Life insurance brings important peace of mind and financial security to you and your family. It is a critical part of every Canadian’s retirement and financial plan, whether you purchase life insurance through your employer’s group policy, or with your partner or spouse.
Finding affordable life insurance when you are on a budget can be a daunting prospect. However, it does not have to be. There are ways to purchase affordable coverage now to give your family and loved ones some protection. You can always add to your coverage in the future when your budget allows.
Read on to learn more about how to find life insurance in Canada, while sticking to your budget, then contact us at Hometown Life Insurance for more information.
How to Find Affordable Life Insurance in Canada
There are many different insurance companies that provide life insurance policies in Canada, with lots of different coverage options, types of policies, and conditions. All of these variances mean there is a life insurance policy for everyone and for every budget.
Because there are many choices for life insurance, comparing your options and shopping around can help you find the best rate – ask your agent or financial advisor for more help.
Term Insurance is a Great Place to Start
Purchasing term insurance with the option to convert the policy later to a permanent one is a good way to start owning life insurance. Term policies are generally more affordable than permanent policies, and you can select a policy with a term length to match your budget and your needs.
There are many different insurance carriers in Canada selling term life insurance policies with terms that range from five to 40+ years, so you can truly find the best fit for your budget, family, and financial plan.
Selecting the proper amount of coverage your family will need is important, too. Consider the size of your family, if you have a mortgage or other large debts, and if your children will need funds for their secondary education. Purchasing only the amount of life insurance coverage you truly need, not more, is one way to help you find life insurance on a budget.
Protecting Your Future Insurability is Important
Buying your life insurance policy while you are young helps ensure a good rate but also protects your insurability if you maintain your coverage. As you age and your health changes, you will pay more for coverage and may be denied a policy if you have been diagnosed with a serious health condition.
If you purchase term life insurance while you are young, you may be able to renew it or convert it without another medical exam. Keeping continuous coverage helps you to protect your future insurability and is an important consideration of purchasing life insurance.
Shopping Around Helps – And We Can Help!
Comparing rates and options from various insurance carriers is one of the best ways to find the best rate for your life insurance policy. Once you know some of the basics of what you want – the type of policy, length of term, amount of coverage – you can compare the rates of many competitive carriers.
We can help make this comparison easy, so you only need to provide your details once, and we can provide you with quotes from different carriers to make your comparison shopping easier and more efficient.
The High Costs of Having no Life Insurance
If you die without having life insurance, this can have a negative impact on your family and their finances for the rest of their lives. Life insurance can help pay for your final expenses, such as your funeral, memorial service, or unexpected medical and hospital bills. It can also help with larger expenses for your family and loved ones to give them peace of mind and a more secure financial future.
Post-Secondary Education
If you have children, having a life insurance policy can mean their university or college costs are covered. Higher education comes at a price, and your life insurance could mean no student loans or university debt to saddle your children with at a young age. This can put them a step ahead in life and position them for success.
Mortgages and Other Debts
The proceeds from a life insurance policy could also pay off debt or pay down the mortgage on your family home – providing security for years to come for your family. This can be very meaningful, especially if you are the breadwinner. Having a safe and secure place to live provides peace of mind.
Business Debts and Continuation
If you are a partner in a business or if you own your own business, having a life insurance policy to protect your business interest is crucial. You may even be required by your partnership agreement to have life insurance so the business may continue unimpeded after your death. Even if not required, it is a best practice for protecting your business.
Final Thoughts
Finding life insurance in Canada while sticking to your budget does not have to be difficult. There are plenty of options when it comes to life insurance – you can pick your insurance company, the type of life insurance policy you want, the length of the term of your policy, and your coverage amount.
With all of these decisions to make, you may want some help, and that is where Hometown Life Insurance steps in. With one phone call or visit to our website, we can help find competitive quotes for you to compare. We can also help you review your financial plan to determine what type of life insurance policy to purchase and how much coverage you should consider.
How do I Learn More?
To learn more about how to find life insurance on a budget in Canada, contact the experts at Hometown Life Insurance. Our licensed experts will be happy to answer any questions you have.
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