Life Insurance

5 Steps to help you determine the right coverage

 

1. THE RIGHT ADVISOR

Your advisor plays a key role in providing the information you need to make an informed decision
Find an advisor you feel comfortable with. Someone you trust
Your advisor should be knowledgeable and be committed to reviewing your insurance needs on a regular basis in the years ahead.

2.  THE RIGHT AMOUNT

How much insurance is enough? Determining the right amount is an important step. This is where we can help. 
Discuss the details of your present financial situation and your plans for the future, we can help you complete a needs analysis worksheet to figure out how much coverage is right for you.

3.  THE RIGHT TYPE

There are many life insurance plans to choose from, in addition to various living benefits insurance plans, such as critical illness, disability and long term care insurance. 
Our knowledge and experience with each product will allow us to explain each type to you and what they cover.
You may need several different types of coverage to ensure proper financial protection.

4.  THE RIGHT PRICE

The price you pay for your insurance coverage must fit comfortably within your budget. We will work with you to ensure your premiums are affordable for you. There are always options to help lower the cost of your coverage.

5.  THE RIGHT INSURER

All insurance companies may seem the same, but there are many things to consider. Your policy is a contract that could last many years.
We will reccomend a well-established, financially secure company. If there’s a claim, you want to be certain your insurer will be there to honour the contract.

Do I need it?

Although you may not think about it, your ability to earn income is a significant asset. Life Insurance can help replace lost income in the event of your death.
Here are some reasons people buy life insurance:

  • To replace income the family would need to maintain their standard of living after the death of a wage earner.
  • To pay off a mortgage loan and other personal and business debts or to create a rent fund.
  • To create a fund for children's education.
  • To pay final expenses, such as funeral costs and taxes.
  • To create a family emergency fund or a fund for a family member with special needs.
  • To fund the purchase of Corporate shares from the surviving spouse.
  • To provide the funds to replace a Key Executive.

What kind of Insurance is right for me?

The "best" policy for you depends on your objectives and budget.

 

Term

Permanent

Premiums Paid

Usually level premiums payable for specified time, premiums increase if policy is renewed

Usually level premiums payable until insured dies

Death Benefit*

Coverage provided for specified time

Coverage provided until death

Overall Cost

May have the lowest premiums in the SHORT term

May have the lowest premiums in the LONG term

Cash Value

Usually none

Growth is generally federal income tax deferred

For more information, please contact:  Clinton Rayfield