{"id":1113,"date":"2024-01-22T08:15:31","date_gmt":"2024-01-22T08:15:31","guid":{"rendered":"https:\/\/worklife-immigration.com\/?page_id=1113"},"modified":"2024-01-22T08:21:13","modified_gmt":"2024-01-22T08:21:13","slug":"life-insurance","status":"publish","type":"page","link":"https:\/\/worklife-immigration.com\/index.php\/life-insurance\/","title":{"rendered":"Life Insurance"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1113\" class=\"elementor elementor-1113\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d3aa634 e-flex e-con-boxed e-con e-parent\" data-id=\"d3aa634\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5b6d3e2 elementor-widget elementor-widget-spacer\" data-id=\"5b6d3e2\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e098e51 e-flex e-con-boxed e-con e-parent\" data-id=\"e098e51\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0db7bdb elementor-widget elementor-widget-image\" data-id=\"0db7bdb\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"233\" src=\"https:\/\/worklife-immigration.com\/wp-content\/uploads\/2024\/01\/LI-1024x233.png\" class=\"attachment-large size-large wp-image-1115\" alt=\"\" srcset=\"https:\/\/worklife-immigration.com\/wp-content\/uploads\/2024\/01\/LI-1024x233.png 1024w, https:\/\/worklife-immigration.com\/wp-content\/uploads\/2024\/01\/LI-300x68.png 300w, https:\/\/worklife-immigration.com\/wp-content\/uploads\/2024\/01\/LI-768x174.png 768w, https:\/\/worklife-immigration.com\/wp-content\/uploads\/2024\/01\/LI.png 1352w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b2adb3c e-flex e-con-boxed e-con e-parent\" data-id=\"b2adb3c\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b2697c9 elementor-widget elementor-widget-spacer\" data-id=\"b2697c9\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5fd26cd e-flex e-con-boxed e-con e-parent\" data-id=\"5fd26cd\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c52d703 elementor-widget elementor-widget-heading\" data-id=\"c52d703\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-xl\">Life Insurance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fbbcec1 elementor-widget elementor-widget-text-editor\" data-id=\"fbbcec1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Having a life insurance cover means your family or loved ones would be able to take the fiscal effect of your passing.<\/p><p>A tax-free, single large amount called death benefit from your life insurance cover can help your family to live the way they used to when you were alive, pay off debts, and meet other expenses.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-245f76c elementor-widget elementor-widget-text-editor\" data-id=\"245f76c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3>Term life insurance \u2013 for an individual<\/h3><p>This cover\u2019s death benefit is paid if:<\/p><ol><li>The insured dies within a specific time period<\/li><li>Before the insured reaches a specific age<\/li><\/ol><p>The coverage\u2019s length can be:<\/p><ol><li>For a fixed time period<\/li><li>Till the insured reaches a particular age<\/li><\/ol><p>Also, note that:<\/p><ul><li>Your premiums are set by the policy company.<\/li><li>If the premiums are not paid, the policy may get cancelled.<\/li><\/ul><p><strong>Term life insurance \u2013 for couples<\/strong><\/p><p>If you want to buy life insurance as a couple, first check your existing coverage and study all available options, keeping the advantages and disadvantages in mind.<\/p><p>There are two options:<\/p><ol><li><strong>Joint first-to-die term insurance \u2013\u00a0<\/strong>in this policy, each partner gets the same coverage and the death benefit is paid when the first partner dies.<\/li><\/ol><p>\u00a0<\/p><ol><li><strong>Single term insurance \u2013\u00a0<\/strong>in this policy, each partner has their own policy and coverage amount.<\/li><\/ol><p><strong>What is Permanent life insurance?<\/strong><\/p><p>This type of insurance means you are covered throughout your lifetime till your death. In case you die while the policy is in effect, the payment shall be made to the beneficiaries.<\/p><p><strong>Types of Permanent life insurance<\/strong><\/p><p>These are of two types.<\/p><ol><li><strong>Whole life insurance<\/strong><\/li><\/ol><p>In this type, you are covered for your entire lifetime.<\/p><ol start=\"2\"><li><strong>Universal life insurance<\/strong><\/li><\/ol><p>In this type, life insurance is combined with an investment account.<\/p><p><strong>Beneficiary<\/strong><\/p><p><strong>Naming one<\/strong><\/p><p>A beneficiary is the one you name to receive the death benefit from your policy post your demise. You can name more than one beneficiary, in which case the amount is divided among them.<\/p><ul><li>Revocable beneficiary \u2013 in this type, you can change the beneficiary whenever you want without informing them.<\/li><li>Irrevocable beneficiary \u2013 in this type, you have to gain the beneficiary\u2019s written permission before making any changes.<\/li><\/ul><h3>Naming an under-age beneficiary<\/h3><p>If you want to name a beneficiary that\u2019s below the legal age, you have the option of setting up a trust and designating an administrator\/trustee who can hold the death benefit in the trust on the minor\u2019s behalf. In case you don\u2019t name one, the province or territory shall do so and pay it to the beneficiary once they reach the legal age.<\/p><p><strong>Naming your estate as the beneficiary<\/strong><\/p><p>In this case, the estate will check your will\u2019s details and distribute the death benefits accordingly.<\/p><h3>Naming a beneficiary<\/h3><p>It is vital to name a beneficiary for each policy. Otherwise, your estate shall be assumed by default to be your beneficiary by the insurance company.<\/p><p>Review your designated beneficiaries time and again and, if the need arises, update them.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Life Insurance Having a life insurance cover means your family or loved ones would be able to take the fiscal effect of your passing. A tax-free, single large amount called death benefit from your life insurance cover can help your family to live the way they used to when you were alive, pay off debts, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_joinchat":[],"footnotes":""},"class_list":["post-1113","page","type-page","status-publish","hentry"],"_hostinger_reach_plugin_has_subscription_block":false,"_hostinger_reach_plugin_is_elementor":false,"_links":{"self":[{"href":"https:\/\/worklife-immigration.com\/index.php\/wp-json\/wp\/v2\/pages\/1113","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/worklife-immigration.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/worklife-immigration.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/worklife-immigration.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/worklife-immigration.com\/index.php\/wp-json\/wp\/v2\/comments?post=1113"}],"version-history":[{"count":4,"href":"https:\/\/worklife-immigration.com\/index.php\/wp-json\/wp\/v2\/pages\/1113\/revisions"}],"predecessor-version":[{"id":1118,"href":"https:\/\/worklife-immigration.com\/index.php\/wp-json\/wp\/v2\/pages\/1113\/revisions\/1118"}],"wp:attachment":[{"href":"https:\/\/worklife-immigration.com\/index.php\/wp-json\/wp\/v2\/media?parent=1113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}