LIFE INSURANCE

Life insurance may be one of the most important purchases you’ll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children’s education, protect your spouse’s retirement plans, and much more.

If someone depends on you financially, chances are you need life insurance. Life insurance provides cash to your family after your death. This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs like daily living expenses, mortgage payments and university fees.

There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance. Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from university or a particular debt is paid off, such as your mortgage.

It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals. That is why HealthInsurance4U will assess your requirements and recommend the type and value of coverage you should have.

It may be prudent to have your life insurance written in trust, especially if there is a potential inheritance tax problem.