Choosing a Toronto Life Insurance Policy: The Right Questions to Ask

No matter where you live in Ontario, whether it be a small town or a big city like Toronto, a life insurance policy is meant to protect the people who depend on you for financial support. Should the time come when you are no longer able to provide for them, life insurance can help fill some, if not all, of the financial void. A USA Today news article details the importance of Life Insurance:

Life insurance ranks at the top of the list of things consumers know they probably should buy, but get no personal enjoyment from whatsoever. There’s just no happy way to look at life insurance.

But while life insurance isn’t all that much fun to buy, much less talk about, it’s a critical part of many people’s financial plans. A life insurance policy is a pact between you and the insurance company. As long as you pay the bill, or premium, the company will be there to pay a death benefit to your beneficiaries if you pass away, giving them cash to get by.

The piece of mind consumers can get from owning a life insurance policy to protect their families from untimely death can be hard to quantify, but an important one nonetheless.”

Now that you know how important life insurance is, the first question to ask yourself is: How long should the term of your policy be? Should it be 10 years? 20? 30? Or permanent? Basically, it all boils down to your specific needs. Be careful, though. The shorter term the cheaper the monthly premiums are and you could end up regretting you didn’t buy a longer-term policy. Remember each time you renew you are that much older and life insurance costs more the older you get.

knowing when you need life insurance

The next question to ask is: How much life insurance do you really need? In general, it’s advisable for you to buy life insurance equal to five to seven times your regular income plus any debt less assets. Industry experts, however, say that it’s not necessary to follow this industry rule—the key is to get the right amount of coverage for your family, which can be determined with the right amount of research and consultation.

Whichever type and amount of life insurance you settle with, know that what life insurance really buys for you is peace of mind. Contact a good Toronto life insurance broker like Insurance Advantage today to find the best insurance product for your needs, lifestyle, and budget.

(Article Information and Image from: “Knowing when you need life insurance,” USA Today, Sep. 19, 2013)