LIFE INSURANCE INFORMATION

Please see information on Life Insurance below.

        

LIFE INSURANCE

What is Life Insurance?

Life insurance, in essence, is a lump sum that is paid out in the event of your death. Most people take out a life insurance policy to provide some form of financial protection for their family or anyone who is financially dependent on them.

The right life insurance can mean the difference between making sure your family and loved-ones are financially secure when you are no longer around. Planning ahead will mean that when you die, despite the emotional stress for those left behind, you can be sure that they are financially taken care of.

What does Life Insurance cover?

Life insurance can be used to pay off any debts you might have. It can also be used to cover funeral bills which can be particularly expensive. Life insurance can be used to pay for your family's living costs and to provide an income for your family when you have gone. You can also use it to protect any assets you may have.

How much will it Cost?

There are many aspects that insurers consider when deciding on what premium you should pay. They will take into account your age, lifestyle and your general health among other factors to calculate how much the insurance will cost.

The exact cost of a life insurance policy will depend on the insurer you decide to go with. Generally speaking, the younger and healthier you are the lower your premium is likely to be because you are less likely to make a claim anytime soon. If you are considered to have a short life expectancy, for example if you have a serious illness, or you are a smoker, your premium is likely to be higher.

How do I choose the right Cover?

The right level of cover for you will depend on your personal requirements and also the amount of money you want to be paid out and the number of dependents.

When taking out a policy, you should consider how much you can afford and also what financial obligations you have such as credit cards, loans and other debts.

There are different types of life insurance, each with their own strengths. So take the time to consider the different costs and risks involved. Use Which Way To Pay Canada to compare and weigh up the best offers.

        


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