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What is life insurance?
Life insurance is a financial protection policy designed to provide a payout, known as a death benefit, to your beneficiaries in the event of your death. In exchange for regular premium payments, the insurance company guarantees that your loved ones will receive a lump sum of money, which can be used to cover expenses such as funeral costs, debts, or ongoing living expenses. It offers peace of mind, ensuring financial security for your family after you’re gone.
A life insurance policy payout can be used by the beneficiaries in any way they want to, including for:
- Funeral and burial expenses
- Replacing lost income
- Covering outstanding debts
- Funding your children’s education
- Covering everyday living expenses
What are the different types of life insurance in Canada?
There are two main types of life insurance:
- Cover everyday expenses so their family can maintain the same standard of living (groceries, bills, rent, etc.)
- Term life insurance, which lasts for a period of time called a term
- Permanent life insurance, which covers you for the rest of your life
Term life insurance makes the promise if you die, we’ll pay, but only if that were to happen within a specified period of time, or ‘term’. These terms are generally 10, 20, or 30 years, but you can choose smaller or larger term lengths or coverage that last until a specific age.
Whole life insurance covers you for your entire life and there is a cash value associated with your policy. Sometimes, whole life policies will also pay dividends based on the insurance company’s profits. This is known as participating insurance.
Is life insurance worth it?
If you have dependents, life insurance premiums are worth the cost.
Life insurance provides peace of mind knowing that your family will be taken care of financially when you pass away.
If you don’t have dependents, there could be other circumstances where the benefits of life insurance is worth the price of premiums. These can include:
- Cover everyday expenses so their family can maintain the same standard of living (groceries, bills, rent, etc.)
- Taking advantage of your youth and health to ensure a lower premium and future insurability
- Providing a charitable gift to your favorite cause or organization
- Leaving a financial gift or legacy to children or grandchildren, regardless if they are dependents or not
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