There is nothing like a global pandemic to remind us all of just how unpredictable life can be. If you weren’t thinking about life insurance, critical illness insurance, and disability insurance before 2020, you’ve probably thought about them more than once in the past year.
Whether you are interested in purchasing a policy for the first time or you already have a policy but would like to review it, now is a great time to talk to an expert. Life changes quickly, and sitting down with a professional to talk about your current situation and future plans ensures that your policy is forward-thinking. At Cornerstone Insurance, we know that taking care of your family is important to you, and it’s important to us too.
What Does Life Insurance Do?
There are many types of insurance for our homes, vehicles, and businesses, but equally important are the types of insurance that protect you and your family. The topic of life insurance can be daunting to think about or discuss, but many clients find themselves with a surprising sense of relief after getting a policy in place and understanding what it all means.
Each individual will have specific needs and desires, which is why it’s important to receive personalized information from a life insurance specialist. In Canada, in the event of your death, your family will receive a tax-free, lump-sum benefit paid from your insurance policy. This sum can be used to replace your income so your family can continue to maintain their regular standard of living, or provide for your children or dependents. The sum can also be used to pay for your funeral expenses, pay off any outstanding debts, or even be used to make a gift to charity. Alternatively, you could also choose to leave the money to your estate or a trust.
Who Needs Life Insurance?
It’s a misconception that young, healthy individuals don’t need to worry about life insurance until much later in life. If the pandemic has taught us anything, it’s that the unthinkable can happen to anyone at any time. Many people also choose to lock in their premiums at a younger age, reducing the amount they will pay over time. However, there may be circumstances when it doesn’t make sense for a particular person to have a life insurance policy. A life insurance professional will provide you with different scenarios so you can make a decision that feels right for you.
How to Choose the Right Life Insurance for You and Your Family
At Cornerstone Insurance Brokers, we can help provide our clients with access to life insurance solutions for Albertans delivered by life insurance specialists.
Most people find the topic of finances overwhelming. If you feel this way, don’t worry; it’s an expert’s job to explain policy details so you understand exactly what it is you are paying for and how it benefits you and your family. For example, if you recently got married or just bought a new home, you may want to consider either a term life insurance policy or a whole life insurance policy.
Term Life Insurance
Term life insurance provides you with coverage over a set term or a set amount of time (such as 10 or 20 years) or until a set age limit (such as 65). We recommend this type of life insurance for those who have specific financial needs, such as paying off a debt or mortgage, or those who need to protect their income until their children or spouse are no longer dependent on them.
Whole Life Insurance
Whole life insurance (also called permanent life insurance) is an ideal option for anyone looking for lifelong coverage specifically to take care of your final expenses, protect generational wealth transfer, or cover estate planning. Albertans interested in whole life insurance will receive a comprehensive review of their individual circumstances and goals, as well as help choosing from a list of whole life insurance plans that best cover your needs.
Critical Illness Coverage and Disability Insurance
When you’re healthy, it can feel uncomfortable to talk about life insurance. However, another important and equally serious topic is how to protect your family and loved ones in the case that you fall critically ill or suffer a permanent injury.
In the event of an unpredictable disability, individuals and their families could lose their income without warning. Meanwhile, home and lifestyle adjustments and health care equipment can be expensive. If the injured individual is not immediately eligible for government help, he or she runs the risk of incurring large amounts of debt. Critical illness and disability insurance can help keep you financially secure in the aftermath of an accident.
The process for creating a customized critical illness or disability policy is similar to the process we use for life insurance, and we’ll likely discuss all three at the same time. A qualified life insurance specialist will begin by asking you questions and giving you a top-down review of what your needs could look like. Then, he or she help you determine the best critical illness insurance by going through several factors, including the length of the term, the amount of coverage, your age, gender, your smoking or non-smoking habits, and your overall health.
Do I Have Enough Coverage in My Life Insurance Policy?
Each life insurance policy has its own rules and restrictions, which will be explained to you in detail before you make a final decision. If you’ve previously purchased a policy and would like to have it reviewed by a professional, we’ll make sure you have access to a specialist who is well-versed in all types of life insurance. This way, you can receive an honest review of your coverage and be aware of any gaps or overlaps.
Find Out How Our Edmonton Life Insurance Specialists Can Serve You
At Cornerstone Insurance Brokers, we are proud to have access to trusted life insurance specialists in Edmonton and the Greater Edmonton area, including St. Albert, Spruce Grove, and Sherwood Park. Send us an email or call our office; we’ll be happy to discuss any and all of your questions about life insurance.
