Ten Best Reasons To Consider Life Insurance In Canada
Life insurance can be critical when planning for your future. Not only can it provide you with peace of mind but you can feel secure that your loved ones will be able to cover final expenses and handle unexpected and costly bills. Many people delay buying life insurance because they are young and healthy, especially if you are single. The choice to get married or have children may spark even young people to consider life insurance. However, if you wait to purchase a policy, you could find that it is more costly to buy one later. In addition, life insurance can be especially important in case of a sudden tragedy that no one expected, particularly when young, active people are involved.
Here are our top 10 reasons for you to consider life insurance now:
1. Provide Financial Security
A sudden loss is a tragedy, and it also has serious practical consequences. Life insurance provides a means to cover your lost income in case of an unexpected event. If you share your life with others who rely on you to pay the rent, mortgage or other bills, a death may make it impossible to make ends meet. This is true if your family relies on your sole income for support or if you are a contributor to the family pot. By making sure you have sufficient life insurance, you will also protect your family members from poverty and financial crisis while dealing with grief.
2. Handle Funeral Costs
Burials and funerals can be expensive. Many people spend thousands of dollars on even a simple funeral. Some people may opt for funeral pre-payment plans, but life insurance can be an excellent way to ensure that there are funds on hand to cover all of your final expenses. Funeral pre-payment also comes with risks of its own, especially if you are relying on a specific funeral home to handle matters. Life insurance allows your loved ones to make the decisions that matter while knowing that they will be able to cover the costs of a dignified burial.
3. Manage Your Debts
Some of your debts may pass away with you. However, many people have joint debts, like a joint credit card or a mortgage, and these belong equally to you and your spouse. In most cases, each person is considered to owe the entire amount. Even if your debts are yours alone, creditors may pursue your estate to cover those final bills. With life insurance, you can ensure that you have the funds to cover your debts without touching the part of your assets that you want to pass on to your beneficiaries in your will.
4. Plan For Your Children’s Future
You may be thinking about a college fund for your children’s educational expenses in the future. Of course, you are planning to contribute to this fund throughout your lifetime. However, in case of an unexpected death, a life insurance policy can be a means to provide supplemental savings that can help your child launch their future later on. Life insurance proceeds could also help to handle student loan payoffs in the future.
5. Accumulate Value in Cash
There are several different types of life insurance policies. Term life insurance is usually less expensive, but it stays in place for a specific period of time. Whole life insurance typically comes with higher premiums, but it offers significant advantages of its own. It is permanent coverage that only comes to an end if you decide to cancel the policy on your own. This type of life insurance policy accumulates a value in cash as the policy grows, making it a form of savings and investment. You can access the cash in your life insurance policy in case of a future emergency or financial crisis.
6. Explore Investment Options
There are also some types of life insurance that allow you to invest your funds for growth. For example, universal life insurance is connected to a particular investment fund. If you have a policy, you can receive dividends if the fund does well. Of course, you should make sure you are fully aware of the terms and conditions when investing in this type of fund, but it can provide meaningful growth for an interested and knowledgeable investor.
7. Keep Your Business Alive
Life insurance is especially important if you own a small business. If you want to make sure your company is protected after you pass away, life insurance for your business can help to cover your costs. If you have business partners, you should consider life insurance for every co-owner of the company or even include it in your partnership agreement. This way, the company will be protected in case of the unexpected loss of any partner, allowing for a transition period.
8. Help With The Tax Burden
Inheritance often comes with estate taxes. Your beneficiaries may have to pay taxes on the assets that they inherit from you, depending on the value that you pass on. Life insurance can help your heirs to cover the costs of estate taxes without dipping into the inheritance itself.
9. Get Affordable Support
People often delay selecting a life insurance policy because they don’t want the additional monthly cost. However, most coverage can be quite affordable, especially if you purchase your policy while you are young. Term life policies are typically the least expensive option. Many people can find a range of highly affordable policies, especially if they do not smoke or have an existing serious health condition. At Blue Country Insurance, we can provide you with a range of policy options to fit your budget.
10. Reassure Yourself
Life insurance can help calm your fears about the future of your family. When you know you have the coverage they may need to cover expenses, you can feel peace of mind. Even a small policy can help to ensure that your final costs and funeral expenses will not impose an unaffordable burden on your family.
What Should You Do?
You can take action and make sure that you have the life insurance that your family needs. At Blue Country Insurance, we offer no medical life insurance with a simple application process, no waiting period and lifetime coverage. To learn more about our life insurance options, contact Blue Country Insurance at our toll-free number, 1-877-512-7377.