Life Insurance Choices
Choosing your coverage will depend on your particular circumstances. A policy that is right for your neighbour or coworker may not be right for you. A few factors to consider are: your responsibilities; do you have any children or dependants? Will your children need to pay for school? Is there a mortgage on your house? Do you have a spouse? Does your spouse work?—Your broker will ask you questions like this to determine your life situation, and then be able to recommend the best type of policy for you depending on your budget. For example: if you have a spouse that works, but you need both your incomes to support your children in school for another 5 years, a term life insurance policy of 5 years may be appropriate to protect your children while they are in school.
When Should You Buy Life Insurance
Most people buy life insurance when their life situation changes. For example: if you are a single young adult with no family or mortgage, you most likely won’t have life insurance, as there is no one depending on your income other than yourself. As such, most people tend to buy life insurance when others are dependant on their income. Most banks will require you to have life insurance that will pay out the mortgage when you die. Two other common life events where you'll likely want to buy life insurance are: when you get married, or, have children, as other people are now dependant on you.
One of the best ways to decide what type of coverage and when to buy it is to talk to a specialist broker who can go over your obligations and your budget to provide a tailor made insurance solution. Call us today to have the security of a great life insurance plan.