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 period of time or before the insured person reaches a specific age.

Term life insurance can pay you up to 10 or 20 years, or until you reach a specific age, such as 60 or 70 years old.

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2. Permanent Life Insurance

The Permanent Life Insurance, on the other hand, gives you coverage throughout your entire lifetime.

There are 2 types of permanent life insurance, Whole life insurance and universal life insurance.

The whole life insurance is a type of permanent life insurance that provides you with coverage for your entire life.

The Universal life insurance is a type of permanent life insurance that combines an investment account and a life insurance policy.

In order to help you gain more knowledge about what Life Insurance covers and how and where it will come handy, we bring you the 6 best reasons why you should buy a life insurance family.

3 Best Reasons Why You Should Buy Life Insurance:

1. Pays Off Your Funeral Expenses

Your funeral and burial expenses can easily hand you out a bill that has over 6 digits, and you wouldn’t want your family to go in debt in case you die unexpectedly.
Your family is going to be in a bad place if you die out of a sudden, and you wouldn’t want them to suffer more.

2. Helps Cover Expenses

Every parent would want their kids to have access to a quality college education. One great thing about life insurance is that additional coverage can help you cover the bills of your kids’ education even after you are gone.

3. Provides Income
In case something happens to you, you wouldn’t want your partner to suffer while you are gone. Another great thing about Life Insurance is that additional coverage can help you pay bills and other payable even after you are gone.

Your partner could use that money in keeping your kids fed, buy groceries, school work, and doctors’ fees.

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