The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

J Business Outlook Understanding insurance essential to financial plans If you re like most Canadians trying to understand Life can initially seem very con fusing This needn be the case for here are essentially two groupings with three major vana lions term whole life and a re cent hybrid of the first two universal life Individual insurance is a con trad between an individual and a life insurance company for a spe cified penod of time or for life Under the contract agreement individual owner of the policy has direct control over plan The owner pays the premiums as per the agreement In return the in company is obliged to provide the coverage regardless of any changes in the life insured health or employment status Under a group plan however all of the people in an lion arc insured under a master contract The benefits received ore standardized with salary or wages usually determining the amount of insurance coverage With most plans you arc insured only as long as you remain a member of that group If you change jobs or re tire you may lose protection Most group plans however con tain a conversion privilege which allows the employee jobs to replace the group coverage with an individual policy Some employers continue to pay premiums for group in surancc for retired employees at a decreased level of coverage Individual life insurance policies fall under three basic headings term whole life and universal Each type offers a wide range of variations capable of matching the specific require ments of the buyer Term Insurance Term insurance coverage often has the lowest premiums As its name implies term insurance pro vides coverage against the risk of death lor a specified of time usually or years Once the term is complete a new policy must applied for in one of two ways the first method is through a renewal option that allows you to renew a term policy before it expires without taking a medical examination However as you age the premiums art higher Also there may Ix two limiting factors the number of times you have previously renew the policy and whether or not you have reached the prescribed age limit Most term policies come an end when you turn or however there arc some new pro ducts called Lifetime Term to that are level benefit level premium contracts that lost until your 100th birthday at which time they expire There arc now even Term plans that offer some cash value privileges for a higher premium The second way of applying for a new policy at the completion of a term or any other time is through a Conversion Option which allows you to convert your term insurance before its Hon to permanent insurance The new premiums however would be higher because you arc older and because these products pro vide broader coverage and benc- fits Nevertheless you would qualify for a new policy without a medical examination Whole life Perhaps the least understood type of individual insurance today is whole life Sometimes called permanent lift straight life or or dinarylifc this type of policy pro vides insurance protection for your entire lifetime Whole life differs from term in a number of significant ways Unlike term in which has increasing pre miums as you enter different age groupings whole life premiums on oughou you me he an you he lower he go ng cm m w be A teen a des d a pot on on en ifc up ace 100 In the event that a life in surcd reaches age the face amount becomes payable to ihe owner of the in cash The flexibility of whole life makes it a lifetime ossei thai can be utilized in a sandy of ways The owner of a whole life policy can exercise the following options borrow funds up to the cash value of the policy stop paying pre miums and continue the lifetime protection at a lower amount discontinue the protection entire ly and have the company convert the accumulated cash value into income discontinue the and pay for the purchase of an annuity a contract teeing a set income for the rest of your life cancel the policy entirely and receive a cash payment known as the cash surrender value Universal Life A new insurance plan has ap peared on the Canadian scene during the last five years it s call universal life UL as it often referred to combines a high in Choosing games for family fun J game you re like mot people you II nave chosen one of he traditional games tike Monopoly or even j new classic Trivial Pursuit Itcnjiiv t on sun by the experts The Toy Testing Council ycir evaluates i I bashful player truly clinic Only lime will icll whether it is destined take us place other classic Ljuies families have of concept challenging strategy all in formal hat s fan These so called classic games tap mio common interests of people of all ages whether those interests be word play real estate or trivia Because of ones people enjoy living again ana again Of all the games introduced each year however very few are become classics Many new panics cater to special interests and many new games to he perfectly honest jusl I lhal much fun How can you select a janic function durability and play value Their report issued every October can help you make an informed One new game the Council awarded us highest is The Game of Quick Draw is the original charades on paper and just like its famous predecessor Trivial Pursuit it has created a whole new of party somes Simply put it has all Ihc maLines of a classic game Unlike the acted clues of charades in Pic players have one minute to for their teammates lo guess the word No artistic ability is required so ihe game is easy to learn and intimidating even for HYUNDAI COUNTRY ST GEORGETOWN DENTURE THERAPY CLINIC TRENTON DT 18 CHURCH STREET GEORGETOWN ACROSS FROM LIBRARY Eg AND CULTURAL CENTRE 8772359 Nells DRIVING SCHOOL Next Course January 18tri to February Monday Wednesday Night 630 pm phone 8772671 vestment return on cash values plus a built in flexibility in the amount of protection Universal life consists partly of term insurance and partly invest You designate how much insurance protection you want how much you want invested in low risk financial instruments Policyowners must keep in mind that the cost of the term insurance component increases as you grow older Armed with this introductory knowledge of life insurance you are ready lor a productive meeting with your life insurance agent Review the various types of policies mentioned above and never be afraid to ask questions The life insurance professional will welcome any inquiries that better define both your current and future protection needs further information con tact Lffe Underwriters lion of Canada 41 Lesmill Don Mills Onlano M3B 416 444 5251 or contact your local life underwriters association You can own your and feel certain of Would to own a prof liable business or businesses would and of the day we can be boss to do- Many of us also realize thai is often successful business people who end up with considerable more we hard working employees many ot us also know thai only one in su businesses survive with Other ending up failure and the business entrepreneur losing every thing he once had So we re scared We don 1 blame you ll is In take dollars earned land saved as an employee and venture off on your own no guarantee of and an K0 possibility of failure There is no wage paid to you and you may work and seven days a week for no wage Can you though in fact own a be pretty well assured of a long term gain and continue to cam your I do And so do thousands and thousands of our fellow Canadians You sec by saving part of wages we can in vest them something called an mutual fund which in I urn owns pons of duens and sometimes of businesses You can own a pan of ihosc bun and share in any and increase hopduly in value By your savings when you feel like il you share the profits of all those industries in the own business success ITS YOUR MONEY Paul J Rockel According io reports published in the Financial Times and Financial Post Canada s two leading financial weekly newspa pen ihe average return on over equity fundi is now over 17 average per year based on the past yean Thai not bad is if Lei suppose Ihc average drops I Did you know that with thai average 1 a person aged who would save monthly through to age would end up being worth over million True if you wait to start saving until you are age thil monthly at 15 would end up being worth only and if you wait until age would be worth only almost l3rd of a million Bui it in effect is owning pan of a whole lot of businesses with proven record of success not fivcoulof six failing with we call mosi of the nsk removed Do you have saving today Do you know thai ai 1511- average per year money doubles every five years So if or lhal would be worth S3 ii years in 10 yean in ISyears in years Figure out what you could be worth by taking your savings today investing themin mutual funds by doubling those savings val every five years Impressive isn in Paul J Rockol It author the best Miter Why I Invest In Mutual Funds and of Regal Capital Planners Ltd JK