Thinking about our death and the ways in which our loved ones will have to respond is not a popular or enjoyable train of thought. However, while we’d like to focus on the now, planning for the future and what we leave behind is also important.
Life insurance is one such way that we can take care of our loved ones, even after we’re gone. By contacting your Calgary insurance broker, you can get set up today, affording you some peace of mind.
But what exactly is life insurance, and why should you get it? Let’s take a look at a few reasons below.
Defining Life Insurance
Life insurance aims to protect your family financially. By purchasing a policy, you are forming an agreement with a life insurance company, in which they will bestow a lump sum of tax-free money to the person of your choosing if you die. In exchange, you pay the life insurance company a set amount of money periodically; this amount is known as your insurance premium.
4 Reason To Get Life Insurance
You Have Children
The birth of a child is generally the number one motivator to get life insurance. You want to feel confident that your child or children will be financially secure, and if you’re the breadwinner, this pressure can seem to amplify. On the off chance that you don’t make it home one day, life insurance will cover bills, such as for the mortgage, food, and education, thus maintaining your child’s quality of life.
You’re Supporting Ageing Parents
Assisted living or nursing homes can be expensive– even government-subsidized ones. If your parents rely on you for financial support to ensure their quality of life, consider investing in life insurance. This will ensure that they can continue to live comfortably, despite your absence.
You Have Student Loans
Did you know that student loans are the only form of loans that don’t disappear once you’ve passed? This means the financial burden will be shuffled onto family or a loved one, thus forcing them to continue with monthly payments. Life insurance benefits can be put towards your student debt, thus alleviating the pressure from another’s shoulders.
Your Job or Hobbies Are High-Risk
If you work in a dangerous or high-risk environment, you have a greater risk of dying at work than someone who sits at a desk all day. Extreme hobbies also increase the likelihood of you dying from unnatural causes. By purchasing a life insurance policy, you can ensure you are covered each time you step out the door.
Lakeview Insurance Brokers Ltd. has been a highly dedicated member of the Independent Brokers Association of Albert and has been family-run since 1979. Our brokers take the time to ensure you get the best policy that suits your needs. Contact us today to get started at 403-287-2521 or send an email to [email protected].