Insurance Advisor and Financial Planner based in Calgary.
Insurance
Why You Need It
Life insurance will give you the peace of mind that comes from knowing that if something should happen to you, your loved ones will not be left with a burden of debt, final taxes or other money worries. Certain life events such as marriage, purchasing a new home, having a child, etc. might cause you to re-evaluate your financial goals and consider the protection life insurance can provide. Life insurance can look after your family when you no longer can.
Certain business situations also call for life insurance. If you are an entrepreneur, or just starting a business, you will need to protect your investment as well as that of any partners. A customized insurance solution will provide the money necessary to enable your fellow shareholders or partners to buy you out when you are ready to retire.
Additionally, if you opt to go with your bank-offered life insurance coverage, following are points to note. Underwriting is done at time of claim which means that’s when all the questions get asked and this often results in not having a claim paid. This expose done by CBC years ago perfectly demonstrates this with Canada’s top banks: CBC Market in Denial - Mortgage Insurance It’s not only this that should be top of mind but also the fact that the bank is the beneficiary and not your family members, you’re tied to your lender vs. having a standalone policy (imagine being able to change lenders without having to worry about having your mortgage covered how YOU want it covered, the premiums are higher than an average standalone Term-10 policy, and the list goes on.