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Life Insurance

What is Life Insurance?

Life insurance is the most trusted way to ensure the safety and security of our loved ones in our presence and also when you are not around as It delivers tax-free payment to your family or your selected nominees after you die.
Life insurance is a lifetime security investment for your loved ones as it not only financially compensates your family for the loss of your income but also helps your family clear your outstanding loans & liabilities.

There are a lot of employers that help cover their employees with group life insurance benefits. This group cover provided may not be enough to match all your requirements and there is also a possibility that the policy may cease to exist once you leave the organisation or retire. Thus investing in an added individual life insurance is a prudent method of ensuring the financial security of your family.

For our customers looking at Protection plus wealth generation, we offer hybrid financial products that combine life insurance and investment, with higher ticket sizes and different cost structures compared to regular unit life insurance plans.

Reasons to buy Life Insurance

  • Since insurance is a tool to manage risks arising in life, life insurance products help in maintaining standard of life & meeting life goals
  • Life insurance products should be used to “Ringfence” investments & wealth generated in order to safeguard them & also to ensure that the living standards of a family are not impacted due to the loss of the primary earning member of the family
  • As a thumb rule, one should look at buying a life cover of 10-15 times of ones net annual income, accounting for liabilities like home loans etc
  • In order to buy an ideal cover, one should look at factors like age, financial assets, financial liabilities, annual income, lifestyle & expenses of dependents
  • One should keep reviewing this every 5 years , keep a check on protection requirements & keep upgrading the cover amounts
  • This clearly tells us that protection plans are as important as investments in equity, mutual funds & real estate as they help protect our wealth generating instruments
  • Buying term insurance early in life lowers premium rates, which will remain the same throughout your life
  • Life insurance payouts are tax-free

Different Types of Life Insurance plans available with Upllyft

1. Term Life Insurance

  • Term life insurance covers you for a particular number of years, usually 10, 20, or 30 years. It provides coverage during the years you are likely to need it most.
  • Term life insurance coverage is usually more affordable because it is only for a fixed duration.
  • Term life insurance provide coverage up to $10 million and tax-free payments is given to the beneficiaries if the policy is active at the time of your death.
  • You can convert your term policy to a permanent life insurance policy– If your term policy has a conversion rider then you can convert it into a permanent life insurance policy without having to go through the underwriting process again.

2. Permanent Life Insurance

  • Permanent life insurance, also known as whole life insurance is among the most common types of insurance in Canada. It provides coverage for your entire life, as long as you pay the premiums on time.
  • Besides promising a set payout whether you die young or old, a permanent life policy includes an investment feature. A portion of your each premium payment gets deposited into a saving component called “cash value”, you can take out a loan against it, or withdraw it — partially or fully — to ease a rough financial patch.

3. Universal Life Insurance

  • Universal life insurance is a type of permanent life insurance. It provides lifetime coverage and builds cash value, but its premiums are flexible, death benefit adjustable
  • You can choose to invest the money after covering your policy cost and accumulate tax-free wealth on your investments.

4. Participating Life Plan

  • A participating type of life insurance policy allows you to share in the profits of the insurance company through dividends and grows your wealth tax free.

5. Simplified Life Insurance

  • It is a type of life insurance that is very easy to qualify for and requires no medical examination. This is best suited for people having pre-existing medical conditions and who do not qualify for any other life insurance plans.

Please contact us at

Upllyft has a team of experienced life insurance agents, offering you the suitable life insurance quotes. We offer you plans and investment options that best suit your requirements considering your budgets and medical conditions.

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