The proven way to secure your most valuable assets.
Life’s situations keep changing, so do the risks associated with it. Through proper planning, you can now protect yourself emotionally and financially.
For most people the overall objective of life insurance is to maintain standards of living for their dependents on the event of their death.
Plan for your future – with total peace of mind
Life insurance is a simple means by which you can plan for the future, giving yourself peace of mind that your family will be financially secure after your death. As a rule of thumb, the loss of a partner will result in a fall of approximately 30% in the expenditure of a family. You should be looking at cover of about five to ten times your annual salary.
However, everyone’s circumstances and requirements differ so it may be more prudent to take a more scientific approach. You need to consider what costs need to be covered by the payout of your life insurance in Mississauga.
Some of the reasons you need Life Insurance from Insurance Gully
No two individuals are alike and neither will their life insurance needs be.
The solutions depend on individual needs and they could primarily be for the following:
- Family income, tax advantage growth,
- Legacy for your loved ones,
- Creditor protection,
- Estate planning,
- Wealth building, are a few reasons one should invest in life insurance.
Thus, Life Insurance effectively helps you stay equipped to manage above risks by transferring the consequences to an insurance company in exchange of premiums
Some areas you may want to consider are listed below.
(This is not an exhaustive list; you need to analyse your own lifestyle and requirements.)
– Paying off a mortgage
– Paying off loans and other debts
– Family income needs
– Emergency funds
– Family education costs
– Estate costs
– Possible inheritance tax
There are only 2 basic types of policies: permanent (whole life) and term (temporary).
Simply put, permanent coverage remains in affect for the lifetime of the insured, while term coverage expires after a set number of years (eg. 10 or 20 years) or to a certain age (eg. to age 75 or 85 or the whole of your life). Generally, term insurance premiums are lower.