Life insurance is a legal contract between you and the insurance company. The insurance company will insure your life if you pay your required premiums. If you die during the policy term, your beneficiaries will receive a tax-free payment based on the amount you purchased.
You might think, why would I add another monthly expense to my budget for something that ‘might happen’?
Here’s why.
Life insurance protects your loved ones. If you have a young family, consider it protection for your spouse and growing children. Even if you don’t have children or they’re grown, your spouse or other beneficiaries can use the funds to pay off your debts, cover your burial expenses, pay your medical bills, and handle your estate taxes.
Everyone needs life insurance because, at some point, everyone will die. It’s more important when you’re young and don’t have money set aside for burial and medical expenses, but most Canadians need some form of life insurance throughout their lifetime.
Common examples of who needs life insurance include the following:
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Consider life insurance if you still have a mortgage, kids going to college, or anyone who depends on you financially, whether a spouse or aging relatives.
Canadians have two main types of life insurance to consider:
Life insurance is always a good idea to cover your final expenses, such as your burial expenses, estate taxes, and medical bills.
However, if you’re in any of these situations, you may not need it or may not need as much insurance:
Life insurance is something everyone should consider, whether young or old. It’s a key component to financial planning and protecting your loved ones when you die. There are many life insurance options with different premiums and benefits. Get an instant quote today and see how affordable your life insurance can be.
