Simply put, term life insurance is an agreement to safeguard your loved ones in case of your death. Over time, you will have to pay regular premiums or payments to the insurance company. As a result, the company will pay a pre-calculated amount to your chosen beneficiary in the event of your death.
This death benefit is tax-free as per Canadian law, provided the beneficiary is a Canadian resident. The beneficiary can be non-Canadian, but the tax benefits will not be applicable in such a case. It will be subject to the tax jurisdiction of the concerned country.
Reasons life insurance becomes essential in case of your premature passing. Protect your familyCover your mortgageFinal ExpensesEstate PlanningOther reasons
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Death can have profound impact on your family's future. Most people take steps to ensure that the financial independence of their immediate family members are protected in case of their untimely death. Term life insurance helps ward off the negative impact on financial security.
Nothing can compensate for the loss of life. But term life at least makes sure your loved ones do not have to fold hands for finances and continue their life in peace.
With term life insurance, you can make sure that
When you buy term life insurance, you make sure that some expenses like funeral charges, loan and mortgage payments, college fees and general living expenses are taken care of.
Other reasons to buy life insurance:
Final expenses can be classified into three types:
As a licensed advisor, I can help in calculating how much coverage you require to ensure that your loved ones are safeguarded from carrying the burden of your final expenses.
I aim to provide fellow Canadians with the most financially viable and the best coverage, term life insurance solutions.
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