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Insurance
Insurance Overview
Coverage for Every Need and Budget.
Choose from affordable, simple protection for a young family to permanent coverage that can help build and protect your wealth:
- Pay your final expenses, taxes, and any debts that you may have
- Provide an income for your family
- Ensure your family has the resources to maintain a comfortable standard of living
- Leave a legacy to your favourite charity
Life insurance can also be an important tool in your business. It can:
- Protect financial obligations, such as a business loan or mortgage
- Protect the value of your estate from potential creditors
Regardless of your reasons for needing life insurance, it can play a very important role
in your total financial plan.
Term Life Insurance
Protect what matters most to you. Term life insurance can cover significant financial commitments if you are no longer there to support you and your family, at the lowest initial cost to you.
What is term life insurance
Term life insurance offers simple and affordable life insurance protection. You get valuable coverage for a set period of time, along with plenty of options to meet your needs and budget. It provides a tax-free cash payment to your beneficiaries if you die while your coverage is in effect.
Who is it for?
Term insurance is often ideal for people with young families, young adults, and business owners who need immediate coverage but have limited funds to work with. That said, it can be an excellent choice for virtually anyone who needs affordable, straightforward life insurance protection for the short term.
How does it work?
When you buy term life insurance, you choose your beneficiaries, the amount you are covered for, and the length of your coverage – which is available from a T10 – T40 and every amount in between. Your payments will never increase for the entire length of your term. You can renew your coverage when your term finishes, but at a higher cost than what you paid previously. You can also easily convert to permanent life insurance, which – although more expensive – provides lifelong protection that can accumulate cash value to help you achieve your financial goals.
How does it benefit you and your family?
Term life insurance can help ensure your loved ones are not burdened with financial obligations if you are no longer there to support them. The tax-free payment they receive can be used for anything – like helping to pay off a mortgage, taking care of daily expenses, or funding your children’s education.
Valuable coverage, affordable price
Because term life insurance is less expensive than permanent insurance, you can afford to buy more coverage to better suit your needs. Your premium payments are locked in and will never increase during your term.
Easily upgrade to lifelong protection
If permanent life insurance is not in your budget today, term insurance offers an effective short-term alternative with the option to transition to lifelong protection when the time is right, without having to answer additional questions about your health.
Mortgage Insurance
Protect your home Not your lender
At Harvest Capital, we don’t insure your mortgage, we insure you. After all, you’re the one making those mortgage payments. Through a personal life insurance policy, you can plan to meet more of your family’s needs in the event of death.
We offer free life insurance quotes from all leading life insurance carriers, and can help you purchase the most affordable life insurance policy that best meets your requirements. Mortgage life insurance does not have to be purchased from the lending institution! We offer superior and lower cost mortgage life insurance!
Whether you’re looking to provide a financial safety net for your loved ones, moving from one house to another or perhaps you are a first time buyer looking to arrange your mortgage life insurance – or simply wanting to add some cover to what you’ve already have – you’ll want to make sure you choose the right type of coverage and get a great deal too.
Never buy mortgage insurance at your bank!
REASON #1:
While the monthly premium is generally locked in at the rate per $1000 according to the age of the older insured person, the amount of the payout shrinks as the mortgage is paid down. What does this mean for you? The cost of mortgage insurance becomes very expensive as every week passes! With our low-cost solution…, the face amount and premium payments do not change for the term of your plan.
REASON #2:
When you die, the bank receives the proceeds. You cannot assign anyone else, including family members, as beneficiary. In contrast, with our solution, you appoint a beneficiary who can use the proceeds in whatever manner he/she wishes. If it is wiser to invest the proceeds rather that pay off a low interest mortgage, the beneficiary has the choice. If your family does decide to pay off the mortgage, they can keep the balance of the proceeds.
REASON #3:
Any change to a mortgage document — refinancing or a change of address, for instance — opens the door to collapsing the mortgage insurance agreement with the bank. You are then required to reapply for mortgage insurance, and rates increase with age upon renewal. If your health is poor at that time, the application may be turned-down, leaving you with no protection. With our solution, your protection is guaranteed for the full length of the term, regardless of any change in your health, and is completely independent from any changes made to your mortgage, including refinancing or transferring the loan to any other lender.
Mortgage life insurance is marketed with a specific need in mind – that of paying off a major debt like a mortgage. The amount of your mortgage life insurance may represent only a part of your overall family responsibilities. Call Harvest Capital speak with a Financial Advisor to determine if you are overpaying for protection, or to determine if you are protected appropriately.
Watch CBC Marketplace – “In Denial”
Watch “Mortgage insurance: Not always a sure thing” video segment from CBC Marketplace on February 6, 2008 which provides you with concise information about bank mortgage insurance and the reasons for consumers to purchase their mortgage insurance through a licensed mortgage insurance broker. Important Notice: Our mortgage insurance plan does not replace CMHC mortgage insurance, which is insurance you buy when you can’t put at least 20% deposit down to buy your home.
Whole Life
Whole Life insurance gives you lifelong protection and the potential to grow your wealth over time.
Participating life insurance
Participating life insurance offers insurance protection with the potential to grow money tax-free within legislative limits inside your policy over time (called cash value). You can use your policy’s cash value while you are still living. As long as your premiums are paid, your coverage lasts a lifetime. Your initial basic coverage and basic cash value are guaranteed.
When you buy participating life insurance, you are also eligible to receive policyholder dividends, which can be used to buy more coverage, reduce your premium payments or taken as cash. Keep in mind that you may have to pay tax on any withdrawals.
Who is it for?
If you are interested in lifelong insurance coverage that can also be used to help support your financial goals, participating life insurance may be ideal for you and your family. It can also be a practical option if estate planning is your focus, as it gives you the option to increase your coverage to keep pace with inflation or leave more to your loved ones.
How does it work?
Premiums you pay towards your participating life insurance go into an account called the participating account, which is pooled with premiums from other participating policy owners. Our asset managers invest the assets in the participating account with the goal of managing risk and increasing its value. The assets are used to pay policy benefits, including death benefits. When the participating account performs well, you may be eligible to receive policyholder dividends.
How does it benefit you and your family?
Unlike term life insurance – which only provides coverage for a set period of time – participating life insurance guarantees that you and your family are protected for life, as long as your premiums are paid. Policyholder dividends give you the opportunity to increase your coverage, reduce your premiums and protect more of your money from taxes while you are still living.
Leave more for the people you care about
The payout from your insurance can go to your beneficiaries tax-free when you die. You also have two powerful methods available to increase your coverage: depositing additional money into your policy and using dividends to increase your coverage.
Grow your wealth
Whether you want to supplement your retirement income, fund your children’s education, or realize your dream of starting a business, participating life insurance can help you achieve your financial goals through the accumulation of tax-advantaged cash value.
Non Medical Life Insurance
No-medical life insurance refers to a category of life insurance products which do not require a medical exam or a physical, or even a medical statement from your doctor.
Increasingly, Canadian insurance companies are offering policies which don’t require a medical exam. Canadians are in a time crunch, between work, children, and other obligations – non-medical life insurance makes obtaining coverage easier for their potential clients. In today’s tech-driven world, where instant gratification is available at the click of a button, it is no surprise that non-medical life insurance policies are the fastest growing segment of the life insurance market.
Canadians have so many insurance options these days. With the ability to shop for insurance online, research different policies, and educate themselves on how different types of insurance work, it’s no wonder they come across the logical evolution of convenience in insurance shopping: a non-medical life insurance policy. While the prospect of life insurance without going through the trial and tribulations of medical underwriting sounds appealing, it can lead to higher costs and lower coverage depending on how you obtain it.
When should I buy no medical life insurance?
No medical life insurance is best for people who need life insurance but aren’t able to get a standard policy due to health or other reasons:
- If you’ve been turned down for standard life insurance coverage.
- If you have a chronic illness such as diabetes, heart disease, cancer, or HIV.
- You’ve been convicted of impaired driving in the past.
- You work in a dangerous occupation, such as logging, sea fishing, or roofing.
- You’re uncomfortable undergoing a medical examination.
Universal
Protect Your Family. Invest For Your Future.
Universal life insurance combines lifetime insurance coverage with the long-term growth potential of tax-advantaged investing.
Benefits of Universal Life Insurance
A flexible solution that offers the security of lifetime coverage and tax-effective investing to help you protect your assets and your loved ones for the long-term.
Lifetime Coverage
With universal life insurance, you have permanent coverage for life—your coverage does not end after a certain period.
Tax-Advantaged Investing
A portion of your premium purchases your insurance, while the rest earns interest that is not taxable while it remains in your policy.
Access to Funds
Throughout your lifetime, you can access the funds in your policy to supplement your income in retirement or during a time of illness.
Estate Planning
The unique features of universal life insurance make it an ideal way to protect your assets and pass them on to your beneficiaries.
Plan Details
One of the top advantages of Universal Life insurance is its flexibility—your coverage and premiums are customizable now and into the future.
Highlights
- Lifetime Coverage: Coverage is for life and cannot be cancelled or changed
- Tax-Free Benefit: Your beneficiary or estate receives the death benefit tax-free
- Death Benefit Options: Choose from a level protection or increasing protection death benefit option, based on your needs
- Flexibility: Choose how much to pay into your policy and how you want to pay your premiums
- Range of Investments: Create the portfolio that is right for you with a range of investments called interest options and your choice of two plans—one with bonus interest, one without
- Tax-Effective Investing: The interest you earn is not taxable, which can help you grow your money faster
- Access to Your Money: Use the cash value you’ve accumulated in your policy to supplement your income in retirement or during a time of illness
- Living Benefits: A compassionate advance and a disability benefit can provide valuable protection while you are alive
- Single or Joint Coverage: Choose coverage for yourself only, for yourself and your spouse, and/or for other family members
The Right Choice If You
- Are a Canadian citizen or a Permanent resident/landed immigrant who have been in Canada over 12 months
- Are from age 0 to age 85
- Want permanent life insurance coverage
- Are financially secure and want to grow your wealth
- Contribute the maximum to your RSP
- Are nearing retirement and want to preserve your estate
To apply, you will most likely need to complete a medical exam and answer health questions.
Contact Us Today!
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