Life Insurance - Who Needs It?
Life insurance doesn't just cover funeral expenses and bills for a short period of time after your death. It wipes out financial concerns that your loved ones may otherwise have in the event of your death. They won't have to worry about scraping together cash to pay bills after taking a few weeks off of work, things like tuition expenses will be covered for your kids, and your spouse will be completely taken care of with the necessities of life.
For all of these reasons, there is no easier product to sell than life insurance. There are, however, better ways to buy it and to get the Calgary life insurance you're looking for. Let First Foundation help you find the package that's right for you.
Never Too Early for Life Insurance
You should begin considering life insurance the minute you tie your finances to another person. This could be a live-in partner, a new spouse, or a parent you are providing care-giving services for. That person becomes your beneficiary under a life insurance policy, and they'll be given a payment based on the terms of your life insurance policy if you pass away. In fact, the younger you are, the better your rates will be for life insurance, since you can lock in a policy before you develop any medical conditions that will affect rates for a life insurance policy you take out later in life.
Never Too Late for Life Insurance
As an insurance brokerage, First Foundation can find Calgary life insurance for anyone with our insurance network. It doesn't matter if you have medical conditions or are over a certain age, we'll find an insurer that is willing to cover you at rates that may surprise you with how low they are.
What Are the Types of Life Insurance?
Term is the cheapest form of life insurance and usually covers you up until a certain age. Whole Life is the priciest and is usually the best option for those with a certain amount of financial assets that may need protecting. Universal is usually the best choice for most families or older individuals, and it offers permanent coverage, sometimes with an option to build a cash value in the plan that can be accessed during your lifetime. Critical illness and disability insurance are two areas that you should look for additional coverage in, particularly if you are the main breadwinner in your relationship or family.
Protect Your Mortgage With Mortgage Insurance
The mortgage will be the single largest payments your loved ones will need to make. With Mortgage Life Insurance, the remaining balance of your mortgage is paid in the event of your death, leaving the funds from your main life insurance policy free for anything your spouse or partner will need them for. This gives your loved ones more options and immediately removes the greatest financial worry from their lives: the mortgage.