Just like other types of insurance like home, auto or health insurance, life insurance is an agreement between you (the policyholder) and an insurance company. A life insurance policy provides financial security for your loved ones by paying a tax-free, lump-sum payment, called a death benefit, to your beneficiaries. Your beneficiaries can use this money without any restrictions. Some of the most common uses include:
Life insurance is designed to spread the risk of someone dying between all policy owners. In some cases, a person may never file a claim on their life insurance before it expires. However, for the policies that do end up resulting in a claim, having that insurance policy is life-changing. You want to provide for your family, and life insurance makes that a reality – no matter what happens. In exchange for this protection, you agree to pay a monthly or yearly premium, as long as you need the coverage. The great advantage of life insurance is that you can lock in your premiums for a period of time so that you always know exactly what you will pay!
Life insurance is meant to protect your loved ones if you pass away. If you have someone in your life that would be impacted if you passed away – either financially or because you provide them with care – you need insurance. This includes:
You may also have a mortgage, other debt, or education costs that you want to cover in the future. And, of course, funeral expenses and taxes upon death. All of these can be covered with proper life insurance planning.
At this point, you may already realize that you need life insurance to protect your loved ones for one of the reasons discussed above, but what if those don’t apply? Perhaps you have a charity or cause that is important to you. Did you know a life insurance policy can be used to support a charity of your choice as well?
If you still are unsure whether you require life insurance at this time, do you expect there to be a time in the future where you will need it? That too is a great reason to invest in life insurance, as the younger and healthier you are, the easier it is to get insured. You will also benefit from lower premiums that you can lock in for the entirety of your policy term!
Think of life insurance like an umbrella, you don’t know exactly when you might need it, but you will be glad to have it when the time comes!
Life insurance can cost as little as the price of your favourite latte. Premiums vary depending on the type of insurance you select and other factors including:
With all the life insurance options, there is something for every situation, no matter how simple or complex it is! We are here to assist you by reviewing your options so that you can feel confident that you and your loved ones are protected.
Getting a personalized quote for life insurance is easy and only takes minutes with Hometown Life Insurance. Get an insurance quote here!
There are a variety of factors that can affect your premium, including:
Ensuring your policy fits into your budget is a key component of our process because having coverage in place when you need it most is always most important.
The amount of life insurance coverage that you need can be determined with a short conversation with a licensed advisor.
We take the “needs-based approach” to life insurance for our clients. By reviewing the needs of each one of our clients, we find out what is most important to you. Your life insurance should provide protection for those things you’ve identified. Maybe it’s paying off your mortgage or helping your children with education costs, or ensuring that your partner can retire on-time. Whatever your goal, life insurance can help ensure that you reach it – no matter what happens.
Term Life Insurance
Our team can help you determine which one is best suited for you!