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Protect Your Loved Ones with Life Insurance

Life insurance can ensure your family is financially secure should you unexpectedly pass away.

We understand thinking about and planning for death can be uncomfortable, but our expert life insurance brokers will guide you through the entire process and help you secure the best coverage based on your specific needs.

What is Life Insurance?

Think of life insurance as a financial safety net for your family. Most life insurance policies provide your beneficiaries with a tax-free lump sum payment should you pass away during your policy term. Some policies also continue to provide payments to replace your lost income.

The money paid to your loved ones can help them cover expenses during a difficult time. As there are no restrictions on how the money can be used, your family may choose to spend it how they see fit. For example, life insurance can help your family:

  • Replace your lost income.
  • Maintain their standard of living.
  • Provide for your dependents.
  • Pay for education.
  • Cover funeral and other related expenses.
  • Pay off debts, including a mortgage, financed vehicle or credit cards.
  • Relieve financial stress while your family heals during a difficult time.

Life insurance can provide for your family should something happen to you.

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Understanding the Different Types of Life Insurance

There are three main types of life insurance:

  • Term
  • Whole
  • Universal

The most common type of life insurance is term life insurance, but each type offers different benefits and is best for different scenarios.

We’ll discuss the three types below, but please contact one of our life insurance brokers if you have any questions. They can help you determine which type of life insurance is the best policy for you.

Term life insurance

Term life insurance is typically the simplest, most affordable and basic type of life insurance.

The advantages of term life insurance include:

  • Premiums are fixed for the duration of your term.
  • There are set terms of 10, 15, 20 and 30 years. You can renew, convert or choose to let your policy lapse at each end of a term.
  • You can renew until you’re a certain age. This varies but is usually 65.
  • Your beneficiaries receive the benefits offered by the policy if you pass away.

Term life insurance is a good option for those who want the peace of mind and financial security of life insurance but are on a budget or don’t want to deal with something more complex.

It’s also a great choice if you think your circumstances will change in the future or your needs are only short-term. For example, if you already have kids and just want to protect your family until they’re adults, a term life insurance policy would be a good fit for your needs.

It’s important to note that this policy has a set term. Once the term is up, you can choose to renew the policy (if you’re still under the accepted age), change it or let it lapse if you don’t need it anymore. There are no savings, and you can’t borrow against this type of life insurance.

Whole life insurance

Whole life insurance is a permanent life insurance policy that will last your lifetime if you keep paying your premiums.

The advantages of whole life insurance include:

  • Lifetime coverage.
  • Tax-deferred cash accumulation.
  • Consistent and fixed premiums.
  • You can borrow against the policy.
  • You can receive dividends from the policy.
  • Beneficiaries receive the benefit of your policy when you pass away.

Whole life insurance is a true investment. Literally, a portion of your premiums are investments, which means your policy benefit can grow over time. If you decide to cancel your whole life insurance, you can get cash in hand—although you’ll likely have to pay a fee to cancel.

Universal life insurance

Universal life insurance is another permanent policy—if you continue to pay your premiums—but it offers more flexibility than whole life insurance.

The advantages of universal life insurance include:

  • Flexible premiums.
  • Lifelong coverage.
  • Tax-deferred cash accumulation.
  • You can borrow against the policy.
  • You can receive dividends.
  • Your beneficiaries receive the benefit of your policy upon your death.

Universal life insurance is also an investment but is a bit more flexible. You can adjust your benefits based on your needs or even choose to cancel the policy to get cash in hand, although you’ll likely have to pay a fee to do so.

This coverage is a good choice if you want something more flexible with an investment and borrowing component. It’s also valuable if you want to protect assets.

Answers to Your Life Insurance Questions

Do I need life insurance?

Will your loved ones be burdened by expenses if you were to pass away? If the answer is yes, you should consider protecting their financial future with life insurance.

While you may have life insurance through work, these benefits may be limited or not provide the coverage your family truly needs. Plus, your coverage typically ends if you change employers.

Personal life insurance offers the most options and better peace of mind if something should happen to you.

How much does life insurance cost?

Several factors are considered when calculating life insurance rates, including the type you choose—term life insurance, whole life insurance or universal life insurance—and your policy amount.

Other factors that can affect your life insurance rates include:

  • If you smoke or drink.
  • Your family history.
  • Your personal medical history.
  • Your driving record.
  • Your demographics.
  • Your occupation.
  • Your hobbies.
  • Your lifestyle.
  • Your insurance history.

Our expert life insurance brokers will get you a competitive life insurance quote that offers the coverage you need at the best possible price. This is because, as an independent brokerage, we have access to and can compare across many different life insurance companies across Canada.

When should I get life insurance?

This is a personal choice, but life insurance is often more affordable when you purchase it when younger; this is because you pose less risk. It’s advisable to purchase life insurance if you recently made a significant life change, such as buying a home, getting married or having children.

How long should my term life insurance be?

When purchasing any life insurance policy, you should consider:

  • how much coverage you need (i.e., your financial obligations and debts);
  • how much you can afford (i.e., the more coverage you have, the higher your premium will be); and,
  • how much you qualify for, which is dependent on factors such as your age, health and more.

When it comes to term life insurance, insurers typically offer set terms of 10, 15, 20 and 30 years. You can renew your policy at the end of a term, but depending on your personal circumstances and health, your rates may increase.

Contact us and one of our expert life insurance brokers can advise on the best option for your unique situation.

What does life insurance cover?

Life insurance covers you in the event of death. Disability insurance and critical illness insurance are separate policies, although they may be bundled with a life insurance policy.

While many causes of death are covered by life insurance, many insurers will not cover you for death due to pre-existing medical conditions, reckless endangerment or while you’re visiting a restricted country; some insurers also do not cover death by suicide.

Why Choose Rogers Insurance for Your Life Insurance

We have been a trusted life insurance broker since 1977. Rogers Insurance has the experience and expertise to help you make the best decision when it comes to protecting your family’s financial future.

Because we are an independent, employee-owned insurance brokerage, we provide truly competitive life insurance quotes.

Our specialty life insurance brokers can help you determine your life insurance needs, deliver several quotes and help choose the best option for you. We will also advocate on your family’s behalf should your life insurance policy need to be paid out.

Protect your loved ones with life insurance. Request your quote today.

Life insurance can provide for your family should something happen to you.

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