, so extra funds may be available to your beneficiary when you die. |
Usually offers only enough coverage to pay off existing mortgage (e.g. coverage decreases as your mortgage balance does). Coverage ceases when mortgage is paid off. |
| Once your insurance policy is issued, only you can cancel it. Universal Life can cover you for life. Term insurance is guaranteed to continue to age 75. Up to age 65, you have the option of converting it to a permanent lifetime protection policy, regardless of your health at the time. |
Mortgage protection from the lender may not be guaranteed, since it is usually group insurance and the group contract could be cancelled by the mortgage holder or group contract supplier at any time. |
| When you renegotiate your mortgage, you will not have to reapply for the insurance. |
If you switch lending institutions for any reason, you will have to reapply for insurance. Your health situation may have changed and you may be denied insurance. |
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