Most life insurance requires medical exams, blood tests, and/or health records before a policy is issued. If you have health problems, life insurance companies may deny your application, or they may charge a higher rate. This is similar to how car insurance treats drivers with bad driving records.
A lot of people are not insurable and may not know it. 1 out of 2 men and 1 out of 3 women have the risk developing cancer in their life time. 90% of Canadians having at least 1 risk factor of heart disease or stroke.
Thus, if you have the need, buy life insurance as soon as you can while your healthy and insurable. Buying early is also wise because you may qualify for better rates.
Many people find it complicated and confusing to buy life insurance. It is not complicated to understand.
MalBuying life insurance is no different than the many other things you buy daily. You buy it by its unit costs.
Male 35 years old Non-smoker
- Age
- 35
- 36
- 37
- 38
- 39
- COI/1,000
- $1
- $1.10
- $1.20
- $1.30
- $1.50
- 100K Policy
- $1 x 100 =$100/year
- $1.10 x 100=$110/year
- $1.20 x 100=$120/year
- $1.30 x 100=$135/year
- $1.50 x 100=$150/year
As he ages into his later years, the cost escalates greatly.
Most people buy life insurance to take care of their spouse and children. However, single people buy life insurance for different reasons.
- They have loves ones to take care of , such as their parents r less fortunate siblings
- They may have a friend or relative who co-signed a student loan or mortgage. The co-signers will be on the hook if they’re gone.
- They may start a family soon and want to buy when the cost is lower or while they are still healthy and insurable.
- They are in a business partnership and want to protect the business
- They want to take advantage of the tax benefits of savings in the policy and have the coverage at the same time
- They want to leave a legacy to the cause they are passionate about.
Yes, they do. They need a lot more than they think.
A lot of people think life insurance is for the breadwinner only. But stay at home parents should have protection to replace their value services to their family. Without them, these services can cost a lot.
They are the driver, the cook, the cleaner, the teacher, and the accountant for the family.
Without them, it could cost a lot of money to hire people to do the job. In most cases , the monetary value of their services is as high as if they had a full-time job. According to Salary.com, a stay at home parent is worth $112,929 per year.
As you grow older and reach higher levels of status in your career, you’ll see a corresponding salary increase. At this time, you will likely see development in your emotional life as well, such as marriage or kids. This means at the point of your death, certain individuals will be left in a bit of a pickle in regards to incoming cash flow.
To avoid the massive impact of your death being amplified by the accompanying shock of financial troubles, you may take out a Life Insurance policy to avoid this. You can select the policy that suits your needs best and based on certain factors such as health, you pay a premium to the insurance company. They will then pay a lump sum out in full to the people you love and cherish, upon your death.
Term or permanent? Which is right for you?
- -Do you want.To pay off your mortgage and other debts?
- -To replace your income to provide for those who depend on you?
- -An option for "money back" if you no longer need the insurance?
- -An option to accumulate tax-advantaged funds you can access? For things like helping to fund a child's education or supplementing your retirement income?
- -To create an inheritance for your heirs or favorite charity?
- -To preserve an inheritance by covering final expenses, taxes and fees, keeping your estate intact for your heirs?
- -To fund buy sell agreements, creditor, and key person protection for businesses?
- -Protection for the lowest cost?
- -Protection for a specified time?
TERM:
OFF
PERMANENT:
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Life Insurance Expert combines the expertise of some of the most renowned Insurance carriers in Canada
Trusted by global companies.
