Tips to choose life insurance in Canada?
If you are moving to Canada, this article can help you on how to choose a specific
insurance policy based on your financial needs. Read on to find out more.
You will be pleased to know that there is a wide range of insurance policies that you
can choose from. This includes:
Term life insurance
Whole life insurance
Universal life insurance
Critical illness insurance
These are to name just a few and all of them have their unique set of benefits, and
our team can advise on what type of policy would be suitable for you.
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The popular insurance options available are term life and whole life insurances. In
term life insurance, you can set an amount for a term of 5 (min) to 30 (max) which
your family members can withdraw in the unforeseen circumstance of your death.
Whole life insurance (as name say) offer coverage throughout your life. The amount
also increases over time, however at a slow rate.
There’s also the option of Universal life insurance which is a combination of an
investment component and life insurance. Here, a portion of your premium goes to
your account which increases your net value. However, this type of insurance is
more expensive than term insurance.
Before you select any of the mentioned plans above, you have to get a clear idea of
what is your necessity. Also, if you are financially stable to afford to pay monthly
Next point, it’s better to take up insurance at a younger age. The older you are, the
more premium you will have to pay.
It’s better to quit any bad habit like smoking or drinking alcohol before you take up
insurance. A smoker has to a higher insurance premium than a healthy non-smoker.
You should do your research to choose a good company from which you are getting
insurance. It is advisable to apply in a reputable company with years of experience in
the insurance trade.
Always keep your financial records ready when you are applying for an insurance
If you have any queries, contact us. Our team at Harpreet Puri Insurance will be glad
to assist you.