Life Insurance

There are a couple of reasons why life insurance should be included in your financial plan.

  •  If you died unexpectedly would your spouse or children experience an economic hardship? Life insurance is for the benefit of your loved ones, those that depend on you. Life insurance provides money for your family so that life for them will continue as you intended it to.

 

  • As a wealth transfer strategy;

Wealth Transfer

A strategy that uses a permanent life insurance policy to transfer wealth to a child or grandchild while maintaining control of this wealth until transfer.

Types of Life Insurance;

Term life insurance is life insurance for a specific period of time. Term insurance is best suited to cover short-term expenses and debt. It is the least expensive form of insurance however it becomes very expensive with age and on renewal.

Permanent life Insurance insures for life. It offers the best coverage for long-term expenses such as funeral costs; it can ensure your assets pass on to the next generation by covering taxes that may become due on your investments or real estate.

What does it cost?

If you qualify, the cost of life insurance depends on your age, medical history and living habits. You can significantly lower the cost by starting a policy when you’re young, by living a healthy lifestyle and by staying healthy.