Family is the biggest and most important long-term investment people will ever make in their lifetime. In fact, regardless of all wealth and personal achievement, having good health and loved ones is all that truly matters. This is why understanding the available types of life insurance and where to go for getting life insurance in Toronto is the most important thing that a person can do because it safeguards the well-being of their family.
A person just starting out building a new family will need at minimum term life insurance. This is very affordable insurance which, for a young adult income earner, can provide a multiple of their annual income for a relatively low cost of insurance per thousand. It is not uncommon to obtain $250,000 of coverage for the monthly cost of a pair of movie tickets. This is money that a family can use to overcome the difficulties stemming from the unexpected death of the primary bread winner.
Many people receive term insurance coverage through their employers as a benefit. This benefit should absolutely be taken advantage of because the insurance rate is probably the lowest rate that can be found because it is group rate plan. However, bear in mind that this does not absolve a person from the need of obtaining their own private insurance policy. Why? Because employer sponsored insurance only covers the person while they are employed. If they later become unemployed due to a lay off or illness, they are no longer covered. It is only wise that a person obtain coverage outside of their employer to ensure they always have a baseline amount of financial protection for their family regardless of their health or employment status.
However, a term life policy only lasts for the duration of the policy. After that time, your coverage ends. At that point, the insured may no longer be insurable due to an unexpected illness. This is why it is important to look for a policy that offers the option to convert the existing coverage into a whole life or permanent life policy without having to pass underwriting to prove insurability. The person will have to pay whatever premium is based on their attained age at the time.
It is important to know that insuring one’s life will require different types of insurance as one progress through life. Initially, a person chooses coverage to protect their fledgling family when they are the most vulnerable. Later in life, a person will need to have coverage to ensure a successful transfer of their estate to their heirs. Life insurance from a place like the First Financial Group is an invaluable means of having the funds available to settle final expenses and help cover estate taxes. It is the mark of a responsible provider to understand what options are available to her or him for the care of their family at every stage of their existence.