Life insurance is a contract between you and an insurance company where you agree to pay a premium in exchange for a lump sum benefit to be paid by the insurance company when you die.
Who should buy life insurance?
There is a life insurance policy for everyone - whether you are starting a new job, buying your first home, getting married, starting a family, expanding your family or retiring. We are all unique and there is a solution for you.
Why do I need life insurance?
The reasons are varied and unique as you are. Perhaps you have student debt or a car loan. Maybe you want life insurance to cover a mortgage. Possibly you want to have a policy to cover funeral expenses.
How much will life insurance cost me?
The cost of a life insurance premium is calculated using a number of factors: your age, sex, health history, smoking status and the amount of life insurance that you want to purchase. Typically, if you buy life insurance at a young age, your life insurance is less expensive.
When should I buy life insurance?
The ideal time is when you are young and healthy. There are many opportunities to buy life insurance such as when you are starting your first job, buying a car, purchasing a house or a condominium, getting married, living common law and having or adopting children.
Do I need life insurance if I’m single?
You can get the most life insurance for the least amount of money when you are young, single and with or without dependents. Even though you may have life insurance through your workplace employee benefits plan, this will disappear when you change jobs. It is important to have something that you own and can enhance as you age and your circumstances change.
How can I find the best life insurance provider?
The best way to find the right life insurance provider for you is to speak to a life insurance broker. A broker has access to several companies’ products and can work with you to find the right fit for you now and in the future. As life changes so will your needs and working with a life insurance broker is the best way to keep your coverage up to date.
What happens if I die without life insurance?
Your loved ones will have to pay not only for your funeral costs but also likely any debt or taxes you owe if you die without life insurance. If your spouse relies on your income to pay the mortgage, the monthly bills as well as the daily living expenses, they may have to sell your home and move to something smaller and more affordable. Paying for your children’s education may also be at risk.
