Resource: Life Insurance Planning Tips

Think it’s too early to discuss life insurance? Think again. Each year, life insurance policies help countless Canadians protect their loved ones from financial hardship due to an unexpected loss in the family. Learn more about life insurance, including how to get started on a quote with our quick guide below.

Think it’s too early to discuss life insurance? Think again. Each year, life insurance policies help countless Canadians protect their loved ones from financial hardship due to an unexpected loss in the family. Learn more about life insurance, including how to get started on a quote with our quick guide below.

What is Life Insurance?

Simply put, a life insurance policy provides your family with financial protection in the event of your untimely death. With the right planning, life insurance can help ensure your loved ones have access to valuable resources that allow them to maintain their lifestyle and cover unanticipated costs during a difficult time of transition.

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Who Needs Life Insurance?

Did you know that one of the biggest misconceptions about life insurance is that it only matters for families or individuals approaching retirement?

The truth is, there are many reasons a life insurance policy is a valuable asset, including:

  • Family Protection
  • Paying off outstanding debts
  • Business Protection
  • Charitable Donations
  • Maximizing Retirement Income

As these are only a few examples of the benefits of a life insurance policy, speaking with one of our trusted brokers will help ensure you have the best coverage for your specific needs.

The Quick Guide to Life Insurance and Related Policies

 

Life insurance is generally divided into two categories: Temporary and Permanent.

Temporary (Term) Life Insurance

…policies exist for a specific period of time. These terms typically span anywhere between 10-30 years and must be renewed upon expiry. A temporary policy can be used to cover long-term investments like a mortgage, rent, education expenses, and can help your family cover practical expenses such as paying for the cost of your funeral.

Permanent (Whole) Life Insurance

…is a permanent product that never expires. Rather than having to renew at the end of each term, your policy retains the same premium for a specified period of time, at which point your payments are no longer required and policy continues to remain in effect until your death. Whole Life Insurance is ideal for those wanting long-term coverage that grows in value over a steady period, and protects your beneficiaries for years to come.

Living Benefits and Critical Illness

Living Benefits and Critical Illness policies are designed to assist individuals facing significant hardship as the result of a sudden medical diagnosis or event, as well as those who may become disabled during their career. Living benefits cover a wide range of medical and personal expenses including personal health insurance plans, dental coverage, travel insurance, disability and injury, and final expense (funeral costs). Learn more by speaking to a licensed broker today!

Ready to start planning for the future? Speak to a life insurance specialist now.

Get in Touch

You’ve got questions – We have the answers. When all is said and done YOU need to understand your insurance policies and that YOU are as confident as WE ARE in your insurance protection. If you have any questions, please let us know. We will respond. We want to hear from you – the good and the bad.

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