3 Reasons Why You Should Buy Life Insurance In Canada
Everyone knows how important life insurance is, but even after knowing its benefits, many ignore the reality and choose to go with consequences if we die suddenly without securing the safety of our loved ones who we leave behind. The results could cause your family members a lot, without proper security, you will let them pay a big bill for your final expenses. Life insurance can help you provide financial support even after you are gone. The death benefit paid from a life insurance policy is a tax-free lump-sum amount that can be used in paying your funeral expenses, pay off your debts, help a charity, help your kids, and provide income to your family. You can also leave the lump-sum amount to a trust or an estate. 2 Types of Life Insurances There are 2 categories that fall under Life Insurance, the Term Life Insurance and Permanent Life Insurance. 1. Term Life Insurance The term life insurance pays a death benefit if the person insured dies within a specific perio