Life insurance should be a part of your overall financial planning. While some life insurance policies can be used to help you achieve your financial goals, others just provide protection. But whichever type you choose, it is important you understand your needs and the options available so you get the best value for your life insurance coverage.
How Much Life Insurance?
First, determine how much coverage you’ll need and how much you can afford. Now these 2 items may not match. However, if you have a young family, you need to get the most coverage for the lowest price. That means term life insurance which indeed, meets the needs of most everyone.
What Type Of Life Insurance Do I Need?
Next choose a term or permanent life insurance policy. Term life insurance provides protection for a specific period of time, normally 10, 20 or to age 100 in Canada.
Permanent life insurance policies are whole life and universal life. These policies offer death benefits and a savings account (cash surrender value) so that you can get money back either by cashing in the policy or by borrowing against it. However it is my firm belief that you should only buy...
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