Life is uncertain and full of challenges. Every second of time unexpected events are happening. Everybody wants some protection for their loved ones and business. Life Insurance can give you peace of mind about family protection in the case of sudden loss of income, illness or mis happenings. Life Insurance is a tax-free death benefit which can cover your debts including mortgages and provide income to beneficiaries to maintain their standard of living. For Every Canadian its an integral part of financial planning. You must consider life insurance when you have a family who depends on you for their financial needs.
There are mainly two types of life insurance: one is term and other is permanent. What suits you depends on your needs and income.
Term Life Insurance is like you living in a rented house. You have a roof on your head, but you are covered until you are paying. It does not give you any money back in the end of term. It meets temporary needs like mortgage payment, credit protection, personal or business loans and survivor income for family after death. It provides an opportunity to convert your term life insurance to permanent life insurance without providing any proof of health.
Permanent Life Insurance covers you for whole life. It is like you bought your own house and paying for it. At the end you or your beneficiaries get benefits and it always has a cash value which increases with time. It covers estate protection, legacy building, income replacement and final expenses. Costs are higher comparative to term insurance, but coverage and prices remains level to the age of 100 year.
You can get insurance without any medical exam up to some extent of coverage, specially designed for them who are facing hard times to get life insurance and at a high health risk to cover the final expense and other specific needs.
