While life insurance is an integral part of a comprehensive financial plan, we'd all like to pay as little as possible for the protection. Life insurance premiums are often much lower on the priority list than bills, groceries and other mandatory expenses, so people skimp on the coverage to fit it in their budget. But coverage should be the last thing you reduce when trying to save on life insurance, since having enough coverage is the main objective for purchasing life insurance in the first place. For those of you who are looking for other ways to save on life insurance, layering your life insurance may be a strategy you can use. Here we'll introduce the concept of layering your life insurance, and how it saves you money long term.
As we travel through the journey of life, our financial needs and obligations undergo constant change. For example, your financial obligations increase once you are married, and continue to do so as your family grows in size. It should come as no surprise that insurance varies in importance at different stages of life. Proper planning at each stage of life is necessary to ensure that you and your dependents are protected. Without knowing the risks and a plan to minimize the risk, you are potentially exposing your family to a financial disaster. Here are which types of insurance you should be aware of at each stage of life.
Last week in our product review series we talked about Desjardins' Life and LTC Advance, a permanent life insurance policy with a monthly long-term care benefit. While most of the product reviews we've done so far involved multiple benefits under one policy, there are some that only serves one purpose. One such product is Assumption Life's FlexOptions. What is FlexOptions and who is it designed for? Let's get into the features and pricing so you can decide if it's the right product for you.
Ten reasons why mortgage life insurance is not a good deal for you. After you read this post, you'll have a better understanding of what kind of deal you will be getting with mortgage life insurance. If you already bought it from your lender, it's not too late to make a change. An individual policy, whether term or permanent, is an ideal replacement for mortgage life insurance.