Getting life insurance is the ultimate method of protecting your loved ones in the event of an unfortunate accident. Having peace of mind in knowing that your family will be taken care of after you pass is a necessity. A financial plan will ensure your family is left with no debts to pay. This is why getting a plan that meets all your needs is of extreme importance. To get the right insurance plan the first thing you need to do is shop around. At Karoon.ca our mission is to put you in touch with various independent insurance brokers who specialize in finding you the right insurance. By filling out a simple form you will get a free quote and connect to an expert who will work with you in finding a plan that serves your needs.
Financial security with the right life insurance
Life insurance is imperative in ensuring financial stability for your family. There are also other advantages to having such a plan. There are uses for life insurance while you are living as well as after you’ve passed. Here are some examples of the many uses this type of insurance has to offer.
If you should die prematurely, it can be used to:
- Pay final expenses and any remaining debts
- Provide an income for your family after you’ve passed and enabling your family to maintain a comfortable standard of living
The insurance plan can also be used while you are living. Some life insurance policies can:
- Build tax-advantaged savings you can draw upon as needed for personal or business opportunities
- Supplement your retirement income or provide for long-term care or home care for yourself or a family member
Kinds of life insurance
Although different insurance companies offer various packages, there are 2 main categories when it comes to life insurance. It is important to determine your specific needs in choosing a plan that works best for you. Knowing what is available will help you figure out what plan works better in your case.
- Term insurance – Term insurance puts your monthly or annual premiums towards protection for your family for a specific “term”.
- Whole life insurance – Whole Life insurance on the other hand, offers level premiums and life insurance protection for as long as you live, provided that premiums are paid as required to keep the policy in force. Whole life policies also provide for the accumulation of cash value on a tax-deferred basis which can be used when you need it, to help with life’s opportunities.
Once you’ve reviewed your needs and compared them to what is available in terms of insurance plans, it is important to note that it is possible to customize each plan in order to get the right coverage. Depending on how much you’re willing to pay as premium, you will be able to choose different add-ons to be included in your insurance plan.
Getting your money’s worth when it comes to life insurance
Knowing the specific usage of each plan will help you in choosing the right plan and deciding whether you need add-ons or not. Here are some typical uses for each kind of insurance plan:
Term Insurance assists by:
- Providing for a family’s loss of income
- Covering short- term debts and needs
- Delivering additional insurance protection during the child raising years
- Giving longer term protection to help pay off a mortgage
Whole life insurance assists by:
- Providing for a family’s loss of income, mortgage costs, and educational needs
- Giving access to cash value for life’s opportunities
Knowing what you services and your family require will help you determine which category of life insurance best suits your needs. Getting started with shopping around for a good insurance plan can be challenging. Using our free quote form will help you get instantly connected to numerous independent insurance brokers who will help you find the perfect insurance coverage for you and your family.