What is life insurance?
Life insurance is an insurance that pays out a sum of money on the death of the insured person, or after a set period agreed upon in advance. Life insurance gives you the ability to protect the financial security of your loved ones in the event of your passing by providing them with an accumulated tax-free payment. There are a few different types of life insurance plans with different coverage to meet your specific needs. *The cost of your life insurance depends on the coverage you choose, age, gender, health, medical history and lifestyle. *To find out what insurance plan is best for you get in contact with us today.
What types of life insurance are available?
Term life insurance covers you for a set period of time, referred to as the term. Terms are generally 10-20 years long. Once the term expires, you can continue to renew your coverage for additional terms until you’re 80 years old, at which point coverage expires. Term life insurance is more affordable than Whole or Universal life insurance at the beginning, but premiums tend to rise above the cost longer-term life insurance options as you age.
Also known as permanent life insurance plans, Whole life insurance plans are plans in which coverage remains constant until death. There are several different types of whole life insurance, which offer different payment options and additional perks suited to your needs. Whole Life insurance plans are ideal for people who think they will want to have life insurance in place for their entire lives.
Universal life insurance combines permanent life insurance coverage with a flexible portfolio of investment options, customized to your financial needs and aligned with your risk tolerance. Essentially, Universal life insurance is a sort of all-in-one plan that protects your financial stability and estate. In today’s world of complex tax laws, people want to know that they’re receiving the maximum protection possible for their estate – and universal life insurance can provide that.
I think life insurance is right for me. What are my next steps?
Royale British Columbia Financial Inc Insurance is one of the most reputable and fastest growing insurance companies in North America. I am here personally to ensure your financial wealth and stability. Contact me and book an appointment, so we can go over your individual needs and find the right life insurance solution for you.