PIBC INVESTMENT SERVICES
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Life Insurance

Start protecting your loved ones now…

Life insurance is a valuable asset to have. No matter what stage of life you’re in, you can expect to see the benefits of owning a life insurance policy. We offer a wide variety of insurance policies to meet your needs. Our top priority is serving in the best interests of our clients.

Life insurance is an agreement between you (the policy owner) and an insurer (insurance company). Under the terms of a life insurance policy, the insurer promises to pay a certain sum to the beneficiary upon your death, in exchange for premium payments. Proper life insurance coverage should provide you with peace of mind, ensuring that those you care about will be financially protected after you die.

Some of the advantages of Life Insurance policies include:

• Ensuring financial survival for your family, in the case of your death
  
• Allowing for your surviving children to attend college
  
• Making sure your funeral expenses do not become a burden for your family
  
• Taking care of inheritance taxes so your heirs would not have to take them into consideration
  
• In some kinds of life insurance, funding activities such as a down payment for a home
  

There are many varieties of Life Insurance, such as:

• Term:  Term life insurance is the simplest form of life insurance. This plan provides the face amount of the policy as coverage to the beneficiary of the policy if the insured dies during the policy period or term of coverage. Premiums are level during the policy year and may renew at a higher premium at the end of the term. In short, term life provides “pure insurance protection” for at a low cost for a period of term.
  
• Universal Life:  Universal Life insurance is a flexible life insurance that combines the benefits of permanent life insurance protection and cash values. Universal Life gives you the flexibility to choose the protection amount that best fits your family; it’s less expensive than other permanent life insurance but more expensive than term insurance. 
  
• Whole Life:  Whole life, also known as Permanent Life, provides a death benefit as well as a tax-deferred cash value accumulation based on investment results of the insurance company. You pay a fixed premium each year. Since Whole Life provides cash value, premiums are initially higher than term with similar coverage amount. As such, you may consider it as a savings feature. You may borrow a portion of the cash value through policy loans. You may also stop paying premiums after a number of years and use the cash value to pay premiums or purchase other insurance. You may also surrender the policy for cash. 
  

The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications.

For more information on the different types of Life Insurance products, please call or visit your local branch to speak to one of our Financial Consultants. We will assist you in evaluating your personal needs, and in making the right choice of insurance plan at most competitive rates.