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Why Do I Need Life Insurance?
Life Insurance safeguards your dependents from financial hardships following your passing. Life Insurance is a necessity if your spouse and children, or other individuals you care about, depend on you financially. Your policy provides you with peace of mind that in the unfortunate event of your death, your loved ones will be able to maintain their quality of life.
Depending on your chosen coverage, your Life Insurance policy can help offset or completely cover the costs of a funeral and any debts you may have, as well as provide your beneficiary with a source of income.
As an added benefit, if you need access to funds, certain policies will allow you to withdraw your accumulated premium payments. However, the amount paid out in the event of your passing will decrease if you do not repay the withdrawn amount.
There two main types of Life insurance policies: Permanent Life Insurance and Term Life Insurance.
Permanent policies guarantee a pay out to the beneficiary if the insured passes away at any point in time as long as the premiums were paid. On the other hand, term policies pay out benefits only if the insured passes away within the agreed upon length of their policy.
A beneficiary is an individual who receives the cash value of your death benefit. You will be required to name such a person when you purchase your Life Insurance plan. If you so wish, you can name multiple beneficiaries and divide the cash value of your policy among them either equally or according to a set percentage. If a beneficiary passes before you do, you can elect a contingent beneficiary in their stead. You may also choose a charity as a beneficiary.
The amount of coverage you need depends on your financial situation and desired benefits for your loved ones. If you are the primary breadwinner and have mortgage debt, financial experts advise to get at least 10 times your annual salary in coverage. Thankfully, increasing the amount of coverage usually does not impact your premiums significantly.
The price of Life Insurance is influenced by the level of coverage and benefits, as well as the age and health situation of the insured individual. Young and healthy Canadians pay as little as $30 in monthly premiums, but rates increase with age and health problems. For this reason, experts suggest purchasing a Life Insurance plan while you are young and healthy.
Types of Life Insurance in Canada
There two main types of Life Insurance policies: Permanent Life Insurance and Term Life Insurance.
Permanent policies guarantee a pay out to the beneficiary if the insured passes away at any point in time as long as the premiums were paid. On the other hand, term policies pay out benefits only if the insured passes away within the agreed upon length of their policy.
Let’s examine the sub-categories of the two types of Life Insurance:
Permanent Life Insurance
Term Life Insurance
Participating Whole Life Insurance
Universal Life Insurance
How to Save Money on Life Insurance?
The best way to save money on insurance is to shop around and compare rates from different providers. This can be an exhaustive and time-consuming process. Thankfully, Policy Rates takes care of it for you! When you request a quote through our website, we check what rates you can get from every major Canadian insurer.
Policy Rates provides you with the lowest rates for the level of coverage that you desire from top insurance companies.
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Are You Healthy?
When Is Your Birthday?
Renewing Your Policy?
Are You a Smoker?
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