Why take out life insurance? Insuring your life might seem strange but if you have anyone who is financially dependent on you then you should really consider taking out life insurance. With a life insurance policy you can be sure that your nearest and dearest are financially taken care of when you are no longer around. The payout from your life insurance policy can be used for pay for funeral costs, pay off any debts, be used to protect your assets or to pay for your family's living costs or children's futures. Please see a range of life insurance providers in the table below and take your time to compare the various features of each product before you apply. The exact terms of each life insurance policy will depend on your individual requirements and circumstances.
Compare Life Insurance
Life Insurance is really important if you have anyone who is financially depend on you or you want to provide for your loved ones should something happen do you.
Why should you get life insurance?
A good life insurance policy can mean the difference between making sure your loved ones are financially secure when you die and leaving them to cope with debts and an insufficient income.
Life insurance is generally taken out by the insured person themselves and a monthly or yearly premium is paid for the rest of their life. Upon their death the beneficiary will receive a lump sum of money plus any bonuses that have built up.
What can life insurance be used for?
Life insurance can help create financial protection for your family. Should you die prematurely it can be used to pay any final expenses and debts you may have, provide and income for your family, ensure your family has the resources to maintain a comfortable standard of living. It can also be used to leave a legacy to your favourite charity.
While you are still living some policies can build tax-advantaged savings which you can draw upon when you need. It can also supplement your retirement income and provide long-term medical care for yourself or a family member.
Finding the right Life Insurance policy
There are many different types of life insurance policies available that will suit a variety of budgets and circumstances. You need to find the best type of life insurance for you needs. As there are many different policies available you should take the time to research and compare the market which you can do in the table above.
In terms of how much a policy will cost bear in mind that the amount you pay for your policy increases with the likelihood of death within the term. Your age, health and occupation can increase the price.
Ensure you are eligible
Life insurance companies in Canada have a set of application criteria that you must be aware of before you apply. You should always consider your own fitness and health when you apply as you will need to declare this on your application – a life insurance with medical condition policy will not pay out if you die due to that condition. Likewise, if you do not declare a pre-existing condition, your life insurance could be completely null and void. Always check the maximum age limit before you apply, you might need to look at specialist senior life insurance policies.
Get the best cover for you
Ensure that you make yourself aware of any exclusions or excess payments that might apply to your life insurance policy. The cheapest life insurance quote might not necessarily be the most appropriate for you. What is suitable for your friends and family might not be the most appropriate policy for you. When you have found a suitable level of cover that match your needs, you can compare each policy so you have peace of mind you are getting the best value for your money. If you are in any doubt then you should seek independent financial advice.
Many people don't understand how life insurance works , therefore they don't have any cover in place. This is a massive part of most peoples lives as it can have a large financial affect .
30 August 2016
Which Way To Pay
When you come to that difficult time of loosing a loved one , Many people don't realise the importance of Life Insurance policy's .
26 March 2013
The main point of life insurance is to protect your loved ones in the event of your death. If the main breadwinner of a family suddenly dies it can mean financial misery for the surviving dependents unless one has made sure well in advance that they always will be looked after
30 April 2012 13:00
Most of us would rather not think about what things would be like if we were not around. However, in order to make sure your loved ones are cared for getting life insurance can be a necessary purchase and one that we will all consider.
30 March 2012 05:00am
Which Way to Pay
Which Way To Pay Canada now has an Insurance Area where you can compare some of the leading insurance products on the Canadian market. There are a variety of insurance products for you to choose from including Health Insurance, Home Insurance, Life Insurance, Pet Insurance, Travel Insurance and Vehicle Insurance.