Canadian Life Insurance

Are you about to tie the knot, or do you have a new child on the way? If so, then life insurance can help ensure their financial security for years to come, providing you and your family with the peace of mind you deserve. A sound financial plan that includes life insurance can mean the difference between leaving the ones you love financially secure and leaving them to deal with unsettled debts and a lack of income.

Life insurance can position you and your family for financial success rather than financial ruin. In the event of your premature death, life insurance can be used for any of the following:

While you are still alive and well, some life insurance policies can even provide you with the following benefits:

Term Life Insurance vs. Whole Life Insurance

A term life insurance policy is typically the most straightforward and popular type of life insurance policy. The policy lasts for a specific period of time, such as 30 years, and your family can receive a set, pre-determined amount in the event of your untimely death. Term life insurance is generally the least expensive option, and while some people prefer more flexibility, others enjoy the fixed terms provided by term life insurance.

Whole life insurance policies are quite different. They offer more flexibility and usually offer you the freedom to adjust the total death benefit. They are also able to accumulate an overall cash value, which can occasionally be used to pay for the cost of your premiums or even be borrowed against. Some whole life insurance policies also allow you to use the money you have paid into the policy for investment capital as well.

Determining the Right Amount of Coverage for You

The amount of coverage you decide upon depends upon many factors, such as your financial situation, the number of dependents you have, and the amount you would like to pay for the policy each month. If you have multiple children or a large mortgage payment, it would be wise to choose a policy with a large death benefit to ensure the financial well-being of your family.

Saving Money on a Life Insurance Policy

There are quite a few ways of saving money on a life insurance policy. Most companies provide substantial discounts that can save you thousands of dollars during the course of the policy term. Often, companies will give you bundle discounts for having multiple policies with them. Having your auto insurance, home insurance, and life insurance with the same company can occasionally lead to significant savings. Also, you should seriously consider purchasing a policy as soon as possible, because the younger and healthier you are, the lower your rates will be. Finally, it never hurts to comparison shop. By utilizing a life insurance comparison service, you can compare life insurance quotes from all of the leading life insurance providers.

Thankfully, life insurance is more affordable now than ever before. In fact, you can secure your family’s financial future for less than the price of your morning cup of coffee.