Life insurance is a matter that mature people will understand better. It is one thing that has an adult ring to it, don’t you think so? If you are like me, life insurance would have been part of the benefits provided to you by your employer. This means that you have been taken care of well by your employer.
Life insurance – When Do You Need It
The brief answer to this question is this: you need life insurance if you have dependents. If you are married and have children and your spouse and/or children are dependent on you, it is important to have your life covered so that they can at least maintain their current lifestyle if anything happens to you. The insurance will not only clear your debts, but also provide an income to the survivors/beneficiaries. This, however, does not mean that you don’t need life insurance if you are a single who does not have any dependents. If you are young and not committed, it is the best time to purchase life insurance because the premium will be very low.
Life Insurance – Why Do You Need It
If you die, the student loans in your name are discharged in Canada. However, repayment of some debts may not be waived. If you have signed any loan documents along with either your parents or any other relative, they will be held responsible for the balance loan amount to be paid if you happen to die. Moreover, funerals are expensive these days and someone will have to meet those expenses. If you have life insurance cover, your family will not have to go through any stress.
Life Insurance – How Much Is Needed
The amount of insurance cover that you need will depend on your personal situation. If there are dependents, the cover should be such that the beneficiaries can continue to enjoy the same kind of lifestyle. If you are a single with no dependents, the insurance cover can be lower. However, it must be sufficient to take care of the funeral expenses and clear debts you co-signed with anyone else. You can make use of a life insurance calculator to determine the amount of cover you need.
Life Insurance – Where Can You Buy It
You can buy life insurance from an insurance service provider. Insurance is a very profitable business as the number of people who purchase insurance policies is always higher compared to the number of claims that the insurance company receives. You must shop around and compare rates before buying any life insurance in your best interest. The kind of coverage you get and the cost of providing the required coverage will depend on factors such as the place in which you live, the extent of coverage required, etc., among many others. It is also equally important that you go through the details thoroughly so as to be clear of the benefits.
Now, just get yourself insured and lead a safe life so that you never have to make use of your life insurance at all.