Life insurance
Why do you need Life Insurance
Life insurance can help your loved ones deal with the financial impact of your death. On the occurrence of the covered event, life insurance guarantees payment of a sum to the beneficiary. “Life insurance is particularly important when you have dependents who might be financially impacted by your death.” Unlike vehicle insurance, Life Insurance is not required by law in Canada, but it is the most precious gift one can ever give to themselves. Even if there is no financial dependency, a life insurance policy is still a good idea. Coverage can take care of any debts and end-of-life arrangements.
Term Insurance
Term life insurance pays a death benefit if the person insured dies within a specific period of time or before you reach a certain age. The length of your coverage can be either for a fixed period of time, such as a term of 10 or 20 years or until you reach a set age, such as 65 years old. If you die within the duration of the policy, your beneficiaries will be paid the death benefit. Once the term ends, the coverage ends and your beneficiaries don’t receive any payment. Contact us to know more about Term Life Insurance and get a free quote today!
Permanent Life Insurance
Permanent life insurance gives you coverage throughout your lifetime. Your survivors will get payment if you die at any time while your insurance policy is in effect. Permanent life insurance policies build up a cash value. This means you’d get a cash value back if you cancel your policy. You may be able to take out a policy loan or use your life insurance policy as collateral for a loan. Contact us to know more about it and get your free quote today!
Critical Illness Insurance
Medical crises such as heart attacks, strokes, and cancer are covered by critical illness insurance. If you’re diagnosed with a serious illness, the policy may be able to provide you with a tax-free payment, some policies may pay for up to 26 illnesses. These types of emergencies or illnesses result in higher-than-average medical expenditures, as well as loss of income for the insured and family. These policies give out cash to help cover such costs.
Disability Insurance
If you become disabled and are unable to work, disability insurance is meant to replace a portion of your income. A disability can be caused by a variety of factors, such as an injury, a significant sickness, or a mental health problem. A disability might last for a short or lengthy period of time, hence disability insurance policies can be purchased for short-term or long-term.
Term Insurance
Term life insurance pays a death benefit if the person insured dies within a specific period of time or before you reach a certain age. The length of your coverage can be either for a fixed period of time, such as a term of 10 or 20 years or until you reach a set age, such as 65 years old. If you die within the duration of the policy, your beneficiaries will be paid the death benefit. Once the term ends, the coverage ends and your beneficiaries don’t receive any payment. Contact us to know more about Term Life Insurance and get a free quote today!
Permanent Life Insurance
Permanent life insurance gives you coverage throughout your lifetime. Your survivors will get payment if you die at any time while your insurance policy is in effect. Permanent life insurance policies build up a cash value. This means you’d get a cash value back (less than the amount you paid in premiums for the insurance costs) if you cancel your policy. You may be able to take out a policy loan or use your life insurance policy as collateral for a loan. If you borrow using your cash value and don’t repay the loan, it may reduce the amount of money your beneficiary will receive or that you may get back if you cancel. Contact us to know more about it and get your free quote today!
F.A.Q.
When you die, life insurance ensures that your family and dependents are not financially harmed. Life insurance may be used to pay for a funeral, pay off debts (including your mortgage), pay for your children’s education, and assist your family maintain their level of life after you pass away.
There is no such thing as a magic number in this case. A life insurance agent will offer suggestions based on your specific needs after completing a financial evaluation to analyze your present status, financial demands and obligations, and long-term objectives. You may tell an insurance agent how much money you have and they will present you with options that fit your budget. There are many different life insurance policies to select from, and you can generally make monthly payments that are manageable (premiums).
There is no such thing as a one-size-fits-all solution. The quantity of insurance you require is a very personal choice. A life insurance agent will assess your assets, debts, personal status, financial objectives, and family’s requirements in order to offer suggestions that are specific to you. Remember that your requirements may vary over time, so it’s a good idea to evaluate your insurance during significant life milestones like getting married or having a child.
Yes, the death benefit from life insurance policy is given to the beneficiaries tax-free.
Insure Saathi
121 Robinson Street, Markham,
ON, L3P 1P2
Copyright © 2021 Insure Saathi | Powered by Insure Saathi
Insure Saathi
121 Robinson Street, Markham,
ON, L3P 1P2
Copyright © 2021 Insure Saathi | Powered by Insure Saathi