By Cristina Daclis-Cay
I am. But just as important is having the right kind of Life Insurance. This is one of the best investments you could have for yourself. The primary purpose of Life Insurance is peace of mind. We buy Insurance protection for our cars, homes, and high-value merchandise items such as TVs and computers – all to protect from damages and losses.
So why is there still a lot of people not protecting themselves if the unfortunate loss was to happen to a family member or a loved one? What is there to think about? Life insurance is love insurance. If you love your family, you want the best for them if a sudden death happened. If you are an overseas worker, sending money back home to help support your family to sustain their daily needs, I think it’s just fair to buy a protection as soon as you land to a foreign country. Life Insurance doesn’t need to be complicated or expensive. You need to find the right Agent or Broker who is willing to show you different options based on your necessities and what you could afford for now. You need an agent who will not force you to buy expensive coverage and tell you that buying Term Insurance is just a waste of money. That is not true. How many people do you know are renting? They are renting because for some people that is the best affordable option they have at the time. Then, later on, they could buy a house of their own because they have the budget. The similar scenario is with life insurance. You could always upgrade it according to your needs and budget. The most important factor is you have protection in place if something does happen.
You simply buy a policy and pay the fees either monthly or annually. If you die, the insurance company pays your family or your beneficiaries.
Buying life insurance doesn’t need to be complicated. There are essentially two main types of Life Insurance: Term and Permanent (Whole Life Policy).
Term Insurance – the most basic and less expensive coverage/protection you could have. It will cover you for a set amount of time. For example, Term 20 (20 years) will give you coverage from day 1 to 20 years. If you outlive your 20-year term, the plan expires then you have to get a new policy or renew it. Term Insurance is also available for 10, 25, and 30 up to 40 years.
Permanent Insurance (Whole Life or Universal Life) – This will cover you for Life. Permanent Insurance tends to be expensive. That’s why the younger and healthier we are will be the best time to invest on an Insurance Policy because this is when they tend to be more affordable. There are a lot of good products out there for Permanent Insurance. These policies have an investment element, meaning with cash value that you could withdraw as a cash loan, so you still have the option to access the money while you’re still alive. Both products are good, but at the end of the day always consider your budget, your needs and the purpose of it.
Find an Agent/Broker that can present you with a number of options that meet your criteria, clearly explain the details, advantages, and drawbacks of each option. And preferably one that has been in the business for some years truly understands the products and someone who truly cares about the well-being of his or her clients first and not to sell the highest insurance possible just for the sake of earning a higher commission.
Don’t be afraid to ask questions to your agent/broker. After all, it is your money, and it could be the best investment that you could buy for yourself. Don’t waste time. Contact your Insurance Broker now.
Cristina Daclis-Cay is an independent Life Insurance Broker with access to a wide range of products and experts from the top insurance companies in Canada. She has been in the Insurance industry for over 20 years working for a number of the top Insurance companies. She currently operates as an independent insurance broker for the past ten years, and she is passionate about educating people about insurance.
Life Insurance Independent Broker
Phone: (780) 305-1388
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