Why Life Insurance Should Be a Part of Your Family's Financial Plan

Life insurance often gets pushed to the back burner, only considered after a major life event like welcoming a new child or buying a home. However, it's a fundamental piece of any financial security strategy, essential whether you have a large family, no family ties, or own a business. Think of life insurance as a strong foundation, helping you achieve your long-term goals and dreams.

If someone relies on you financially, you likely need life insurance. It’s a tough, even morbid, question to ponder, but asking how your family would manage financially if you were no longer around is crucial for their security. Your need for life insurance often becomes apparent at key life stages. This includes being married or about to marry, becoming a parent or anticipating a child's arrival, purchasing a home, owning a business, or planning for your retirement. In each of these scenarios, life insurance can provide a vital safety net.

The Cost of Delaying Life Insurance

It's human nature to put off big decisions, but delaying the purchase of life insurance can be incredibly costly. Beyond simply paying more as you age, the biggest risks are the possibility of dying before you've put protection in place for your family or becoming unable to qualify for coverage due to a health condition.

Waiting each year also means one less year of growth in the cash value of a Permanent Life Insurance policy, leading to a lower total cash value. Similarly, the total death benefit of a Permanent policy will also see less growth. Should you pass away prematurely, life insurance can ensure your family maintains a comfortable standard of living, leave a lasting legacy, and cover final expenses and existing debts.

Beyond the death benefit, some types of life insurance offer living benefits. While you're alive, certain policies can build a guaranteed cash value that you can access for personal and business opportunities, such as college tuition, loans, or healthcare needs. It can even supplement your retirement income or provide for long-term and home care.

Understanding Your Life Insurance Options

Through our trusted Canadian-based partners, we offer both Permanent and Term Life policies, each customizable to your unique personal circumstances.

• Permanent Life Insurance provides a foundation of guarantees. This includes guaranteed premiums, a guaranteed death benefit, and guaranteed cash values, all determined through long-term assumptions regarding investment returns, mortality, and expenses.

  
  

• Term Life Insurance may be your best option if you have a specific requirement for life insurance or a short-term need. It covers a temporary period for a lower initial cost, has no cash value, and comes with a fixed expiration date. While you have the option to renew, the premium will increase. To meet your changing needs, our Term Life policy also offers the option to convert to Permanent (Participating) Life insurance without proof of health, within a five-year period or before the age of 70.

  Understanding these options is the first step in building a strong financial future for you