Life Insurance

Life insurance is for everyone. Like a supportive family member, good friend or kind neighbour, it is something that is very handy to have as you experience the many stages of life - getting your first or a new job, buying your first home, establishing a new business, moving in together, getting married, starting a family, expanding your family, paying for your children’s education or retiring from a long career of work. Maybe, you want life insurance because your bills are piling up and you are feeling uncertain how you can manage to pay them. Perhaps, you want life insurance to pay off accumulated student debt, to cover a sizable mortgage on a recently purchased home or to eliminate a substantial loan on a new car. Possibly, you want life insurance to cover your funeral and burial expenses so that your loved ones will not have the worry and stress of either having to cover these costs or pay your outstanding debts upon your passing.

Life insurance is there for you and your loved ones in life and in death.

Life insurance is an agreement between you and an insurance company. You agree to pay a premium over a period of time and the insurance company agrees to provide a lump sum payment, also known as the benefit, when you pass away. The benefit will be paid to your designated beneficiaries free of taxation, avoiding creditors and probate fees.
Life Insurance
There are two basic types of life insurance: Temporary (Term) and Permanent.

Temporary life insurance is most commonly known as Term Life. This is an insurance product that will guarantee a level premium for a period of years or term that you have chosen. At the end of this period, the premium will automatically renew at a higher dollar amount. The amount of insurance purchased, the benefit, will remain the same for as long as you own the policy.

Permanent life insurance is an insurance product that will stay in force for as long as you live. Typically, these policies are quoted to show the payment schedule up to age 100 and the benefit will be level or increasing over the life of the policy depending on the insurance product that you have chosen. The premiums are more expensive for these products, but are normally quoted level for the life of the policy. The most common types of permanent life insurance are Whole Life and Universal Life.

You should review your life insurance policy if your circumstances change for the better or for the worse.

I would be happy to review your life insurance policy with you at no obligation.

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