Life Insurance Plans for Alberta’s Hardworking Residents

Flexible, affordable Life Insurance plans designed for everyones needs across Alberta — including Term Life Insurance, Whole Life Insurance, Child Life Insurance and No Medical Insurance

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What is term life insurance?

Private Lane Advisory's Term life insurance, is a type of life insurance that lasts for a specific period of time, which can be a fixed number of years or until you reach a determined age. You pay a level premium to the insurance company until the expiry of the policy term.

In return, the beneficiaries you name are entitled to receive a tax-free, lump-sum death benefit if you die within the term of the policy. Once the policy term ends, your coverage also expires and you will stop paying premiums.

The word term in term life insurance refers to the exact time period you are covered by your policy. 

Some typical Private Lane Advisory Life Insurance terms are:

•     10-year policy term
•     20-year policy term
•     30-year policy term
•     Until the age of 65

Additionally, depending on your circumstances, some insurance providers will let you pick your own term between 5 and 40 years that will best suits your needs. These are all examples of level term policies where the death benefit and monthly premium remain the same through your chosen policy term.

Lastly, there are specific term life insurance policies for unique applications:

Annual Renewable Term.
    A short-term life insurance policy that locks in your premiums for one year and can be optionally renewed at the end of each year. Sometimes referred to as Yearly Renewable Term.
    
Decreasing Term Policies. 
    A form of term life insurance where the death benefit decreases in later years of the policy.

How does term life insurance work?

With Private lane Advisory, our life insurance policies are a contract between you (the individual being insured) and a life insurance company (the insurance carrier you choose). The insurance company agrees to make a lump sum, tax-free payment to a beneficiary should you (the insured individual) die during the entire term of the policy.

Life insurance carriers use detailed statistics and actuarial models in the application process to determine the premiums for this coverage. Premiums are the monthly fees or annual fees you pay to ensure your policy is in force. Insurance carriers use this data to assess life expectancy and the likelihood they will have to pay out the full death benefit. If the likelihood of having to pay out the policy is higher, the premium rates are higher. If the likelihood of a payout to your beneficiaries is lower, the premiums are lower (or you may even qualify for preferred rates).

A beneficiary is a person (or people) that you, the policyholder, will choose to receive their death benefit. While they are typically a spouse, partner, or children, the beneficiary can be anyone you choose, including charities or even trusts.

In some cases you may need to go through a medical exam to qualify for your term life insurance policy, but there are no-medical insurance options for those who wish to skip medical underwriting.

Unlike other types of life insurance policies, term policies hold no cash value or savings component. This is one of the reasons why term life insurance is one of the most cost-effective insurance plans for Albertans. 

What is the difference between term life insurance and whole life insurance?

Term life insurance policies and whole life insurance policies are different ends of the protection spectrum. Whole life insurance offers coverage for life. It is a lifelong policy and is in force as long as your policy premiums are paid.

Whole life (or permanent) insurance can provide for permanent needs and cover you for your entire life. This can include providing for final tax expenses, funeral arrangements, or leaving a tax-advantaged legacy behind for children or grandchildren.

What is whole life insurance?

With Private Lane Advisory, whole life insurance is a type of permanent insurance that offers coverage for your entire life. As long as premiums are paid, the insurance company pays out a tax-free death benefit to your beneficiary, when you pass away.

Whole life policies do not have an expiry date. That means you get lifelong coverage. The premiums you pay for whole life policies are guaranteed and stay the same over your entire life.

Whole life insurance policies also have a savings/investment component. A part of the premiums you pay are invested by the insurance company and then the investment returns are available for you to use.

The accumulation of cash value from a whole life policy can be used to supplement your retirement income, pay for children’s education, or for any other purposes you may want to use it for.  

What are the advantages of whole life insurance?

Private Lane Advisory's knowledgable advisors believes that Whole life insurance has many advantages. It not only provides you with guaranteed, lifelong protection but also a death benefit for those you leave behind to cover end-of-life expenses or outstanding loans. In addition, your policy accrues a cash surrender value that you can access while the policy is in force after a determined number of years. Lastly, the premiums stay level, so you can budget your monthly insurance premiums accurately for the life of the policy. 

How does Private Lane Advisory whole life insurance work?

When you purchase a whole life insurance policy from Private Lane Advisory, it requires payment of a fixed level premium based on your chosen coverage amount and other personal factors such as your age, gender, smoking status, etc. The premiums can be paid monthly or annually. Some whole life policies will also allow you to pay off the entire premium within a limited period.

The premiums paid by you go towards three components:

• One portion accounts for the cost of pure life insurance
• Another portion represents the overhead costs and margin expectations of the insurance company
• Balance premium is invested in a low-yielding stable investment portfolio that accumulates returns. These returns are generated on a tax-deferred basis and are available to be used as cash value during the lifetime of the person insured by the policy. Most whole life policies will guarantee a rate of return. The cash value from the policy will grow with time, based on the actual rate of return. This cash value is tax-deferred and available for you to access, during your lifetime, to meet any planned or unplanned financial needs. Cash value is typically available after a specified number of determined years, such as after 5 or 10 years.

Once you pass away, the insurance company will pay the death benefit to the beneficiary named on the policy. 

Can I convert my term life insurance to a whole life policy?

Yes, at Private Lane Advisory you can convert term life insurance to a whole life insurance policy that provides coverage for life, though there may be some restrictions.

Convertibility is a feature many insurance providers offer on their term insurance policies. It lets you convert your term life insurance into a whole life policy before you reach a certain age - like 65 years old.

While it may be less expensive to get a brand new whole life insurance policy, it’s great to have a backup plan, like convertibility options, in case you don’t qualify for the new insurance plan of your choice. 

Children's Life Insurance with Private Lane Advisory

Children's life insurance is permanent life insurance purchased for a minor or child by a parent or grandparent. Children's life insurance offers your child lifelong insurance coverage and a great savings vehicle to meet their future financial needs and goals.

The child or minors policy’s cash value accumulates over time. Building a savings that the insured child can use for any major expense down the road such as education needs or a down payment for their first car or first home.

A children’s life insurance policy is a flexible way to provide your child or grandchild with life insurance coverage, a financial head start, and lifelong peace of mind should they choose to keep the policy active.

How does a child  life insurance policy work?

At Private Lane Advisory, a Children’s life insurance is commonly a whole life insurance policy used to insure a child. This policy also has the additional features of liquidity and growth.

Private Lane Advisory's Children’s life insurance is guaranteed to remain in force for the covered child’s entire life (including into adulthood) and can also generate cash dividends during the policy period - the child’s whole life. This provides your child with both lifelong insurance coverage and a head start on their financial savings and future.

Whole life insurance accrues a cash value, which the policyholder can withdraw from – like a savings account – or use as collateral for a loan from a financial institution. 

Can Private Lane Advisory insure a child's life?

Not just anyone can set up life insurance for a child. The person purchasing the policy must have an insurable interest in the person insured. Generally, a parent, grandparent, or legal guardian would be the ones buying whole life insurance policy for a child.

Will my child need to do a medical examination to get coverage?

Your child is not required to do a medical examination or bloodwork to qualify for children's life insurance policy. The whole life policy ensures that children have lifelong coverage, while they are in good health and can benefit from the lowest premiums available to them.

What is the age limit for child life insurance?

The age limits for child life insurance vary by type of policy coverage. Child term riders typically can be added for a child until they reach between 21-25 years old depending on the insurance provider. Whole life insurance for children typically must be purchased before their 18th birthday. 

How is a Child Term Rider different from children's life insurance?

A child's term insurance rider is an optional feature available for most life insurance policies that offers term insurance protection for the child of the insured at an additional cost - also known as premium. The child term rider offers no cash value, the coverage is not permanent, and the maximum death benefit is substantially lower (a maximum of $30,000 depending on the provider) than a standalone policy.

A child rider must be added to the parent’s insurance policy when they apply for coverage and before the child turns 17. Child riders last until the child reaches a particular age (usually 25) or up to the time the parent turns 65 (whichever occurs first). It is also possible to convert the rider into a permanent insurance policy between the insured child’s ages of 21 and 25.

A child's permanent life insurance policy is a standalone insurance policy. It offers lifelong coverage, with access to a cash value and can be purchased independently of a parent's policy.

Which insurance is best for a child?

With the above in mind, Private Lane Advisory would suggest whole life insurance as the best type of life insurance option for children, especially compared to a child term rider.

What is a no medical life insurance policy?

A No-medical life insurance policy, also known as a simplified issue life insurance, only requires passing a short, standardized medical questionnaire to get  life insurance coverage.

If you meet the criteria after answering the medical questions, you instantly qualify for life insurance without the need for medical underwriting. Pricing is normally higher than a medically underwritten policy: the insurance provider takes on more risk offering you a policy without the underwriting review or asking more in-depth specific questions about your health. 

What does simplified underwriting mean?

At Private Lane Advisory, a simplified issue life insurance policy offers a straightforward coverage option for those who wish to avoid full medical underwriting, which would include exams, bloodwork, needles, or invasive questions about your health and lifestyle.

Simplified underwriting generally means you do not need to participate in the medical examination and instead answer a simple questionnaire that would contain basic health questions.

A simplified issue life insurance policy also provides the option for quicker coverage without the need for more strict qualifications. For example, Albertans looking for a quick and easy insurance application with little chance for hiccups or delays should consider simplified issue life insurance policy.

However, they should keep in mind this type of coverage involves a higher monthly premium rate and does not offer as flexible terms, coverage or options like other traditional insurance policies. 

What does no medical life insurance policy mean?

With Private Lane Advisory, a no medical life insurance policy means you do not have to do a medical exam or produce bloodwork to qualify for your life insurance policy. No medical life insurance policy is another term for simplified life insurance.

Simplified or no medical life insurance policies offer coverage to those in unique circumstances. They can include:

• Health Problems: Those with previously existing health problems, previously declined by standard life insurance policies, in poor health, or hard to insure.
• Hazardous Job: Those working in dangerous jobs and professions like roofing or logging that have higher risk for work.
• Medical Testing: Those who don’t like needles, medical exams, or sharing their medical records.
• Time Restraints: Those wishing to get coverage quickly.

What is the difference between Simplified Issue and Guaranteed Issue policies?

Simplified issue life insurance requires you answer only a few questions about your medical history for the life insurance application, rather than undergoing a full physical medical exam and interview process.

Guaranteed issue life insurance requires no medical questions or medical underwriting. You qualify for coverage, regardless of your health.

Simplified issue and guaranteed issue life insurance policies make applying for a policy both quick and easy. However, if you're in excellent health, you would get a much better rate on your monthly insurance premium rates by going through a standard application process, which generally includes a life insurance medical examination. 

Who should consider a non-medical life insurance policy?

You should consider non-medical life insurance options if you:

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Life Insurance Policies - Get The Right Insurance Coverage For Your Life or Child 

Whether you're looking for Term Life Insurance, Whole Life Insurance, Child's Life Insurance, or No Medical Life Insurance, Private Lane Advisory makes it easy to get the right insurance coverage - FAST. 

Let Private Lane Advisory compare top plans from Canada's leading insurers and help you find the protection that fits you and your lifestyle. 

Start with a free, no-obligation quote today.

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