A life insurance policy provides a one-time, tax-free, cash benefit to your chosen beneficiaries when you die.
The appropriate type and amount of life insurance for you will depend on your unique needs and circumstances.
Choosing an appropriate life insurance policy can mean the difference between leaving your loved ones well-positioned financially and leaving them to cope with debts and an inadequate income.
Life insurance products can also be part of your financial plan, and may be an option for providing access to cash within your policy while you are alive.
Ensure the people you love are financially protected.
Life insurance can cover debts like a mortgages or loans.
Protect your spouse and the plans you’ve made for the future.
There are 2 basic types of life insurance coverage: term and permanent. Each has unique features designed to meet different needs.
Cost will depend on the type of coverage you choose. Generally, term insurance is more affordable than permanent insurance. But there are many factors that determine the cost of your policy, including:
Generally, insurance cost less for younger age groups, and more for older age groups.
Women live longer than men on average, so insurance may cost less than for males.
Your unique health history, family history, chronic diseases and lifestyle can impact costs.
High-risk occupations can increase cost. Conversely, low-risk occupations can reduce cost.
This will depend on your unique personal circumstances. Best practices are to ensure your debts are covered, as well as the financial security of your dependents.
Here are a few things to consider:
A professional advisor can assist you with calculating your insurance needs.
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