{"id":7501,"date":"2023-07-25T15:11:36","date_gmt":"2023-07-25T21:11:36","guid":{"rendered":"https:\/\/wiegers.ca\/?p=7501"},"modified":"2023-11-06T18:37:59","modified_gmt":"2023-11-07T00:37:59","slug":"life-insurance-for-protecting-your-family","status":"publish","type":"post","link":"https:\/\/wiegers.ca\/life-insurance-for-protecting-your-family\/","title":{"rendered":"Wiegers Financial & Benefits Financial Literacy Video Series: Life Insurance for Protecting Your Family"},"content":{"rendered":"

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The Financial Literacy Video series<\/a> is your exclusive gateway to financial empowerment brought to you by Wiegers Financial & Benefits. In this series, we offer invaluable perspectives and tailored approaches to bring your financial goals to life. Whether you\u2019re just beginning or seeking to refine your financial planning, we have the resources for all. Stay tuned as we explore essential financial topics in the coming posts, and let\u2019s work together to unleash your financial potential. Your brighter financial future starts here. In our latest VLOG, Cliff Wiegers<\/a>, a trusted financial advisor will provide you with information about why life insurance is so critical to your family’s financial security<\/p>\n

Why Life Insurance is so Critical to Your Family’s Financial Security<\/h2>\n

No one likes to think about what will happen to their family if the worst happens.\u00a0 Life gets very real, though, and the unexpected happens.\u00a0 A lot.\u00a0 What would happen to your family if you met your maker?\u00a0 What would happen if your partner met their maker?\u00a0 Would your family be able to maintain the same lifestyle they had prior to the death of a family breadwinner?\u00a0 Could your partner, for example, afford to have your children continue to participate in the sports they enjoy so much?\u00a0 If you don’t have adequate life insurance in place, it could mean that your family would be forced into a different lifestyle than they are used to.<\/p>\n

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Prerequisites to a Life Insurance Program<\/h2>\n

If you’re like most Canadians, you have at least one strong reason to have life insurance.\u00a0 Before you get it, though, the following four things must be in place:<\/p>\n

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  1. Responsibility: you have to be responsible to get life insurance<\/li>\n
  2. Economic means: you need to be able to afford the insurance premiums<\/li>\n
  3. Health: you have to be healthy to qualify for life insurance<\/li>\n
  4. Urgency: you have to be of the mindset that you could die today so you need to get life insurance in place as soon as possible<\/li>\n<\/ol>\n

    Once your life insurance application is approved and your coverage is put in place, no one can take it away from you (as long as you pay your insurance premiums on time).\u00a0 Life insurance, if purchased in a sufficient amount, will go far in protecting your family’s financial security.<\/p>\n

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    Types of Life Insurance<\/h2>\n

    There are two main types of life insurance available:<\/p>\n

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    1. Term Life Insurance<\/a>\n
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      • This is the most affordable option for most Canadians. It’s the most economical way to purchase the level of insurance you need to ensure your family’s financial security.<\/li>\n
      • Every 10 or 20 years (depending on the terms of your contract), your premiums increase.\u00a0 Premiums remain level until the next scheduled rate increase.<\/li>\n<\/ul>\n<\/li>\n
      • Whole (or Permanent) Life Insurance<\/a>\n
          \n
        • Most whole life policies feature level premiums throughout the insured person’s life.\u00a0 The premiums, though, are typically higher than with term life insurance.<\/li>\n
        • Whole life insurance has a cash savings component which the policy owner can draw on or borrow from.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n

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          When Should You Purchase Life Insurance?<\/h2>\n

          The short answer is that you should purchase life insurance when you are young and healthy.\u00a0 Most people’s health declines as they age.\u00a0 The longer you wait to purchase, the greater the eventual cost.\u00a0 Also, very importantly, if you take a medical exam to prove your good health now, then if any health issues arise in the future, your insurance will be grandfathered at the lower rate.<\/p>\n

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          For most of us, our life insurance needs change as our lives evolve by having children, getting married, getting divorced, taking on a mortgage, beginning retirement, caring for elderly parents, and\/or a myriad of other potential life changes.\u00a0 A professional financial advisor can work with you to ensure your life insurance coverage evolves as your life evolves.\u00a0 For more information or to get started on an analysis of your life insurance needs<\/a>, listen to what Cliff has to say below. For more resources on Life Insurance check out our other VLOG’s here.<\/a><\/p>\n