Life insurance can’t replace you. What it can do though is replace some or all of your income — and ensure those who depend on you are able to live comfortably after you’re gone.
Life insurance is a must-have for anyone with dependents, but it isn’t cheap. That said, there are ways to secure your family’s future without completely gutting your wallet.
There’s no free lunch in life, but life insurance can be provided for free (or mostly free) sometimes. We’re talking about group life insurance, which many Canadian employers offer as part of their employee benefits programs.
Couples who want to purchase life insurance together have two options. They can either buy two separate policies or a single joint life insurance policy.
When you first think about it, life insurance seems like a pretty straightforward concept. You pay your premiums on time, and the insurer in turn pays a fixed amount of money to your family when you pass away.
Are you worried you won’t qualify for a traditional life insurance plan because of poor health or old age?
Life insurance is a contract between an insurer and a policyholder. In exchange for premium payments, the life insurance company promises to pay The Death Benefit to the policyholder’s beneficiaries in the event of the policyholder’s death.
Most life insurance policies require a medical exam, and in some cases, you may have to wait a few weeks to find out if you have been approved.
Life insurance cannot replace you — but it can ensure your family does not suffer financially after you are gone.
Having life insurance coverage is one thing. Having ENOUGH coverage is another.
Losing someone you love is one of the hardest things you can go through. The last thing you need is to have to worry about money.
The life insurance medical exam is a simple physical exam. It is a part of the underwriting process the insurance companies ask you to go through before they approve your application.