Term Life Insurance in Canada. Why Do I need it Now?
What is Term Life Insurance?
Worried about your family’s future if something happens to you?
Term life insurance is a great way to protect your loved ones financially if something happens to you. You can choose the length of the term (usually 10, 20, or 30 years), as well as the amount of coverage you need, so you know they will be taken care of no matter what happens.
You can rest easy knowing that your loved ones are taken care of financially if something happens to you. Get a free quote today and see how affordable term life insurance in Canada really is.
Creating a safety net that protects your loved ones and all that you’re working hard to build may be more important than you realize. Whether you’re just starting out and thinking more about big life goals, such as marriage, kids and real estate, or you’re already juggling kids, helping aging parents, tackling home renovations and possibly switching careers, you need a solid plan – and that plan should include life insurance.
Important, affordable coverage that can help secure your family’s future.
Why do I need it?
Nobody likes to think about the “what ifs,” but they can happen. Life insurance is a way to ensure some peace of mind that your loved ones will be supported in the event of your death. Think of it in practical terms:
- Your loved ones will have guaranteed financial support to carry on after you’re gone
- A home mortgage can be paid off rather than your family having to sell and start over
- Your children will have the financial means to pursue post-secondary education
Call Glenn now for your Term Live Insurance 1-888-256-8685
How much insurance do I need?
Having enough life insurance to cover 10 times your annual salary is generally considered an appropriate benchmark. For example, an annual salary of $75,000 would translate into a policy worth about $750,000. While this might seem like an extravagant sum of money, consider what your current monthly expenses add up to each year.
The purpose of having life insurance is to prevent financial hardship. If 10 times your annual salary feels like a bigger policy than you want, look closely at your monthly expenses, which may include mortgage payments, property taxes, daycare costs, tuition fees, financial support for aging parents, utilities, groceries and more. Then factor in any outstanding debt, future education costs for children, cost of living increases that your family may have to contend with, and how much you ultimately want them to inherit.
Calculate how much term life insurance you might need to help protect the people you love.
Figuring out expenses, budgets and the right amount of insurance coverage might feel overwhelming, but this is where your advisor can be a solid guide and source of information. There are also lots of life insurance calculators available for free online that can help you complete this important task.
Term can be a great starter option
Of the various types of life insurance available, term life insurance can be a good place to start. The application process can be quick and easy and gets you on your way to providing protection for a set period, such as 10 or 20 years, that can be renewed up to a certain age. Term insurance often has lower premiums (the payments you make) than other kinds of life insurance.
A term life insurance policy can be created for essentially any amount that you need – from just enough to cover funeral expenses right up into the millions of dollars. And in the unfortunate case of being diagnosed with a terminal illness, you could have the option of taking a cash advance on the policy.
Today, some new types of term life insurance also offer potential cost savings on insurance premiums in recognition of healthy living habits.
Term coverage for business
Not only is term life insurance a good option for individuals and families, it can also add an important layer of protection for business owners. Including a term life policy as part of your business strategy can help to ensure that the company you’ve worked hard to build continues to run with minimal disruption in the event of a tragedy. The coverage can help beneficiaries handle day-to-day operating expenses, capital gains or estate taxes, and some of the potential costs associated with transferring ownership.
Call Glenn now for your Term Live Insurance 1-888-256-8685
Important considerations
Term insurance policies have a defined expiry date, so it’s important to review your life insurance needs as you move through different life stages. What may have seemed like enough coverage in your early 20s might feel inadequate as you approach midlife. By working with an advisor, you can make adjustments as your circumstances change. Be sure to have your advisor explain the options regarding renewals for term coverage, or whether converting into a permanent policy makes more sense. Permanent policies usually have higher premiums, but they carry a cash value, which could be used to supplement retirement income.
Owning life insurance is like laying a foundation upon which you can build your overall life plan by providing a layer of protection and security for your loved ones. With all the recent digital innovations in the industry, applying for and getting set up with a policy has become easier. If you’d like to learn more, this article offers a broader view of other insurance protection options available for individuals.
- Term life insurance
Term life insurance is a type of permanent life insurance policy that lasts for a specific period of time. - Whole Life Insurance
Whole life insurance is a type insurance plan where the insurer pays a guaranteed benefit for a set amount of time. You choose how long you want to pay for coverage. At the end of the term, the policy expires and you receive the full value of the policy. - Universal Life Insurance
Universal life insurance is often referred to as whole life with added features. It combines the best parts of both whole life and variable life insurance. A universal life insurance policy is similar to a whole life policy, but instead of receiving payments at regular intervals, you get paid upon maturity. - Variable Life Insurance
Variable life insurance is a type life insurance that provides you with protection for a specified amount of time. As the name suggests, the price varies based on the age of the insured person. Typically, younger people who have a longer life expectancy will pay higher premiums than older people. - Annuity
An annuity is a financial product that helps fund retirement plans. If you purchase an annuity, you agree to make monthly payments to the company for a certain number of years. Once the contract ends, you continue to make payments until you die. - Mortgage Life Insurance
Mortgage Life Insurance is a type that helps protect lenders if an owner defaults on their mortgage loan. Lenders use Mortgage Life Insurance policies to recover some of the money they put down on a property. In exchange for paying off the lender’s original loan, you will pay them back over the course of many years. - Endowment Life Insurance
Endowment life insurance is a type policy that offers you protection for the rest of your life. Unlike traditional life insurance, endowments are not tied to any particular event. Instead, they cover your lifetime expenses and give you the security to live comfortably in retirement.
Call Glenn now for your Term Live Insurance 1-888-256-8685
Term Life Insurance available in Kitchener, Waterloo, Guelph, Milton, Mississauga, Toronto, Elora, Elmira, Listowel, Mitchell, Stratford, New Hamburg, Brantford, Hamilton, Burlington, Fergus, Oakville, and Cambridge area.
For more information about Term Life Insurance
Call Glenn Stewart, Life and Mortgage Insurance Broker now
at 1-888-256-8685
or email glenn@glennstewartinsurance.com