It’s difficult to imagine needing personal life insurance while you’re young and in good health. But, if anything should happen to you, it can help protect your spouse, loved ones and estate. Some personal life insurance policies can also offer you access to funding during your life, such as for buying a home or educating your children.
What is Life Insurance?
Life insurance is a contract with an insurer, that promises a set amount of money will be given to your beneficiary upon your death. Your benefit amount depends upon many factors including the policy you choose, your age, sex and health, and the amount of premium you pay. These are the types of details you’ll discuss with an advisor so that the right policy can be selected by you, from those with fixed coverage and specific terms to those with greater flexibility.
Why Do You Need Life Insurance?
Life insurance can give you peace of mind knowing that, if something should happen to you, your loved ones won’t be left with a legacy of debt, final taxes or other money worries. Certain life events might cause you to re-evaluate your financial goals and consider the protection life insurance can provide. Some of these include getting married, buying a home, having children or planning for your retirement. With an appropriate plan, life insurance can help you meet your goals in life and protect your family when you no longer can.
As well, certain business situations call for life insurance. If you’re an entrepreneur or just starting a business you’ll need to protect your enterprise and any partners. A uniquely tailored insurance solution can also provide the money necessary to enable your fellow shareholders or partners to buy you out when you’re ready to retire.