What will happen to the people who depend on your income or your services if you die? Will they be able to pay the mortgage, their living costs, or even pay for your funeral?
Having the right type of life insurance provides financial protection for your loved ones in the event that you pass away.
Life Insurance policies pay a certain amount of money to a beneficiary upon your death. You pay a premium in exchange for the payment of benefits to the beneficiary. This type of insurance is very important because it allows for peace of mind. Having life insurance allows you to know that your loved ones will not be burdened financially upon your death.
WE WILL WORK WITH YOU TO EVALUATE YOUR PERSONAL NEEDS
You may think that only the income earner needs life insurance – but anyone who provides support to someone else should have some life insurance.
A stay-at-home parent also needs life insurance as they support their partner and their children – should they die, the working parent will need to pay for child care, household duties, etc. This is when a life insurance policy is important.
WE WILL HELP YOU EVALUATE THE DIFFERENT TYPES OF LIFE INSURANCE AND THE BENEFITS OF EACH.
Whether it be for a specific period of time, for a benefit of $50,000 or a benefit of $5 million, we will evaluate your individual needs and the needs of your family.
Albert and Jacqui moved to a country town with their two young children as housing was more affordable and they were able to enjoy their life on only one income. When they purchased their house, Andrew took out life insurance as he was the primary income earner and he wanted to provide for his family should he die.
After just six months, Jacqui died in a motor vehicle accident. Andrew wasn’t able to look after his children as well as work and had to sell the house (at a financial loss) and move back to the city where his parents were able to provide childcare while he worked.
If Jacqui had life insurance, the money could have been used to lower the mortgage payments and pay for pre and after-school childcare. Andrew would have also had a choice between staying in their new home or moving back to the city to be closer to his family.