Term Life Insurance
This type of life insurance covers you for a specific period of time, or “term.” The death benefit is paid out if the insured person dies during the “term” of the policy. Life insurance of this type usually allows clients to purchase a more significant amount of coverage for a lower price (premium). With Insure In Canada’s “Buy Term and Invest the Difference” philosophy, Pankaj Bhatia encourages clients to invest the “difference” in premiums.
Why is life insurance so important?
The answer is, “Yes.” If someone depends on your income or you have obligations (debt, mortgage, etc.) that someone else would need to pay if you die, then the answer is, “Yes.” In the absence of income, life insurance acts as a substitute. When you think about your life expectancy, have you ever calculated how much you’d earn? For your working years, the answer is usually “a fortune.” However, losing that making power – the earnings needed to fund your family’s most prominent goals, such as buying a house, paying for your children’s education, reducing debt, and saving for retirement – can be extremely risky. During the beginning or middle of those years, life insurance is a necessity for most people.
Why Should You Buy Life Insurance?
You must have term life insurance. Common misconceptions about life insurance include the idea that it must be kept forever. Financial experts view life insurance as a tool to “buy time” until you accumulate savings, not as an essential part of your financial plan. As a result, term life insurance generally provides the right amount of coverage for your family in the initial years at an affordable cost.
Do You Think Group Insurance Thru Work Is Enough?
Group life insurance policies often cover employees through their employers. Are individual policies essential if that’s the case for you?
Group insurance can help protect your family financially, but it’s only one part of the equation. Most group insurance plans only cover one to two years’ salary, are owned by your employer, and only apply to you while you are employed. Upon leaving your job or being laid off, your employer will no longer cover you.
It is possible to keep your term insurance policy active until age 85 as long as you continue to pay your premiums.
What Is The Appropriate Amount Of Life Insurance?
Insure In Canada’s Pankaj Bhatia can help you determine how much life insurance you need and many other questions about your household finances with a Financial Needs Analysis (FNA). The answer to that question probably exceeds what you currently have if your family is like most. To understand how much you need, multiply your annual salary by ten.
The enemy of your success is procrastination.
Even though life insurance exists to protect loved ones, people sometimes delay purchasing it for several reasons. There is nothing we like to think about when it comes to death. Considering what might happen to your closest friends and family members is uncomfortable. Often, people think there’s no rush to do anything. The problem can always be dealt with tomorrow. We don’t know what tomorrow will bring. Now is the time to buy super visa insurance – the process has never been more straightforward. Younger people and those in better health are more likely to qualify for life insurance at a lower rate. You must not make this decision over the Internet but instead with an insurance professional (virtual or in-person) to fully assess your insurance needs, answer your questions, and guide you through protecting your family.
Insure In Canada’s Pankaj Bhatia understands what families need from life insurance like no one else.
Pankaj Bhatia from Insure In Canada has gained enough experience to understand the family’s needs. Book a free consultation with Pankaj Bhatia to learn the financial risk you may have and find the best and possible term life solution to protect your loved ones or the estate.