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Life Insurance


Life insurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums.

 

As with most insurance policies, life insurance is a contract between the insurer and the policy owner whereby a benefit is paid to the designated beneficiaries if an insured event occurs which is covered by the policy.
The value for the policyholder is derived, not from an actual claim event, rather it is the value derived from the 'peace of mind' experienced by the policyholder, due to the negating of adverse financial consequences caused by the death of the Life Assured.

 

To be a life policy the insured event must be based upon the lives of the people named in the policy.

 

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide, fraud, war, riot and civil commotion.


Peace Insurance & Financial deals with almost all the bigger and trustable Life Insurance companies in Canada. We offer all three types of Life Insurance including Term Insurance, Whole Life Insurance and Universal Life Insurance. You can contact us for the advantages and suitability of any of above mentioned for you.