Calgary Life Insurance
No one really wants to think about their own untimely passing, let alone plan for it. However, one of the worst things you can do is wait until it is too late to have the right Life Insurance policy in place when something does happen.
When you are making a plan for your future, a Life policy is the safest and most reliable way to make sure the loved ones in your life will be well protected. While most people have a good understanding of just how important it is to have this type of insurance, many are confused about the exact way it works and the various types that are available. Your broker at Del Fisher Insurance will be able to fill you in on the basics of Life Insurance and help you decide which policy is best for you.
The Way It Works
When you purchase your Calgary life insurance policy, you are entering into an agreement that your spouse, children or chosen beneficiary will receive a death benefit. All you have to do is pay the premium.
The premium that you are required to pay for your policy will depend on a number of different factors, such as your gender, age, medical history as well as the amount of insurance that you decide to purchase.
Types of Insurance Available
When you are shopping for this important coverage, it is vital that you choose the best possible policy for your circumstances. Even though there are a number of different types that exist, the two main categories are Term Life Insurance and Whole Life Insurance. It is best to take the time to learn all of the basic facts and let your Del Fisher Insurance broker help you make the most informed decision regarding the amount and type of insurance that you require.
Term life is an excellent option for someone who wants coverage that spans a specific time period. This can be anywhere from one to ten years or more. You may have an opportunity to renew your policy at the end of each term. With this type of insurance, you get the benefit of lower premiums in the beginning that will increase in consistent intervals as long as you have coverage.
Typically, term life policies do not build any cash value. However, it is a cost efficient way to have maximum coverage that changes with your needs. For instance, you may want to think about a term life policy that coincides with the length of the mortgage that you have on your home mortgage. With this type of insurance, your benefits will be paid if you pass away during the period that the policy covers.
Whole life, which is also known as permanent life, is designed specifically to meet the needs of you and your family on a long-term basis. Unlike term life, a whole life policy will provide you with protection for your life.
With whole life coverage, the cost of the premiums is generally higher than they are with term life. However, they do not increase regularly over the life of the policy. In addition, the premiums are set according to your age at the time the policy is issued. Therefore, your rate will not increase with your changing age or health.
A number of people prefer whole life because it does provide coverage for the length of their life, however long that may be. In addition, over time a Whole Life Insurance policy will build a cash value that allows you to borrow money against your policy whenever you need it.
It is important to understand that you are not limited to choosing only one type of policy or the other. With the guidance of your broker, you may discover that a combination of whole life and term life is the best choice for you and your family. For instance, you may have an insurance plan that includes a foundation of whole life and includes supplemental term life during a time when your coverage needs are higher.
Things To Consider When Purchasing Whole Or Term Life Insurance
It does not matter if you are looking for your first life policy, or you want a supplemental policy. Your broker will take the time to help you evaluate your needs and resources before you make a final decision on your policy. Together, you will review the funds that you have in place, such as your savings, pension or other insurance policies. For instance, daily living expenses and funeral costs, as well as loans and medical expenses that may be left behind when you pass away.
Once you determine the type of coverage that you need, you can rest assured that it comes from a provider that is trustworthy. A stable company like Del Fisher Insurance is a provider on which you and your family can depend. You will have peace of mind knowing that your broker will be there when needed the most.
Reasons You Need Coverage
It is a good idea to have a plan in place that will help your family pay the bills and maintain their way of life upon your passing. You do not want your family members to be burdened by financial hardship due to your burial expenses. This is just one reason to prepare with the right policy now.
It does not matter how old you are or the current situation you are in, an insurance policy will provide your family with financial protection. Replacement income for a period of time if you or your spouse passes away will help to keep the bills paid, including mortgages or rent and other living expenses. In addition, it will cover the cost of funeral, medical fees and any other debt that is left behind.
You may be thinking that Life Insurance is just an additional expense that you cannot afford. However, it is time for reconsideration. Keep in mind that the entire value of your policy will be paid out to your beneficiaries. Do not wait to secure the future of those that you love. Click on the quote request button now to get started right away.