People generally do not like to think about needing life insurance. However, including insurance in your financial plan now can benefit you and your family in the future.
Life insurance should be an integral part of your financial plan. It’s a crucial component of estate planning, and can simplify estate settlements.
A death in the family is a life-altering event. Emotionally. Life insurance can minimize the financial strain, by helping you to:
There are three categories of life insurance that will meet your needs.
Term Life Insurance
Term life insurance is designed to meet your needs in the short-term as it covers a set period of time, usually from 1 to 20 years, sometimes longer, depending on your needs. It is typically more affordable than permanent life insurance, which covers you for life.
This type of insurance should meet your needs if you have dependent children and/or short-term debts.
Premiums can be fixed for the entire duration of the policy and coverage can be extended without having to submit proof of good health
Permanent Life Insurance
Permanent life insurance is designed to meet your long-term needs and protect you for life. It's also more cost-effective than term life insurance in the long run.
This type of insurance should meet your needs if you would like to leave your loved ones an inheritance, you want to stay insured, no matter what happens to your health
Universal Life Insurance
Universal life insurance is designed to make sure you're covered for as long as you need, and lets you invest tax-free at the same time.
This type of insurance meets your needs if you want to leave a significan inheritance to your loved ones, if you have maxed out your RRSP and TFSA contributions or if you have a company and want to protect its value.