FAQ

Why Well Life Co. ? Why not my parent's 'guy'?

Why Well Life? Why not my parent's 'guy'?

 

Well Life is a new life insurance company in Winnipeg, and with that, we have fresh ideas and brains, new insights, and better knowledge of the emerging products in the industry. 

 

We also want to grow with you. The purchase of your first life insurance product is not a one time thing; as you grow and your life changes, so should your insurance portfolio. 

 

Your parents guy might be on their way into retirement and your client file may be passed around from broker to broker. Additionally, products and processes have changed. The licensing program is new, and a lot of "senior" advisors did not have to take industry regulation exams the same way we did. 

 

Phone, text or visit and we will show you why you should choose Well Life. 

How much does it cost?

How much does it cost?

 

Life insurance can be incredibly expensive, but it can also be inexpensive. 

 

The cost of life insurance depends entirely on your age, gender, smoking status and other lifestyle habits. It also depends on the product you would like to buy. For instance, if you are a 29 year old male who smokes, you can purchase a 10 year policy for $300,000.00 for under 40 dollars a month. 

 

Permanent insurance is far more expensive because the insurance company is at a greater risk, you can add on certain benefits, and your policy is generating cash inside of it. 

 

Product choice is different for everyone, at Well Life we care about what you are comfortable spending each month and want to make sure it fits perfectly with your financial plan. 

I already have coverage through work...
Why do I need more?

 

I already have coverage through work... Why do I need more?

 

You may already have life insurance and a health plan through your employer but what happens when you need more time off for your disability or you are let go from your job? Your coverage disappears. 

 

Life is unpredictable and you want to make sure you are completely covered. 

 

The good news is, you can supplement your coverage and lock in your health and age with a personal insurance policy on your life. The benefit of doing this is that you do not have to worry that you will be without coverage if you are let go or that you have to return to work if you are not ready.

Do I actually need life insurance?

Do I actually need life insurance?

When your money matters to someone else, you want to protect it. If you have children, a partner, or debts that will fall onto someone else, life insurance should be a part of your overall financial plan.

What is the benefit?

What is the benefit?

Purchasing life insurance is not exciting, you don’t get to drive it home and you don’t get to wear it when you go out on Friday. But, it will provide you with peace of mind which is more valuable. The ability to protect your family is so important, and you can do this with life insurance. Although you won’t personally get to see the benefit that your life insurance has, your family will. 

 

Permanent life insurance and living benefits provide benefits that you can actually see. Permanent life insurance generates a cash value, while living benefits (critical illness insurance and disability insurance) will pay out a tax free sum when you make a claim. 

How does life insurance benefit my family?

How does life insurance benefit my family?

 

If you bring in an income that supports your household, and you contribute to the bills, and your families lifestyle, it is your responsibility to protect them. 

 

If you were to pass away and there was no life insurance policy in place; your family may struggle to pay off debts, bills, and maintain their lifestyle. Having life insurance gives your family time to grieve a loss without having to worry about their finances.

How does life insurance benefit my business?

How does life insurance benefit my business?

 

Your family probably depends on the income from your business to enjoy the lifestyle they have and to pay the bills. If you were to die and you did not have life insurance, your family might not be equipped to take over the business, sell the business, and they may even lose other assets if you had taken out loans. 

 

Your business might also rely on key employees whose talents are vital to its success. If they were to die, that life insurance would pay out tax free. This can help the business operate with their absence by hiring a replacement, covering off other costs, buying out their shares etc. 

 

Buy sell agreements can also be beneficial to your business if you have multiple owners.

What is critical illness insurance?

What is critical illness insurance?

 

Critical illness insurance is a living benefit insurance product. This product is meant to pay out a tax free lump sum benefit to you if you are diagnosed with an illness that is covered in your policy.

What is disability insurance?

What is disability insurance?

Disability insurance can also be called income replacement insurance. This is a living benefit insurance product. When you are unable to return to your work because of a disabling accident, your insurance company will pay you a percentage of your salary monthly for a certain amount of time after a designated waiting period. 

 

If you already have this coverage through your employer, you always have the option of topping up your coverage. Often, the benefit period and waiting period are not long enough. With personally owned disability insurance, you will be able to take more time to heal and rest before returning to your job.