Life insurance is a way to protect your survivors and dependents against financial hardship. It is also a cost-effective method to replace the economic value of human life.
Managing risk is all about prudent thinking ahead of all possible risks which can strike suddenly, ensuring the future is as secure as possible for your family that’s what financial planning is all about.
Life insurance is well known for its ability to fulfill financial obligations in case of death. Perhaps, this protection element is the most recognized and generally the main reason why we consider life insurance.
However, life insurance is also an effective financial planning tool that can be used to protect our income while we are unable to work due to sickness or injury, accumulate wealth, preserve assets and increase estate values for beneficiaries. Insurance can also generate supplement retirement income for life as well.
It is prudent to pay close attention to evaluate types of possible risks, their immediate impact and the duration that the risk can have on an individual and their families.
What different policies will do for you?
With so many types of life insurance available in the market today, it can be difficult to determine which is the best one for you. With that in mind, the “best” policy that you can purchase is really about finding the right type of coverage for your specific needs in order to ensure that you and your family are fully protected from the consequences of any unforeseen financial suffering due to death, disability or illness.
Often a combination of policy types does the best job for individuals. Insurance comes in various types and forms to satisfy different needs of an individual. The following are the most common types of insurance solutions available for Canadians.
Type of Insurances:
- Life insurance
Having the right insurance coverage takes the worry out of the unexpected and can help you to mitigate the risk and minimize its impact.
Insurance products are provided through multiple insurance carriers.