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Life insurance – that thing you know you need, but don’t know much about.
Let’s start with the basics. What is life insurance.
Life Insurance is a policy purchased from a life insurer which guarantees the payment of a tax-free sum of money, also known as a death benefit, paid to beneficiaries after the death of the insured. The cost of life insurance will largely depend on your age, lifestyle, medical history, and health.
- Survivor's Income: Leave a lump sum of money to your loved ones after you die
- Rent and Mortgage Payments: Dedicate some income to your spouse so they can continue to pay rent or mortgage payments
- Mortgage Life Insurance: Leave a lump sum of money to pay off a mortgage debt
- Child Care Fun: Daycare? University education? Ensure your children's future is taken care of with term insurance
- Debt: The last thing we want to do if we die unexpectedly is leave our debt for our loved ones to pay off. Term insurance will eliminate this risk and leave them protected
- Funeral and Final Expenses: Death is inevitable, and so is the cost of death. From caskets, to funerals, to estate and probate fees, or your final tax return, everyone pays a price when they die. Permanent insurance is meant to cover these costs
- Family Inheritance: Leave a loved one some money when you die. The tax free benefit is paid in full to your beneficiary guaranteeing an inheritance
- Charitable Donation: To some legacy is everything. Name a charity as the benefactor of your life insurance
Employee benefits life insurance may not be enough.
Most working Canadians who have employee benefits have some form of life insurance coverage. Generally speaking employee benefits life insurance is inadequate in terms of what most Canadians require. Coverage is a set amount and stops when your employment ends. This is particularly important to consider because life insurance purchased at a younger age is significantly more affordable than when you retire.