Now that you’re thinking about getting life insurance to protect the ones you love, you probably have a few questions like…what type of insurance is right for me, how much do I need and where do I get it? We can answer all these questions and more by starting here, with the basics of life insurance.
For the ones you love
Life insurance is simply peace-of-mind for you and your loved ones. From covering debt to paying everyday bills and more, life insurance can provide much-needed security and financial support for your family’s future when you are no longer there.
The different types of life insurance
Here’s a quick look at three different types of insurance offered by ivari. Each of these can play a valuable role in your protection plan depending on your needs and budget. And, along with each of these, you can layer additional protection through Critical Illness coverage.
1. Term insurance
This type of insurance provides protection for a specific period-of-time (usually 10, 20 or 30 years) and is often purchased to cover the duration of major expenses like a mortgage or post-secondary education. When the “term” of your term insurance is over, you have the option to renew the coverage or convert it to permanent insurance.
2. Universal life insurance
This type of insurance lasts a lifetime and includes a savings and investment component along with your valuable insurance protection.
3. Critical illness insurance (CI)
What if you get sick and you are forced to retire early, or need to take an extended period of time off work? CI protection can help you manage the financial difficulties you may face while recovering from a critical illness. Critical illness insurance can be purchased on its own or added as a rider to your term or universal life insurance policy.
How much do you need?
The right life insurance product for you depends on your unique situation. A good place to start is with our insurance calculator, My Insurance View. This quick and interactive program will help provide a basic understanding of your protection needs based on a variety of factors like current household expenses and planned future expenses. From there, a discussion with a licensed financial professional can help you find the protection you need within your budget. While My Insurance View can help you understand what type and amount of protection might be best for you, a licensed financial professional can help you more fully understand the different kinds of coverage available including all the features and benefits, they offer, as well as provide you with personalized solutions for your unique protection needs.
Where to get life insurance?
You can purchase life insurance from an insurance agent, an advisor/broker and some financial planners who are licensed to sell insurance products.
Don’t have an advisor? A good place to start when looking to purchase insurance is to ask trusted family and friends for a referral. From there, you may look at an individual’s background, experience and credentials on websites such as LinkedIn. You can then set up initial meetings with potential advisors to find the one that best meets your needs.
This article is meant to only provide general information. ivari does not provide legal, accounting, taxation, or other professional advice. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.
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