There is More to Life Insurance Than Just Death

Elliott Insurance Services    March 9, 2017

life insurance

When people hear the words life insurance they tend to think immediately of death.  The problem with this is that no one likes to think of their death.  Due to the fact we don’t want to think about our death, we also don’t like to think about life insurance.  Unfortunately, we are missing an opportunity by avoiding this hard subject.  In this blog post we will take a broad look at life insurance and the wide range of coverages available with it.

Life insurance is not just about financially protecting loved ones if you pass away; it is also about planning for your future.  Life insurance can be an excellent tool to be used in conjunction with your retirement and estate planning.  You won’t sit in a life insurance broker’s office long before the talk of retirement and investments are brought up during the conversation.    Planning for your retirement is a serious endeavor that a lot of Canadians are simply trying to avoid.  Eventually you will have to retire from working and when that time comes you will hopefully have your house and credit paid off and you will have investments or savings that will sustain your desired life style during your golden years.  The average Canadian will consider investments confusing or even a fool’s game, but that’s why it is important to have professionals that you trust guide you through the technical details.  Not having enough money to enjoy your last years is a sad future that some Canadians live every day.  You’ve earned your retirement, enjoy it.

Health and dental coverage is something that almost everyone knows is available.  Before you accept a job offer, it is most likely a question you ask your future employer.  Without coverage, it can be hard to get affordable dental care.  Your life insurance broker will have access to several different plans with a wide range of premiums.  If your place of employment does not offer coverage, or if you think their coverage premium is too high, talk to a life insurance broker to find out what is available.

Mortgage protection is often a coverage that a lot of people in the insurance industry would love to shout from the rooftops.  Everyday people are signing their mortgage paperwork at their bank and will also sign up for the banks mortgage protection coverage.  There is a vast amount of differences between the coverage you will receive from the bank and the one you will receive from your life insurance broker.  Mortgage protection is not just for when you have passed away, you can have coverage that converts into a permanent life insurance plan once the mortgage has been paid off.  You can name the beneficiary, move lending companies without re-writing your protection coverage, your coverage does not decrease with the amount owing to the bank, and it is often less expensive than the bank/lender option.

No matter how close you believe you are to a super hero, it is still possible to become critically ill or develop a disability.  We never believe these things can happen to us as that would be a ghastly thought that could ruin anyone’s day.  The truth is it can happen to anyone.  If something were to happen to you or the main source of income for your family, you will want to make sure your family will still be able to turn on the lights and pay their bills.  Don’t wait until it’s too late; discuss the critical illness insurance and the disability insurance products available on the market today.

Life insurance does not have to be all about when you pass away, but it’s also an important aspect to your future planning.   There are life insurance plans that will allow you the additional advantages of saving tax-free money and the opportunity to increase your wealth by investing money within your policy.  There are plans that are temporary or plans that are for your entire life.  It is highly suggested you talk to a professional to choose which plan suits your needs today and your needs in the future.  You may not be here when the policy is going to show how important it was, but your family will know that you were thinking of them and planning their future as well as yours.

Check out our life insurance page from our website or contact us today to book a meeting with our life insurance experts.

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