Life insurance is an important investment to protect families and loved ones from financial burdens in the event of a tragedy. It’s important to know the different situations for why you might need life insurance and what it offers, and how to get the best rates and policy coverage you need for your situation.
Why Do You Need Life Insurance in Canada?
Life insurance is designed to protect a person and their family from the financial burdens of an unexpected premature death. There are many kinds of insurance (including both disability and critical illness insurance) however, the basic and most important is considered to be life insurance. Death in the family can lead to heart-breaking emotions and additional stress. Although nobody can be replaced, life insurance provides financial peace of mind for dependents in case of premature death.
Life insurance can help the family meet expenses for a while, protect dependent parents, or secure the children or spouse. It can also secure other financial obligations which could include funeral expenses, unsettled medical bills, mortgages, business commitments, meeting the college expenses of the children, and so on.
What happens if you have no life insurance? Your financial obligations, expenses, dependents, and any other loved ones are left with a financial burden while they’re grieving. It’s an important investment for families to protect their loved ones in the case of a tragedy: while we hope it’ll never happen, it’s important to be prepared for it.
Just as everyone’s situations are different, there are different reasons for why a person would need life insurance. Below is a list of 10 reasons why a person would need life insurance.
As an important part of your financial plan, life insurance provides peace of mind for any uncertainties in life. Insurance is vital to good financial planning and security but you would need to assess your personal risk and long term commitments.
10 Factors to Consider to Get the Best Term Life Insurance Policies
When searching for a life insurance policy for your needs, there are several factors to consider when looking for the best policy for you. While the premium of the policy is very important to consider for your budget, there are other considerations to take into account. Below are 10 factors we consider when recommending policies:
5 Tips for Lowering Your Insurance Costs Without Sacrificing the Coverage
Once you’ve pinpointed what you want for your coverage, it’s important to make sure you can afford it. Using a little common sense and initiative can save you some money and make life insurance more affordable. Here are our top 5 tips to help you get the cheapest and best deal available.
How to Prepare for a Life Insurance, Critical Illness or Disability Exam
Depending on your age, medical history, face amount or insurance company, a medical examination is often required as a part of the life insurance and critical illness insurance application process. These exams can be arranged either at your home or place of business, often both during and after business hours, including the weekends.
Given the results can have a direct impact on your rate classification, which helps to determine your premiums, it is important to follow a few simple rules for the best results possible.
Below are 10 tips to help you prepare:
Avoiding small things like milk that day (contains sugar and fats) and even chewing gum (sugar) can help provide better results. While overhauling your entire routine may not be possible, following these few simple tips can help ensure the best results possible.
Do you have life insurance questions?
There are several factors to consider when looking for life insurance, and even applying for it. Working with a life insurance expert or broker can help you find the best solution for your needs.
At Protect Your Wealth, we provide award winning expert financial planning advice and life insurance solutions at the comfort of your own home or office. We would be happy to provide further analysis for you and your family’s specific circumstances. Contact Protect Your Wealth or call us at 1-877-654-6119 to speak with an advisor today. We’re proudly based out of Hamilton, and service clients anywhere in Ontario, including areas such as Ancaster, Oakville, and Waterdown.