A Glossary Of Life Insurance And Investments Terms Wednesday, Jul 10, 2019posted in: Uncategorized Every industry has its own language and terms. These words and phrases can be confusing to anyone who is not part of the daily operations of a specific industry, and the insurance and investment business is no exception. To help you understand the terms, acronyms, and phrases regularly used when purchasing insurance, Ace Financial Group Inc. has created this handy reference guide. Here you’ll find valuable information allowing you to comprehend and communicate your insurance and investment needs effectively. Permanent Insurance. This is where the sum insured, or the Cash Surrender value will eventually get paid to you or your beneficiary. Term Insurance. There are various insurance terms varying from Term 10/Term 20/Term 25/Term 30/ Term 40 and Term up to age 65. Whole Life Insurance. You pay the premium for a period of ten years, twenty years or until the age of one-hundred. PAR (Participating) Non-Par (Non participating) Whole Life Insurance Plans. Under a PAR policy, the company pays you a dividend every year. It can be added to your Cash Surrender Value or can buy additional insurance. Universal Life Insurance. Here you have an insurance component and an investment which you can pick and choose from an array of funds offered by the insurance company. Critical Illness Insurance. The policy pays the benefits if the insured is diagnosed with a life-threatening illness like cancer, a stroke, a major organ transplant, heart attack, an open heart surgery, and twenty other conditions. The payout is offered if the insured survives for a period of a minimum of thirty days. ROP (Death) ROP (Surrender or Expiry). These are the terms used in the context of a Critical Illness insurance. ROP (Death) Premium is refunded if the insured dies due to an unrelated cause like an accident or a suicide or dies within thirty days of being diagnosed with a critical illness. ROP (Surrender or Expiry). The insured can cancel or surrender the plan after the same has been in force for at least fifteen years and get a full refund of all the premium payments. Disability Insurance. Here a monthly benefit is paid to the insured when he is disabled due to an accident or sickness. Waiting Period and Benefit Period. The waiting period could be as low as 0/30/60/90 or 120 days before the benefits become payable. The benefit period is the time for which the insurance company will be paying the benefits which could be two years, five years, or up to the age of sixty-five. Non-Medical Life Insurance. No medical examinations like blood tests, urine samples and height weight, and blood pressure measurements are required. The company will issue the policy based on the responses provided on the application. The coverage amount offered varies between $10,000 to $500,000. Super Visa Insurance for parents and grandparents being sponsored to Canada. The sum insured has to be a minimum of $100,000 and maintained for a period of coverage of one year. Drug and Dental Insurance. This insurance covers a portion of the expenses incurred by you on drugs and dental services. The policy also covers Extended Health Care benefits like massage therapy, chiropractor sessions, physiotherapy, eyeglasses, hearing aids, etc. Suitable for those who are self-employed or employed but without benefits offered by the employers. If you’re looking for an independent insurance and investment agency in Mississauga, reach out to the experts at Ace Financial Group Inc. We serve clients across Mississauga, Brampton, Milton, Oakville, Markham, Vaughan, Caledon, Hamilton, Guelph. We consider ourselves responsible for the efficacy of our services, purpose, and results. We also maintain open and genuine correspondence with our clients to help them meet their goals and secure their futures. View our full list of services here, or get in touch with us here.