Life/Mortgage Insurance LIFE INSURANCE: PROTECTING THOSE MOST IMPORTANT TO YOU
Life insurance can help create financial security for the people you love should you pass away. It pays a tax-free, lump-sum cash benefit to one or more beneficiaries of your choosing. There are a variety of life insurance choices available. The type and amount of coverage you choose should be based on your circumstances and needs. The cost of individually owned life insurance depends on your age, gender, health, medical history and lifestyle.
While you might have basic life insurance through work, the coverage may not be substantial enough to meet your needs. And, typically, you will lose this coverage when you leave your employer. You may also want to consider revisiting or topping-up an old life insurance policy to ensure it meets your current circumstances.
Your beneficiaries can use the proceeds from the life insurance policy for a variety of reasons, including to:
• Pay for funeral costs and final expenses
• Pay off any remaining mortgage
• Pay debt and taxes
• Provide an income for your family so that they can maintain a comfortable standard of living
• Leave a legacy to your favourite charity
Some life insurance policies have options available that can benefit you during your lifetime, such as:
• Building tax-advantaged savings that you can draw upon as needed for personal or business opportunities.
• Supplementing your retirement income or providing for long-term care or home care for yourself or a family member.