HAVE YOU RE-EVALUATED YOUR FINANCES SINCE YOU FIRST TOOK OUT YOUR LIFE INSURANCE?
In Quebec, many people have life insurance. On the other hand, too few of them consider reviewing their contract when their circumstances change. Life insurance with a coverage of $10,000 was considered acceptable 50 years ago. This amount is barely adequate to pay for funeral expenses today.
That’s not all. An increase in income, the purchase of a property, or the birth of a child, would significantly change your financial situation.
In all of these cases, it is important to re-evaluate the amount and the protection of your life insurance to ensure it is sufficient when something unfortunate happens.
Whenever your situation changes, you should ask yourself whether your life insurance is still adequate. This will determine the financial impact of your death on your loved ones.
Fortunately, to help you in your assessment, we have compiled these 5 methods for adapting your life insurance to your finances and ensure its effectiveness.
Ask a financial security advisor or broker to help with your choice and find the product that is most convenient. He will evaluate your needs and recommend a solution based on the criteria you are searching for.
Do not leave your loved ones with the burden of debts upon your death.
Request for a life insurance quote now with our FREE form.
Since January of last year, new rules apply to Canadian taxation for life insurance, notably for the portion of savings and investment included in universal life insurance. In fact, the amount that Canadians are now allowed to accumulate has been diminished.
Since many products have been affected by the current tax system for over a year, it has become necessary to contact your broker to ensure that your coverage is still right for you.
To get help from a professional in the field of life insurance, fill out our form and you will be quickly contacted.
5 THINGS YOU CAN CHECK IN LIFE INSURANCE
-LIFE INSURANCE HAS NEVER BEEN SO SIMPLE-
|REVIEW YOUR FINANCIAL OBLIGATIONS||Start by establishing your needs in terms of duration. Do you need temporary or permanent life insurance?
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:
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.
|CONSIDER YOUR SAVINGS||Universal life insurance is an interesting product, combining protection and investment.
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.
|PLAN FOR THE CHANGES IN YOUR LIFE||Are you expecting a major change in your life soon? Update your insurance policy now.
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.
RE-ASSESSMENT OF THE RISKS
|Regardless of the value of your assets, having liquid cash is essential. If you have a house, a cottage, or other high-value real estate property, you may be rich in principle but if you should die or become disabled, they will not pay your bills and your estate may be forcibly sold.
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.
|GET THE SUPPORT OF AN INTERMEDIARY OF THE FIRST ORDER||Get life insurance that suits you perfectly and at unbeatable prices by consulting an insurance broker or financial security advisor. You may know someone who understands you but unfortunately, there is no protection from bad advice from a friend. There is no person more qualified than a professional when it comes to 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.
Leave it to a professional whose job is all about life insurance to assist you in your search for the right protection.
Whether you want to subscribe to an initial life insurance policy or reassess your needs as changes come, the FREE platform of « Compare Insurances Online » is the ideal tool to get you started in the right direction.
Your request form will be sent to one of our partners (they represent over 20 life insurance companies).
Fill out our short form to get in touch with one of them as soon as possible.
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