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Archive for the ‘Insurance’ Category

Life Insurance in Canada – An Absolute Must

Monday, October 26th, 2015

Your life is precious for you as well as your family members. If you are a significant contributor to family’s expenses it makes sense to get your life covered. For if your life is secured then you can live a much carefree and well covered life. Life taking eventualities can occur anytime and hence when you are insured, you enjoy your life in the truest sense.

By signing up for a life insurance policy, your family stands to receive a pre-determined sum of money which could help them sustain their standard of living, pay off the mortgage amount, fund children’s education, bear funeral expenses or any other heavy financial expenditure which is likely to occur in the future.

Proceeding to the next step of choosing a life insurance service provider, make sure you check a couple of them out thoroughly through your family, friends, colleagues and even online. Almost all reputed insurance companies in Canada have an online presence. They offer detailed information almost every insurance policy they offer. At the same time, you can even fill in your personal details and seek an online insurance quote. There are many insurance advisors who are willing to offer you advice on how to choose the most suitable life insurance policy for yourself.

Some important factors have to be considered when choosing a life insurance policy which include –

€ Your personal details – Your age, your profession, your health conditions, your income, number of dependants on you, your financial status

€ Other details – Life insurance cover, premium, frequency of premiums, reputation of the life insurance company

€ Purpose – Apart from covering your life, you want to establish an estate or for investment purposes

Bearing in mind, these factors, you need to make a rational approach towards choosing the right insurance policy. Apart from your life insurance policy, you could also cover your spouse, children or your property as well. This means you need to check whether you have enough funds to cover them as well.

These points could be quite confusing but with insurance advisors who can suggest the most suitable insurance policy as per your conditions. Rest assured most insurance advisors are willing to understand your requirement before suggesting a policy for you.

In case of eventualities, your family can live off these funds quite comfortably especially when you are not around. These points do make highlight the fact that life insurance is extremely essential under any circumstances. Also by staying uncovered, you could be leaving behind a burden which your family may not be in position to face.

If you are not insured, you could always begin by thinking on serious lines on how to get yourself insured in the best possible yet affordable manner.

Canadian Life Insurance Companies

Tuesday, July 24th, 2012

The Canadian Life and Health Insurance Association maintain that there 102 functioning life insurance businesses in Canada. Like every other business, the Canadian insurance industry has also had its share of economic downturns, but is now well on its way to recovery. The explosive nature has forced some changes, like an increase in consolidation and greater emphasis on safer and more unadventurous goods.

Despite the difficult economic conditions, the Canadian insurance industry is financially strong and collecting the profits of affirmative consumer insight. Contrary to banks and brokerage firms whose reputations encountered a major blow during the recession years, insurance companies have managed to come out fairly unharmed. Customers tend to think of insurance companies as being trustworthy, safe and professional in their dealings. Based on these outcomes, A.M Best recently upgraded the rating of Canadian life / health insurance industry from negative to “stable”. While some individual companies may be experiencing downgrades, the overall picture is healthy.

The workplace life insurance may not be enough to protect one’s family, so in achieving some of life’s milestones it becomes necessary to see exactly what protection is needed. Generally, people turn to insurance during life-changing situations like getting married, buying a home, facing unemployment or retiring. Statistics show that in 2009, over twenty million Canadians were life insurance policy holders, and the average policy was valued at $169,000 for individual policy holders and $337,000 for families.

Getting a policy may not be a priority for the typical young Canadian adult who does not yet have dependents to support. In the unexpected event of death, there will not be any financial burden on the family. However, if there are some unsettled accounts, or even if one just prefers not to burden the relatives with funeral expenses, an insurance policy can cover that. For a married working couple, things like mortgage payment, credit cards or a car loan may become an issue to pay off on a single income, in case one partner dies. In this situation, it is best if both partners carry their own life insurance.

For families, having insurance becomes even more important. Regardless of whether it is a single or double income household, if one partner should pass away the other should be financially secure to be able to settle all expenses, especially expenses regarding the children’s education. As a career man or woman, if one shifts jobs it translates into shifting companies. It is imperative that one know what kind of coverage is provided by the insurance company before quitting. When one goes to a new place of employment, they should get at least an equivalent package.

As senior Canadians retire, they lose health privileges when employment ends. Insurance providers understand this and there are many plans available that cater to the needs of retired Canadians. Insurance in this period of life tends to be expensive, as there are frequently pre-existing conditions that need to be considered. Despite this, there are many options available to look into.