Who Needs Life Insurance

Who Needs Life Insurance

How often have you thought about getting life insurance? What were your reasons for passing on the opportunity? If you are wondering if life insurance is for you, now might be the right time. For many, life has brought so many changes in the past year. Maybe now you have a home or family of your own and are beginning a new stage in your life.

What is life insurance?

The simplest definition of life insurance is: life insurance is a type of financial coverage that is paid to a beneficiary upon the death of the policy holder (you.) There are various kinds of policies, and it is a good idea to speak to an insurance broker at Canadian LIC to see which one is right for you, your situation and budget. Three simple things you should consider when looking for life insurance are: Dependants, Income, and Financial Responsibilities.

Why should I get life insurance? Are there any benefits to having a life insurance policy?

Here are four simple reasons you should get life insurance.

  • Supplement to Income: Life Insurance was created to make financial security for your family, especially if the policy holder was the only provider. Life insurance assists the beneficiary by supplementing the lost income of the deceased.
  • Final, end-of-life expenses: Having Life Insurance can help the beneficiary with many costs such as funeral bills, medical costs, and other unplanned expenses. Burial costs can be less of a burden if you have life insurance, because the policy can make sure money is available for such things.
  • Future costs that will be ongoing for some time: Life insurance was designed to help cover mortgage, education payments, and supplement student loans. Security is given with ongoing financial responsibilities when you have life insurance. If you have debts, life insurance can help with payments so creditors won’t come knocking. After paying creditors, the beneficiary gets the remainder of the policy.

During this time, everyone has different financial needs, and worries. To find a policy that suits you the best now, is important. With so many policies, there is something for everyone, even those who think they can’t afford this type of insurance. Remember, no one thinks about getting life insurance when things are going well, and they are healthy and young. That, however, is actually the best time to take control and get insurance. Even the smallest, life insurance policy brings peace of mind. You will be comforted knowing you have taken care of your loved ones, no matter what happens in the future.