When meeting with Ottawa and Orleans families the first question I typically get is  – what is life insurance? Most people have a general idea of what it is however, its good to make sure you know exactly what you are getting and what it can do for you. There is a lot of information out there and it can be confusing figuring out what is the truth and what is not.
Basically life insurance is a safeguard that protects your family should you die and leave them with tax free cash, income replacement and cover any debts such as a mortgage.  Life insurance is something anyone who has family to take care of, people who rely on them or has debts to pay, should have.  When you invest in life insurance, you will find that not only are your financial obligations taken care of, but  you feel better knowing your family will be taken care of  if you cannot provide them with financial support.  As part of your financial plan,  be sure life insurance provides a solid foundation and protects everything and everyone you care about.
 

What is Life Insurance?

Life insurance is a financial tool able to help your family pay for your unexpected and expected costs at the time of death.  Each policy will differ from one company to the next, but most life insurance provides a low cost way to pay for expenses after death.  When you provide your family with life insurance, you give them financial security and peace of mind for yourself.
Once you purchase a policy, you will be able to make payments on it monthly, quarterly or annually.  If you die when you have a life insurance plan in place, your family (beneficiaries) will get the payout on the policy.  The funds from your policy can be used however they wish such as covering funeral costs, income replacement and paying down debts including your mortgage.
 

When Should You Get Life Insurance?

As you get older, you may not need as much life insurance as you do right now but there are other things to consider.  Life insurance is a necessary financial tool to have if you have dependents,  a mortgage, second property like a cottage or to cover estate fees and probate costs. If you die and leave these financial hardships to your spouse and children without a life insurance policy, chances are good they will struggle.  Since there are many types of life insurance policies and riders (additional coverages and features that can be added),  a broker can help you can choose the right type and amount for your needs, including how long the policy lasts.  As your life changes a broker can help make adjustments to your policy as needed.
Many people choose permanent life insurance policies so that they will always have coverage, tax free cash savings and so that their family will have the funds when they need them at the time of your death.  This is a personal decision you have to make, weighing the pros and cons of a term or permanent policy and deciding on which makes sense for your situation. That is why it is important to talk about these needs with a broker at the time of getting a quote.
 

Getting a Life Insurance  Quote

There is no sense in paying too much  when you don’t need to.  Therefore, be sure you look for an Ottawa life insurance broker who has access to resources from multiple life and health insurance companies in Ontario.   The good news is that this is very easy to do.  To get a life insurance quote you can simply talk to a broker over the phone or online here.  Let them know the specifics about your needs, any significant health issues your date of birth and if you are a smoker and they’ll give you a quote.  A broker can compare several companies to find the right product for you at the lowest price.
With life insurance, you provide your family with affordable, protection at a difficult time. While no one wants to think about their death, do think about what would happen to your family without it.  I have never had a family not appreciate getting a check so that they don’t have to worry about their finances in their time of grief. It is one last gift you can give your family, the gift of financial security.
Photo credit: GotCredit / Foter / CC BY