This is not something that we generally think about or voluntarily purchase. Canadian insurers have hundreds of product options which can make finding the right solution confusing to say the least.
The best advice that we can provide is first, to determine what your need is for Life Insurance. The second suggestion is to find a Qualified Life Insurance Advisor who can assist you with going through the maze and finding the right solutions for you.
How do I find a Qualified Insurance Advisor?
- Ask a friend
- Look for Designations that a Qualified Advisor would typically have such as:
- CLU - Chartered Life Underwriter
- CFP - Chartered Financial Planner
- CHFC - Chartered Financial Consultant
- CHS - Certified Health Insurance Specialist
Which Type of Life Insurance Do You Need?
Choosing the right type of life insurance isn’t always easy and it’s not always something people want to talk about. However, having an estate planning conversation with your family about what happens after you’re gone can help them be financially prepared for what’s next.
Why Is Life Insurance so Important?
Finding the right type of life insurance is important for a number of reasons. If you want to make sure final expenses are covered, your last tax bill is paid and alleviate any debt burden from your family upon your passing then purchasing life insurance may be a smart financial decision. The proceeds from a life insurance policy pass on to your beneficiaries tax free and can help relieve financial stress during their time of grief that comes with losing a loved one.
Could you imagine losing a loved one, being consumed in grief and having to deal with trying to pay funeral costs, executing a Will, visiting a notary, trying to carry out last wishes and getting into debt because of it. I certainly couldn’t. That’s why talking about life insurance with your family is so important.
Universal Life Insurance
Designed to meet both your life insurance and investing needs, Universal Life insurance combines long-term insurance protection and tax-advantaged investing in one single, customizable policy. Whether your goal is to protect the legacy you’re building for your loved ones, or to build additional wealth over time, Universal Life insurance can help you:
- Leave proceeds to your beneficiary – tax free.
- Further your estate planning.
- Build tax-deferred equity and accessible cash value over time (may be subject to taxation).
- Establish financial collateral for a bank loan.
- Provide key person insurance coverage for your business (business continuity).
From how you want to invest, to how you pay for your insurance, to how much or little you want to invest, there are a variety of simple Universal Life coverage options that can be customized to meet your financial planning needs.
Whole Life Insurance
Whole life insurance offers guaranteed, reliable coverage to last your entire lifetime. Ideal for personal and business needs, it provides permanent protection you can count on and guaranteed cash values that grow over time.
Term Life Insurance
Whether you are looking to protect your family or your business, term life insurance offers affordable and flexible protection you can customize to meet your temporary and growing needs.