Not many people want to discuss but Life insurance is an exceptionally important part of financial planning. No matter what part of planet you are located in, getting an insurance policy is as important as any other task. Today we will discuss about the life insurance for Canadians. Many insurance agencies have done consumer research and have identified that Canadians have many concerns while buying a policy.
- How much amount is needed to choose an insurance?
- What’s the best life insurance?
- Do I need a separate insurance if I have children?
If you are planning to get Life Insurance policy in Canada, make sure all your financial aspects are included, which will help you in old age and you don’t become burden on your family. Policy inclusions can be stable income for your loved ones, children’s education, loans and funerals. Along with this don’t forget to compare the insurance cost.
Moreover, if you are in Canada and owns a Life insurance policy, it will not only help your kin and family deal with the financial pressure also it is tax-free and complete amount can be used to replace the monthly income.
Canadian government also allows you to choose between Term Life Insurance and Permanent Life Insurance.
Under Term Life Insurance you get two options to choose from Single Term Insurance and Joint first-to-die term insurance
Single Term Insurance gives coverage to each partner with their respective policy. However, this is more expensive but beneficiary can be changed easily in case you get divorce or separate.
Whereas, Joint first-to-die Term Insurance is a policy where two people are insured under one and gets befits are paid when the first partner dies. The coverage is also same for both the partners. More flexible and less expensive than single policy but it cannot be divided.
With Permanent Life Insurance you get a coverage throughout your lifetime and the beneficiaries gets the payment after your death.
There are other options also available like Whole life and Universal life insurance which are similar to permanent life insurance.
Not only this, Canadian Government also gives you an option to select Estate as your beneficiary where the death benefits are distributed by Estate as per your will.
While staying in Canada, you get a chance to select the insurance agency from many options like –
- London Life
- BMO Insurance
- Sun Life
- Canada Life
- Industrial Alliance
- Blue Cross
Well, would suggest before choosing any policy, check terms and conditions, brand reviews, consumer reviews and how it suits your budget. Remember, like home or auto insurance saves your assets, life insurance care for your family!