5 THINGS YOU CAN CHECK IN LIFE INSURANCE

-LIFE INSURANCE HAS NEVER BEEN SO SIMPLE-

As a general rule, term life insurance is a suitable cover until retirement comes around. It is enough to protect your loved ones in case of premature death. When the years of hard work are behind you, your needs will probably change and you will need to review your situation with a financial security advisor.

It is not uncommon for workers, on the eve of their retirement, to switch to life insurance that will offer more value for their estate, such as universal life insurance which is permanent and also offers advantages in terms of investments.

The AMF recommends that you always evaluate the financial needs of your family to maintain their standard of living in case of your death and to pay the associated costs, including:

• Your taxes;
• The loss of your income;
• Your debts;
• The notary;
• Funeral expenses;
• Costs related to the liquidation of your estate;
• Education costs of your children.

Therefore, you must regularly update your life insurance to ensure that your family will survive in your absence but respecting your budget for premiums. Note that any unpaid premiums may nullify your insurance contract so make sure to pay them on time.

Because it is a financial product, you must analyze the advantages and disadvantages to verify if the product is suitable for your situation. Contrary to its name, it is not for everyone.

Generally, this product is preferred by individuals on the brink of retirement and wants to know the exact value of their estate compared to buying savings bonds and other conventional investments like guaranteed investment certificates.

Universal life insurance allows you to invest a tax-free amount while offering a profitable return.

Talk to a professional (a life insurance broker or a financial security advisor or a direct insurer) to know your options.

By completing our brief form, you will be quickly connected to one of our broker partners who is qualified to assist you in evaluating your life insurance and investment needs. Try it, you could save a lot of time and money.

Tak, for example, an employee who decides to put up his own business. With his job, he had group life insurance. It would be best to convert his group life insurance to individual life insurance before leaving his employment. Once he goes into business, insurers may refuse to provide coverage due to a lack of a steady income.

Prudence is the mother of safety. Make sure that you have coverage before you go into business.

If you believe that your heirs will not be able to pay for your final expenses following your death (taxes, last bills, debts, funeral, etc.) and you don’t want them to be forced to sell their fixed assets, consider permanent life insurance.

In speaking to an independent broker, you will be able to access the best offers from various insurers in the industry and benefit from a broker’s advice regarding his experience with these insurers.

This power to shop around belongs to you from hereon. You will develop the habit of contacting your financial security advisor with every major change in your life to re-evaluate your life insurance coverage.

Our partners are financial security advisors/brokers and insurers whose goals is to find the right product for you and your loved ones that will protect you from life’s risks.