When Do You Need Life Insurance in Calgary

 

Meet Life Insurance Agent in Calgary

Life insurance in Calgary is one of the most important financial tools you can have in your arsenal. Even if you're not planning on retiring anytime soon, it's critical to own at least a few policies.

But exactly when do you need life insurance? And what kind of policy should you get?

We've put together a guide to help you understand the basics of health and life insurance and answer these questions.

When do you need life insurance?

If you want to retire at 65 or later and want to leave some money behind, then it's pretty clear that life insurance is an absolute must. The primary reason for this is because it protects your family from unexpected expenses that may arise during your lifetime, as well as any debts or other liabilities left behind by your death.

If you plan on retiring before 65 and leaving some money behind for your heirs, then it's also crucial to have a good amount of term life insurance coverage in place. This way, they'll be able to afford their mortgage payments, personal expenses and other costs associated with living alone after your death.

 If you have a family, it's important to consider life insurance. There are several types of insurance that can help protect your family in the event of your death.

There are three main types of life insurance: term, whole life and universal life. Each one offers different benefits, but all offer peace of mind for loved ones.

Term Insurance

Term insurance is designed to provide coverage for a specific period of time. Term insurance usually lasts for 10 years and has an expiration date at the end of the term period. The policy pays a death benefit if you die during this time frame, but the premiums will go up each year until they reach a maximum annual cost limit.

Whole Life Insurance

Whole life insurance is designed to pay out a guaranteed benefit amount at any time during the policy term, even if you die during that period. The premium payments start small and grow over time as they're invested in order to accumulate more money than what's necessary to meet its stated cash value at maturity (when your policy expires). If you die prior to maturity, your beneficiaries receive all remaining cash value instead of any death benefits.

Universal Life Insurance

Universal life insurance is a type of permanent life insurance policy. It offers a fixed cash value that grows tax-deferred and can be used to pay premiums on future terms. A universal life policy is fairly simple: It pays a specific amount to the policyholder at death. That amount may be more than your current needs, or it could be less, depending on how you've selected the plan's cash values and loans.

Why Life Insurance in Calgary Must?

Life insurance in Calgary is a form of financial protection that guarantees the future income and expenses for your dependents. It's a type of insurance that pays out a death benefit to the beneficiary(s) if you die before your term ends. If you are still alive at the end of your policy, there may be a built-in cash value in the policy that can be used to pay off loans, bills or other expenses.

Life insurance broker in Calgary is useful because it protects you and your family from unexpected financial hardships. It can also help you achieve financial goals such as planning for children's education or retirement. Because life insurance is so flexible, it can be used to accomplish any goal you have in mind!

If you don't already have enough money saved up to cover all of your needs, life insurance can help make sure that nothing comes between you and what's important: providing for yourself and those who depend on you.