Understanding the different types of insurance available and how to choose the one that’s right for you.

TERM INSURANCE: can often be the best choice of life insurance protection since it can meet your needs now and fit comfortably within your budget. These policies are commonly issued for specified periods, such as 5, 10, 20 and 30 years; they can easily be renewed or converted to a Universal or Whole life policy. It provides a large amount of insurance protection for a relatively low premium. This type of insurance is suitable for people who have a financial need for insurance coverage during a specific time period.

CRITICAL ILLNESS INSURANCE: is a living benefit that pays a lump sum (tax free) benefit usually 30 days after you are diagnosed with, or in some cases have surgery for a critical illness, such as a heart attack, stroke, life threatening cancer, and paralysis or kidney failure. Therefore, you have the independence to make a meaningful decision about your physical and financial recovery and protect your standard of living. Unlike Disability Insurance, Critical Illness Insurance is not based on your inability to work. You collect the full amount of coverage, even if you make a full recovery.

DISABILITY INSURANCE: is a living benefit product designed to provide a monthly benefit to an insured that is unable to work due to an injury or illness. The benefit amount is usually a percentage of income, which can be gross or net, depending upon the type of contract and the company chosen. This income will be paid for a specific time period after a covered illness or injury occurs and the disability continues. The Disability Insurance must be purchased prior to the injury or illness.

LONG TERM CARE INSURANCE: provides daily or monthly benefit amount to fund the cost of either a nursing home or home care. This is an affordable solution which protects savings, assets and financial security from the cost of long term care. It provides the flexibility to choose a suitable facility or to receive professional care in the home. Benefits can be paid directly to the insured, regardless of government aid. They can be used to fund care, and/or out-of-pocket medical expenses not necessarily covered by government, such as wheelchairs, or physical therapy.

PERMANENT LIFE INSURANCE: the coverage is for life. With some plans, you pay the costs, or premiums for a limited period of time. With others, you pay for the rest of your life. Unlike term insurance, you never have to renew. With some plans, part of your premiums can go into a cash account to build up savings for you. This is the cash value of your policy. After some years, you may be able to pay your premiums from the cash value. You may be able to borrow against the cash value of the policy but this may affect the size of your death benefit.

TRAVEL INSURANCE: protects a traveler’s vacation against cancellation and interruption while also providing medical, lost or damaged property and travel delay coverage. Travelers are reimbursed if they have to cancel or interrupt their travel, they are also covered should the need arise for emergency medical treatment, medical evacuation and a number of other situations.

We all pass through numerous stages where our circumstances change, for better or for worse, and new challenges and opportunities arise. As our circumstances alter, it is important that our financial plans adjust as well. The important thing is to make sure that as your life situation evolves you have another look at your insurance protection to make sure it reflects your current requirements.

If you would like to review your insurance needs, we would be happy to help.

All insurance products offered through National Financial Insurance Agency (NFIA)


Theresa Wever and the Money Concepts Team.

Commissions, trailing commissions, management fee and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.