We’ve all seen it before. A tragedy happens and the family has to rely on the generosity of others to give their loved one a proper send-off, or the family is stuck trying to figure out how they are going to pay for a proper send-off. Would things be different if you a life insurance policy?
According to CBC the average cost of a burial in Canada is between 5,000 to 10,000 dollars. When the unexpected happens, five thousand dollars is an additional burden that is almost too much to handle while grieving.
And this is where a life insurance policy will come in to cover any cost that happens when a life is lost. And while it may feel like something that you don’t want to think about or that is unnecessary, this insurance policy is the only insurance that is guaranteed to be useful.
So here are five reasons you should consider buying a life policy sooner rather than later.
Your health affects your insurance rate.
Buying insurance while you are in good health will allow you to lock in a lower premium. Premiums stay the same for your whole policy unless you make changes to your policy. So, while buying a policy in your twenties or thirties may feel unnecessary and is probably the last thing on your mind it is the best time to buy.
Life insurance will ensure your loved ones aren’t left with the unnecessary financial burden.
The money received from a life insurance plan can help your loved ones pay off debts, and depending on the amount of coverage you decided is right for you, may allow family members to keep up their current living standards, or even pay-out enough money to pay off your family’s mortgage. The money received from a life insurance policy is tax-free. So, you can be confident that if the unexpected happens your family will be taken care of. If ensuring that those left behind are taken care of isn’t your concern, you can choose who (whether it is an organization, charity, or person) is the beneficiary of your policy.
You can choose the coverage that will serve you best.
There are many different policies available (term insurance, family life insurance, permanent life insurance, etc.). Choosing the right life insurance policy plan for you may feel daunting–if you are interested in learning the policy that is right for you click here for a no-obligation conversation.
If you are diagnosed with a terminal illness some policies will pay out a certain percentage while you’re still living.
Some life insurance policies allow for up to 50% of your benefit to be paid out while you are still alive if you are living with a terminal illness. This particular benefit allows for family members to focus on what matters most rather than being worried about finances.
For the cost of everyday luxuries, you can ensure that if anything were to happen to you or someone you love that finances would not be an additional burden.
Are you ready to consider a life insurance policy plan that is right for you? Give us a call, or write us an email and we can give you a life insurance quote that will offer peace of mind and won’t break the bank!
