Life Insurance Explained

There is no getting around the fact that life insurance is a tough subject that isn’t really a fun to think about, but it doesn’t not have to be stressful and confusing. Given the magnitude of insurance products available, knowing which is best suited for your needs can be a real challenge. You must explore all aspects of life insurance products so that you can make an informed decision. We, at INSUREPEDIA are there to clear up any confusion and with our expert advice you will be able to obtain the right coverage for you and your family.

Why take life insurance?

We have always heard that future is uncertain but a financial plan can help you manage risks and grow your assets. In the event of death, life insurance guarantees payment of tax-free death benefit to the beneficiary. Life insurance is a solid financial protection to tool with a view
  • To leave a tax-free inheritance to your loved ones
  • To pay for your final expenses
  • To allow your family to maintain their lifestyle
  • To pay off your debts and your loans
When should you buy life insurance?
Often thinking about one’s own death might not seem easy; however, it is important to consider the impact it would have on your family and loved ones. We all have dreams for our loved ones and For example, at the end of your life, your family may need to pay off your line of credit, mortgage, your auto loan etc. Even if you have no liabilities or financial obligations, life insurance proceeds in the form of death benefit will help those around you be it to cover funeral expenses or to let family members take time off to grieve. You are never too young to get life insurance. In fact, life insurance is best when age and health is on your side. When you are young and healthy, you will benefit from lower insurance costs, can pay off insurance premium faster and also save and grow your money for retirement by choosing different insurance products meeting your financial goals. Buying insurance at a later stage may affect your eligibility, there may be health related issues, would cost more, may become unaffordable to buy coverage that you may actually need. Hence, sooner you buy life insurance better it is.

Create wealth for your loved ones

With a view to enjoy the fruits of your hard work, you must know that the assets are secure and will be available to those you leave behind. That kind of security requires a solid financial plan. A life insurance plan helps you build wealth in more many ways:

  • Easy access to your savings for the projects that are important to you
  • Protection for your loved ones from the financial worries at a difficult time
  • Tax relief by limiting your taxable investment earnings

Protect your assets from over taxation

Your estate is made up of property and securities subject to capital gains tax and RRSPs also become taxable at death. Unless you have set up formal plans to transfer these assets to your family or loved ones, your estate will be taxed. Administrating your estate requires careful thought and efficient planning. When you have a will and set up life insurance, you know that your final wishes will be respected. If you want your loved ones to receive the full value of your assets – Life Insurance is the right estate planning tool. It means you will have the cash you need to cover the tax on your estate and you will know that your money will go to your loved ones.
Contribute via charitable giving
Even after you have gone, you can still touch so many lives and contribute to the causes that are so dearest to your heart. You can use life insurance as a well-structured charitable giving strategy that will allow you to maintain your support while reducing your tax burden. You can achieve your goals and fulfil your wishes with a wide range of life insurance coverages. Insurepedia Advisor can help you make the right choice.

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