Don’t Deny Yourself the Benefits of Life Insurance
If you were disinterested in life insurance because you don’t care what happens after you die, you should reconsider that. An insurance policy is more than a payout to your surviving relatives.
Your policy can pack a lot of value for you or your survivors while you’re still living. Stop for just a moment and see what you can get.
A good number of people don’t carry a life insurance policy because they don’t like the monthly premiums. If you take a look at your regular expenses during the month, you’ll find quite a bit of wasted expense. For the same amount, let’s say $300 per month, you can build a policy that will later have loan value and a cash surrender value if needed.
You can buy permanent life insurance policies that accumulate a cash value – and the equity can build on a tax-advantaged basis.
Life insurance is a plan for the future. You just need to find the right insurance coverage for you, and you’ll be prepared for the future.
Here’s a strong list of reasons you should buy life insurance:
- You’re badly injured in an accident and surprise, your no fault auto insurance isn’t going to cover the long term costs of your disability because the costs are shocking and ongoing. Everyone underestimates the cost of a lost limb, burns, and rehabilitation. OHIP does not cover everything, nor may your auto insurance policy. Better check on that now.
- You need a loan and can’t get one from the bank; you can use a partial life insurance cash surrender value to get the money you need
- Policy could be used as Collateral for a Loan
- Emergency Loan funds for family emergencies
- Your Company goes Under and your pension plan and group insurance are in danger – now you’re scared
- Companies are cutting benefits and your group insurance might be one of them
- Pay off your Debts when you die; more than half of Canadians will die in debt and pass that onto their children (it will come out of your estate)
- Mortgage Protection – a lot of things could happen to give you temporary financial trouble through the years
- Income Protection for your family when you pass away
- Education Fund for your children should you pass away leaving them with no ongoing income
- Key person insurance is when you are pivotal to the business and your investors will only finance you if they have insurance coverage in the event you die
The type and amount of insurance you need depends on what stage of life you’re in. You can add features to your life insurance policy too. Ask us about customizing any insurance product. Each of the types of life insurance; term life, universal life and permanent life, offer unique benefits.
You can combine your life insurance and home insurance coverage with Cornell Insurance and save money. You can add your car insurance as well. And, if you and your spouse are carrying two life policies, talk about consolidating them. Ask us about joint first to die policies.